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Canada will benefit from the acquisition of OneBeacon by Intact

by

Andrea Lubeck

24 July 2017 07:00

Charles Brindamour

The acquisition of OneBeacon, a us insurer specialising, by Intact financial Corporation on may 2, will have some impact on the canadian operations of the company.

Members of the senior management of Intact, made the announcement during a conference call with analysts on the occasion of the presentation of the results of the first quarter of 2017. Thus, in addition to new cross-border capacity, Intact intends to expand its offering in the important products of OneBeacon for the technology, entertainment and the environment, among others. In return, the products in which Intact specializes in, including those of contract surety and agriculture, can be exported to the United States market.

In addition, We intend to take advantage of its Web-based capabilities for the benefit of OneBeacon. The insurer believes that the trend of digital observed in the sectors of individuals and businesses will also extend to the specialized sector.

By combining the volume of premiums of the two companies, almost half (43 %) of it is composed of premiums in the insurance business, and insurance specialist. «Our business is more balanced and we have increased our geographic diversity,» pointed out Charles Brindamour, chief executive officer. The premiums combined for the specialized sector amounted to 2.3 billion dollars (G$).

«The combination of the two companies will support our canadian operations and promote synergy across our two markets. We will use the expertise of the senior management team to OneBeacon, as well as our capabilities in Canada, to better serve our clients and brokers. This we will certainly reach our goal of volume canadian insurance premiums specialized to$ 1 billion in the coming years, » said Don Fox, first vice-president.

According to information contained in a presentation to analysts Intact, including the Journal of insurance has obtained a copy, OneBeacon has recorded gross premiums written of$ 1.2 billion u.s. for 2016, a net profit of $ 107 million and a combined ratio to 97.3 %. For the first quarter of 2017, the latter is at 94.5 % and 90.3 % average for the past five years.

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