Kirsten Hastings
UK insurer Aviva has strengthened its market position in the Canadian market with the acquisition of the Royal Bank of Canada (RBC) General Insurance Company.
The company was reportedly bought for C$582m (£339m, $451m, €404m).
Aviva’s gross written premiums in Canada are expected to increase by around C$800m following the acquisition.
A subsidiary of RBC Insurance; the acquisition, which was first announced in January, includes certain home and auto insurance manufacturing capabilities; including claims, underwriting, and product development.
An estimated 550 RBC Insurance employees will join Aviva Canada and provide dedicated support to the RBC Insurance business.
As part of the deal, RBC Insurance also signed a 15-year strategic agreement with Aviva Canada that will allow RBC Insurance to market and sell a full suite of property and casualty insurance products to Canadians under their own brand.
This article was originally published by International Adviser