RBC Insurance is selling its home and auto business to Aviva Canada

This will bring about the shift in employment of about 575 employees from one company to the next. The RBC Insurance company in Canada has announced that it will be selling both its home and auto businesses to Aviva, in a massive move that will require some employees to move to the new insurer while others remain with the Royal Bank of Canada. It has been estimated that 575 people will be swapping insurance companies while the remainder will stay put. Initial reports have stated that RBC Insurance will be…

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Insurance law to cause RBC to incur a $160 million hit

RBC insurance law canada

In Canada, the federal government’s efforts to close tax “loopholes” is bringing on a massive hit for one insurer. According to the Royal Bank of Canada (RBC), the latest insurance law change from Finance Minister Jim Flaherty that is designed to close the tax “loopholes” in this industry will bring with it a charge of an estimated $160 million for the insurer when it makes its fourth quarter earnings report. The insurer said that after tax, the charge will fall to $118 million, but is a direct result of the…

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