Newspaper article The Canadian Press

RBC Selling Home-Auto Insurance Unit to Aviva for $582 Million; 575 Jobs Moving

Newspaper article The Canadian Press

RBC Selling Home-Auto Insurance Unit to Aviva for $582 Million; 575 Jobs Moving

Article excerpt

RBC selling home-auto insurance unit

--

TORONTO - Royal Bank of Canada is selling RBC General Insurance and moving some of its employees to Aviva Canada.

The bank (TSX:RY) will receive about $582 million from the sale of the home and auto insurance business and RBC estimates it will realize a $200-million after-tax net gain from the deal, which will close sometime between July and September.

Aviva Canada will also provide a full suite of property and casualty insurance to RBC customers, including home and auto, under a 15-year strategic agreement with the bank. Policyholders won't be affected at this time.

About 575 RBC employees will move to Aviva and others supporting the sales process will remain with the bank.

Those that are moving to Aviva are responsible for claims, underwriting, product development, information technology and related functions. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.