Toronto, Ontario -- The Intact Financial Corp. is rebranding the newly acquired RSA Insurance as Intact Insurance.
The rebrand comes four years after Intact, which is based in Canada, acquired the 311-year-old British insurance company for $12.3 billion. According to the company, the new name is part of a broader effort to unify global operation.
In a press release, Charles Brindamour, Intact’s chief executive officer, said the move would help strengthen its position across the Atlantic. “Aligning under the Intact brand is a natural next step in our strategy to strengthen our leading position in the U.K., Europe and Ireland.”
The rebrand announcement comes after a painful first quarter for Intact. The company posted $244 million in losses, most of these stemming from a series of significant weather events that occurred across Canada in the early months of the year.
The news may also have significant ramifications for members of the U.K. auto repair industry. In recent years, Intact has successfully altered the relationship between its clients and auto repair businesses by launching an in-house network of auto repair and servicing centres.
In recent weeks, the company announced it would be opening more locations in Calgary, Toronto, Ottawa and Montreal.
