After receiving all required regulatory approvals, Intact Financial Corporation has completed its acquisition of The Guarantee Company of North America and Frank Cowan Company Limited.
Intact’s acquisition of both The Guarantee and Frank Cowan Company was first revealed in August; the P&C company purchased both for $1 billion in cash.
A new release said that the acquisition is expected to generate a return on capital above Intact’s internal threshold.
“Closing this transaction represents meaningful progress on our strategic objectives,” said Intact Financial CEO Charles Brindamour. “After months of working together on integration planning, we can now welcome The Guarantee and Frank Cowan employees into the Intact family.”
Brindamour added that Intact looks forward to working with The Guarantee and Frank Cowan to advance their goals of strengthening their position in Canada while creating a leading North American specialty insurer.