Reuters: Mergers News: UPDATE 1-Intact Financial to buy Westaim's unit for C$530 mln

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UPDATE 1-Intact Financial to buy Westaim's unit for C$530 mln May 2nd 2012, 12:46 Wed May 2, 2012 8:46am EDT May 2 (Reuters) - Intact Financial Corp, Canada's largest property and casualty insurer, will buy Jevco Insurance Co from Westaim Corp for C$530 million to expand its offerings to insurance brokers. Jevco, which provides specialized insurance products on recreational vehicles, snowmobiles and all-terrain vehicles, sells its products through a network of independent brokers. Toronto-based Intact said 48.6 percent Westaim shareholders have agreed to vote for the deal. Westaim bought Jevco from property and casualty insurer Kingsway Financial Services Inc in 2010. Intact intends to finance the acquisition through a combination of about C$226 million bought deal and existing line of credit. Intact has entered into an agreement with a group of underwriters, led by CIBC World Markets and TD Securities, to issue 3.6 million subscription receipts at C$62.75 each. Each receipt will entitle the holder to receive one common share of Intact on closing of the acquisition, expected during the fall of 2012.

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