March 20, 2003 by Canadian Underwriter
Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of travel insurance products for the ETFS portfolio”. The ETFS portfolio is currently valued at about $50 million in annual premiums. Royal & SunAlliance notes that the deal will make the company the largest underwriter of travel insurance in Canada.
The ETFS group will provide policy and claims administration for the Royal & SunAlliance business. The travel products are currently distributed through travel agents, insurance brokers and affinity business partners. “This deal illustrates our commitment to growing personal specialty lines in Canada. We want to balance our business mix and focus on strategic niche opportunities,” says Rowan Saunders, vice president of personal financial services at Royal & SunAlliance.