Direct Line Group to sell commercial insurance business to RSA for £520m

Direct Line Group to sell commercial insurance business to RSA for £520m

Direct Line Insurance Group has entered into an agreement to sell its brokered commercial insurance business lines to RSA Insurance Limited, a subsidiary of Intact Financial Corporation. The transaction includes an initial consideration of £520 million, with a potential earn-out of up to £30 million contingent on financial performance. The sale is expected to significantly […]

Intact Financial, RSA to acquire Direct Line’s commercial lines for £520m

Intact Financial, RSA to acquire Direct Line’s commercial lines for £520m

Intact Financial Corporation (TSX: IFC) and its subsidiary RSA have struck a deal to acquire Direct Line Insurance Group’s brokered Commercial Lines operations for an initial cash consideration of £520 million (C$884 million). The agreement also includes a potential contingent payment of up to a further £30 million (C$51 million), based on the future financial […]