Consolidation in P&C insurance market coming: investor
Intact Financial Corp. (IFC-T) has agreed to buy the Canadian arm of European insurance company AXA Group for $2.6 billion in cash in a move to expand its North American presence.
The deal to acquire AXA Canada, the 6th largest home, auto and business insurance company in the country, will boost Intact's direct premiums written by $2.0 billion to more than $6.5 billion.
The transaction, announced on Tuesday, is expected to close later this year after required regulatory approvals.
Toronto-based Intact is the largest provider of property and casualty insurance in Canada.