"The completion of this transaction represents a great opportunity to grow our direct operations while improving our ability to respond to the evolving needs of our customers," said
For the past three months, belairdirect has been reviewing CDI's administrative practices, processes and systems in order to develop an action plan for the orderly and efficient integration of CDI. With this integration planning nearly complete, IFC anticipates a smooth transition and expects to benefit from the transaction as the formal integration begins.
The acquisition has been financed by IFC exclusively with excess capital. Annual synergies amounting to
About Canadian Direct Insurance
Founded in 1996,
belairdirect has been providing complete car and home insurance solutions to Canadians for 60 years and was the first property and casualty insurer in
Forward Looking Statements
Certain statements included in this press release, including without limitation, management's estimates and expectations in relation to annual synergies and MCT, are forward looking statements. The words "will", "expected to" and comparable words or phrases are intended to identify forward looking statements. Forward looking statements are based on estimates and assumptions made by management in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Many factors could cause IFC's actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward looking statements, including the terms and conditions of, and regulatory approvals relating to, the proposed acquisition, timing for completion of the proposed acquisition, as well as the factors discussed in IFC's most recently filed Annual Information Form and annual Management's Discussion & Analysis. These factors are not intended to represent a complete list of the factors that could affect IFC. These factors should, however, be considered carefully. All of the forward looking statements included in this press release are qualified by these cautionary statements. Although the forward looking statements are based upon what management believes to be reasonable assumptions, IFC cannot assure investors that actual results will be consistent with these forward looking statements and the reader should not place undue reliance on these assumptions and such forward looking statements. IFC and management have no intention and undertake no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.