RSA insurance, a multinational general insurance company located in London, has agreed to the $9.6 billion takeover by Canada’s Intact Financial and Denmark’s Tryg. This deal will result in the separation of one of the FTSE’s 100 oldest companies.
Under the deal, Tryg will pay $5.6 billion to take over RSA’s Swedish and Norwegian businesses, and Intact will pay $4 billion to buy RSA’s Canada, UK, and Ireland, and international operations. Both companies will co-own RSA’s Danish business.
Stephen Hester, RSA Chief Executive plans to step down after the completion of the deal. The transaction is expected to be completed in 2021.