Canada’s Intact Financial to buy Guarantee Co, Frank Cowan for C$1 billion By Reuters

© Reuters. Canada’s Intact Financial to buy Guarantee Co, Frank Cowan for C$1 billion

(Reuters) – Canadian property and casualty insurer Intact Financial Corp said on Thursday it agreed to buy The Guarantee Co of North America and Frank Cowan Co for C$1 billion ($750.6 million) in cash from Princeton Holdings Ltd.

The deal, expected to close in the fourth quarter, will bolster Intact’s position by adding new products for its high net worth customers, the company said.

Intact expects the deal to add to net operating income per share immediately, with low single-digit accretion within 24 months after close.

The Guarantee Co has customers in Canada and the United States with two-thirds of its business in specialty insurance and surety, and one-third in personal insurance.

Frank Cowan Co Ltd is a managing general agent, which acts as an intermediary between an insurance company and clients.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.