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A sign of RSA insurance company is pictured outside its office in London December 13, 2013.
A sign of RSA insurance company is pictured outside its office in London December 13, 2013.
(TOBY MELVILLE/REUTERS)

Could Intact Financial buy rival insurance business?

Two of the largest players in Canada’s highly fragmented property and casualty life insurance market could merge, according to one analyst.

London-based insurance firm RSA Insurance Group PLC may be looking to sell its Canadian division for more than $2-billion, according to Paul Holden, analyst at CIBC World Markets. And Canada’s largest P&C insurer Intact Financial Corp. could be a buyer.