Mark Hodges, former CEO of Aviva’s UK business and former CEO of British Gas, will take the position of chair, subject to regulatory approval. Charlotte Jones, currently RSA’s group chief financial officer, will stay with the business for an initial period of up to 12 months to support the deal’s closure and integration activities. She will take on the role of CFO for RSA UK&I, as an executive member of the UK&I board. Further non-executive appointments, to take effect following completion, will be announced in due course. Subject to the completion of the proposed takeover, RSA’s UK and International business will become a wholly owned subsidiary of Intact with an independent chair and non-executive directors on its board. The Intact takeover is currently expected to complete in Q2 2021, subject to final regulatory approvals. Intact Financial Corporation and Tryg A/S announced their bid for RSA Insurance Group plc on Nov. 18. RSA shareholders approved the takeover on Jan. 18, 2021. Under the proposed transaction, Intact will retain RSA’s Canadian, UK and international businesses, while Tryg A/S will retain RSA’s Swedish and Norwegian businesses. RSA’s business in Denmark will be jointly owned by the two parties on a 50/50 economic basis. Martin Scicluna, chairman of RSA Insurance Group plc, will step down from the board at closing. The new board will oversee RSA’s UK and International business and relevant legal entities. The UK&I business comprises operations in the UK, Ireland, Europe (Spain, France, the Netherlands and Belgium) and the Middle East (United Arab Emirates, Oman, Bahrain and the Kingdom of Saudi Arabia).
Source: Insurance Journal
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