TORONTO, July 7, 2022
/CNW/ - Following IFC's announcement of April 4, 2022, RSA Insurance Group Ltd ("RSA")
today completed the sale of its 50.00002% shareholding in RSA
Middle East B.S.C.(c) ('RSA Middle East') to National Life &
General Insurance Company, majority-owned by Oman International
Development and Investment Co. SAOG (OMINVEST).
Charles Brindamour, CEO of Intact
Financial Corporation and Member of the RSA UK and International
Board said:
"The successful completion of this transaction will bring about
a robust partnership that will help the Middle East business become a leading
multi-line insurer in the region. We believe this is a positive
next step for the Middle East, and
will allow our teams in the UK, Ireland and Europe to continue their focus on Intact's
strategy to outperform in these markets."
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $20
billion of total annual premiums.
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 also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland, and Europe through the RSA brands.
Notes to editors:
- RSA Middle East B.S.C. (c) is a leading provider of property
and casualty insurance in the Middle East. It offers solutions for
both commercial and retail clients, across a range of product
lines, including motor, property, medical, SME as well as tailored
solutions for large corporates. It has operated in the region for
70 years, and has operations in Bahrain, United Arab Emirates, Oman
and the Kingdom of Saudi Arabia.
- National Life & General Insurance Co. SAOG (NLGIC) is a
subsidiary of Oman International Development and Investment Company
SAOG (OMINVEST). Listed on the Muscat Stock Exchange, NLGIC is
the market leader and the largest insurance company in Oman with
branches in Dubai, Abu Dhabi and Kuwait. NLGIC has been in the
insurance industry for more than 25 years, offering a wide range of
insurance solutions in Medical, Life and General Insurance segments
with a successful track record of business performance across
various financial parameters. The company is the market leader in
Oman in the Motor and Health Insurance segments and one of the
major players in the UAE and growing fast in its new markets
including Kuwait.
- Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading
provider of global specialty insurance, and, with RSA, a leader in
the U.K. and Ireland. Our business has grown organically and
through acquisitions to over $20 billion of total annual
premiums.
Forward-looking
statements
Certain of the statements included in this press release about
the sale of RSA Middle East to National Life & General
Insurance Company (the "Sale"), including the anticipated use
of proceeds, timing and amount of post-closing adjustments, impact
and benefits 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 July 7, 2022 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
realization of the expected strategic, financial and other benefits
of the Sale, and economic and political environments and industry
conditions. There can be no assurance that the strategic and
financial benefits expected to result from the Sale will be
realized.
Many factors could cause the Company's actual results, financial
performance or condition, or achievements to differ materially from
those expressed or implied by the forward-looking statements
herein, including, without limitation, management's estimates and
expectations in relation to future economic and business conditions
and other factors in relation to the Sale and resulting impact on
performance, growth and accretion in various financial metrics.
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 30-35) of our
MD&A for the year ended December 31,
2021 ("Annual MD&A"), and elsewhere in this press
release. 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.
SOURCE Intact Financial Corporation