UK based RSA Insurance Group is set to acquire Canada-based GCAN Insurance Company (GCAN), a wholly owned subsidiary of Glenstone Capital, for $410m.
RSA Insurance said that the transaction will strengthen its commercial proposition by adding technical expertise, geographic diversification and product breadth.
The transaction will also drive significant additional reinsurance and capital benefits and other synergies, the company said.
RSA Insurance Group CEO Andy Haste said that over the last five years, RSA Canada has grown its premiums by around 60% and doubled its underwriting result. The acquisition of GCAN accelerates this momentum and takes the company to number four in the market.
However, the completion of the transaction is subject to regulatory approval.