TORONTO, Feb. 15,
2024 /CNW/ - Intact Financial Corporation (TSX: IFC)
(the "Company") announced today that a normal course issuer bid
("NCIB") authorized by its Board of Directors to purchase for
cancellation during the next 12 months up to 5,349,626 common
shares, representing approximately 3% of its issued and outstanding
common shares as at the close of business on February 7, 2024, has been approved by the
Toronto Stock Exchange ("TSX").
At the close of business on February 7,
2024, there were 178,320,868 common shares issued and
outstanding. The actual number of common shares which will be
purchased for cancellation and the timing of any such purchases
will be determined by the Company. The Company believes that its
NCIB provides a flexible means of distributing a portion of its
excess capital to shareholders who choose to participate in the
program. Under the Company's NCIB during the preceding 12-month
period, a maximum of 5,257,709 common shares were approved for
purchase (representing 3% of the Company's issued and outstanding
common shares as at February 7, 2023)
and the Company purchased 2,000 common shares for a weighted
average price of $193.33, on the open
market through the facilities of the TSX and Canadian alternative
trading systems.
Purchases under the NCIB will be made by means of open market
transactions through the facilities of the TSX as well as
through other designated exchanges and alternative trading systems
in Canada. The TSX's rules permit
the Company to purchase daily a maximum of 75,493 common shares
through TSX facilities, subject to any block purchases made in
accordance with TSX rules, which is 25% of the average daily
trading volume of common shares for the six months ending on
January 31, 2024.
The Company has entered into an automatic share purchase plan
under which its designated broker will repurchase the Company's
common shares during the NCIB. The automatic share purchase plan
allows for purchases by the Company of its common shares during
certain pre-determined black-out periods, subject to certain
parameters. Outside of these pre-determined black-out periods,
shares will be purchased at management's discretion. Purchases for
cancellation may also be made through such other means as a
securities regulatory authority may permit, including by way of
pre-arranged crosses or by way of private agreements outside the
facilities of the TSX pursuant to exemption orders. The price
to be paid by the Company for any shares will be the market price
at the time of acquisition or such other price as a securities
regulatory authority may permit. Purchases for cancellation made by
way of private agreements under an issuer bid exemption order
issued by a securities regulatory authority will be at a discount
to the prevailing market price as provided in the exemption
order.
Purchases of common shares may commence on or about February 17, 2024 and will expire on the earlier
of February 16, 2025, or the date on
which the Company has either acquired the maximum number of common
shares allowable, or otherwise decided not to make any further
repurchases.
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $22
billion of total annual premiums.
In Canada, 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 our affinity groups, travel
insurance, as well as exclusive and tailored offerings through
Intact Prestige.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
In the U.K., Ireland and
Europe, Intact provides personal,
commercial and specialty insurance solutions through the RSA
brands.
Forward Looking
Statements
Certain statements made in this news release are forward-looking
statements. These statements include, without limitation,
statements relating to the terms and operation of the Company's
normal course issuer bid as well as the Company's intention to
repurchase its common shares. All such forward-looking statements
are made pursuant to the 'safe harbour' provisions of applicable
Canadian securities laws.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statements as a result of various factors,
including: a decision by the Company not to repurchase all or a
portion of the total number of shares it is authorized to
repurchase, those discussed in the Company's most recently filed
Annual Information Form and those discussed in the Company's most
recently filed annual MD&A. As a result, we cannot guarantee
that any forward-looking statement will materialize and we caution
you against unduly relying on any of these forward-looking
statements. Except as may be required by Canadian securities laws,
we do not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether
as a result of new information, future events or otherwise. Please
refer to the cautionary note of the Company's most recently filed
MD&A.
SOURCE Intact Financial Corporation