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Intact Financial Corporation approved to complete purchase of Direct Line Insurance Group plc's brokered Commercial Lines operations
Intact Financial Corporation approved to complete purchase of Direct Line Insurance Group plc's b...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation approved to complete purchase of Direct Line Insurance Group plc's brokered Commercial Lines operations\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; FONT-SIZE: 8PT; FONT-FAMILY: ARIAL; COLOR: BLACK; MARGIN:0em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 19, 2023\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") and its subsidiary RSA announced today that all conditions related to their acquisition of Direct Line Insurance Group plc's brokered Commercial Lines operations have been fulfilled. The transaction is anticipated to close on\n \n October 26\n \n , upon payment of a £520 million cash consideration.\n \n \n As announced on\n \n September 6\n \n , the Company will fund the purchase price and expected integration costs using the proceeds from its recently completed\n \n $575 million\n \n common share offering and\n \n $400 million\n \n medium-term note issuance.\n \n \n Upon closing, substantially all of the future economics of Direct Line's brokered Commercial Lines portfolio will have been transferred to RSA effective\n \n October 1, 2023\n \n through a quota share reinsurance agreement.\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 $21 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 whol...