Canada’s Intact Monetary to purchase Assure Co, Frank Cowan for C$1 billion


(Reuters) – Canadian property and casualty insurer Intact Monetary Corp mentioned on Thursday it agreed to purchase The Assure Co of North America and Frank Cowan Co for C$1 billion ($750.6 million) in money from Princeton Holdings Ltd.

The deal, anticipated to shut within the fourth quarter, will bolster Intact’s place by including new merchandise for its excessive internet value clients, the corporate mentioned.

Intact expects the deal so as to add to internet working earnings per share instantly, with low single-digit accretion inside 24 months after shut.

The Assure Co has clients in Canada and america with two-thirds of its enterprise in specialty insurance coverage and surety, and one-third in private insurance coverage.

Frank Cowan Co Ltd is a managing normal agent, which acts as an middleman between an insurance coverage firm and shoppers.

Reporting by Arundhati Sarkar and Bharath Manjesh in Bengaluru; Enhancing by Sriraj Kalluvila

Author: Maxwell C.

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