Business

RSA completes £7.2bn sale

RSA announced that with immediate effect Sally Bridgeland, Charles Brindamour, Claude Dussault, Mark Hodges, Robert Leary, and Andy Parsons have been appointed to the RSA board

RSA Insurance Group has announced it has completed its sale to new co-owners Intact Financial Corporation and Tryg A/S.

The deal was previously agreed towards the end of last year, and sees the insurer accepting a £3bn cash offer from Canadian insurer Intact Financial Corporation and a £4.2bn sum from Nordic insurer Tryg.

Under these new terms Intact and Tryg will now divide RSA’s international branches with Intact, keeping its Canada and UK operations, and the Danish group controlling RSA’s Sweden and Norway firms.

In a statement confirming the completion today (1 June), it revealed applications have been made to the Financial Conduct Authority and the London Stock Exchange in relation to the de-listing of RSA Shares from the premium listing segment of the Official List and the cancellation of the admission to trading of RSA Shares on the London Stock Exchange’s main market for listed securities, which is expected to take place by 8:00 a.m. on 2 June 2021.

In addition, RSA announced that with immediate effect Sally Bridgeland, Charles Brindamour, Claude Dussault, Mark Hodges, Robert Leary, and Andy Parsons have been appointed to the RSA board and Sonia Baxendale, Kath Cates, Enrico Cucchiani, Stephen Hester, Martin Scicluna and Martin Strobel have tendered their resignations and have stepped down from the RSA board.

As previously announced, Scott Egan will remain on the RSA board going forward as UK chief. However, it also revealed that Charlotte Heiss has also tendered her resignation as General Counsel and Company Secretary.

Martin Scicluna, RSA Group chairman, said: “It has been a very great privilege to chair RSA for the past eight years and oversee the development and implementation of a fundamental change in strategy which has resulted in a much more focussed, stronger and more profitable company. I am very grateful to our CEO, Stephen Hester, for his outstanding leadership and drive in the transformation of our company.

“My thanks to our executive committee members and the senior Leadership team who together with our employees have delivered for our customers, our shareholders and other key stakeholders. Finally, thank you to all my board colleagues for their significant contribution during my tenure as chairman.”

He added: RSA has provided peace of mind to individuals and protected businesses from risk for more than 300 years. That history has seen significant consolidation in the insurance industry, and we believe that RSA’s businesses, customers, employees and other stakeholders will prosper under the stewardship of Intact and Tryg, two great businesses with long histories and reputations.

“The acquisition of RSA has delivered attractive, certain value for our shareholders and I wish Intact and Tryg every success for the future.”

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