Aviva Canada acquires RBC General Insurance CompanyStaff writer ▼ | January 22, 2016
Aviva Canada announced the acquisition of RBC General Insurance Company and a 15-year strategic agreement with RBC Insurance.
Acquisition 575 RBC Insurance employees will become part of Aviva Canada
As part of the agreement, approximately 575 RBC Insurance employees currently involved in underwriting, claims and other key functions will become part of Aviva Canada’s operations upon completion of the transaction.
The addition of the existing RBC Insurance home and auto business to Aviva further strengthens Aviva’s market position in Canada, and will increase Aviva Canada’s gross written premiums by approximately CAD $800m. In 2014, Aviva Canada’s GWP was CAD$3,959m.
Under the agreement, Aviva will pay RBC Insurance CAD$582 million upon closing, which is expected to occur in the third calendar quarter of 2016 subject to customary closing conditions, including receipt of required regulatory approvals. ■