Canada-based property and casualty insurer Intact Financial Corporation has signed a definitive share purchase agreement to acquire Metro General Insurance, as part of its strategy to strengthen its business footprint.
The transaction, whose financial terms have not been revealed, is likely to conclude later this year, pending receipt of regulatory approvals.
Operating as a private property and casualty insurance firm through a network of 13 brokers, Metro General Insurance specializes in home, auto and liability insurance and has $27m in direct written premiums.
The acquirer said that the proposed acquisition will boost its market position in Newfoundland and Labrador.
Intact Insurance senior vice president Alan Blair said, "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."
Metro General Insurance president and CEO Hayley Wilson stated that the transaction will be beneficial for Metro General employees, brokers and customers, as they will be able to leverage Intact’s portfolio of insurance solutions and its quality services.
Intact Financial delivers home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink, and Jevco.