Intact Financial Corp. (IFC) signed a definitive agreement with Paris-based AXA Group for the acquisition of its affiliate, AXA Canada, a home, auto and business insurance company, for $2.6 billion in cash. IFC says a further performance-based contingent consideration of up to $100 million also may be payable, if certain profitability metrics are met within a five-year period. The transaction is expected to close later this year, upon the receipt of all required regulatory approvals.

As a result of the transaction, IFC says it will expand its position in Canada by increasing its direct premiums written by to more than $6.5 billion.

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