Canada-based property and casualty (P&C) insurance group Aviva Canada recently announced its acquisition of RBC General Insurance Company, along with a long-term strategic agreement with RBC Insurance under which Aviva will provide a comprehensive suite of P&C products to RBC’s existing and future customers, as well as policy administration and claims services. Products will still be marketed and sold under the RBC brand. Additionally, upon finalisation of the transaction, approximately 575 RBC Insurance employees, all of whom are currently engaged in claims, underwriting and other key functions, will become part of Aviva Canada’s operations.
The acquisition is part of Aviva’s plans to strengthen its market position in Canada, and its gross written premiums are expected to increase by CAD$800 million. “This is a landmark deal which underlines our confidence in a key market for Aviva, and one where we see future growth,” enthused Maurice Tulloch, chairman of global general insurance for Aviva plc. “Partnering with RBC Insurance to provide their customers with a broad range of general insurance products, backed by the latest digital technology and world-class claims and underwriting, extends Aviva’s leadership in general insurance.”
RBC Insurance’s president and CEO Neil Skelding, meanwhile, said the company was pleased to be partnering with Aviva Canada, as the firms share ‘a commitment to making sure clients are protected and receive outstanding care’. “RBC Insurance is one of the fastest growing direct-to-consumer home and auto insurance providers in Canada,” he added, “and this partnership will allow us to maintain our deep client relationships, while offering a full suite of property and casualty insurance products.”