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RSA Insurance Group Limited (trading as RSA, formerly RSA Insurance Group plc and Royal and Sun Alliance) is a British multinational general insurance company headquartered in London, England. RSA has major operations in the United Kingdom, Ireland, Scandinavia and Canada.
To strengthen its life business, Royal bought Lloyd’s Life in 1985 for £93 million, followed by the US life company Macabees in 1989. Like other financial institutions, in 1985 Royal started buying chains of estate agents, continuing right until the end of the housing boom; by October 1988 it had a controlling interest in 772 branches.
Sun Alliance Group plc was a large insurance business with its main offices in the City of London and later Horsham. It was created in 1959 by the merger of Sun Insurance, founded in 1710, and Alliance Assurance founded in 1824. In 1996 Sun Alliance merged with Royal Insurance to form the Royal & Sun Alliance Insurance Group.
After the 1996 merged of Royal Insurance and Sun Alliance to form Royal and Sun Alliance, the Canadian company changed its name to the Royal and Sun Alliance Insurance Company of Canada. In 2008, Royal and Sun Alliance changed its brand name to RSA, at which time Western Assurance began operating as WA. [3]
The company was established through the merger of the Guardian Assurance Company and Royal Exchange Assurance in 1968. [1] In February 1998 it acquired PPP Healthcare, a private healthcare insurer, for £435m. [2] In February 1999 it was acquired by Axa of France for $5.7bn and integrated into its Sun Life & Provincial Holdings division. [3]
On Jan. 1, IBM put the brakes on its dollar-for-dollar 5% employee match in its 401(k) plan and began providing most of its US workers a portable "retirement benefit account."
The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc.
The Resolution Life group was formed in 2004 to provide a vehicle for life funds that have been closed to new business, but have liabilities extending many years into the future, nicknamed zombie funds. [citation needed] The first purchase was the life insurance business of Royal & SunAlliance, followed by the purchase of Swiss Life's UK business.