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SSQ Financial Group said Monday it has agreed to purchase the Canadian AXA Life Insurance operations from Intact Financial Corp. for $300-million.


The transaction is the outcome of a much larger acquisition by Intact Financial, initially announced in May, that gives it all of the Canadian operations of Paris-based AXA Group for $2.6-billion.



In June 2011 Intact Financial purchased AXA Canada for $2.6 billion (announced the last week of May). The deal raises the fraction of business coming from property and casualty insurance (largest in Canada). Although the addition of AXA Canada improves business stability (less reliant on Ontario's auto insurance market) Moody's plans to lower its credit rating one notch down from Aa3 because of "less financial flexibility".



It didn't take long for it to change hands, yet again.

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