Aviva Canada Inc. acquires insurance unit from RBC for C$582 million and enters into 15 year strategic agreement with RBC
On January 21, 2016, Aviva Canada Inc. announced the acquisition of RBC General Insurance Company and a 15-year strategic agreement with RBC Insurance. Through this agreement, Aviva Canada will provide underwriting, policy administration and claims services, and RBC Insurance customers will be able to access Aviva Canada’s full suite of property and casualty (P&C) products. RBC Insurance will continue to market and sell these products under the RBC Insurance brand.
Under the agreement, Aviva will pay RBC Insurance C$582 million upon closing, which is expected to occur in the third calendar quarter of 2016 subject to customary closing conditions, including receipt of required regulatory approvals.
Aviva Canada Inc. is being advised by Fasken Martineau with a team that includes the following lawyers: Robert McDowell and Koker Christensen (M&A, corporate and regulatory), Andrew Alleyne and Arun Krishnamurti (distribution), Andrew Nunes and Gabriel Stern (transition services), Ralph Nero (employment), Peggy McCallum (pension and benefits), Douglas New and Grant LoPatriello (competition), Marvin Mikhail (regulatory), Christopher Steeves and Paul Casuccio (tax), May Cheng (IP), and Maria Holder (real estate).