Royal & Sun Alliance Insurance Group has announced an agreement to acquire Canadian Northern Shield Insurance for approximately C$75 million payable in cash.
The acquisition is expected to make Royal & Sun Alliance Insurance (R&SA) the market leader in British Columbia and the sixth largest general insurer in Canada and is consistent with R&SA’s strategy of building leading positions in targeted segments and geographies.
Simon Lee, CEO of Royal & SunAlliance international businesses, said: We already have an excellent business in Canada and this transaction will significantly strengthen our position. It brings a greater balance to our existing book with a high proportion of Canadian Northern Shield’s (CNS) business in personal property and commercial lines.