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Intact Financial Corporation, together with Tryg, to Acquire International P&C Insurer RSA Insurance Group Plc. for £7.2 billion (C$12.3 billion)
Intact Financial Corporation, together with Tryg, to Acquire International P&C Insure...
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[{"type":"text","content":"\n \n \n \n Intact Financial Corporation, together with Tryg, to Acquire International P&C Insurer RSA Insurance Group Plc. for £7.2 billion (C$12.3 billion)\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n Intact Financial Corporation, together with Tryg, to Acquire International P&C Insurer RSA Insurance Group Plc. for £7.2 billion (C$12.3 billion)\n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 18, 2020\n \n \n \n \n \n Building a Leading P&C Insurer\n \n \n \n \n Intact to acquire RSA's\n \n Canada\n \n , UK and International operations\n \n \n Intact to pay\n \n $5.1 billion\n \n (£3.0 billion) representing 0.9x book value\n \n \n Expands our leadership position in\n \n Canada\n \n \n \n Bolsters our leading specialty lines platform and adds international expertise\n \n \n Entry into the UK and\n \n Ireland\n \n at scale\n \n \n Increases investment in our core capabilities to strengthen our outperformance\n \n \n High single digit NOIPS accretion in the first year, increasing to upper teens within 36 months\n \n \n Maintaining mid-teens OROE target and BVPS increasing in excess of 25% at closing\n \n \n Total capital margin over\n \n $1.5 billion\n \n at closing\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 18, 2020\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 reached an agreement with RSA (LSE: RSA) (\"RSA\") on the terms of a recommended all-cash acquisition for the entire issued and to be issued share capital of RSA at a price of\n \n 685 pence\n \n per common share, representing a total consideration of approximately £7.2 billion (\n \n $12.3 billion\n \n ) (the \"Transaction\"). Intact will pay\n \n $5.1 billion\n \n (£3.0 billion) of the total consideration payable and Tryg will pay\n \n $7.2 billion\n \n (£4.2 billion). In addition to the cash consideration payable, RSA shareholders will also be entitled to the previously announced but unpaid interim dividend of\n \n 8 pen...