Long-time partners currently write almost $100 million in premium and service over one million customers.
TORONTO AND SHERBROOKE,QC, June 14, 2011 – RSA Travel Insurance Inc./ Assurance Voyage RSA inc. has agreed to acquire, subject to the satisfaction of certain closing conditions, the business assets and insurance expertise of etfs, along with the etfs trademarks. As one of Canada’s largest distributors of travel and health insurance, etfs has deep expertise and a successful track record within the travel insurance market.
RSA is already a top 3 travel insurer in Canada and has an ambition to strategically grow in the travel marketplace. etfs currently provides a full range of travel and health insurance products on an individual and group basis through brokers, associations, travel agents, direct, affinity groups and corporate clients.
“etfs and RSA have a long-standing partnership with expertise and a successful track record with travel insurance – a strategic specialty segment for RSA,” said Rowan Saunders, President and CEO RSA. “This deal provides us with the opportunity to further deliver competitive products and travel expertise to the market. We will continue to build and expand our offering to provide our distributors with an even stronger proposition.”
This deal pertains to etfs and not Global Excel Management Inc. (GEM), the claims and assistance business. RSA will continue its long term partnership with GEM which will remain the claims and assistance provider for RSA’s travel business.
“Today’s announcement validates the strength of our offering and the solid expertise of our employees,” said etfs CEO Reg Allatt. “This deal enables GEM to focus on the claims side of the business, allowing etfs, together with RSA, to continue building its presence in the travel insurance market. It presents exciting growth opportunities for all parties involved.”
Completion of the transaction is expected to take place by mid-July.
RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., GCAN Insurance Company, Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company, RSA Travel Insurance Inc./Assurance Voyage RSA inc., and is part of the RSA group of companies headed by RSA Insurance Group plc. RSA Canada employs approximately 3,700 people and is represented by a large network of brokers across the country. In 2010, the Canadian Group wrote $1.9bn in direct premiums. Internationally, RSA Insurance Group plc employs about 22,000 people and has the capability to write business in 130 countries and in 2010 its net written premiums were �7.5bn. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. www.rsagroup.ca www.globalexcel.com
etfs is one of Canada’s leading providers of specialized insurance products and services. etfs provides a full range of travel and health insurance products to students, groups, individuals and expatriates. These products are sold and marketed to the end-consumer through insurance brokers, travel agents, consultants and third party administrators. Global Excel Management Inc. (GEM), a wholly owned subsidiary of etfs, will remain independent of RSA and continue to offer case management, cost containment, and assistance and claims services throughout the world. GEM specializes in services related to the American, Canadian, Caribbean and Mexican healthcare systems. With over 300 corporate clients located in more than 36 countries around the world, GEM manages approximately 75,000 inpatient, outpatient and non-medical travel related emergencies per year.