Intact Financial Corporation strengthens its supply chain network with acquisition of On Side Restoration

Intact Financial Corporation (TSX:IFC) and On Side Developments Ltd., the parent company of On Side Restoration (“On Side Restoration“) today announced that they are joining forces to strengthen repair and restoration services for personal and commercial property claims customers across Canada. With this acquisition IFC will deepen its claims expertise and strengthen its supply chain network. The transaction is expected to close on or before October 1, 2019 subject to certain conditions, including regulatory approval.

On Side Restoration is a national restoration firm, based in Vancouver, with more than 1,200 employees and 35 branches coast to coast. Its reputation for excellent customer service along with 40 years of claims experience makes it a strong strategic fit for IFC.

“Our claims service is a key differentiator and is at the heart of what we promise. On Side Restoration is already an important part of our Rely Network of preferred vendors and they have a track record of providing excellent customer service and helping us deliver on that promise,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. “By taking ownership in the supply chain and combining our strengths we can ensure simpler, faster and consistently higher quality outcomes for property claims customers. This transaction will reduce claims handling costs and provide diversification to our property exposures with a new and counter cyclical earnings stream,” added Mr. Brindamour.

“With this agreement we are combining two leading companies who are keenly focused on providing the highest levels of professionalism, care, and exceptional customer service in property restoration,” said Craig Hogarth, Founder and President, On Side Restoration. “Becoming part of the Intact family is an exciting next step that will fuel another 40 years of growth as we continue to build our business and serve a wide variety of clients, including other key partners and insurers,” added Mr. Hogarth.

IFC has been steadily increasing collaboration over time with On Side Restoration to reduce cycle times and simplify processes for an improved customer experience. Through this acquisition IFC expects to further increase operational efficiencies and improve customer satisfaction by reducing the duplication of processes and controls, which will result in quick decision making and faster completion of repair and restoration work.

The property supply chain, namely restoration services, is a growing area of business, particularly as our communities are experiencing more frequent weather events. Intact will gain full ownership of On Side Restoration over a two-year period for a variable purchase consideration which is based in part on future profitability metrics. The purchase price will be financed from internal resources. The acquisition will provide immediate low single digit accretion to NOIPS, and mild accretion to ROE.

About On Side Restoration
On Side Restoration is one of the nation’s leading Canadian-owned restoration companies with 35 branches from Victoria, BC to St. John’s, Newfoundland. For the past 40 years the company has been restoring damaged homes and businesses 24 hours a day, 365 days a year. Proprietary internal systems include eClaim, a transparent web-based file management software program, and On Side LiVE, their 24 hour customizable emergency call centre. Experienced and certified crew operate On Side Restoration’s extensive fleet of emergency response vehicles and leverage their 13,000+ pieces of specialty equipment. Further information about On Side Restoration can be found at www.onside.ca.

About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $10 billion in total annual premiums. The Company has approximately 14,000 full- and part-time employees who serve more than five million personal, business and public-sector clients through offices in Canada and the U.S. In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.

Forward Looking Statements
Certain statements included in this press release, including without limitation, the timing for completion of the proposed acquisition, management’s estimates and expectations in relation to resulting accretion, internal rate of return, net operating income per share, annual synergies, operational efficiencies and risk diversification are forward looking statements. The words “will”, “expected to” and 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, the terms and conditions of, and regulatory approvals relating to, the proposed acquisition, timing for completion of the proposed acquisition and various other actions to be taken or requirements to be met in connection with the proposed acquisition and the factors discussed in IFC’s most recently filed Annual Information Form and annual Management’s Discussion & Analysis. These factors are not intended to represent a complete list of the factors that could affect IFC. These factors should, however, be considered carefully.

All of the forward-looking statements included in this press release are qualified by these cautionary statements. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, IFC cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made in this press release. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

SOURCE Intact Financial Corporation

For further information: Media enquiries: Stephanie Sorensen, Director, External Communications, Intact Financial Corporation, 416-344-8027, stephanie.sorensen@intact.net; Sonia Manson, Communications Manager, On Side Restoration, 647-464-3092, media@onside.ca; Investor enquiries: Ken Anderson, Vice President, Investor Relations and Treasurer, Intact Financial Corporation, 855-646-8228, ext. 87383, kenneth.anderson@intact.net; Neil Seneviratne, Director, Investor Relations, Intact Financial Corporation, 416-341-1464 ext. 45156, neil.seneviratne@intact.net

Related Links

www.intactfc.com

Apollo Insurance Solutions Recruits Insurance Industry Veteran Victor Lange

Vancouver, BC, July 24, 2019 (GLOBE NEWSWIRE) — Victor Lange has officially joined Apollo Insurance Solutions Ltd. (“Apollo”) as Chief Operating Officer, bringing with him over 20 years of industry experience to the nascent insurtech industry. Lange has worked with Canada’s largest insurance company, Intact Insurance, and as COO of one of western Canada’s largest privately held commercial insurance brokerages, Wilson M. Beck. The significant executive move further signals a shift in the focus of insurance experts, away from organizations who foster traditional lengthy insurance processes and toward forward-thinking organizations who are focused on providing fast, convenient digital solutions of the future.

“Victor is a powerhouse in the insurance industry, and his leadership and insight will be extremely valuable in keeping Apollo at the forefront of the digital insurance space race,” says Apollo Co-Founder and CEO, Jeff McCann. “This appointment is where global insurance experience meets a nimble insurtech startup. Victor’s track record of leading high performing teams will be critical not only to our continued growth, but to our team’s ability to dial in Apollo’s sophisticated operations and accelerate our impact on this new, digital frontier.”

