Intact Financial Corporation and Affiliates: Rating Report
On November 21, 2019, DBRS Morningstar confirmed its outstanding ratings on Intact and its affiliates. The rating confirmation reflects Intact's excellent franchise strength, which is supported by a well-diversified product mix and broad distribution network. Intact maintains a dominant market position in the fragmented Canadian P&C insurance industry with 16% aggregate market share. Earnings continue to benefit from consistently good underwriting profitability and favorable prior-year development. The Company has consistently performed better than the industry average in terms of premium growth, underwriting profitability, and ROE. The ratings also consider Intact's relatively high financial leverage, exposure to catastrophe losses, and integration-related risks associated with acquisitions; however, DBRS Morningstar notes that Intact has a solid track record of successfully integrating and adding value from past acquisitions.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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