Intact gets go-ahead for OneBeacon Insurance purchase

The deal is expected to close on or about Sept. 28

Intact Financial Corp. (IFC) has received all of the necessary regulatory approvals for its previously announced acquisition of Bermuda-domiciled OneBeacon Insurance Group.

The acquisition is expected to close on or about Sept. 28.

Related: Intact Financial buys U.S. specialty insurer for C$2.3 billion

IFC will acquire OneBeacon for US$18.10 per OneBeacon common share in cash, resulting in an aggregate purchase price of approximately US$1.7 billion. Upon completion of the Acquisition, OneBeacon will be an indirect wholly owned subsidiary of IFC and will continue to operate as OneBeacon Insurance Group, Ltd. in the U.S.

IFC initially announced in May that it is purchasing OneBeacon, which provides a range of specialty insurance products targeting industries such as architecture, entertainment, healthcare and financial services.

Related: A.M. Best comments on Intact’s acquisition of OneBeacon

“We’ve been looking to grow our business outside of Canada, and identified the U.S. small to mid-size commercial and specialty market as an attractive entry point,” said Charles Brindamour, CEO of Intact, during a conference call following the announcement in May. “The key was finding the right company – not only from a strategic, operational and financial perspective, but also for overall fit. I’m very pleased to say that OneBeacon checks all those boxes.”

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Transcontinental Media G.P.