TSX:IFC - Post Discussion
Post by
retiredcf on Jun 20, 2022 9:01am
RBC
June 17, 2022
Intact Financial Corporation
Announces acquisition of Highland Insurance Solutions, a U.S. MGA
TSX: IFC | CAD 172.47 | Outperform | Price Target CAD 216.00
Sentiment: Neutral
Our take: We think the acquisition of Highland is consistent with Intact’s growth strategy to invest in distribution and the U.S. specialty lines business. Intact is our #1 best idea for 2022 given its positive fundamentals, potential catalysts (e.g., RSA divestiture(s)/asset swap), strong defensive attributes and an attractive valuation.
Summary: Intact agreed to acquire Highland Insurance Solutions, a U.S.-based managing general agent focused on the builders risk segment of the U.S. construction market, from Tokio Marine Kiln, a subsidiary of the Tokio Marine Group. The transaction is expected to close in H2/22, but other terms of the transaction were not disclosed.
Highland Insurance Solutions is headquartered in Naperville, Illinois with a team of 40 and will continue to operate as a standalone managing general agent under Intact.
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