Leading home, car and business insurer RSA Canada is expanding its operation in Nova Scotia.
RSA has done business in Nova Scotia for about 100 years and aside from its day-to-day insurance business, RSA also has its national training centre in Dartmouth where employees from across Canada learn insurance underwriting skills.
"RSA's growth is great news for the company and for Nova Scotia's economy," said Percy Paris, Minister of Economic and Rural Development. "World-class employers like RSA are creating exciting new career opportunities for educated and skilled people in our province."
The company and the province, through Nova Scotia Business Inc., have signed a six-year payroll rebate of up to $2,699,274 to support RSA's growth. The investment will give the company flexibility to create up to 160 new jobs over the term of the agreement, adding positions as necessary to meet business needs. The rebate is paid annually based on performance targets.
The company has experienced proven success with attracting and retaining a loyal and talented work force, the primary reason for growing its location in Nova Scotia.
"RSA is not only contributing to growth, but is also demonstrating Nova Scotia is well-equipped to compete and win in the financial services sector," said Stephen Lund, president and chief executive officer, Nova Scotia Business Inc.
"This announcement is further proof that our province is a prime jurisdiction for global companies that demand the right talent and growth opportunities."
RSA's expected growth adds to what is already a significant segment of Nova Scotia's economy: insurance. A study commissioned by NSBI and Greater Halifax Partnership, based on research done by the Conference Board of Canada and Jupia Consultants, shows the sector has a direct economic impact in Nova Scotia of $460 million each year.
"In 2009, there were 4,500 Nova Scotians employed in the insurance industry making a wage that is 38 per cent higher than the provincial average," said Paul Kent, president and CEO, Greater Halifax Partnership. "This is a significant asset to our city and links with current industry partners must continue to be nurtured for future growth and overall success of Halifax and indeed Nova Scotia."
To learn more about the study, please visit www.insureconomy.ca.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.
RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company and is part of RSA Insurance Group plc. RSA Canada employs approximately 3,200 people and is represented by a large network of brokers across the country. In 2009, the Canadian Group wrote $1.9bn in direct premiums with assets exceeding $5.5 billion.
Internationally, RSA Insurance Group plc employs about 21,000 people and has the capability to write business in 130 countries and in 2009 its net written premiums were £6.7bn.
RSA and CNS are trade names of Royal & Sun Alliance Insurance Company of Canada and Canadian Northern Shield Insurance Company, respectively.