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
company
|
By May 28,
2021
|
|
|
Last day for dealings
in, and for the
registration of transfer of, RSA Shares
|
May 28,
2021
|
|
|
Scheme Record
Time
|
May 28, 2021 at 6:30
p.m.
|
|
|
Disablement of CREST
in respect of RSA
Shares
|
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
crediting of CREST accounts for the Cash
Consideration
|
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