I have been provided a recent update from Intact Insurance regarding their proposed acquisition of the Canadian Property & Casualty business of AXA Insurance Company. The update advises that they are awaiting regulatory approval from the Office of the Superintendent of Financial Institutions (OSFI), Autorite des marches financiers (AMF) and the Competition Bureau. They anticipate receiving approval by the end of the year. I have personally spoken to representatives of both Intact Insurance and AXA Insurance and have been reassured that it is business as usual until we hear differently. If you are a current Insurance Portfolio Inc. client, we can assure you that there will be no difficulties with this transition and have represented both Insurers for many years. We can inform you with confidence regarding the appetite of both markets. We have been told that if this deal is accepted, Intact Insurance will represent just under 17% of the market share in Canada for P&C insurance. The acquisition does not include the AXA Life Insurance business.
April 27, 2020