Intact Financial Corporation (IFC) has confirmed that Scott Egan will remain as chief executive of RSA’s UK and International business following completion of its proposed acquisition of RSA Insurance Group PLC.
As part of the deal, Egan will sit on the executive committee of IFC, reporting to Charles Brindamour, chief executive officer.
It follows news last November, that RSA agreed to a £7.2bn takeover from two international insurance brands – IFC and Nordic insurer Tryg – which resulted in a break up of the company which operated for more than 300 years.
In January, RSA shareholders approved the takeover, with it currently expected to be completed in the second quarter of this year- subject to the receipt of relevant regulatory approvals.
Under the transaction, IFC will retain RSA’s Canadian, UK and International businesses, while Tryg will retain RSA’s Swedish and Norwegian businesses.
RSA’s business in Denmark will be jointly owned by the two parties on a 50/50 economic basis.
Charles Brindamour, CEO, IFC said:“Scott Egan has done an excellent job as CEO of RSA’s UK and International business over the last two years.
“He has built a great team and culture and significantly improved performance. I am delighted to welcome Scott to Intact upon completion of the deal and look forward to working with him to drive future success in the UK and International businesses.”