RSA acquires etfs

Travel insurance

Men shaking handsRSA Travel Insurance Inc./Assurance Voyage RSA Inc. has agreed to acquire, subject to the satisfaction of certain closing conditions, the business assets and insurance expertise of etfs, along with the etfs trademarks. As one of Canada’s largest distributors of travel and health insurance, etfs has deep expertise and a successful track record within the travel insurance market. RSA is already a top-three travel insurer in Canada and has an ambition to strategically grow in the travel marketplace. etfs currently provides a full range of travel and health insurance products on an individual and group basis through brokers, associations, travel agents, direct, affinity groups and corporate clients. “etfs and RSA have a long-standing partnership with expertise and a successful track record with travel insurance – a strategic specialty segment for RSA,” said Rowan Saunders, president and chief executive officer of RSA. “This deal provides us with the opportunity to further deliver competitive products and travel expertise to the market. We will continue to build and expand our offering to provide our distributors with an even stronger proposition.”
This deal pertains to etfs and not Global Excel Management Inc. (GEM), the claims and assistance business. RSA will continue its long-term partnership with GEM, which will remain the claims and assistance provider for RSA's travel business. “Today's announcement validates the strength of our offering and the solid expertise of our employees,” said etfs CEO Reg Allatt. “This deal enables GEM to focus on the claims side of the business, allowing etfs, together with RSA, to continue building its presence in the travel insurance market. It presents exciting growth opportunities for all parties involved.” Completion of the transaction is expected to take place by mid-July.