Canada Insurer Intact Financial Corp. Completes Acquisition of On Side Restoration

Intact Financial Corp., the Toronto-based property and casualty insurer, announced it has completed the acquisition of On Side Developments Ltd., the parent company of On Side Restoration.

With more than 1,200 employees and 35 branches across Canada, Vancouver-based On Side Restoration specializes in repair and restoration services for personal and commercial property claims customers.

Financial details of the acquisition, which was first announced in August 2019, were not disclosed.

“We are pleased to announce the completion of the acquisition of On Side Restoration,” said Charles Brindamour, CEO of IFC, in an Oct. 1 statement about the completion of the deal.

On Side Restoration will continue to operate as a separate and distinct entity.

“Becoming part of the Intact family is an exciting next step that will fuel another 40 years of growth as we continue to build our business and serve a wide variety of clients, including other key partners and insurers,” said Craig Hogarth, founder and president, On Side Restoration.

In its August statement about the acquisition, IFC said, On Side Restoration was already an important part of its network of preferred vendors.

“By taking ownership in the supply chain and combining our strengths we can ensure simpler, faster and consistently higher quality outcomes for property claims customers,” Brindamour commented. “This transaction will reduce claims handling costs and provide diversification to our property exposures with a new and counter-cyclical earnings stream.”

The property supply chain, namely restoration services, is a growing area of business, particularly as weather events become more frequent, said IFC in its comments in August.

Source: Intact Financial Corp., On Side Restoration

Topics Mergers & Acquisitions Carriers Property Canada