AXA Group and Intact Financial Corporation have different views of the Canadian insurance industry. Paris-based AXA sees Canada as a slow-growth market. Intact, formerly the Canadian subsidiary of Dutch financial giant ING Groep N.V. , sees opportunity. As a result, AXA is selling its Canadian operations to Intact for $2.7 billion in a deal announced May 31.
Analysts think Canada’s insurance industry is poised for a wave of consolidation. It’s easy to see why—more than 200 firms crowd the retail car, home, and business insurance markets.
