Intact Financial Corporation And Rsa To Acquire Direct Line Insurance Group Plc’S Brokered Commercial Lines Operations
Acquiring Company
RSA Insurance
Acquired Company
Commercial Lines
United Kingdom
TorontoFinancial ServicesInsuranceAutomotiveInsuranceDescription
Intact Financial Corporation (TSX: IFC) (Intact, IFC or the Company) and its subsidiary RSA today announced that they have reached an agreement with Direct Line Insurance Group plc (Direct Line) to acquire Direct Line’s brokered Commercial Lines operations. The purchase price includes an initial cash consideration of £520 million (C$884 million), with potential for up to a further £30 million (C$51 million) contingent payment under earnout provisions relating to the financial performance of the acquired business lines. The transaction will result in the transfer of renewal rights, brands, employees, and systems to RSA.
Quick answer
RSA Insurance and Intact Insurance are acquiring Commercial Lines, announced September 6, 2023. RSA Insurance is based in United Kingdom.
- How much did RSA Insurance pay for Commercial Lines?
- The deal value was not disclosed.
- What does RSA Insurance do?
- RSA Insurance is a multinational insurance group.
- Where are RSA Insurance and Commercial Lines based?
- RSA Insurance is based in United Kingdom.
Source: Fundz verified event record.
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Frequently asked
Who acquired Commercial Lines?
Commercial Lines was acquired by RSA Insurance, based in United Kingdom. The deal was reported on September 6, 2023. RSA Insurance is a multinational insurance group. We are one of the world’s oldest general insurers, providing peace of mind to individuals and protecting small businesses and large organisations from uncertainty. RSA Insurance is privately held and operates in Financial Services.
When did RSA Insurance acquire Commercial Lines?
RSA Insurance's acquisition of Commercial Lines was reported on September 6, 2023. Intact Financial Corporation (TSX: IFC) (Intact, IFC or the Company) and its subsidiary RSA today announced that they have reached an agreement with Direct Line Insurance Group plc (Direct Line) to acquire Direct Line’s brokered Commercial Lines operations. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Commercial Lines do?
Commercial Lines is the company acquired in this transaction. It is privately held.
This company was part of an acquisition. Fundz tracks who bought whom, and who to call on both sides.
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