August 7, 2019 09:30
The insurance company, Intact Financial Corporation announced on Tuesday 6 August the acquisition of Restore One Side. Based in Vancouver, the company specializes in the restoration of homes and businesses that have suffered damage. It operates across Canada through its 1 200 employees, spread across 35 branches.
Better control of costs
Before Restoration, One Side was acquired by Intact, the two companies worked together for several years. With this acquisition, Intact wants including being able to better control the costs related to the restoration of property, at a time when the events of severe weather are more frequent.
“Having a better grip on the supply chain and by combining our forces, we will be able to provide more easily and quickly and a better quality service to customers who make a claim in property insurance. This transaction will help us reduce the costs of claims processing and to diversify our risks in property insurance, thanks to a new stream counter-cyclical income, ” says Charles Brindamour, ceo of Intact.
The transaction is expected to be completed by the 1st October next, subject to certain conditions, indicates Intact. The regulatory bodies must in particular approve of it.
If the insurer receives the green light, it will have full ownership of the Restoration On Side ” over a period of two years for a purchase consideration variable that is based, in part, on measures of profitability in the future “, said Intact, stating that ” the purchase price will be funded from internal resources “.