Intact acquires CDI for $197 million

Intact's direct reach extends into B.C. and Alberta

Intact Financial Corporation has acquired Canadian Direct Insurance from Canadian Western Bank for $197 million.

The transaction is expected to close in mid-2015.

The acquisition broadens Intact’s direct reach into B.C. and Alberta. The company currently sells directly in Ontario and Quebec through belairdirect, and to customers over 50 in Alberta, Ontario, New Brunswick, P.E.I. and Nova Scotia through its Grey Power branch.

CDI wrote approximately $140 million in home and auto premiums in 2014.

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