August 15, 2019 / 4:00 PM / 6 days ago

Canada's Intact Financial to buy insurers for C$1 bln

Aug 15 (Reuters) - Canadian property and casualty insurer Intact Financial Corp said on Thursday it agreed to buy insurers The Guarantee Co of North America and Frank Cowan Co for C$1 billion ($750.6 million) in cash from Princeton Holdings Ltd.

The deal, expected to close in the fourth quarter, will bolster Intact’s position in Canada by adding new products for its high net worth customers, the company said. ($1 = 1.3323 Canadian dollars) (Reporting by Arundhati Sarkar in Bengaluru; Editing by Sriraj Kalluvila)

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