Victor will be joining Apollo at its Vancouver head office where he will oversee all company operations and work in lockstep with Co-Founder and CEO, Jeff McCann, as the company continues to rapidly onboard insurance brokers and successfully roll out new insurance products from multiple insurance carriers onto the Apollo Exchange.

“I’m excited to step into this role to take Apollo’s progress to the next level,” says Lange. “I identify strongly with Apollo’s entrepreneurial spirit and believe in Apollo’s vision to revolutionize this industry. This is a challenge we intend to win.” In addition to Intact Insurance and Wilson M. Beck, Lange’s resume also includes over a decade of senior management experience with international firms such as Zurich, AXA, and JLT.

Apollo Insurance is Canada’s largest online insurance marketplace. Apollo empowers the broker channel with its proprietary Exchange platform that enables brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business. Brokers using the Apollo Exchange platform are able to respond to the changing expectations of buyers and young employees.

About Apollo Insurance Solutions

Headquartered in Vancouver’s Gastown neighbourhood, Apollo Insurance Solutions is Canada’s largest online insurance marketplace. Co-founded by Jeff McCann, David Dyck, Justin Hamade, and Drew Green, Apollo was created to empower brokers to better serve small businesses by giving them 24/7 access to digital insurance.

Apollo Exchange offers Canada’s brokers access to multiple insurance providers, with over 500 classes of insurance. Unlike the traditionally lengthy insurance policy and application process – which can take up to six weeks – Apollo users can quote, pay, and have their policy documents issued online in just under five minutes, allowing them to focus on the important stuff: building trusted relationships and offering strategic, thoughtful counsel.

Following the completion of its Beta testing in April 2019, Apollo successfully closed its angel round of funding, raising $1 million CAD with the support of notable investors, including Drew Green, Matias Marquez, Kim Kaplan, and Caliber Ventures. Acting members of Apollo’s Board of Directors are leading industry and entrepreneurial figures Drew Green, Steve Albiani, Tim Gamble, and Jeff McCann. In June 2019, the company launched a first of its kind, digital, monthly subscription service. For more information, visit: http://story.apollocover.com

Linda Regner Dykeman to lead AGCS in Canada – Allianz Global

Allianz Global Corporate & Specialty SE  (AGCS) has appointed Linda Regner Dykeman as Chief Agent of Canada. Effective immediately, Dykeman will lead AGCS’ Canadian business operations, reporting to Bill Scaldaferri, AGCS President & CEO for North America.

Based in Toronto, she succeeds Ulrich Kadow, who served as Chief Agent of Canada for more than four years before moving into a new role as AGCS Global Head of Marine, effective July 1, 2019.

Since 2016, Dykeman has been the Head of MidCorp for AGCS Canada. During this time, she developed and executed the MidCorp strategy for Canada, and has overseen a strong and growing team of underwriters and managers. She has more than 25 years of commercial insurance and leadership experience. She first joined Allianz from Travelers Canada where she served as Head of Business Insurance, and also previously held the role of Senior Vice President, Specialty Insurance and National Business Development for Aviva Canada.

A successor to Dykeman as the Head of MidCorp for AGCS Canada will be announced in due time.

“Linda’s deep understanding of the Canadian market and her proven leadership skills in the MidCorp space make her a natural successor to Ulrich and someone I greatly look forward to working closely with,” said Scaldaferri. “Canada is and remains an area of great strategic importance for AGCS both within North America and globally.”

iA Financial Group extends its instant acceptance to up to $1M in individual life insurance

QUEBEC CITY, July 15, 2019 /CNW Telbec/ – Already a leader in instant acceptance with its EVO platform, iA Financial Group continues to innovate to make underwriting its individual life insurance products easier and quicker.

iA Financial Group today announced that medical requirements, like a blood profile, vital signs or urine test, will no longer be systematically required for clients 50 and under who buy up to one million dollars in life insurance.

This simplification to the underwriting process is possible thanks to technological advances, such as the use of predictive analytics models to evaluate applications. Going forward, advisors can confirm instant acceptance for most clients after completing a simple medical questionnaire.

“Constant innovation in our underwriting processes and instant acceptance at the point of sale consolidate our long-term relationship with our advisors and is a part of our commitment to make it quicker and easier to do business with us,” confirms Valérie Lelièvre, Vice-President, Business Solutions, Distribution and Marketing. “The news announced today calls on the newest technologies to offer our clients and advisors an unrivalled underwriting experience.”

About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is one of Canada’s largest public companies and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).

iA Financial Group is a trademark and business name of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.

SOURCE Industrial Alliance Insurance and Financial Services Inc.

Related Links

www.iaah.ca

Company president says it’s important to come up with permanent solution

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Hub International Acquires Alberta-based Berk Bilgen Insurance Ltd.

Chicago, July 3, 2019Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Berk Bilgen Insurance Ltd. (BBI). Terms of the transaction were not disclosed.

BBI is an independent insurance brokerage based in Edmonton, Alberta, Canada, offering personal and commercial insurance solutions, including home, auto, life and travel. In ten short years, BBI has grown considerably under the leadership of Berk and Heather Bilgen and has become a market leader in the Edmonton area. Mr. and Ms. Bilgen chose Hub for its extensive services to clients and employees and will be active in the transition of business to the Hub team.

About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.

 

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