- Scott Egan will remain as CEO of RSA UK & International following completion of the proposed takeover by Intact Financial Corporation, currently expected in the second quarter of 2021
- Egan will sit on the Executive Committee of Intact Financial Corporation, reporting to Chief Executive Officer Charles Brindamour
Intact Financial Corporation today confirmed that Scott Egan will remain as Chief Executive of RSA’s UK & International business following completion of their proposed acquisition of RSA Insurance Group PLC. Subject to the receipt of relevant regulatory approvals, the takeover is currently expected to complete in the second quarter of this year.
Charles Brindamour, CEO, Intact Financial Corporation said:
“Scott Egan has done an excellent job as CEO of RSA’s UK and International business over the last two years. He has built a great team and culture and significantly improved performance. I am delighted to welcome Scott to Intact upon completion of the deal and look forward to working with him to drive future success in the UK and International businesses.”
Scott Egan, CEO, RSA UK and International said:
“The UK&I business has made real progress in the last two years, and our focus is on maintaining this momentum. RSA’s people are passionate about improving for our customers alongside continuing to strengthen our financial performance, and our future as part of Intact will enable us to do both at an accelerated pace. I’m pleased to be joining an ambitious Intact team and look forward to contributing to the success of the new combined Group.”
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. Tryg announced the launch of its rights issue in connection with the funding of the takeover on 1 March 2021.
Under the transaction, Intact FC 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.
RSA UK & International comprises 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 and anti-trust approvals in relevant markets and completion of Tryg’s rights issue. Completion is currently expected during Q2 2021.
ENDS