Intact Financial has closed the previously announced takeover of The Guarantee Company of North America and Frank Cowan Company in a transaction worth $1bn.

The deals, announced in August this year, were finalised after securing necessary regulatory permissions.

Intact Financial expects the deal to immediately add to its net operating income per share (NOIPS).

Commenting on the transaction, Intact Financial CEO Charles Brindamour said: “Closing this transaction represents meaningful progress on our strategic objectives.

“After months of working together on integration planning, we can now welcome The Guarantee and Frank Cowan employees into the Intact family.

“We look forward to continue to work together to advance our goals of bolstering our leadership position in Canada while building a leading North American specialty insurer.”

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Intact Financial funded the transaction using net proceeds from the issuance of $461m of subscription receipts, surplus capital as well as short-term debt.

The company offers property and casualty insurance products and services in Canada.

Through its wholly-owned subsidiary OneBeacon Insurance in the US, Intact Financial delivers specialty insurance plans via brokers, wholesalers, independent agencies, and MGAs.

The company caters to more than five million personal, business and public sector clients across Canada and the US. It employs about 14,000 full- and part-time staff.