RSA sells direct PL business to Admiral

Sale spelled out on keyboard

RSA and its parent company Intact Financial Corporation has this morning confirmed the sale of its UK personal lines operations to Admiral Group Plc for an initial cash consideration of £82.5m, as reported by Insurance Post earlier this week.

Admiral will pay an extra £32.5m if certain retention thresholds are fulfilled.

In aggregate, the proceeds from the sale to Admiral and the release over time of capital backing the UK Personal Lines

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