PLYMOUTH, Minn., Oct. 6, 2022
/PRNewswire/ -- Intact Insurance Group USA LLC (Intact), doing business under the
brand name Intact Insurance Specialty Solutions, and RSA Luxembourg
S.A. (RSAL) announced today that Lynn O'Leary has been
appointed to the role of CEO, RSA
Luxembourg which comes into effect later this fall,
following a transition period and receipt of regulatory
approvals. Lynn succeeds Rachel
Conran who has been in this role since 2019.
Lynn O'Leary was most recently
Chief Operations Officer, Global Specialty Lines for Intact and has
been with the organization for over 10 years. She has a deep
understanding of the business operations and performance and has
been key to setting the strategy, priorities, and action plan for
the Global Specialty Lines group.
"I am pleased to share that Lynn
O'Leary will step into the role of CEO overseeing our
Europe business," shared T.
Michael Miller, Chief Executive
Officer, Global Specialty Lines. "Lynn is an exemplary leader and
as CEO, RSA Luxembourg, she will
ensure that our Europe business
continues to grow, we remain focused on our priorities and deliver
on service excellence to our broker partners and customers. With
Lynn's leadership, I am confident in the engagement and commitment
of the team to grow our existing lines of business, identify
potential new segments that align with our expertise and
capabilities and help our customers and brokers access broader
expertise, additional products, and improved risk consulting
capability."
"I would like to thank Rachel
Conran for her dedicated service to RSA and Intact. During
her tenure, she helped to strengthen the overall performance of the
business, build relationships with our broker partners and
customers, and supported the transition of RSA Luxembourg to Intact
and Global Specialty Lines. She leaves with our thanks and very
best wishes as she pursues the next challenge in her career."
"We have set an ambitious growth strategy for Global Specialty
Lines at Intact – to grow the business to $10B DPW by 2030 at a sustained, sub-90s combined
ratio. Europe is a central element
of that path and as such, a key part of our strategy is to
capitalize on the opportunities in Europe by leveraging the outstanding specialty
lines expertise and existing distribution relationships we have
locally. The results of the RSA Luxembourg business are strong.
Lynn and the team are engaged and eager to continue working
alongside our broker partners and customers."
About Intact Insurance Specialty Solutions: Throughout
the United States, Intact
Insurance Specialty Solutions' underwriting companies offer a broad
range of specialty insurance products through independent agencies,
regional and national brokers, wholesalers and managing general
agencies. Each business is managed by an experienced team of
specialty insurance professionals focused on a specific customer
group or industry segment and providing distinct products and
tailored coverages and services. Targeted solutions include group
accident and health; commercial and contract surety; entertainment;
environmental; excess property; financial institutions; financial
services; inland marine; management liability; ocean marine;
technology; and tuition refund. For further information about U.S.
products and services visit: intactspecialty.com.
Intact Insurance Specialty Solutions is the marketing brand for
the insurance company subsidiaries of Intact Insurance Group
USA LLC, a subsidiary of Intact
Financial Corporation (TSX: IFC), the largest provider of property
and casualty insurance in Canada,
a leading provider of global specialty insurance, and, with RSA, a
leader in the U.K. and Ireland.
The insurance company subsidiaries of Intact Insurance Group
USA LLC include Atlantic Specialty
Insurance Company, a New York
insurer, Homeland Insurance Company of New York, a New
York insurer, Homeland Insurance Company of Delaware, a Delaware insurer, OBI America Insurance
Company, a Pennsylvania insurer,
OBI National Insurance Company, a Pennsylvania insurer, and The Guarantee
Company of North America USA, a
Michigan insurer. Each of these
insurers maintains its principal place of business at 605 Highway
169 N, Plymouth, MN 55441, except
The Guarantee Company of North America USA, which is located at One Towne Square,
Southfield, MI 48076. For
information about Intact Financial Corporation, visit:
intactfc.com.
