RSA Canada announces agreement to acquire L'Union Canadienne
GUELPH - Home, car and business insurer RSA Canada has agreed to acquire L'Union Canadienne, a Quebec-based intermediated P&C insurer, from its parent company Co-operators General Insurance Company (CGIC) for $150 million, pending regulatory approval, and other standard closing adjustments and conditions.
"This is an exciting day for RSA and L'Union Canadienne. The deal provides significant opportunities for employees, brokers and customers of both companies," said Rowan Saunders, President & CEO of RSA Canada. "Quebec is very important to us - a province in which we have a long history, dating back to 1845. This acquisition positions RSA as a top 5 insurer in Quebec and solidifies us as the third largest P&C insurer in Canada."
"Following a series of recent acquisitions, RSA is now positioned as the insurer with the broadest national personal and commercial proposition, offering end to end solutions from coast to coast."
L'Union Canadienne is Quebec's third largest intermediated Personal Lines insurer, employing over 300 people across offices in Quebec City and Montreal, and distributing through a network of more than 150 brokers across the province.
"L'Union Canadienne has been a significant contributor to The Co-operators success since it was acquired by our organization in 1999," said Kathy Bardswick, President and CEO of The Co-operators. "We are well positioned to build on our recent success in growing our direct distribution business in the Quebec marketplace. As this will be our strategic focus going forward, the timing was right to sell L'Union Canadienne to an organization like RSA."
RSA currently operates three offices based in Quebec, with approximately 200 employees.