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Intact Financial buying 2 Princeton Holdings subsidiaries for C$1B

Intact Financial Corp. will acquire Guarantee Co. of North America and Frank Cowan Co. Ltd. from Princeton Holdings Ltd. for about C$1 billion in cash.

The deal is expected to close in the fourth quarter, subject to regulatory approvals.

Guarantee Co. of North America is a specialty lines insurer in Canada and the U.S. The company has more than C$560 million in gross premiums written, which will bring Intact Financial's annual North American specialty lines direct premiums written to nearly C$3 billion.

Frank Cowan is a Canadian managing general agent with a focus on specialty insurance.