Shareholders of ING Canada (TSX : IIC) approved today at their annual and special meeting the change of the name of the company to Intact Financial Corporation. On Tuesday, May 19, the company’s TSX symbol will be changed to “IFC”.
The name change reflects the acquisition on February 19 by institutional and retail investors of all the shares held by ING Groep in the company. As a result of these transactions, ING Canada became an independent and widely-held Canadian company, without any ties to its previous majority shareholder.
In his address to the annual and special meeting, Charles Brindamour, President and CEO, thanked all the shareholders who made the transformation of the company possible: “We deeply appreciate the support of our shareholders who invested $2.2 billion in our company and we are committed to continue delivering a strong performance.”
According to Brindamour, “Our new name says it all. Intact is not only an affirmation of a new corporate identity; it is a reflection of our promise to get our customers back on track. As we proceed on our journey, we will continue to take the company to new levels by taking full advantage of our solid operating platform, our financial position and our strong team.”
As a result of the name change, the company CUSIP number for its common shares will be changed to 45823T106 and its ISIN to CA45823T1066.
About Intact Financial Corporation
Intact Financial Corporation, formerly known as ING Canada, 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. On February 19, the company became a widely held Canadian company following the completion of a private placement and a secondary offering whereby institutional and retail investors acquired ING Groep’s shares in the company.
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