Wednesday, June 29 2022

TORONTO, February 15, 2022 /CNW/ – Intact Financial Corporation (TSX: IFC) (the “Corporation”) today announced that a Normal Course Issuer Bid (“NCIB”) has authorized its Board of Directors to repurchase for cancellation within the next 12 months up to 5,282,458 common shares representing approximately 3% of its issued and outstanding common shares, has been approved by the Toronto Stock Exchange (“TSX”).

At the close of business on February 8, 2022, there were 176,081,958 common shares issued and outstanding. The actual number of Common Shares that will be purchased for cancellation and the timing of such purchases will be determined by the Company. The Company believes that its RPO provides a flexible way to distribute some of its excess capital to shareholders who choose to participate in the program. During the previous 12-month period, the Company did not purchase any of its common shares.

Purchases under the issuer bid 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 rules of the Exchange permit the Company to purchase a maximum of 69,066 common shares daily through the facilities of the TSX, subject to any bulk purchases made in accordance with the rules of the TSX, being 25% of the volume Average Daily Common Share Trading for the Six Months Ending January 31, 2022.

The Company has entered into an automatic share purchase plan under which its designated broker will purchase common shares of the Company during the issuer bid. The automatic share purchase plan allows the Company to purchase its common shares during certain predetermined blackout periods, subject to certain parameters. Outside of these pre-determined blackout periods, shares will be purchased at management’s discretion. Purchases for cancellation may also be effected by any other means that a securities regulatory authority may permit, including by way of prearranged arrangements or private agreements outside the facilities of the TSX in accordance with the orders of exemption. The price to be paid by the Company for any share will be the market price at the time of acquisition or such other price as a securities authority may permit. Purchases for cancellation made by private agreement pursuant to an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided the dispensation order.

Purchases of Common Shares may begin on or about February 17, 2022 and will expire on the first of the following days February 16, 2023 or the date on which the Company has either acquired the maximum number of common shares permitted or otherwise decided not to make any further redemptions.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest property and casualty insurance (P&C) provider in Canadaa world leader in specialist insurance and, with RSA, a leader in the United Kingdom and Ireland. Our business has grown organically and through acquisitions to reach more than $20 billion of the total annual premiums.

In Canada, Intact distributes insurance under the Intact Insurance brand through an extensive network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also offers affinity insurance solutions through Johnson Affinity Groups.

In the United States, Intact Insurance Specialty Solutions offers a range of specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies.

Apart from North Americathe company provides personal, commercial and specialist insurance solutions across the UK, Ireland, Europe and the Middle East through RSA brands.

Forward-looking statements

Certain statements made in this press release are forward-looking statements. Such statements include, but are not limited to, statements relating to the terms and conduct of the Company’s normal course issuer bid and the Company’s intention to repurchase its 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 will differ materially from our expectations expressed or implicit. by these forward-looking statements due to various factors, including: a decision by the Company not to repurchase all or part of the total number of shares that it is authorized to repurchase, those described in the last annual information form filed by the Company and those referred to in the most recent annual management report filed by the Company. Accordingly, we cannot guarantee the achievement of any forward-looking statement and we caution you not to place undue reliance on any of these forward-looking statements. Except as required by Canadian securities laws, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Please refer to the disclaimer in the latest management report filed by the Company.

SOURCE Intact Financial Corporation

For further information: Media enquiries: Kate Moseley-Williams, Senior Communications Advisor, 416 341-1464 ext. 42515, [email protected]; Investor inquiries: Shubha Khan, Vice President, Investor Relations, 416 341-1464 ext. 41004, [email protected]

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