TORONTO, June 19,
2023 /CNW/ - Intact Financial Corporation
("IFC") (TSX: IFC) announced today that, after having taken
into account all elections received before the June 15,
2023, 5:00 p.m. (ET) conversion deadline, with respect to
the Non-cumulative Rate Reset Class A Shares Series 7 of IFC (the
"Series 7 Preferred Shares") tendered for conversion
on June 30, 2023 into Non-cumulative Floating Rate Class
A Shares Series 8 of IFC (the "Series 8 Preferred Shares"),
the holders of Series 7 Preferred Shares are not entitled to
convert their shares. There were 39,183 Series 7 Preferred Shares
tendered for conversion, which is fewer than the 1,000,000 Series 7
Preferred Shares required for the ability to proceed with the
conversion, in accordance with the terms of the Series 7 Preferred
Shares.
There are 10,000,000 Series 7 Preferred Shares listed on
the Toronto Stock Exchange ("TSX") under the
symbol IFC.PR.G. The annual dividend rate for the Series 7
Preferred Shares for the five-year period from and including
June 30, 2023 to but
excluding June 30, 2028, will be 6.012%, as determined in
accordance with the terms of the Series 7 Preferred Shares.
Subject to certain conditions described in IFC's prospectus
supplement dated May 22, 2018, to the short form base shelf
prospectus dated November 15, 2017
(the "Prospectus"), IFC may redeem the Series 7 Preferred
Shares, in whole or in part, on June 30, 2028 and
on June 30 every five years thereafter.
For more information on the terms of, and risks associated with
an investment in, the Series 7 Preferred Shares, see IFC's
Prospectus which is available on www.sedar.com.
Neither the Series 7 Preferred Shares nor the Series 8 Preferred
Shares have been or will be registered in
the United States under the United States Securities Act
of 1933, as amended (the "Securities Act"), or the
securities laws of any state of the United States and may
not be offered, sold or delivered, directly or indirectly,
in the United States, its
territories, its possessions and other areas subject to its
jurisdiction or to, or for the account or benefit of, a U.S. person
(as defined in Regulation S under the Securities Act), except in
certain transactions exempt from, or not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or a solicitation to buy securities in the
United States and any public offering of the securities
in the United States must be made by means of a
prospectus.
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $21
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the US, Intact Insurance Specialty Solutions provides a range
of specialty insurance products and services through independent
agencies, regional and national brokers, and wholesalers and
managing general agencies.
In the U.K., Ireland, and
Europe, Intact provides personal,
commercial and specialty insurance solutions through the RSA
brands.
Forward Looking Statements
Certain statements made in this news release are 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. These statements include,
without limitation, statements relating to future conversions,
redemptions, quantum and payment of dividends with respect to the
Series 7 Preferred Shares. All such forward-looking statements are
made pursuant to the 'safe harbour' provisions of applicable
Canadian securities laws. Unless otherwise indicated, all
forward-looking statements in this press release are made as of
June 19, 2023 and are subject to
change after that date.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statements as a result of various factors,
including those discussed in IFC's most recently filed Annual
Information Form dated February 7,
2023 and Q1-2023 Management's Discussion and Analysis
available on SEDAR at www.sedar.com. As a result, we
cannot guarantee that any forward-looking statement will
materialize and we caution you against relying on any of these
forward-looking statements. Except as may be required by Canadian
securities laws, we do not undertake any obligation to update or
revise any forward-looking statements contained in this news
release, whether as a result of new information, future events or
otherwise. Please read the cautionary note of IFC's Q1-2023
Management's Discussion and Analysis available on SEDAR.
SOURCE Intact Financial Corporation