RSA Acquires Independent’s Loss Adjustment Unit
Royal & Sun Alliance picked up another piece of the U.K. ‘s Independent Insurance, when it reached a deal with the failed insurer’s liquidators PricewaterhouseCoopers to pay £3 million ($4.2 million) for its loss adjusting business.
The deal will save around 300 jobs, as RSA plans to integrate Independent’s Property & Casualty Services unit into its own operations. It will emerge with over 800 in house adjusters and claims investigators, significantly strengthening its claims management abilities
RSA has now taken about all that it really wants from Independent and PwC announced that it was sending “termination letters” to over 200,000 remaining policyholders. However, unless their contracts allow termination, they aren’t obliged to accept it. Many may elect to stay with Independent and take the risk of receiving lowered claims’ payments, in order to keep the low rates they are currently paying.
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