Intact completes sale of AXA Life Insurance to SSQ Life Insurance

Intact Financial Corporation (TSX: IFC) has officially completed the $300 million sale of AXA Life Insurance Inc. to SSQ, Life Insurance Company Inc.
AXA Life Insurance Inc. was acquired in September 2011 by IFC as part of the $2.6-billion acquisition of AXA Canada.
AXA Life Insurance Inc. has approximately 250 employees and offers health and life insurance products through a vast network of agents.
Intact said it intends to allocate most of the proceeds to repay the term loan facility used to partially finance the acquisition of AXA Canada.