AM Best Comments on Intact Financial Corporation’s Potential Acquisition of Certain Lines from RSA Insurance Group plc
2020年11月12日 - 1:01AM
ビジネスワイヤ(英語)
AM Best has commented that the Long-Term Issuer Credit
Rating (Long-Term ICR) of “a-” of Intact Financial Corporation
(IFC) [TSX: IFC] (Ontario, Canada) and the Financial Strength
Ratings of A+ (Superior) and the Long-Term ICRs of “aa-” of its
operating subsidiaries remain unchanged following the recent
announcement that IFC, together with Tryg A/S, have approached RSA
Insurance Group plc (RSA) with a cash takeover offer. In addition,
all existing debt ratings remain unchanged.
The disclosure announcement is in accordance with the United
Kingdom’s regulatory code on takeovers and acquisitions. A stock
purchase agreement has not been executed at this time. As a result,
there is currently no certainty that an offer will be made or
accepted.
Under the terms of the potential transaction as discussed with
IFC management, IFC would acquire RSA’s Canada, United Kingdom and
international business concerns, and gain a 50% ownership position
in RSA’s Denmark business. The remaining 50% of RSA’s Denmark
business would be owned by Tryg A/S.
This potential transaction will include RSA’s personal auto,
personal property and commercial lines business and represent a
strong strategic fit with IFC’s existing business segments while
further consolidating IFC as Canada’s market leader. Additionally,
the transaction would further diversify IFC’s specialty platform
beyond North America with premiums spread across the United
Kingdom, Ireland, Europe and the Middle East.
IFC anticipates funding the acquisition through a combination of
privately placed equity, together with debt and preferred share
issuances. While there is execution and integration risk associated
with this transaction, IFC’s consistent profitability, successful
track record of prior acquisitions and moderate financial leverage
should mitigate any execution and integration risks associated with
this potential transaction. As currently described, AM Best
anticipates that financial leverage measures would remain within
bounds for the rating level. AM Best plans additional discussions
with company management over the near term to discuss further
details of the proposed transaction as they become available and
will provide further commentary as deemed appropriate.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in New York, London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
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Gordon McLean Senior Financial Analyst +1 908
439 2200, ext. 5304 gordon.mclean@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Raymond Thomson, CPCU, ARe, ARM Director +1 908
439 2200, ext. 5621 raymond.thomson@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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