Forward-Looking statements
Certain of the statements included in this press release about
the Company's current and future plans, expectations and
intentions, results, levels of activity, performance, goals or
achievements 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 are made as at October 6, 2022, and are subject to change after
this 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 RSA Acquisition and economic and political environments and
industry conditions. There can also be no assurance that the
strategic and financial benefits expected to result from the RSA
Acquisition. Many factors could cause the Company'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
following factors:
• expected regulatory processes and outcomes in connection with
its business;
• government regulations designed to protect policyholders and
creditors rather than investors;
• the occurrence and frequency of catastrophe events, including a
major earthquake;
• catastrophe losses caused by severe weather and other
weather-related losses, as well as the impact of climate
change;
• intense competition and disruption;
• unfavourable capital market developments or other factors,
including the impact of the COVID-19 pandemic, the current conflict
between Ukraine and Russia, and related economic conditions, which
may affect the Company's investments, floating rate securities and
funding obligations under its pension plans;
• the Company's ability to implement its strategy or operate its
business as management currently expects;
• its ability to accurately assess the risks associated with the
insurance policies that the Company writes;
• the Company's ability to otherwise complete the integration of
the business acquired within anticipated time periods and at
expected cost levels, as well as its ability to operate in new
jurisdictions relating to the RSA Acquisition;
• the Company's ability to achieve synergies arising from
successful integration plans relating to acquisitions;
• the Company's reliance on information technology and
telecommunications systems and potential failure of or disruption
to those systems, including in the context of the impact on the
ability of our workforce to perform necessary business functions
remotely, as well as in the context of evolving cybersecurity
risk;
• the impact of developments in technology and use of data on the
Company's products and distribution;
• the Company's ability to contain fraud and/or abuse;
• periodic negative publicity regarding the insurance industry;
• the Company's reliance on brokers and third parties to sell its
products to clients and provide services to the Company, and the
impact of COVID-19 and related economic conditions on such brokers
and third parties;
• the occurrence of and response to public health crises including
epidemics, pandemics or outbreaks of new infectious diseases,
including, most recently, the COVID-19 pandemic and ensuing
events;
• the volatility of the stock market and other factors affecting
the trading prices of the Company's securities, including in the
context of the COVID-19 economic crisis and the current conflict
between Russia and Ukraine;
• litigation and regulatory actions, including with respect to the
COVID-19 pandemic;
• changes in laws or regulations, including those adopted in
response to COVID-19 that would, for example, require insurers to
cover business interruption claims irrespective of terms after
policies have been issued, and could result in an unexpected
increase in the number of claims and have a material adverse impact
on the Company's financial results;
• COVID-19 related coverage issues and claims, including certain
class actions and related defence costs, could negatively impact
our claims reserves;
•Terrorist attacks and ensuing events;
• the Company's ability to maintain its financial strength and
issuer credit ratings;
• the Company's access to debt and equity financing;
• the Company's ability to compete for large commercial
business;
• the Company's ability to alleviate risk through reinsurance;
• the Company's ability to successfully manage credit risk
(including credit risk related to the financial health of
reinsurers);
• the Company's dependence on and ability to retain key
employees;
• the cyclical nature of the P&C insurance industry;
• management's ability to accurately predict future claims
frequency and severity, including in the high net worth and
personal auto lines of business;
• the Company's ability to successfully pursue its acquisition
strategy;
• the Company's ability to execute its business strategy;
• management's estimates and expectations in relation to future
economic and business conditions;
• the Company's ability to improve its combined ratio, retain
existing and attract new business, attract and retain key employees
with the in-depth knowledge and necessary skills, maintain market
position arising from successful integration plans relating to the
RSA Acquisition, as well as management's estimates and expectations
in relation to future economic and business conditions and other
factors in relation to the RSA Acquisition and resulting impact on
growth and accretion in various financial metrics;
• the Company's participation in the Facility Association (a
mandatory pooling arrangement among all industry participants) and
similar mandated risk-sharing pools;
• general economic, financial and political conditions;
• the Company's dependence on the results of operations of its
subsidiaries and the ability of the Company's subsidiaries to pay
dividends;
• the Company's ability to hedge exposures to fluctuations in
foreign exchange rates;
• future sales of a substantial number of its common shares;
• the Company's ability to meet its net zero carbon emission
targets; and
• changes in applicable tax laws, tax treaties or tax regulations
or the interpretation or enforcement thereof.
All of the forward-looking statements included in this
presentation 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 and the Company's Annual Information Form for the year
ended December 31, 2021. 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.
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 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.
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SOURCE Intact Insurance Specialty Solutions