CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 06, 2021 09:46 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to Intact Financial Corporation’s (IFC) [TSX: IFC] (Toronto, Ontario, Canada) recently announced CAD 250 million 4.125% fixed-rate subordinated notes due 2081. The outlook assigned to the Credit Rating (rating) is stable. The Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of IFC’s operating subsidiaries and all other ratings of outstanding issuances remain unchanged.
The proceeds from this issuance are intended to be utilized to fund IFC’s previously announced acquisition in which IFC, together with Tryg A/S, will acquire RSA Insurance Group plc with a cash takeover offer. (See prior press release of Nov. 11, 2020 for additional detail).
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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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.