AM Best Assigns Issue Credit Ratings to Intact Financial Corporations Recently Issued Senior Unsecured Medium Term Notes | Financial Buzz

AM Best Assigns Issue Credit Ratings to Intact Financial Corporations Recently Issued Senior Unsecured Medium Term Notes

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to each of the recently issued CAD 375.0 million, 1.207%, 3-year senior unsecured medium term notes offering; the CAD 375.0 million, 2.179%, 7-year senior unsecured medium term notes offering; and the CAD 250.0 million, 3.765%, 32-year senior unsecured medium term notes offering of Intact Financial Corporation (IFC) [TSX: IFC] (Toronto, Ontario, Canada). The outlook assigned to these Credit Ratings (ratings) is stable. The Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of IFC’s operating subsidiaries and all other ratings of outstanding issuances remain unchanged.

IFC intends to use the net proceeds from these debt issuances to fund the early redemption of the IFC Series 4 notes, and to fund the early redemption of the GBP 350 million senior 1.625% notes due Aug. 28, 2024 (RSA senior notes) issued by RSA Insurance Group plc (RSA). The redemption of the RSA senior notes will occur following the close of IFC’s previously announced acquisition in which IFC, together with Tryg A/S, will acquire RSA 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. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gordon McLean

Senior Financial Analyst

+1 908 439 2200, ext. 5304

gordon.mclean@ambest.com

Raymond Thomson CPCU, ARe, ARM

Associate Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

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