(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.
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.