(Reuters) – Canadian property and casualty insurer Intact Financial Corp stated on Thursday it agreed to buy The Guarantee 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 stated.
Intact expects the deal to add to internet working revenue per share instantly, with low single-digit accretion inside 24 months after shut.
The Guarantee Co has clients in Canada and the United States 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 basic agent, which acts as an middleman between an insurance coverage firm and shoppers.
Reporting by Arundhati Sarkar and Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila