Published by Canadian Underwriter 2011-09-26
Intact Financial Corporation (TSX: IFC) has officially completed its $2.6-billion acquisition of AXA Canada, the country’s sixth-largest provider of home, auto and business insurance in the country.
“The completion of this transaction represents a defining milestone in the history of our organization,” IFC CEO Charles Brindamour said. “The benefits of combining the knowledge, competencies and talent of two best-in-class P&C insurers are compelling.
“We will strengthen our product offerings, improve our capabilities to support insurance brokers, expand our distribution platform, reinforce competencies in risk selection and deepen the quality of our management team.”
Louis Gagnon will be president and chief operating officer of Intact Financial Corporation. Jean-François Blais, previously AXA Canada’s president and CEO, will become president of Intact Insurance. Both will report directly to Brindamour.
Immediately upon announcing the completion of its acquisition of AXA Canada, Intact also announced it would be selling AXA Canada’s life insurance business.
AXA Life Insurance, a subsidiary of AXA Canada, was acquired by Intact Financial Corporation as part of the $2.6-billion acquisition of AXA Canada.
Intact announced on Sept. 26 that it has entered into a definitive share purchase agreement to sell AXA Canada’s life insurance business (AXA Life Insurance) to SSQ Life Insurance Company Inc. with the financial support of its majority shareholder, the Fonds de solidarité (FTQ), for $300 million. The transaction is conditional on the receipt of regulatory approvals and is expected to close in early 2012.
Insurance Portfolio Inc. will continue to keep it’s clients up to date. There is no formal date of renewal date changes.