Intact Insurance coverage Group USA LLC to Purchase Specialty Managing Basic Agent Highland Insurance coverage Options

PLYMOUTH, Minn., June 17, 2022 /PRNewswire/ — Intact Insurance coverage Group USA LLC (Intact), doing enterprise below the model title Intact Insurance coverage Specialty Options, introduced as we speak that it has entered right into a definitive settlement to accumulate Highland Insurance coverage Options (“Highland”), the U.S. building division of Tokio Marine Highland (TMH), from Tokio Marine Kiln (TMK). Highland is a managing normal agent specializing within the builders danger phase of the development market, and can develop Intact’s portfolio of owned distribution belongings. The transaction is anticipated to shut within the second half of 2022, topic to regulatory approval and the satisfaction of different closing situations.

“The acquisition of Highland is effectively aligned with our international specialty traces technique and helps our development, distribution and outperformance targets,” stated T. Michael Miller, Chief Govt Officer, World Specialty Strains, Intact. “Highland has established itself in offering specialised insurance coverage and provides a complementary providing to the greater than 20 specialty traces out there to our brokers and clients. We stay up for welcoming the exemplary Highland staff, led by Rick Girden and Kaileigh Bowe, to Intact.”

Brad Irick, CEO of Tokio Marine Kiln, added: “TMK is happy that the Highland staff is becoming a member of an organization the calibre of Intact the place they are going to be capable of proceed to construct their enterprise and maximize its potential. I wish to thank Rick and Kaileigh personally for his or her long-standing dedication to the enterprise and assist to TMH and TMK.”

Highland will function as a standalone managing normal agent, out there to serve the danger administration wants of its purchasers and dealer companions by way of its present choose markets, and now moreover although Intact.

About Intact Insurance coverage Specialty Options: All through america, Intact Insurance coverage Specialty Options’ underwriting firms provide a broad vary of specialty insurance coverage merchandise by way of impartial businesses, regional and nationwide brokers, wholesalers and managing normal businesses. Every enterprise is managed by an skilled staff of specialty insurance coverage professionals targeted on a selected buyer group or trade phase and offering distinct merchandise and tailor-made coverages and companies. Focused options embody group accident and well being; industrial and contract surety; leisure; environmental; extra property; monetary establishments; monetary companies; inland marine; administration legal responsibility; ocean marine; expertise; and tuition refund. For additional details about U.S. services and products go to: intactspecialty.com.

Intact Insurance coverage Specialty Options is the advertising model for the insurance coverage firm subsidiaries of Intact Insurance coverage Group USA LLC, a subsidiary of Intact Monetary Company (TSX: IFC), the biggest supplier of property and casualty insurance coverage in Canada, a number one supplier of worldwide specialty insurance coverage, and, with RSA, a frontrunner within the U.Okay. and Eire. The insurance coverage firm subsidiaries of Intact Insurance coverage Group USA LLC embody Atlantic Specialty Insurance coverage Firm, a New York insurer, Homeland Insurance coverage Firm of New York, a New York insurer, Homeland Insurance coverage Firm of Delaware, a Delaware insurer, OBI America Insurance coverage Firm, a Pennsylvania insurer, OBI Nationwide Insurance coverage Firm, a Pennsylvania insurer, and The Assure Firm of North America USA, a Michigan insurer. Every of those insurers maintains its principal place of job at 605 Freeway 169 N, Plymouth, MN 55441, besides The Assure Firm of North America USA, which is positioned at One Towne Sq., Southfield, MI 48076. For details about Intact Monetary Company, go to: intactfc.com.

Ahead-looking statements

Sure of the statements included on this press launch in regards to the acquisition (the “Acquisition”) of Highland by Intact Insurance coverage Group USA LLC (“Intact USA“) or some other future occasions or developments represent forward-looking statements. The phrases “might”, “will”, “would”, “ought to”, “might”, “expects”, “plans”, “intends”, “developments”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “seemingly”, “potential” or the unfavourable or different variations of those phrases or different comparable or comparable phrases or phrases, are meant to establish forward-looking statements. Except in any other case indicated, all forward-looking statements on this press launch are made as of June 17, 2022, and are topic to alter after that date.

