Intact Financial Corp to buy US specialty insurer for US17 billion

Intact Financial Corp. to buy U.S. specialty insurer for US$1.7 billion by The Canadian Press Posted May 2, 2017 3:20 pm MDT Last Updated May 2, 2017 at 4:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – Intact Financial Corporation (TSX:IFC) says it has reached a US$1.7-billion deal to buy OneBeacon Insurance Group, Ltd., a U.S. specialty insurer.Under the terms of the all-cash deal, OneBeacon shareholders will receive US$18.10 cash per common share, a 14 per cent premium based on OneBeacon’s closing stock price on the NYSE of US$15.89 as of May 1, and a 15 per cent premium to the volume weighted average price over the last 30 days.In addition, OneBeacon debt of approximately US$275 million will remain outstanding.Pending approval by OneBeacon’s shareholders, Toronto-based Intact says the acquisition will make it a North American leader in specialty insurance with more than C$2 billion of annual premiums.Intact says the deal will bolster its Canadian business with new products and cross-border capabilities, and better positions Intact to compete with international insurers. read more