An anonymous director reports

INTACT FINANCIAL CORPORATION APPROVED TO COMPLETE PURCHASE OF DIRECT LINE INSURANCE GROUP PLC'S BROKERED COMMERCIAL LINES OPERATIONS

Intact Financial Corp. and its subsidiary, RSA, have fulfilled all conditions related to their acquisition of Direct Line Insurance Group PLC's brokered commercial lines operations. The transaction is anticipated to close on Oct. 26, upon payment of 520 million pounds sterling in cash consideration.

As announced on Sept. 6, the company will finance the purchase price and expected integration costs using the proceeds from its recently completed $575-million common share offering and $400-million medium-term note issuance.

Upon closing, substantially all of the future economics of Direct Line's brokered commercial lines portfolio will have been transferred to RSA effective Oct. 1, 2023, through a quota share reinsurance agreement.

About Intact Financial Corp.

Intact Financial is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. The company's business has grown organically and through acquisitions to over $21-billion of total annual premiums.

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. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.

In the United States, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.

In the United Kingdom, Ireland and Europe, Intact provides personal, commercial and specialty insurance solutions through the RSA brands.

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