Intact Financial Corporation and RSA to acquire brokered commercial lines operations of Direct Line Insurance Group for £550m.

Transaction Tags

• United Kingdom
• Acquisition
• Majority
• insurance
• Insurance Brokers
• Cross Border
• Private
• Friendly
• Pending
• Single Bidder

Synopsis

Intact Financial Corporation, a Canadian multinational property and casualty insurance company, and RSA, a British multinational general insurance company, agreed to acquire brokered commercial lines operations of Direct Line Insurance Group, an insurance company, for £550m. “This acquisition significantly strengthens our UK&I business, and is strongly aligned with our strategic and financial objectives. The transaction enhances our position in the UK by doubling down on lines of business where we already outperform,” Charles Brindamour, Intact Financial CEO.

Sources