RSA Canada sees increased premium growth

RSA Canada reported an underwriting profit in 2009 of $112 million, in spite of what the company described as tough economic conditions, a significant increase in weather losses and regulatory uncertainty in the auto market.
Premiums increased to $1.8 billion, driven by organic growth and acquisition activity, the company reported.
“We continue to drive the business forward through targeted acquisitions, with five completed in 2009, and through organic growth,” RSA Canada president and CEO Rowan Saunders said in a release.
“We continue to outperform the market in very difficult economic conditions. We have the right segmented and specialist strategy in place, and I’m confident that we’ll continue to drive sustainable profitable growth in 2010.”
In personal lines, including Johnson Inc., premiums were up 6% (to $1.4 billion), with a COR of 95.3%.
Premiums in commercial lines were up 2% (to $433 million), with a COR of 87.5%.
Overall, The RSA Group posted a net written premium growth of 4% (to £6.7 billion or Cdn$10.9 billion in 2009), a COR of 94.6% and an underwriting result up by 1% (to £386 million, or Cdn$630 million).
The company reported significant growth in its mid-market business, specifically in the construction and contracting and renewables portfolios. Global risk solutions reported a growth of 28%.