The Royal & SunAlliance Canada Group announced that it has entered into an agreement to purchase all of the shares of Canadian Northern Shield Insurance Company (CNS) from The CUMIS Group Limited for approximately $75 million in cash, subject to regulatory approvals.
The acquisition would make the group the “sixth largest P&C insurance company in Canada and the market leader in British Columbia,” said the bulletin. R&SA Canada President and CEO Rowan Saunders called the deal “a significant acquisition for R&SA,” which would strengthen the Company nationally and in British Columbia.
“The addition of CNS to the R&SA group of companies enables us to further diversify our business and continue to support brokers and their customers with greater capacity and global underwriting expertise,” Saunders continued. “I look forward to working closely with the CNS team of employees and brokers to build the business in B.C.”
The bulletin described CNS as “a leading intermediated insurer in British Columbia with annual premiums of approximately $164 million in 2006. The company offers a full range of products including personal property, commercial and private automobile and is represented by more than 200 brokers servicing customers across the province.”
Source: R&SA Canada – http://www.royalsunalliance.ca
Topics Mergers & Acquisitions Canada
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