Intact Financial Corporation recently strengthened its position in Newfoundland and Labrador through the purchase of a 13 brokerage network.
The largest provider of property and casualty insurance in Canada announced on Friday that it had signed a definitive share purchase agreement to acquire Newfoundland and Labrador-based Metro General Insurance Corporation Limited – the terms of which were not disclosed.
“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.”
The deal is expected to close later this year upon receipt of the appropriate regulatory approvals, Intact said. The company said the acquisition will strengthen its position in Newfoundland and Labrador.
Metro General operates across Newfoundland and Labrador and in rural Nova Scotia through a network of 13 brokers. The privately owned property and casualty insurance company specializing in home, auto and liability insurance with $27 million in direct written premiums
“Joining one of the most respected providers of property and casualty insurance in Canada will create new career and development opportunities for our employees,” said Hayley Wilson, president and CEO of MJetro General, “while brokers and customers will benefit from Intact's unparalleled portfolio of insurance solutions and its high quality services.”
