RSA Travel Insurance is acquitting Canadian travel and health insurance provider etfs.
RSA says it hopes to grow its current position in the Canadian travel insurance marketplace and believes the acquisition of Quebec-based etfs will aid that process.
“etfs and RSA have a long-standing partnership with expertise and a successful track record with travel insurance – a strategic specialty segment for RSA,” said Rowan Saunders, President and CEO RSA in a statement. “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.”
This deal pertains to etfs and not Global Excel Management Inc. (GEM), the claims and assistance business. RSA 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.”
The transaction is expected to be complete by mid-July.