Intact Ponies Up $536M For Westaim Insurance Unit

Law360, New York (May 2, 2012, 5:04 PM EDT) -- Intact Financial Corp., Canada's biggest property and casualty insurer, inked a CA$530 million ($536 million) cash deal for a unit of The Westaim Corp. that provides specialty and niche insurance products for Canadian customers, Intact announced Wednesday.

The acquisition gives Intact all the outstanding shares and capital of Jevco Insurance Co., which wrote approximately CA$350 million in premiums last year, according to the companies.

Adjusting for a CA$30 million cash dividend Jevco will have to pay Westaim for the first quarter of this fiscal year, the...
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