RSA Canada closes acquisition of L’Union Canadienne

Insurance group RSA Canada has closed its acquisition of intermediated property and casualty insurer L’Union Canadienne after receiving necessary regulatory approval.

RSA announced its agreement to buy the Quebec-based insurer in June for $150 million. L’Union Canadienne is the province’s third largest intermediated personal lines insurer and the acquisition places RSA as a top five insurer in Quebec, it said in a statement.

“We’re excited to welcome L’Union Canadienne employees, brokers and customers to RSA,” Rowan Saunders, RSA’s president & CEO said in a statement. “The addition of L’Union Canadienne is consistent with RSA’s strategy of delivering sustainable, profitable growth through a combination of new business and acquisitions. As the second largest private insurance market in Canada, and the most profitable P&C market in the country, Quebec presents significant opportunities for us to grow our business.”