As we continue our journey to become the market leader in UK Commercial Lines, we’re looking forward to welcoming our new colleagues from Direct Line Insurance Group’s (DLG) NIG, FarmWeb, and UKI Business Solutions brands (UKIBS).
Following the completion of the deal, we’re delighted to be able to share more of our vision for the combined business with our colleagues – current and future – and with our broker partners.
We believe the deal gives us a real opportunity to create a business that’s greater than the sum of its parts.
Becoming the third-largest commercial lines insurer in the UK
Under the terms of the deal, the renewal rights, brands,colleagues, and technology capabilities of DLG’s UK Commercial Lines brokered business will transfer to RSA. This will make us the third-largest Commercial Lines insurer in the UK, with about a 6% market share.
The combination of RSA and DLG’s commercial lines business will accelerate our path to outperformance in an area where we believe we can deliver a low 90s combined ratio, in addition to the high levels of service that our brokers and clients expect and to which they’re accustomed.
The most compelling reason for joining these two businesses is that they’re enormously complementary. NIG and Farmweb offer a wide product suite, comprising more than 12 product lines, from motor fleets to liability coverage for farms to white-labeled landlord policies. These will sit nicely alongside our existing products, giving brokers and clients greater, and easier, access to the insurance coverage they need.
The strength of the broker relationships that NIG and Farmweb colleagues have built up and nurtured, the wealth of knowledge and expertise within those teams, and the technological capabilities that those businesses have, give us a huge opportunity to build out our offering to the market.
Accelerating the performance of RSA’s SME and mid-market platform
We want to strengthen our SME and mid-market platform and the combination of our businesses will enable us to accelerate that ambition.
Behind the scenes though, we understand there’s a need for consistency and continuity. That’s why we’re now in the process of working to plug in IT and enable processes that will allow us to seamlessly transfer this business into our systems. This means that what our broker partners and new colleagues will see on Day One will look and feel just as it did before the combination.
What this combination means for both parties
This is a hugely exciting time for us, and I, for one, cannot wait to get going on this new phase in RSA’s Commercial Lines growth story. But we do understand that with change comes uncertainty.
And so, as we get ready to welcome our new colleagues, I’d like to offer our new colleagues and brokers a personal note of assurance of a bright and prosperous future as we bring together these two businesses.
Here at RSA, we only relatively recently became part of the Intact fold in June 2021. It’s been an exciting time – this is a dynamic, constantly evolving company, always looking to the future and continually seeking to improve what we do and how we do it.
That’s why this combination will be such a good development – for both parties.
Intact Financial Corporation traces its roots back to Canada in 1809 when a group of business people got together to form the Halifax Fire Insurance Association. Since then, it’s grown, organically and by acquisition, to become a global insurer writing more than $20 billion in premiums annually.
