Intact Financial\u0027s CEO says he is looking to expand the insurer into the U.S., but still sees opportunity in Canada. Find out more.
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Mario Mendonca, TD’s managing director of equity research and the one lobbing the questions at Brindamour during the conference, noted that Intact had not made a significant acquisition in the United States since purchasing specialty insurer OneBeacon Insurance Group for $2.3 billion in 2017. However, he noted that the company’s past mergers and acquisitions trajectory has not been tied to specific economic cycles.
In addition to solid top-line growth, the analyst said he expected higher investment income and growth in distribution income to help propel the company’s results.Following the year-end earnings report, National Bank Financial analyst Jaeme Gloyn said in a note to clients that Intact “merits a premium valuation,” in part because it is expected to successfully integrate the operations of RSA Insurance Group.
“While risk to personal auto profitability has risen given inflationary pressures, we believe rate increases will continue to outpace loss cost trends,” he wrote in his Feb. 8 note.
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