/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Sept. 13,
2023 /CNW/ - Intact Financial Corporation (TSX: IFC)
(Intact or the Company) announced today that it has closed its
previously announced bought deal offering (the Offering) of common
shares of the Company (the Common Shares) underwritten by a
syndicate of underwriters led by CIBC Capital Markets and BMO
Capital Markets resulting in aggregate gross proceeds
(including the proceeds resulting from the exercise, in full, of
the over-allotment option) to Intact of approximately $575 million.
The net proceeds are expected to be used by Intact to subscribe
for shares of one or more subsidiaries of the Company to ultimately
be used for the purpose of partially funding the execution of the
proposed indirect acquisition (the Acquisition) by Intact of assets
comprising, among other things, the brokered commercial lines
operations of Direct Line Insurance Group plc (Direct Line) and
certain of its affiliates announced by Intact on September 6, 2023 and related capital
requirements and integration costs. In the event the Acquisition is
not completed for any reason, the net proceeds from the Offering
will be used for general corporate purposes. The Acquisition is
subject to approval by Direct Line's shareholders. Additional
information on the Acquisition is available at Intact's website at
https://www.intactfc.com/investors.
The Common Shares have not been, and will not be, registered
under the U.S. Securities Act of 1933, as amended (U.S. Securities
Act), or any state securities laws. Accordingly, the Common Shares
may only be offered or sold in the United States pursuant to exemptions from the
registration requirements of the U.S. Securities Act and applicable
state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the Common Shares in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
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 $21
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 the Johnson Affinity
Groups.
In the US, 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 a range of
personal, commercial and specialty insurance solutions through a
wide network of brokers, third party partners and directly to
customer under the RSA brands.
Cautionary note regarding
forward-looking statements
Certain of the statements included in this press release about
the expected use of the net proceeds of the Offering or any other
future events or developments constitute forward-looking
statements. The words "may", "will", "would", "should", "could",
"expects", "plans", "intends", "trends", "indications",
"anticipates", "believes", "estimates", "predicts", "likely",
"potential" or the negative or other variations of these words or
other similar or comparable words or phrases, are intended to
identify forward-looking statements. Unless otherwise indicated,
all forward-looking statements in this press release are made as of
the date hereof and are subject to change.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In addition
to other estimates and assumptions which may be identified herein,
estimates and assumptions have been made regarding, among other
things, the anticipated completion of the Acquisition and the
expected use of the net proceeds of the Offering. However, the
completion of the Acquisition is subject to customary closing
conditions, termination rights and other risks and uncertainties,
and there can be no assurance that the Acquisition will be
completed within anticipated timeframes or at all. All of the
forward-looking statements included in this press release are
qualified by these cautionary statements and those made in the
"Risk Management" sections of the Company's 2022 Management's
Discussion and Analysis (Sections 30-34) and the Company's Q2-2023
Management's Discussion and Analysis (Sections 19-20), in Notes 10
and 13 of the Company's Consolidated Financial Statements for the
year ended December 31, 2022 and in
the Company's Annual Information Form dated February 7, 2023 and those made in the prospectus
supplement filed in respect of the Offering, all of which are
available on the Company's website at www.intactfc.com and on
SEDAR+ at www.sedarplus.ca. These factors are not intended to
represent a complete list of the factors that could affect the
Company. These factors should, however, be considered carefully.
Although the forward-looking statements are based upon what
management believes to be reasonable assumptions, the Company
cannot assure investors that actual results will be consistent with
these forward-looking statements. Investors should not rely on
forward-looking statements to make decisions, and investors should
ensure the preceding information is carefully considered when
reviewing forward-looking statements made in this press release.
The Company has no intention and undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
Disclaimer
This press release does not constitute or form part of any offer
for sale or solicitation of any offer to buy or subscribe for any
securities nor shall it or any part of it form the basis of or be
relied on in connection with, or act as any inducement to enter
into, any contract or commitment whatsoever.
The information contained in this press release concerning the
Company does not purport to be all-inclusive or to contain all the
information that an investor may desire to have in evaluating
whether or not to make an investment in the Company. The
information is qualified entirely by reference to the Company's
publicly disclosed information and the cautionary note regarding
forward-looking statements included in this press release.
Any website address included in this press release is an
inactive textual reference only and information appearing on such
website is not part of, and is not incorporated by reference in,
this press release.
SOURCE Intact Financial Corporation