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.