RSA
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Canadian carrier Intact is to issue C$250mn ($198.5mn) of subordinated debt in order to fund its takeover, with Danish insurer Tryg, of RSA. -
The former RSA CFO has been UK and international CEO since 2019.
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RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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Conditions ahead of the deal’s closing include the completion of a Tryg rights issue, regulatory clearances and High Court approval.
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The carrier still expects net losses from Covid-19 to cost about £62mn.
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The ruling in favour of Spire Healthcare reaffirms legal principles relating to the aggregation of claims.
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He replaces long-serving executive Gary Long, who retired earlier in the year.
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The 10-year and 30-year bonds will be issued in a private placement.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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Canadian pension fund managers CDPQ, CPP and OTPP back the subscriptions receipt issue.
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The boards of the companies moved one step closer to an agreement for the proposed acquisition.
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