Intact Financial Stock

Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance in Canada and specialty insurance in the United States.

As the major provider of property and casualty insurance in Canada, the company distributes insurance under the Intact Insurance Company (Intact Insurance) brand through a network of brokers, including its wholly-owned subsidiary BrokerLink, directly to customers through belairdirect and it distributes specialty insurance products in Canada through its managing general agent, Frank Cowan Company Limited (FCC).

In Canada, the company meets customers’ needs utilizing a multi-channel distribution model through various subsidiaries, including Intact Insurance Company, Novex Insurance Company, The Nordic Insurance Company of Canada, Trafalgar Insurance Company of Canada, Belair Insurance Company Inc., Jevco Insurance Company, and The Guarantee and Brokerlink Inc.

In the United States, the company, through independent agencies, brokers, wholesalers and managing general agencies, provides insurance to its customers through six underwriting subsidiary companies, including Atlantic Specialty Insurance Company, Homeland Insurance Company of Delaware, Homeland Insurance Company of New York, OBI America Insurance Company, OBI National Insurance Company and The Guarantee Company of North America USA.

Segments

The company operates through two segments, Canada and U.S.

The company’s Canada segment includes underwriting activities, with its principal insurance products being automobile, home and commercial insurance contracts (including specialty lines products), which it provides to individuals and businesses across Canada, and, as of the December 2019 acquisition of The Guarantee Company of North America (The Guarantee), the company also offers products tailored for customers who have multiple or high-valued properties, cars and other assets; and distribution and other activities in Canada, which include the operating results of its wholly-owned broker, BrokerLink; its share of operating results of broker affiliates; the operating results of its wholly-owned managing general agent (MGA), FCC; and the operating results of On Side (collectively, On Side Developments Ltd. and On Side Restoration), its wholly-owned Canadian restoration firm.

The company’s U.S. segment includes underwriting activities. It provides specialty insurance contracts to small and medium-sized businesses in the U.S., solving the needs of particular customers or industry groups, including accident and health, technology, ocean and inland marine, public entities, and entertainment. The company also provides products and tailored coverages to a customer base across the U.S., such as tuition reimbursement, surety, management liability, financial services, specialty property, environmental and financial institutions.

Brands

In Canada, the company distributes personal and commercial lines insurance under the Intact Insurance brand through a network of brokers, including its wholly-owned subsidiary BrokerLink, and personal lines insurance directly to consumers through belairdirect.

The company also offers products under third-party brand name agreements and offers non-standard automobile insurance under the Jevco Insurance Company (Jevco) brand. FCC, a major MGA, distributes public entity insurance programs, including risk and claims management services in Canada.

Distribution

The company distributes and markets its products through the following distribution channels:

Canadian Distribution

Brokers: The company offers Intact Insurance, Jevco and Intact Prestige products through approximately 1,500 insurance brokerages across Canada. Its distribution channel includes its wholly-owned subsidiaries BrokerLink and Anthony Insurance Inc., as well as agencies recently created in the Québec market that are part of its new agency model. In addition, the company offers options, such as the Buy Online tool where consumers could obtain quotes and buy their insurance online with the support of its broker network.

Managing General Agent: FCC, the company’s wholly-owned MGA, engages in providing specialized insurance programs to public entities across Canada. It offers coverage placement, risk management consultation and claims services for municipalities, healthcare, education, community, children’s and social service organizations. FCC’s business is supported by a panel of insurers.

Direct-to-Consumers: belairdirect, the company’s primary brand for direct-to-consumer distributed products, engages in providing home and auto insurance solutions directly to consumers across Canada. With belairdirect, consumers have the option of buying coverage over the phone or digitally. belairdirect is a major direct-to-consumer insurance brand in its markets.

In the direct-to-consumers channel, the company also distributes its products to National Bank customers through a white label agreement.

The U.S. Distribution

In the U.S., the company offers a range of products primarily through approximately 1,400 independent agencies, regional and national brokers, wholesalers and agencies.

This multi-channel distribution approach provides a mix with retail agents and wholesalers. This group includes wholly-owned MGAs providing insurance coverages to customers and distribution partners. Those MGAs include A.W.G. Dewar, a provider of tuition reimbursement insurance products; International Bond & Marine, a provider of customs bonds, cargo, liability and other insurance products to the international trade market; and Public Entities of America, a provider of insurance solutions to public entities in the U.S.

History

Intact Financial Corporation was founded in 1809. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009.