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RSA Travel Insurance agrees to acquire etfs Travel Insurance


June 14, 2011   by Canadian Underwriter


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RSA Travel Insurance Inc./Assurance Voyage RSA inc. has agreed to acquire the business assets and insurance expertise of etfs, along with the etfs trademarks.
Headquartered in Sherbrooke, Quebec, etfs Travel Insurance 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.
RSA is already among the Top 3 travel insurers in Canada. Still, the company says intends to expand in the travel marketplace.
“etfs and RSA have a longstanding partnership, with expertise and a successful track record in travel insurance – a strategic specialty segment for RSA,” said RSA president and CEO Rowan Saunders.
“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.”
The deal pertains to etfs and not Global Excel Management Inc. (GEM), the claims and assistance business. RSA says it 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 2011.


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