Intact Financial

Intact Financial Corporation

Type	Public
Traded as	TSX: IFC
Industry	Insurance
Founded	1809
Headquarters	Toronto, Canada
Key people	Claude Dussault,CHAIR Charles Brindamour,CEO Jean-Francois Blais,PRES Intact Insurance Louis Marcotte,SVP, CFO Louis Gagnon,PRES,DTCD Frédéric Cotnoir, SVP-Corp/Legal Serv.& Secretary Mark A. Tullis,EVP Fovernance & Capital Management Lilia Sham,SVP, corporate Development Benoit Morissette,SVP, CRO Lucie Martel,SVP-HR
Products	property, liability insurance auto insurance, brokerage
Revenue	C$8.154 mill (2015)2%[1]
Operating income	C$860 mil (2015)12%[1]
Net income	C$ 706.0 mil (2015)10%[1]
Total assets	C$21,236 mil (2015)3%[1]
Total equity	C$5,728 mil (2015)5%
Number of employees	12,000
Website	www.intactfc.com

Intact Financial Corporation is the largest provider of property and casualty insurance in Canada with close to $8.0 billion in annual premiums.^[2] Formerly a ING Group subsidiary, ING Canada, Intact became a widely held Canadian company and changed its name from ING Canada to Intact Financial Corporation in 2009.

Supported by over 12,000 employees, the company insures more than five million individuals and businesses through its insurance subsidiaries and is the largest private sector provider of P&C insurance in British Columbia, Alberta, Ontario, Québec, Nova Scotia and Newfoundland & Labrador. The company 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 2011, Intact acquired AXA Insurance's Canadian operations for $2.6 billion.^[3] In 2012, Intact acquired Jevco Insurance Company for $530 million,^[4] which allowed the company to expand its service to brokers through the opportunity to offer their clients complementary specialized products such as recreational vehicle insurance and specialty lines products to businesses.

In 2014, Intact acquired Metro General Insurance Corporation, further strengthening its market position in Newfoundland and Labrador. In 2015, Intact acquired Canadian Direct Insurance Incorporated (CDI), extending its direct-to-consumer operations from coast to coast.^[5]

Direct premiums written (the amount of money customers paid for policies written during the year) has grown over the years. In 2015, they totalled $7.9 billion.^[6]

The company has ranked well in a number of customer satisfaction surveys;^[7]

In the J.D. Power 2015 Canadian Home Insurance Satisfaction Study,^[8] belairdirect was ranked highest in the Atlantic/Ontario region with a score of 799 and in the Quebec region with a score of 814 and Intact Insurance ranked third with a score of 791.^[9]

History

Started out as the Halifax Fire Insurance Association in 1809. In the 1950s, Dutch insurer Nationale-Nederlanden (NN) established itself in Canada by acquiring the Halifax Insurance Company; Dutch immigration to Canada attracted Nationale-Nederlanden to the country.

In the 1980s, the company continued to grow with the acquisition of three well-known regional insurers - Commerce Group and Belair in Quebec, and Western Union in Alberta. In 1991, Nationale-Nederlanden merged with NMB Postbank to create ING Group, one of the first bank assurance groups in the world. In 1993, as the company’s business continued to grow, it brought together its insurance companies that had been operating as separated entities under the umbrella of ING Canada.

The company continued to grow with the acquisition of Guardian Insurance’s business in Canada in 1998, followed by the acquisition of Zurich Canada’s home, auto and small and medium business insurance portfolio in 2001.

In 2004, the company acquired Allianz Canada. That was soon followed with an Initial Public Offering and the start of trading on the Toronto Stock Exchange with ING Group retaining 70% ownership.

On March 10, 2009, ING Insurance Company of Canada changed its name to Intact Insurance Company. On May 13, 2009, ING Canada Inc. changed its name to Intact Financial Corporation.

Business and business segments

Intact's multi-channel distribution operates under the following distinct brands:

• Intact Insurance

Intact Insurance is Canada’s largest home, auto and business insurance company, the choice of more than four million consumers. Its coast-to-coast presence and strong relationship with insurance brokers mean the company can provide the outstanding service, comfort and continuity customers deserve.

• belairdirect

Established in 1955, belairdirect is a direct-to-consumer P&C insurance company that provides complete car and home insurance solutions direct to consumers from coast to coast. In 1997, belairdirect became the first car insurance company in North America to offer an online car insurance quote directly to consumers. The company became an Intact Financial Corporation company in 1989.

• BrokerLink

Established in 1991, the BrokerLink companies, which include Canada Brokerlink Inc., Canada Brokerlink (Ontario) Inc. and Macdonald Chisholm Trask Insurance, together constitute one of the largest Canadian property and casualty insurance brokerage operations with over 115 offices supported by more than 1,400 employees across Ontario, Alberta and Atlantic Canada. The BrokerLink companies are subsidiaries of Intact Financial Corporation (TSX: IFC).[16]

Leadership

Charles Brindamour is the Chief Executive Officer of Intact Financial Corporation.

Corporate Social Responsibility

Since 2004, the Intact Foundation has contributed over $26 million in charitable funding to over 1,300 organizations nationally. The Intact Foundation is governed by employees of Intact Financial Corporation, Intact Insurance, and belairdirect, and focuses its resources in two arenas – climate change adaptation and supporting at-risk youth.

References