Allied World senior vice-president, business development Enrico Bertagna, reveals next steps for the insurer after it acquired RSA in April
The Allied World/RSA Asia deal – valued at $193 million at current exchange rates – could generate $300m worth of business, says Enrico Bertagna, senior vice-president, business development at Allied World.
In August 2014, Allied World announced plans to acquire the Hong Kong and Singapore operations of RSA.
Under the terms of the transaction, Allied World will acquire the in-force portfolio and related assets and liabilities of both branches, subject to regulatory approval.
In a statement, RSA explained that it has a “new strategic focus centered on its core insurance businesses in the UK, Ireland, Scandinavia, Canada and Latin America” and that the transaction is “part of the refocusing of the RSA Group”.
Allied World, on the other hand, aims to grow its presence in Asia. “This transaction underlines [Allied World’s] commitment to becoming a leading specialty insurer through strategic growth in key markets”, the insurer said.
Speaking exclusively to StrategicRISK, following the completion of the deal in April 2015, Bertagna said: “Now we are working on the integration of the business and the people that we acquired.
“[Allied World is] very pleased with this development, because we now have scale in that part of the world. [There will be about] $300m worth of business, 350 people on the ground between Hong Kong and Singapore. That kind of scale gives us a strong base for us to build the future presence of Allied World in Asia.
Bertagna also revealed plans to develop the insurer’s European presence with the launch of an initiative targeting small- to medium-sized enterprises.
For more details, click to watch StrategicRISK’s interview with Enrico Bertagna