(Corrects JAN 21 story to show RBC to make gain, paragraph 4)
LONDON, Jan 21 (Reuters) - British insurer Aviva AV.L 's
Canadian division said on Thursday it was buying the general
insurance division of Canadian bank RBC RY.TO for C$582
million ($402.57 million).
Around 575 RBC Insurance employees will become part of Aviva
Canada's operations as a result of the acquisition of RBC
General Insurance, Aviva Canada said in a statement.
Aviva Canada has also entered a 15-year agreement with RBC
Insurance, enabling RBC Insurance customers to buy Aviva
Canada's property and casualty (P&C) insurance products, Aviva
said.
RBC said in a statement it will make an estimated net
after-tax gain of C$200 million on the deal. Aviva said the deal
would increase Aviva Canada's annual gross written premiums by
around 20 percent.
($1 = 1.4457 Canadian dollars)