07:54 AM EDT, 06/01/2021 (MT Newswires) -- Intact Financial Corp. (IFC.TO), trading at the high end of its 52-week trading range, earlier on Tuesday said the company, together with Danish insurer Tryg A/S, completed the acquisition of U.K.-based RSA Insurance Group plc following the receipt of all required approvals.
The two buyers will co-own RSA's Danish business, while Intact will retain the Canadian, British and international entities and Tryg will end up with the Swedish and Norwegian businesses. The separation of the RSA operations is expected to be completed during the first quarter of 2022, Tryg said in a separate statement.
Intact, which paid about 3 billion pounds sterling for the acquisition, expects its premiums in Canada to rise about 30% to C$13 billion annually, representing close to two-thirds of its aggregate premium base. Its North American specialty lines platform is expected to grow about 30% to over $4 billion in annual premiums.
The deal increases Intact's overall premiums by about 70% and is expected to lead to an internal rate of return above the company's 15% threshold, it said.
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