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Intact Financial Corporation to acquire leading specialty insurer The Guarantee Company of North America and Frank Cowan Company Limited
Intact Financial Corporation to acquire leading specialty insurer The Guarantee Company of...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n\n\n\nIntact Financial Corporation to acquire leading specialty insurer The Guarantee Company of North America and Frank Cowan Company Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 15, 2019\n\n\n\nBolsters Intact's leadership position in Canada\nBrings Intact's North American specialty lines platform close to its $3 billion annual Direct Premiums Written objective\nAdds attractive surety business and expertise on both sides of the border Enhances specialty lines with public entity capabilities and adds an MGA to the platform Expands Intact's personal lines offering in Canada with high net worth products Delivers a return on capital above Intact's threshold and immediate accretion to NOIPS Strong financial position maintained, with over $1 billion of capital margin after closing TORONTO, Aug. 15, 2019 /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has entered into a definitive agreement with Princeton Holdings Limited (\"Princeton Holdings\") to acquire The Guarantee Company of North America (\"The Guarantee\"), a specialty lines insurer in Canada and the U.S., and Frank Cowan Company Limited (\"Frank Cowan\"), a managing general agent (\"MGA\") focused on specialty insurance for a cash consideration of approximately $1 billion. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals.  \nIn Canada, the acquisition bolsters Intact's position and adds new products for the high net worth customer segment. It meaningfully advances Intact's North American specialty lines platform solidifying prominent positions in public entity and surety. The transaction will a...