TORONTO, Nov. 20,
2024 /CNW/ - Intact Financial Corporation (TSX: IFC)
today announced that Louis Marcotte
will step down as Executive Vice President and Chief Financial
Officer (CFO) after the Q4-2024 earnings are released on
February 13, 2025. He will remain
with the organization serving as IFC Vice Chair and, in that role,
his main mandate will be to support the development of our European
operations within Global Specialty Lines.
"I want to thank Louis for his dedicated service to Intact over
the past 18 years and for his significant contributions to our
strategy and growth. During his tenure as CFO, IFC's market cap
tripled to $47 billion on the back of
double-digit growth in operating earnings and nearly 700 bps of ROE
outperformance," said Charles
Brindamour, CEO, Intact Financial Corporation. "Louis was
instrumental in the financing of all our acquisitions during his
tenure and he kept our organization focused on financial
performance and discipline, both of which helped IFC transform into
a leading global P&C company. I am grateful he will continue to
lend his leadership and expertise to IFC."
Mr. Marcotte played a key role in effectively communicating
IFC's story to investors and this was recognized three times by
Brendan Wood as one of Canada's Top Gun CFOs. Over time, Mr. Marcotte
built an outstanding Finance team which is widely recognized for
excellence in reporting and investor relations.
Ken Anderson, currently Executive
Vice President and Chief Financial Officer for RSA UK & Ireland, will succeed Mr. Marcotte as
Executive Vice President and Chief Financial Officer. Continuing
his successful 17-year career with Intact, Mr. Anderson brings to
the role a wealth of experience in treasury, corporate development,
investor relations, and financial reporting. Among his achievements
is the integral role he played in the structuring and coordination
of the RSA acquisition, Intact's largest transaction to date.
"Ken is the natural choice to be IFC's next CFO, having worked
alongside Louis for well over a decade," said Brindamour. "His
extensive experience in our business and deep understanding of our
strategy make him the ideal successor. I am confident that with Ken
as our CFO, our financial foundations will remain strong enabling
continued growth and outperformance."
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 agencies and a
wide network of brokers, including its wholly owned subsidiary
BrokerLink. Through belairdirect, Intact distributes directly to
consumers. Intact also provides affinity insurance solutions
through 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/or specialty insurance solutions through the RSA,
NIG and FarmWeb brands.
SOURCE Intact Financial Corporation