Intact is seeking buyers for RSA’s PL business
According to a report by Bloomberg, Intact Financial Corporation has kicked off the sale of its personal insurance subsidiary in the UK, which could be valued at around $620 million.
In March, Intact and RSA announced initiatives aimed at improving the strength and sustainability of the UK & International business, which ended up in RSA exiting the UK personal lines motor market. Earlier this month, Intact said it was exploring strategic options in respect of RSA’s UK Personal lines business, including a possible sale.
The Canadian insurer is working with JPMorgan Chase to gauge buyer interest and bids are due in the coming weeks, according to the report.