Intact agrees to sell former RSA operation for $1.26 billion
June 14, 2021 by Greg MeckbachLess than two weeks after the takeover of RSA plc closed, the insurers who bought RSA are now agreeing to sell RSA’s former operation in Denmark. At the moment, Toronto-based Intact Financial Corp. owns half of Codan Forsikring A/S’s Danish…
Thompson leaving RSA Canada following Intact acquisition
June 1, 2021 by Greg MeckbachRSA Canada CEO Martin Thompson is leaving the company, says the insurer’s new owner, Intact Financial Corp. Intact and Danish insurer Tryg A/S announced Tuesday they have completed their acquisition of London-based RSA PLC. As part of the deal, Toronto-based…
Updated: What emergency relief will insurers offer customers? Here’s what they told us
May 31, 2021 by Adam MalikEditor’s notes: This story has been updated to include additional information from Allstate. Insurance Bureau of Canada announced in 2020 that its members are offering reductions in auto insurance premiums for consumers whose driving habits have changed significantly. You can…
Where Intact sees commercial premiums heading after pandemic is over
May 26, 2021 by Greg MeckbachMany commercial clients are “hurting” because of COVID-19, but once the pandemic is over, small businesses currently under lockdown could see their insurance rates rise, Intact Financial Corp. executives suggest. “The biggest difference between the environment in which we operate…
What’s driving auto claims costs during pandemic
May 21, 2021 by Greg MeckbachThe long-tail nature of auto bodily injury claims, in addition to insurers’ fixed claims adjustment costs, are among the reasons why insurers are not likely going to reduce auto premiums in proportion to the drop in driving observed during COVID-19.…
How high Intact’s market share could climb before competition becomes an issue
May 18, 2021 by Greg MeckbachIntact’s market share could approach 30% before it potentially runs into resistance from domestic competition regulators, a senior executive suggested Tuesday. After the closure of the three-way deal for Intact and Tryg A/S to acquire RSA plc, Intact will have…
Next steps for integrating RSA into Intact
May 17, 2021 by Greg MeckbachAs Intact puts the “final touches” on its proposed acquisition of RSA Canada, Intact’s executives say they may be looking at “strategic alternatives” for some of the RSA plc operations it has agreed to acquire. During Intact’s 2021 Q1 earnings…
Big Moves: The P&C industry’s recent executive shuffles
May 17, 2021 by Jason ContantIntact Financial Corporation, Trisura Guarantee Insurance Company, and brokerages NFP and Westland Insurance Group all announced changes at the senior executive level over the past week. Patrick Barbeau, Intact Patrick Barbeau will become Intact Financial Corporation’s executive vice president and…
How Intact views auto claims severity during pandemic
May 14, 2021 by Greg MeckbachThe long-tail nature of motor vehicle liability and auto accident benefits claims means a temporary drop in total miles driven due to the pandemic does not necessarily equate to a corresponding drop in premiums for your clients, Intact executives suggest.…
Coverage dispute arises as to whether construction exclusion applies to building under renovation
May 13, 2021 by Greg MeckbachEditor’s Note: In an earlier version of this story, Canadian Underwriter incorrectly reported that Intact was denied leave to appeal an earlier court finding that a building renovation does not necessarily trigger an “under-construction” exclusion. In fact, the Court of…
Intact-RSA deal awaits final clearance for takeoff on June 1
May 6, 2021 by David GambrillIntact Financial Corporation and Dutch insurer Tryg A/S have received all anti-trust and regulatory approvals for the acquisition of RSA Insurance Group plc, setting the stage for closing the mega-merger within a month. The last items remaining on the to-do…
What MGA acquisitions bring to the table for Intact
April 30, 2021 by Greg MeckbachBy acquiring managing general agents, Intact Financial Corp. gets a new stream of revenue and an opportunity to grow its commercial specialty business, says the leader of Intact’s MGA operations. When Intact acquired The Guarantee Company of North America from…