Company issuing CAD300 million of medium term notes Toronto , May 14, 2024 – Moody's Ratings (Moody's) has assigned a Baa1 rating to CAD300 million of senior unsecured notes due May 2034 issued by Intact Financial Corporation (Intact). The company plans to use the net proceeds from the offering towa...
Company issuing $400 million of medium term notes Toronto , September 11, 2023 – Moody's Investors Service (Moody's) has assigned a Baa1 rating to CAD400 million of senior unsecured notes due September 2054 to be issued by Intact Financial Corporation (Intact). The company plans to use the net proce...
DBRS Morningstar published a commentary discussing the differences between the limited recourse capital notes (LRCNs) issued by Canadian banks and insurance companies and the AT1 notes issued by Credit Suisse. The commentary explains why Canadian LRCNs will not function in the same manner as the Credit Suisse AT1s in a default scenario and what the implications are for investors. Key highlights include the following: -- LRCNs issued by Canadian financial institutions differ from the AT1s issue...
Toronto , March 1, 2023 – Moody's Investors Service ("Moody's") has assigned a Baa3(hyb) rating to CAD300 million of Intact Financial Corporation's (Intact) limited recourse capital note (subordinated note). The assigned rating is aligned with the rating level at which Moody's would rate the securit...
Toronto , March 1, 202 – Moody's Investors Service ("Moody's") has assigned a Baa3(hyb) rating to CAD300 million of Intact Financial Corporation's (Intact) limited recourse capital note (subordinated note). The assigned rating is aligned with the rating level at which Moody's would rate the securiti...
DBRS Morningstar published a commentary discussing the drivers of the significant slowdown in Canadian insurance debt issuances in 2022 following record issuances in 2020 and 2021. The commentary also discusses the prospects for 2023, which we expect to be moderately more active in terms of debt issuances as Canadian insurers re-enter the market to continue with their acquisition plans and refinance maturing instruments. Key highlights include the following: -- Canadian insurance companies iss...
Intact Financial Corporation reported net income of $370 million, slightly higher than the same quarter a year ago. Unrealized marked-to-market losses arising from financial market volatility led to an other comprehensive income loss of $527 million, but higher interest rates contributed to an increase in interest income to $159 million, from $123 million reported during the same quarter last year.
Company issuing $500 million of 10-year notes Toronto , September 15, 2022 – Moody's Investors Service has assigned a Baa1 rating to $500 million of 10-year senior unsecured debt to be issued by Intact Financial Corporation (Intact). The company plans to use net proceeds from the offering to repay $...
Intact Financial Corporation reported net income of $447 million, down from $514 million in Q1 2021, despite having a boost to earnings from the RSA Insurance Group Plc (RSA) acquisition that is included in this quarter's result. The lower income was in part attributable to higher interest rates that led to mark-to-market losses on fixed income instruments.
Canadian insurance debt issuance in 2021 decreased 10% compared with 2020 levels but remained well above historical averages for the industry. Canadian insurance companies issued almost $12 billion in bonds and preferred shares in 2021, supporting our view that the industry continues to benefit from strong access to funding, particularly for large international acquisitions. However, insurance debt issuances are likely to temper in 2022. Key highlights include: -- Canadian insurance companies ...
Intact Financial Corporation reported very strong Q4 2021 net income of $701 million, including the contribution from RSA Insurance Group plc., amounting to an 85% increase relative to the pre-acquisition Q4 2020 net income despite deterioration in the combined ratio. For 2021, net income nearly doubled to more than $2 billion.
Multiple U.S. states experienced a series of deadly tornadoes on December 10 with early reports indicating substantial property damage. While severe, this event is expected to produce insured losses within historical levels for the U.S. property and casualty (P&C) insurance industry, which is sufficiently prepared to cover these claims without significant capital impact. Overall, we expect that P&C insurers with substantial business in the affected states will incur a moderate earnings impact. ...
In Q3 2021, Intact Financial Corporation reported net income of $300 million, a decrease of 10% relative to Q3 2020, despite a 26% gain in operating income that benefitted from the RSA acquisition completed on June 1, 2021. Net income was lower as a result of higher non-operating costs, including those related to the RSA acquisition but also reflecting losses from a venture investment.
Intact Financial Corporation (Intact or the Company) reported excellent Q2 2021 net income of $573 million, an increase of 118% relative to Q2 2020 driven primarily by the RSA acquisition and an improved underwriting performance. Positively, even when excluding the impact of the acquisition, organic revenue growth was strong in both Canada and the U.S.
On June 1, 2021, Intact Financial Corporation (Intact) announced the successful completion of its joint bid with Tryg A/S (Tryg), a Scandinavian insurance company, to acquire RSA Insurance Group plc for a total cash consideration of approximately GBP 7.2 billion (CAD 12.3 billion). This acquisition further strengthens Intact's franchise by positioning the Company as a strong multijurisdictional property and casualty insurer.
Toronto , May 13, 2021 – Moody's Investors Service, ("Moody's") has assigned a Baa1 rating to CAD200 million of senior unsecured notes due 2054, CAD350 million of senior unsecured notes due 2028 and CAD350 million of senior unsecured notes due 2024 being issued by Intact Financial Corporation (I...
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