Intact Financial (TSX: IFC, OTC: IFCZF)

The company continued its program of acquisition, with a deal to purchase Canadian-owned Guarantee Company of North America, a specialty lines insurer in Canada and the U.S., and Frank Cowan Company, a managing general agent (MGA) focused on specialty lines, for $1 billion in cash from Princeton Holdings. The deal is being partially funded by the issue of 3.3 million shares at $120.45, to raise a net $401 million, with the reminder coming from Intact’s cash reserves and borrowings. - Gavin Graham