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Aviva Purchases RBC’s General Insurance Business For $400 Mn

On Thursday, the Canadian division of the well- known British insurance company declared that it would buy the general insurance division of Canadian bank RBC for C$582 million ($402.57 million).

With this, it also confirmed that around 575 RBC Insurance employees will become part of Aviva Canada’s division as a result of the purchase of RBC General Insurance, Aviva Canada said in a statement.

Aviva Canada has also entered a 15-year contract with RBC Insurance, allowing RBC Insurance consumers to purchase Aviva Canada’s property and casualty (P&C) insurance policies, Aviva said.

According to Aviva it will make an estimated net after-tax gain of C$200 million on the contract, which it said would raise Aviva Canada’s yearly gross written premiums by around 20 percent.

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