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Insurer Aviva Canada Inc. has said that it is purchasing Royal Bank of Canada's RBC General Insurance Co. for $582 million Canadian ($401 million), reported Reuters.
Aviva Canada is a subsidiary of U.K.-based insurer Aviva P.L.C. Aviva Canada said that it would absorb about 575 RBC Insurance employees after the acquisition. Aviva said that Aviva Canada has also signed a 15-year agreement with RBC Insurance, which will allow RBC Insurance's customers to buy Aviva Canada's property/casualty insurance products.