TORONTO, Feb. 10, 2015 /CNW/ - Intact Financial Corporation (TSX: IFC ) ("IFC") announced today that it has entered into a definitive agreement with Canadian Western Bank (TSX: CWB ) to acquire Canadian Direct Insurance Inc. ("CDI") for $197 million, thereby extending its direct-to-consumer operations from coast to coast. The acquisition is expected to be financed exclusively with excess capital and provide accretion of 2% in the near term to net operating income per share. Annual synergies amounting to $10 million after tax are expected from a combination of reinsurance cost reductions, systems-related cost savings and claims efficiencies. IFC expects to maintain its strong capital position on closing with an estimated MCT above 200%. CDI wrote approximately $140 million in home and auto premiums in 2014, and was the winner of the 2014 Consumer Choice award for Home and Auto Insurance in Vancouver and the surrounding area.