RSA bought out etfs, one of the largest travel insurance and health insurance distributors in Canada, in mid-June. The companies, which had been partners for about a decade, collectively write almost $100 million in travel insurance premiums and serve over 1 million customers.
RSA Travel Insurance Inc. acquired etfs to bolster its travel insurance expertise, a strategic segment. “We see a lot of opportunities and we found that etfs had great expertise,” Mike Wallace, senior vice president, personal specialty insurance and reinsurance at RSA, told The Insurance and Investment Journal.
etfs currently provides travel and health insurance products on an individual and group basis through brokers, associations, travel agents, direct, affinity groups and corporate clients.
This new expertise will spur RSA’s growth on the Canadian market. “We focus on the Canadian market, in all provinces…We think there is a need for new products,” Mr. Wallace continues.
etfs’ operating mode will remain intact “the company will stay in Sherbrooke. There will be no change for the employees. The distribution will remain the same,” Mr. Wallace says. RSA is not ruling out other acquisitions.