TORONTO, March 4, 2021 /CNW/ -
- Scott Egan will remain as CEO of
RSA UK & International following completion of the
proposed takeover by Intact Financial Corporation, currently
expected in the second quarter of 2021
- Egan will sit on the Executive Committee of Intact Financial
Corporation, reporting to Chief Executive Officer Charles Brindamour
Intact Financial Corporation (TSX: IFC) today confirmed that
Scott Egan will remain as Chief
Executive of RSA's UK and International business following
completion of their proposed acquisition of RSA Insurance Group
PLC. Subject to the receipt of relevant regulatory approvals, the
takeover is currently expected to complete in the second quarter of
this year.
Charles Brindamour, CEO,
Intact Financial Corporation said:
"Scott Egan has done an excellent
job as CEO of RSA's UK and International business over the last two
years. He has built a great team and culture and
significantly improved performance. I am delighted to welcome Scott
to Intact upon completion of the deal and look forward to
working with him to drive future success in the UK and
International business."
Scott Egan, CEO, RSA UK and International said:
"The UK&I business has made real progress in the last two
years, and our focus is on maintaining this momentum. RSA's people
are passionate about improving for our customers alongside
continuing to strengthen our financial performance, and our future
as part of Intact will enable us to do both at an accelerated pace.
I'm pleased to be joining an ambitious Intact team and look forward
to contributing to the success of the new combined Group."
Notes to editors:
- Intact Financial Corporation and Tryg A/S announced their bid
for RSA Insurance Group PLC on 18th November 2020. RSA shareholders approved the
takeover on 18th January
2021. Tryg announced the launch of its rights issue in
connection with the funding of the takeover on 1 March 2021.
- Under the transaction, Intact Financial Corporation will retain
RSA's Canadian, UK and International businesses, while Tryg A/S
will retain RSA's Swedish and Norwegian businesses. RSA's business
in Denmark will be jointly owned
by the two parties on a 50/50 economic basis.
- RSA UK and
International comprises the UK, Ireland, Europe (Spain, France, the
Netherlands and Belgium)
and the Middle East (United Arab Emirates, Oman, Bahrain
and the Kingdom of Saudi
Arabia).
- The proposed takeover is subject to conditions including
financial regulatory and anti-trust approvals in relevant markets
and completion of Tryg's rights issue. Completion is currently
expected during Q2 2021.
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 $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. Frank Cowan Company, 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 proposed acquisition of RSA Insurance Group PLC ("Acquisition")
or any other future events or developments, including but not
limited to reference to future management appointments and
structure, 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 March 4,
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
receipt of all requisite approvals in a timely manner and on terms
acceptable to the Company, and economic and political environments
and industry conditions. However, the completion of the Acquisition
is expected to be subject to customary closing conditions,
termination rights and other risks and uncertainties, including,
without limitation, regulatory approvals, 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 ("Annual MD&A") 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.
This announcement is not for publication or distribution,
directly or indirectly, in or into the
United States of America. This announcement is not an offer
of securities for sale into the United
States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933 (the
"US Securities Act"), as amended, and may not be offered or sold in
the United States, except pursuant
to an applicable exemption from registration. No public offering of
securities is being made in the United
States. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy such securities in
the United States or in any other
jurisdiction where such offer is unlawful.
SOURCE Intact Financial Corporation