Intact Financial Corporation and Tryg A/S complete acquisition of RSA Insurance Group plc

Producers Careers Specialty Solutions Canada

News Release

June 1, 2021

TORONTO, June 1, 2021 /CNW/ -

Building a Leading P&C Insurer

Expands our leadership position in Canada with a broader customer offering
Bolsters our leading specialty lines platform and brings international expertise
Entry into the U.K. and Ireland at scale with a strong and seasoned team
Increases investment in our core capabilities to strengthen our outperformance
High single digit NOIPS accretion expected in the first 12 months, increasing to upper teens within 36 months
Maintaining mid-teens OROE target and BVPS to increase by over 20% at close
Strong total capital margin at over $2 billion following close and debt-to-capital ratio expected to reach 20% within 36 months

Intact Financial Corporation (TSX: IFC) ("Intact" or the "Company") announced today that, together with Tryg A/S (CPH: TRYG) ("Tryg"), it has completed the acquisition (the "Acquisition") of RSA Insurance Group plc. ("RSA"), having received all required approvals.

"Bringing together Intact and RSA will expand our leadership and accelerate our strategy as we continue to focus on outperformance across our business," said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. "Our teams have worked hard and diligently since we announced the deal to plan the integration and transition process, and we are now ready to combine our businesses and start delivering on our financial objectives. We are delighted to welcome RSA employees into the Intact family. Together, we will continue to focus on delivering second-to-none customer experiences and creating significant value for our shareholders."

Pursuant to the Acquisition, Intact retains RSA's Canadian, U.K. and International entities, Tryg retains RSA's Swedish and Norwegian businesses, and Intact and Tryg co-own RSA's Danish business.

With the Acquisition, Intact is taking a significant step to accelerate its strategy and drive significant value creation.

Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.