AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to each of the recently issued CAD 375.0 million, 1.207%, 3-year senior unsecured medium term notes offering; the CAD 375.0 million, 2.179%, 7-year senior unsecured medium term notes offering; and the CAD 250.0 million, 3.765%, 32-year senior unsecured medium term notes offering of Intact Financial Corporation (IFC) [TSX: IFC] (Toronto, Ontario, Canada). The outlook assigned to these Credit Ratings (ratings) is stable. The Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of IFC’s operating subsidiaries and all other ratings of outstanding issuances remain unchanged.
IFC intends to use the net proceeds from these debt issuances to fund the early redemption of the IFC Series 4 notes, and to fund the early redemption of the GBP 350 million senior 1.625% notes due Aug. 28, 2024 (RSA senior notes) issued by RSA Insurance Group plc (RSA). The redemption of the RSA senior notes will occur following the close of IFC’s previously announced acquisition in which IFC, together with Tryg A/S, will acquire RSA with a cash takeover offer. (See prior press release of Nov. 11, 2020 for additional detail).
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings . For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases .
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Gordon McLean
Senior Financial Analyst
+1 908 439 2200, ext. 5304
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Raymond Thomson CPCU, ARe, ARM
Associate Director
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