Toronto, Ontario — February 24, 2014
Intact Financial Corporation has signed a definitive share purchase agreement for the acquisition of Newfoundland and Labrador-based Metro General Insurance Corporation Limited. The transaction, whose terms were not disclosed, is expected to close later this year upon receipt of the appropriate regulatory approvals.
Metro General Insurance Corporation is a privately owned property and casualty insurance company specializing in home, auto and liability insurance with $27 million in direct written premiums. The company operates across Newfoundland and Labrador and in rural Nova Scotia through a network of 13 brokers.
The Metro General acquisition is expected to improve Intact’s market position in Newfoundland and Labrador, according to a statement released by the company.
“Over the years, the Metro General team has built a highly successful organization providing quality services to its brokers and customers,” said Alan Blair, Senior Vice President of Intact Insurance. “While the acquisition will allow us to expand our reach, Metro General customers will benefit from the broad offering of products and services of Intact Insurance and our outstanding customer-driven orientation.”
Hayley Wilson, President and CEO of Metro General, said that the transaction will be beneficial to Metro General employees, brokers and customers.
“Joining one of the most respected providers of property and casualty insurance in Canada will create new career and development opportunities for our employees while brokers and customers will benefit from Intact’s unparalleled portfolio of insurance solutions and its high quality services,” said Wilson.
For more information, please visit intactfc.com.
