Intact Financial has completed its acquisition of On Side Developments, dba On Side Restoration, after meeting the necessary regulatory approvals.
“We are pleased to announce the completion of the acquisition of On Side Restoration,” said Intact Financial CEO Charles Brindamour.
Brindamour added that with the support of On Side Restoration founder and president Craig Hogarth, the acquired business will continue to operate as a separate and distinct entity from Intact – one that is “committed to strengthening repair and restoration services for property and casualty insurers and their customers across Canada.”
The deal was first announced in August; Intact said in a previous release that it expects to gain full ownership of On Side Restoration over a two-year period.
Both companies have been collaborating in recent years to help reduce claims cycle times.
A company statement said that the acquisition provides immediate low single digit accretion to NOIPS, and mild accretion to ROE. Beginning in the fourth quarter of 2019, On Side Restoration results will be reported in Distribution EBITA and Other in Intact’s MD&A.
