Intact Financial partners to make offer for Britain's RSA Insurance Group

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TORONTO — Canadian insurance company Intact Financial Corp. is part of a consortium including Denmark's Tryg A/S that is in talks to acquire British insurance company RSA Insurance Group PLC for 7.2 billion pounds or about $12.4 billion.

Intact says the board of RSA has indicated it would be "minded to recommend" the proposal, subject to satisfactory resolution of the other offer terms.

The offer includes 6.85 pounds in cash per RSA share or about $11.75 per share.

Under the proposal, Intact would pay 3.0 billion pounds and Tryg would pay 4.2 billion.

Intact would take RSA's Canadian, British and international operations and obligations, while Tryg would take RSA's operations in Sweden and Norway.

Intact and Tryg would co-own RSA's operations in Denmark.

This report by The Canadian Press was first published Nov. 6, 2020.

Companies in this story: (TSX:IFC)

The Canadian Press