Ahead-looking statements are based mostly on estimates and assumptions made by administration based mostly on administration’s expertise and notion of historic developments, present situations and anticipated future developments, in addition to different components that administration believes are acceptable within the circumstances. Along with different estimates and assumptions which can be recognized herein, estimates and assumptions have been made concerning, amongst different issues, the receipt of all requisite approvals in a well timed method and on phrases acceptable to Intact USA, the belief of the anticipated strategic, monetary and different advantages of the Acquisition, and financial and political environments and trade situations. Nonetheless, the completion of the Acquisition is anticipated to be topic to customary closing situations, termination rights and different dangers and uncertainties, together with, with out limitation, regulatory approvals, and there may be no assurance that the Acquisition shall be accomplished. There can be no assurance that if the Acquisition is accomplished, the strategic and monetary advantages anticipated to outcome from the Acquisition shall be realized. Many components might trigger Intact Monetary Company or Intact USA’s (collectively, the “Firm”) precise outcomes, monetary efficiency or situation, or achievements to vary materially from these expressed or implied by the forward-looking statements herein, together with, with out limitation, the next components:

  • anticipated regulatory processes and outcomes in reference to the Acquisition and the Firm’s enterprise;

  • the Firm’s capacity to implement its technique or function its enterprise as administration at present expects;

  • the Firm’s capacity to precisely assess the dangers related to the insurance coverage insurance policies it writes;

  • authorities laws designed to guard policyholders and collectors somewhat than buyers;

  • the uncertainty of acquiring in a well timed method, or in any respect, the regulatory approvals required to finish the Acquisition;

  • the Firm’s capacity to enhance its mixed ratio, retain enterprise and obtain synergies and preserve market place arising from profitable integration plans referring to the Acquisition, in addition to administration’s estimates and expectations in relation to future financial and enterprise situations and different components in relation to the Acquisition and ensuing affect on development and accretion in numerous monetary metrics;

  • its capacity to in any other case full the mixing of the enterprise acquired inside anticipated time durations and at anticipated price ranges;

  • the Firm’s dependence on key workers and its capacity to draw and retain key workers in reference to the Acquisition;

  • unfavourable capital market developments or different components, together with the affect of the COVID-19 pandemic and associated financial situations, which can have an effect on the Firm’s investments, floating fee securities and funding obligations below its pension plans;

  • litigation and regulatory actions, together with with respect to the COVID-19 pandemic;

  • the Firm’s reliance on brokers and third events to promote its merchandise to purchasers and supply companies to the Firm and the affect of COVID-19 and associated financial situations on such brokers and third events;

  • the Firm’s capacity to efficiently pursue its acquisition technique;

  • the Firm’s capacity to realize synergies arising from profitable integration plans referring to acquisitions;

  • the Firm’s profitability and talent to enhance its mixed ratio within the U.S. and different areas the place it operates;

  • terrorist assaults and ensuing occasions;

  • the incidence and frequency of disaster occasions, together with a significant earthquake;

  • disaster losses attributable to extreme climate and different weather-related losses, in addition to the affect of local weather change;

  • the incidence of and response to public well being crises together with epidemics, pandemics or outbreaks of latest infectious ailments, together with most just lately, the coronavirus (COVID-19) pandemic and ensuing occasions;

  • the Firm’s capacity to keep up its monetary energy and issuer credit score scores;

  • the Firm’s entry to debt and fairness financing;

  • the Firm’s capacity to compete for big industrial enterprise;

  • the Firm’s capacity to include fraud and/or abuse;

  • the Firm’s reliance on info expertise and telecommunications techniques and potential failure of or disruption to these techniques, together with within the context of the affect on the flexibility of our workforce to carry out needed enterprise capabilities remotely, in addition to within the context of evolving cybersecurity danger;

  • the affect of developments in expertise and use of knowledge on the Firm’s merchandise and distribution;

  • COVID-19 associated protection points and claims, together with sure class actions and associated defence prices might negatively affect our claims reserves;

  • normal financial, monetary and political situations;

  • the Firm’s capacity to hedge exposures to fluctuations in international alternate charges; and

  • modifications in relevant tax legal guidelines, tax treaties or tax laws or the interpretation or enforcement thereof.

The entire forward-looking statements included on this press launch are certified by these cautionary statements and people made within the part entitled Danger Administration (Sections 30-35) of our MD&A for the 12 months ended December 31, 2021 (“Annual MD&A”), the part entitled Danger Administration (part 22) of our MD&A for the quarter ended March 31, 2022 and elsewhere on this press launch. These components will not be meant to signify a whole record of the components that would have an effect on the Firm. These components ought to, nonetheless, be thought of rigorously. Though the forward-looking statements are based mostly upon what administration believes to be cheap assumptions, the Firm can’t guarantee buyers that precise outcomes shall be according to these forward-looking statements. Traders shouldn’t depend on forward-looking statements to make choices, and buyers ought to make sure the previous info is rigorously thought of when reviewing forward-looking statements contained herein. The Firm and administration haven’t any intention and undertake no obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by legislation.

Cision

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SOURCE Intact Insurance coverage Specialty Options

https://finance.yahoo.com/information/intact-insurance-group-usa-llc-110000524.html