TORONTO, March 27, 2017 /CNW/ - Intact Financial
Corporation (TSX: IFC) today announced that it has entered into an
automatic share purchase plan with a broker in order to facilitate
repurchases of its common shares under its normal course issuer
bid. Intact previously announced that it had received approval from
the Toronto Stock Exchange ("TSX") to make a normal course issuer
bid to purchase up to 6,551,741 common shares, representing
approximately 5% of its issued and outstanding common shares as of
February 1, 2017. The normal course
issuer bid commenced on February 13,
2017 and will terminate on February
12, 2018 or the date on which the Company has either
acquired the maximum number of common shares allowable or otherwise
decided not to make any further repurchases.
"The automatic share purchase plan allows us to remain active
through periods where we would otherwise not be able to repurchase
shares. Our capital deployment strategy remains unchanged and,
while our priority is to invest in growth opportunities (both
organic and through acquisitions), buying back shares at times when
the market price may not fully reflect the intrinsic value is a
responsible use of our capital," said Charles Brindamour, Chief Executive Officer of
Intact Financial Corporation.
Under Intact's automatic share purchase plan, its broker may
repurchase shares under the normal course issuer bid at any time
including, without limitation, when the Company would ordinarily
not be permitted due to regulatory restrictions or blackout
periods. Purchases will be made based upon the parameters
prescribed by the TSX and applicable Canadian securities laws and
the terms of the parties' written agreement.
About Intact Financial Corporation
Intact Financial
Corporation (www.intactfc.com) is the largest provider of property
and casualty insurance in Canada
with over $8.0 billion in premiums.
Supported by over 12,000 employees, the company insures more than
five million individuals and businesses through its insurance
subsidiaries and is the largest private sector provider of P&C
insurance in British Columbia,
Alberta, Ontario, Québec, Newfoundland and Labrador and Nova
Scotia. The company 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.
Forward-Looking Statements
Certain statements made in
this news release are forward-looking statements. These statements
include, without limitation, statements relating to the company's
capital deployment and growth strategies, its strategy for
repurchasing shares, the number of shares that may be repurchased
under the normal course issuer bid or the automatic share purchase
plan, and the timing of such repurchases. 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 could differ materially
from our expectations expressed in or implied by such
forward-looking statements as a result of various factors,
including those discussed in the Company's most recently filed
Annual Information Form and annual MD&A. As a result, we cannot
guarantee that any forward-looking statement will materialize and
we caution you against unduly relying on any of these
forward-looking statements. 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 news
release, whether as a result of new information, future events or
otherwise. Please read the cautionary note at the beginning of the
MD&A.
SOURCE Intact Financial Corporation