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Intact Financial Corporation and Tryg A/S complete sale of Codan DK to Alm. Brand A/S Group
Intact Financial Corporation and Tryg A/S complete sale of Codan DK to Alm. Brand A/S Gro...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation and Tryg A/S complete sale of Codan DK to Alm. Brand A/S Group\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 2, 2022\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that, together with Tryg A/S (CPH: TRYG) (\"Tryg\"), it has completed the sale of Codan Forsikring A/S's Danish business (\"Codan DK\") to Alm. Brand A/S Group (\"Alm. Brand\") (CPH: ALMB), having received all required approvals.\n \n \n Codan DK was acquired by Alm. Brand for a total consideration of\n \n DKK 12.6 billion\n \n (\n \n $2.3 billion\n \n ), subject to post-closing adjustments. Intact is receiving 50% of the proceeds, commensurate with its stake in Codan DK. The Company will use its proceeds to reduce debt, bringing the adjusted debt-to-total capital ratio to approximately 20%. The remaining proceeds will be used for general corporate purposes.\n \n \n \"We are pleased with the sale of Codan DK to Alm. Brand, which represents an important milestone for Intact in de-risking the RSA acquisition. The integration of RSA is on track and we remain focused on driving outperformance across all of our markets,\" said\n \n Charles Brindamour\n \n , Chief Executive Officer, Intact Financial Corporation.\n \n \n \n About Intact Financial Corporation\n \n \n \n Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in\n \n Canada\n \n , a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and\n \n Ireland\n \n . Our business has grown organically and through acquisitions to over\n \n $20 billion\n \n of total annual premiums.\n \n \n In\n \n Canada\n \n , Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.\n \n \n In the U....