Intact to acquire Newfoundland-based P&C company

Intact Financial Corporation announced Friday that it has signed a definitive share purchase agreement to acquire Newfoundland and Labrador-based Metro General Insurance Corporation Limited. Terms of the transaction were not disclosed.

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 Insurance Corporation 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.

“Over the years, the Metro General team has built a highly successful organization providing quality services to its brokers and customers,” Alan Blair, senior vice president of Intact Insurance commented in a press release.

“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.”

Hayley Wilson, president and CEO of Metro General, added in the statement 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.”