Intact Financial Corp T.IFC.PR.I

Primary Symbol: T.IFC Alternate Symbol(s): IFCZF | T.IFC.PR.A | T.IFC.PR.C | INTAF | T.IFC.PR.E | INFFF | T.IFC.PR.F | T.IFC.PR.G | IFTPF | IFZZF | T.IFC.PR.K

Financial Services Insurance - Property & Casualty

Intact Financial Corporation is a Canada-based company, which is a provider of property and casualty insurance. Its Canada segment is engaged in underwriting of automobile, home and business insurance contracts to individuals and businesses in Canada distributed through a network of brokers and directly to consumers. Its UK & International segment is engaged in underwriting of automobile, home, pet and business insurance contracts to businesses in the United Kingdom, Europe, and Ireland as well as internationally. It distributes insurance through a network of affinity partners and brokers, or directly to consumers. Its US segment is engaged in underwriting of speciality contracts, mainly to small to medium-sized businesses in the United States. It distributes insurance through independent agencies, brokers, wholesalers and managing general agencies. It also offers an app-based service that connects homeowners with local service professionals to provide various home maintenance tasks.

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Intact Financial Corp

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Post by retiredcfon Jun 20, 2022 9:01am

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Post# 34768373

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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