Intact to acquire AXA's Canada arm for $2.66B

TORONTO (Reuters)—Intact Financial Corp. has agreed to buy the Canadian arm of European insurance company AXA S.A. for $2.6 billion Canadian ($2.66 billion) in cash in a move to expand its North American presence.

The deal to acquire AXA Canada, the sixth-largest home, auto and business insurance company in the country, will boost Intact's direct premiums written by $2.0 billion Canadian ($2.05 billion) to more than $6.5 billion Canadian ($6.65 billion).

The transaction, announced on Tuesday, is expected to close later this year after required regulatory approvals.

Toronto-based Intact is the largest provider of property/casualty insurance in Canada.