RSA today announced further senior appointments to its future structure following the completion of Intact Financial Corporation’s proposed takeover.
- Mark Hodges, former CEO of Aviva UK and British Gas, will take up the position of Chair following the completion of Intact Financial Corporation’s proposed takeover
- The new Board will oversee RSA’s UK and International (UK&I) operations
- Current Group Chief Financial Officer Charlotte Jones will stay with the business as CFO of RSA UK&I for an initial period of up to 12 months post deal completion
- Announcements follow confirmation that Scott Egan will continue as Chief Executive of UK&I business
Subject to the completion of the proposed takeover, RSA’s UK and International business will become a wholly owned subsidiary of Intact with an independent Chair and Non-Executive Directors on its board.
Mark Hodges will take on the position of Chair, subject to regulatory approval. Mark has had a long career in Financial and Consumer Services businesses, being both former CEO of Aviva’s UK business and member of their Plc Board, and a former CEO of British Gas and member of the Centrica Plc Board.
Charlotte Jones, currently RSA’s Group Chief Financial Officer, will stay with the business for an initial period of up to 12 months to support the deal’s closure and integration activities. She will take on the role of CFO for RSA UK&I, as an executive member of the UK&I Board.
Further non-executive appointments, to take effect following completion, will be announced in due course. The proposed takeover is currently expected to complete in Q2 2021, subject to outstanding regulatory approvals being obtained.
Mark Hodges said:
“I am delighted to be leading the board of RSA UK&I as we embark on a new and exciting chapter for the business. The acquisition by Intact will give the business an opportunity to continue to build on its strong market position. I’m looking forward to working closely with Scott, the UK&I Executive and the wider Intact team to take the business to further success.”
Charlotte Jones said:
“The next twelve months will be a critical period for RSA and Intact as we move through completion of the deal to ensure that the newly combined businesses are set up for success in the future. Having worked intensively on the transaction I’m eager not just to see it through but help make sure RSA’s UK&I business is in the best possible position to seize the opportunities it brings.”
Scott Egan said:
“I’m delighted Mark is joining RSA for the next stage of our journey. We will benefit greatly from his expertise, insight and passion as we continue to strengthen and improve our businesses in the UK and internationally. Charlotte will provide important continuity and leadership for the business and team over the coming year, and I’m pleased we’ll be continuing to work closely.”
Notes to editors:
- Intact Financial Corporation and Tryg A/S announced their bid for RSA Insurance Group plc on 18th November 2020. RSA shareholders approved the takeover on 18th January 2021.
- Under the proposed transaction, Intact will retain RSA’s Canadian, UK and International businesses, while Tryg A/S will retain RSA’s Swedish and Norwegian businesses. RSA’s business in Denmark will be jointly owned by the two parties on a 50/50 economic basis.
- Martin Scicluna, Chairman of RSA Insurance Group plc, will step down from the plc Board at closing.
- The new Board will oversee RSA’s UK and International business and relevant legal entities. The UK&I business comprises operations in the UK, Ireland, Europe (Spain, France, the Netherlands and Belgium) and the Middle East (United Arab Emirates, Oman, Bahrain and the Kingdom of Saudi Arabia).
- The proposed takeover is subject to conditions including financial regulatory approvals in relevant markets, the sanction of the scheme by the Court and the re-registration of RSA Insurance Group plc as a private limited company. Completion is currently expected during Q2 2021.
ENDS