Intact Financial sees more acquisitions: CEO

Tue Nov 15, 2011 12:13pm EST
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By Cameron French

TORONTO (Reuters) - Intact Financial Corp's (IFC.TO: Quote) integration of its AXA Canada assets is going well, and the company plans to press ahead with more domestic acquisitions, the company's chief executive said on Tuesday.

Speaking at an investor presentation in Toronto, executives reaffirmed the C$2.6 billion acquisition of French insurer AXA's Canadian assets should yield annual cost-savings of C$100 million ($98 million).

Chief Executive Charles Brindamour said company planned to follow with more moves in the domestic market

"Our view is that the environment remains conducive for consolidation in the coming four to five years," he said.

"Clearly we're interested in participating."

Intact launched the takeover in May. It is one of a number of recent deals in which Canadian financial institutions have purchased subsidiaries of European companies that have been hurt by the European debt crisis and economic weakness.

Brindamour said he expected more such deals, noting that 30 percent of the Canadian property and casualty insurance market is held by foreign-owned insurers.

"You should expect to see movement on that front," he said.   Continued...