TORONTO, Oct. 1, 2019 /CNW/ - Intact Financial Corporation
(TSX:IFC) announced today that it has completed its
acquisition of On Side Developments Ltd. (On Side
Restoration) having received all required regulatory
approvals.
"We are pleased to announce the completion of the acquisition of
On Side Restoration," said Charles
Brindamour, CEO, Intact Financial Corporation. "With the
support of Craig Hogarth, On Side
Restoration will continue to operate as a separate and distinct
entity committed to strengthening repair and restoration services
for property and casualty insurers and their customers across
Canada."
The acquisition provides immediate low single digit accretion to
NOIPS, and mild accretion to ROE. Starting in Q4 2019, On Side
Restoration results will be reported in Distribution EBITA and
Other in IFC's MD&A.
About Intact Financial Corporation
Intact Financial
Corporation (TSX: IFC) 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 $10 billion in total annual
premiums. The Company has approximately 14,000 full- and part-time
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. In the U.S., OneBeacon Insurance Group, a
wholly-owned subsidiary, provides specialty insurance products
through independent agencies, brokers, wholesalers and managing
general agencies.
Forward Looking Statements
Certain statements included
in this press release, including without limitation, the timing for
completion of the proposed acquisition, management's estimates and
expectations in relation to resulting accretion, internal rate of
return, return on equity, net operating income per share, annual
synergies, operational efficiencies and risk diversification are
forward looking statements. The words "will", "expected to" and
comparable words or phrases are intended to identify forward
looking statements. Forward looking statements are based on
estimates and assumptions made by management in light of our
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 IFC's actual results, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward looking statements,
including without limitation, the terms and conditions of the
proposed acquisition, timing for completion of the proposed
acquisition and various other actions to be taken or requirements
to be met in connection with the proposed acquisition and the
factors discussed in IFC's most recently filed Annual Information
Form and annual Management's Discussion & Analysis. These
factors are not intended to represent a complete list of the
factors that could affect IFC. These factors should, however, be
considered carefully.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, IFC cannot assure investors that
actual results will be consistent with these forward-looking
statements. When relying on forward-looking statements to make
decisions, investors should ensure the preceding information is
carefully considered. Undue reliance should not be placed on
forward-looking statements made in this press release. 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 press release, whether as a result of new
information, future events or otherwise.
SOURCE Intact Financial Corporation