The deal, worth $1 billion, is expected to close by the end of this year. Two-thirds of the Toronto-based Guarantee Company’s business is specialty insurance covering items like antique cars, motorcycles and RVs, and one-third is personal high-net-worth home and auto insurance. Princeton, Ont.-based Frank Cowan provides specialty insurance programs to municipalities and social-service organizations. (The Logic)

Talking point: The acquisition will allow Intact, based in Toronto, to further its high-net-worth customer segment and specialty offerings in Canada. It’s the company’s second major acquisition in two years: in 2017, it acquired Minneapolis-based OneBeacon Insurance Group for US$1.7 billion. It also follows a report from Clyde & Co., a Toronto-based law firm, which said global insurance mergers and acquisitions are up 13 per cent in the first half of 2019 compared to the second half of 2018, the highest increase in volume since 2015. North America had the most activity thanks to strong economic growth, and Europe saw the biggest increase, attributed to deals that were previously on hold due to Brexit preparations.