APRIL 06, 2021 09:46 AM (EDT)
AM Best Assigns Issue Credit Rating to Intact Financial Corporation’s Subordinated Notes
|Gordon McLean |
Senior Financial Analyst
+1 908 439 2200, ext. 5304
Raymond Thomson, CPCU, ARe, ARM
+1 908 439 2200, ext. 5621
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
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).
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.