As per a press release issued by Intact Financial Corporation earlier today on its website, Intact Financial Corporation (TSX: IFC) has purchased AXA Canada, the 6th largest home, auto and business insurance company in Canada, for $2.6 billion CDN. All existing clients of AXA Canada in Alberta will eventually be transitioned to Intact within the next couple of years.
With this merger between two of Canada's largest property and casualty insurance companies, Intact has greatly strengthened its offerings for home, auto and commercial insurance in Alberta. Specifically, AXA has always been known for its strong commercial underwriting and risk management, and this acquisition will no doubt help to bolster Intact's commercial auto & commercial property departments.
What can existing and prospective Alberta clients hope to expect from this merger? According to an FAQ Intact put up on its website:
- Alberta clients can expect to deal with the same insurance broker they have been working with; the acquisition of AXA doesn't affect the relationship between client and broker at all.
- By combining the expertise and competencies of two of the leading insurers in Canada, clients can expect even better customer service.
- Prior to the insurance renewals, existing AXA clients will receive a mailed package detailing changes.
- Current AXA policies will not be affected in any way until the renewal next term.
- For AXA claims, please contact your broker first, or the AXA 24/7 claims reporting line: 1-877-522-0554.
- There may be significant premium or coverage changes; all clients are advised to carefully read renewal packages and any other information mailed to them.
- For all questions and concerns, please contact the broker you normally deal with.