/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
The acquisition enhances Intact's position in
"We are pleased to broaden our specialty line offering to individuals
and businesses. The acquisition provides us with another opportunity to
reinforce our commitment to the broker channel, enrich our customer
value proposition and enhance our competitive position," said
Financially compelling transaction
The transaction is expected to generate an internal rate of return (IRR) above 20%, to be accretive to net operating income per share beginning in 2013 and to increase book value per share by 2.6%.
The
Subscription receipt conversion
As a result of the closing of the acquisition, the escrow release
conditions for the 3,780,000 subscription receipts issued in
The subscription receipt conversion will increase the total number of outstanding common shares to 133.3 million, resulting in the average outstanding number of common shares being 130.6 million for the third quarter 2012 and 129.9 million for the first nine months of 2012.
About
Forward-Looking Statements
Certain of the statements included in this press release about IFC's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute 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.
Forward-looking statements are based on estimates and assumptions made
by management in light of our experience and perception of historical
trends, current conditions and expected future developments, as well as
other factors that management believes are appropriate in the
circumstances. Many factors could cause IFC's actual results,
performance or achievements or future events or developments to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, management's expectations
with respect to the metrics used in this press release in relation to
the acquisition and the various actions to be taken or requirements to
be met in connection with integrating