TORONTO, Feb. 17 /CNW/ - Intact Financial Corporation (TSX: IFC) announced today that its Board of Directors has authorized a normal course issuer bid ("NCIB") to purchase during the next 12 months up to 5,977,913 shares, representing approximately 5% of its public float, subject to approval by the Toronto Stock Exchange ("TSX").
At the close of business on February 16, 2010, there were 119,906,567 shares issued and outstanding, of which 119,558,275 shares represented the public float of the company. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the company.
"Our strong capital base with nearly $860 million in excess capital allows us to return capital to our shareholders, while maintaining the financial resources required to pursue our growth strategies." said Charles Brindamour, President and CEO, Intact Financial Corporation.
Under the terms of the NCIB and subject to TSX approval, the company will purchase the common shares for cancellation on the open market through the facilities of the TSX. All shares will be purchased at their market price at the time of acquisition. Purchases of common shares may commence on or about February 22, 2010 and will expire on the earlier of February 21, 2011, or the date on which the company has either acquired the maximum number of common shares allowable or otherwise decided not to make any further repurchases.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in the country with over $4 billion in premiums. Its 7,000 employees offer home, auto and business insurance under the Intact Insurance, Novex Group Insurance, belairdirect and Grey Power brands.
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