Axa to sell Candian property and casualty arm
Axa has announced plans to sell its Canadian property and casualty business for a total cash consideration of CA$2.6bn (Euro 1.9bn) to Intact Financial.
In addition, there is up to CA$100m (or Euro 72m) in contingent considerations based on profitability metrics over a period of 5 years.
Axa said the rationale behind the transaction included the fact it was a "further step in its strategy of redeploying capital towards geographies with higher long term growth prospects".
Axa claims its Canadian arm is ranked 6th in the local P&C market in 2010, with a market share of 4.7%. The parties expect the sale to close before end of 3Q 2011, subject to customary closing conditions and regulatory approvals for a transaction of this type.
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