TORONTO, May 8, 2013 /CNW/ - Intact Financial Corporation (TSX: IFC ) announced today that its Board of Directors has authorized a normal course issuer bid ("NCIB") to purchase for cancellation during the next 12 months up to 5% of its issued and outstanding common shares, subject to the approval of the Toronto Stock Exchange ("TSX").
It is expected that this normal course issuer bid will begin on or about May 13, 2013 and will expire on the earlier of May 12, 2014, or the date on which the company has either acquired the maximum number of common shares allowable or otherwise decided not to make any further repurchases.
"Our strong financial position, with nearly $750 million in excess capital, allows us to return capital to shareholders, while maintaining the financial resources required to pursue our growth strategies," said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation.
Under the terms of the NCIB and subject to TSX approval, the company will purchase the common shares on the open market, alternate trading systems or through private agreements pursuant to exemption orders. At the close of business on May 1, 2013, there were 133,333,665 shares issued and outstanding.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. Intact offers home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink and Jevco.
Forward Looking Statements
This document may contain forward looking statements that involve risks and uncertainties. The company's actual results could differ materially from these forward looking statements as a result of various factors, including those discussed in the company's most recently filed Annual Information Form and annual Management's Discussion & Analysis. Please read the cautionary note at the end of the MD&A.
SOURCE: INTACT FINANCIAL CORPORATION
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