Intact Financial Corporation and Tryg A/S Expect to Close Acquisition of RSA Insurance Group plc on June 1, 2021 Français
PREVIOUSLY RELEASED IN THE UK
TORONTO, May 6, 2021 /CNW/ - Intact Financial Corporation (TSX: IFC) ("Intact" or the "Company") announced today that all required anti-trust and regulatory approvals for the acquisition (the "Acquisition") of RSA Insurance Group plc ("RSA"), to be carried out by the Company together with Tryg A/S (CPH: TRYG), have now been received.
The High Court of Justice in England and Wales in London must now formally approve the transaction at a court hearing. This hearing is scheduled for May 25, 2021. Upon approval, the Acquisition is expected to close on June 1, 2021.
Anticipated Timetable to Completion
Event |
Time (GMT+1) and/or date |
Scheme Court Hearing |
May 25, 2021 |
Re-registration of RSA as a private limited |
By May 28, 2021 |
Last day for dealings in, and for the |
May 28, 2021 |
Scheme Record Time |
May 28, 2021 at 6:30 p.m. |
Disablement of CREST in respect of RSA |
May 28, 2021 at 6:30 p.m. |
Suspension of dealings in RSA Shares |
June 1, 2021 by 7:30 a.m. |
Effective Date of the Scheme |
June 1, 2021 |
Cancellation of listing of RSA Shares |
June 2, 2021 by 7:30 a.m. |
Latest date for despatch of cheques and |
June 15, 2021 |
About Intact Financial Corporation
Intact Financial Corporation is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $12 billion in total annual premiums. The Company has over 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.
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 Public Entities Inc., a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.
Cautionary note regarding forward-looking statements
Certain of the statements included in this press release about the Acquisition and the expected closing thereof 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 May 6, 2021 and are subject to change after that date.
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. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things, the closing date of the Acquisition and economic and political environments and industry conditions. However, the completion of the Acquisition is subject to approval of the Acquisition by the High Court of Justice in England and Wales, termination rights and other risks and uncertainties, and there can be no assurance that the Acquisition will be completed within the anticipated timeframe 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 section entitled Risk Management (Sections 28-33) of our MD&A for the year ended December 31, 2020, and the section entitled Risk Factors – Risks Related to the Acquisition of our presentation entitled "Building a Leading P&C Insurer" dated November 18, 2020 and available on our website. 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 contained herein. The Company and management have no intention and undertake 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.
No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this press release and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this press release, the Company does not undertake or agree to any obligation to provide investors with access to any additional information or to update this press release or to correct any inaccuracies in, or omissions from, this press release that may become apparent. The information and opinions contained in this press release are provided as at the date of this press release. The contents of this press release are not to be construed as legal, financial or tax advice. Each investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.
SOURCE Intact Financial Corporation
Intact Media Inquiries: Jennifer Beaudry, Manager, Media Relations, 1 514 282-1914 ext. 87375, [email protected]; Intact Investor Inquiries: Ryan Penton, Director, Investor Relations, 1 416 341-1464 ext. 45112, [email protected]
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