RSA finalizes GCAN acquisition

RSA Canada finalized its acquisition of GCAN Insurance, the second-largest insurance transaction of the past decade in Canada.RSA announced in Oct. 2010 that it agreed to acquire GCAN, a Canadian mid-market, large risks and specialty commercial insurer with gross written premiums in 2009 of $255 million. The Ontario Teachers’ Pension Plan Board sold the commercial insurer and its parent company, Glenstone Capital Incorporated, to RSA for $420 million. GCAN has an estimated surplus capital of $110 million, an RSA release says.The acquisition positions RSA as Canada’s fourth-largest general insurer.