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Preferred Share Description
Intact Financial Corp. (IFC.PR.D)
Floating-Rate, Non-Cumulative, Redeemable, Series 4, Class A preferred shares.
Prospectus - August 11, 2011
DBRS Credit Update: December 3, 2018 - DBRS confirmed the Issuer Rating and Senior Unsecured Debt rating of Intact Financial Corporation at “A” and its Non-Cumulative Preferred Shares rating at Pfd-2. DBRS also confirmed the Issuer Rating and Financial Strength Rating (FSR) of Intact Insurance Company, Intact’s major operating subsidiary, both at AA (low). In addition, DBRS confirmed the FSRs of Intact’s various other operating insurance subsidiaries at AA (low). All trends are Stable.
DBRS’s assessment of the ratings on Intact incorporates the Company’s strong brand equity and operations that are well diversified by product and distribution channel, as well as its growing geographical diversification in North America. Intact maintains a dominant market position in the fragmented Canadian property and casualty industry, as indicated by its 17% aggregate market share (next-closest peer has 11%) based on 2017 direct premiums written. The Company has strong risk management capabilities that include a disciplined approach to insurance underwriting, pricing and claims management. These characteristics support its earnings resilience and good capitalization. Intact has consistently performed better than the industry average in terms of premium growth, underwriting profitability and return on equity (ROE).
Dividend Note: The dividend rate for the Series 4 Preferred Shares for the 3-month floating rate period from and including September 30, 2016 to but excluding December 31, 2016 will be 0.79733% (3.172% on an annualized basis), as determined in accordance with the terms of the Series 4 Preferred Shares
Share Note: The Series 4 Floating-Rate preferred shares were created when holders of the Series 3, Rate Reset preferred shares (IFC.PR.C) converted their shares on September 30, 2016.
- DBRS Rating
- Pfd-2 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- Floating Rate Calculated and Paid Quarterly
- Dividend Dates
- On the last day of March, June, September, and December
- Dividend Details
- The Series 4, Floating-Rate shares will have a dividend rate, calculated and paid quarterly, equal to the sum of the Government of Canada 3-month T-Bill Rate plus 2.66%
- Redeemable at the company's option on September 30, 2021 and on September 30 every five years thereafter at $25.00 per share.
- On September 30, 2021 and on September 30th every five years thereafter holders of the Series 4 Floating-Rate preferred shares will have the right to converted their shares into an equal number of Series 3 Rate-Reset Preferred Shares. On September 30, 2026 and on September 30th every five years thereafter holders of the Series 3 Rate-Reset preferred shares will have the right to convert their shares into an equal number of Series 4 Floating-Rate preferred shares.
- Lead Underwriter(s)
- CIBC World Markets, RBC Dominion Securities, Scotia Capital Inc. and TD Securities
- Transfer Agent
- Computershare Investor Services Inc.
- Computershare Investor Services
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated