Intact Financial

Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a subsidiary of the Dutch multinational ING Group under the name ING Canada. Intact Financial directly underwrites insurance through its subsidiary companies Intact Insurance and Belair Insurance (operating as Belairdirect), as well as operating additional brokerage, insurance service, and damage restoration subsidiaries. As of 2017, Intact was the largest provider of property and casualty insurance in Canada by annual premiums.[2]

Intact Financial Corporation
Formerly
    • Halifax Fire Insurance Association
    • Halifax Insurance Company
    • ING Canada
TypePublic
TSX: IFC
S&P/TSX Composite Component
IndustryInsurance
Founded1809 (1809)
Headquarters
Toronto, Ontario
,
Canada
Key people
  • Claude Dussault (Chairman)
  • Charles Brindamour (CEO)
ProductsProperty and casualty insurance, insurance brokerage
Revenue CA$8,747 million (2017)[1]:50
CA$973 million (2017)[1]:2
CA$792 million (2017)[1]:2
Total assets CA$27,928 million (2017)[1]:24
Total equity CA$7,463 million (2017)[1]:24
Number of employees
13,000+ (2017)[1]:4
Websiteintactfc.com

The company has over 13,000 employees and insures more than five million individuals and businesses through its insurance subsidiaries. In the J.D. Power 2015 Canadian Home Insurance Satisfaction Study,[3] 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.[4]

History
Intact Financial corporate office

The company was founded 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.

A more cohesive entity, ING Canada made a series of acquisitions : the Guardian Insurance's business 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 Insurance.

The company came together through a series of major acquisitions starting in 2011 when Intact acquired Axa Canada for $2.6 billion.[5] The next year Intact acquired Jevco Insurance Company for $530 million,[6] 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 which operated largely in Newfoundland and Labrador. In 2015, it acquired Canadian Direct Insurance Incorporated (CDI), extending its direct-to-consumer operations from coast to coast.[7]

In July 2018, Intact announced they would be investing $3 million in the autonomous vehicle company startup company Voyage. Intact would be insuring self-driving vehicles in The Villages, Florida, one of the largest retirement communities using real-time pricing of insurance that take into account environmental factors.[8]

References
  1. "2017 Annual Report" (PDF). Intact Financial Corporation.
  2. "market share of leading p/c insurers". statistica. 2017. Retrieved 26 January 2018.
  3. "2015 Canadian Home Insurance Satisfaction Study" (PDF). J.D. Power Canada. J.D. Power. Retrieved 26 January 2018.
  4. "J.D. Power Study Finds Customer Satisfaction with Homeowners Insurance Improves in Eastern Canada, while Claims Contribute to Drop in the West" (Press release). J.D. Power. 6 June 2016. Retrieved 26 January 2018 – via BusinessWire.
  5. "Intact Financial Corporation to Acquire AXA Canada for $CDN 2.6 Billion". Press Centre (Press release). Intact Financial Corporation. 31 May 2011. Retrieved 26 January 2018.
  6. "Intact Financial Corporation completes acquisition of JEVCO Insurance Company". Press Centre (Press release). Intact Financial Corporation. 5 September 2012. Retrieved 26 January 2018.
  7. "Intact Financial Corporation completes acquisition of Canadian Direct Insurance Inc". Press Releases (Press release). Intact Financial Corporation. 1 May 2015. Retrieved 26 January 2018.
  8. Staff Writer (2018-07-26). "Canadian insurer backs self-driving cars in The Villages". Sarasota Herald-Tribune. Bloomberg News.
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