Intact Financial Corporation (TSX: IFC) Friday announced today that it has signed a definitive share purchase agreement for the acquisition of St. John’s-based Metro General Insurance Corporation Ltd.
The transaction is expected to close later this year. Terms were not disclosed,
Metro General 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.
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.”
Intact Financial is the largest provider of property and casualty insurance in Canada. It offers home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink, and Jevco.