Over the past several weeks, we’ve gotten to know a little bit more about Intact – from its commitment to community giving to the work the transition teams are doing to make the integration as smooth as possible. Additionally, we learned that specialty is just one focus across a broad personal and commercial insurance offering.
Late in 2015, Intact Ventures was formed with a focus on investing and partnering with companies that are redefining the property and casualty landscape with innovative business models and new technology. They recently invested in Hangar, an Austin, Texas- based company that connects drone operators with organizations seeking aerial imagery and the insights delivered from it. For Intact, investing in a company such as Hangar provides the opportunity to test aerial imagery applications with claims and commercial lines operations. It could mean greater insight for loss prevention consultants or the possibility of inspecting damages for a claims team. This forward-thinking approach for the future will help to build the foundation as we move to create a leading North American specialty lines insurer.
Meet the Coordinators: Intact Investment Management Task Force
The Intact Investment Management (IIM) task force is a broad group, focused not just on investing funds, but also on supporting the business through technology. IIM has its own systems for transactions, reporting, and accounting. With new investment products that have never been traded before, a lot of unknowns, and the research to uncover these complexities, it’s a job so big that it requires not one, but two coordinators! Meet Alexandre Gosselin and Mario Neron, co-coordinators for the IIM Task Force.
Mario has spent his entire 28-year career with Intact and has been involved in previous acquisitions; by that standard, Alex is relatively new at Intact, with seven years under his belt. The two coordinators agree that the mixed group helps to integrate past experiences with new perspectives, enabling them to achieve success.
So what’s it been like to work on the IIM Task Force? Alex says, “It’s always exciting to work on a project like this, and given that it’s the first time we’re doing this in the U.S., we’re really pushing the limits on what we’re used it.” Mario adds, “crossing the border brings about new challenges, and we’re pleased to take these on. We have to make sure that all of our current systems, all investment operations processes, and the management of those are aligned.”
Both coordinators agree that being on the taskforce is an exciting opportunity to build an infrastructure for the growth and success of a North American specialty insurer.
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The information contained in this communication may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this communication that address activities, events or developments which we expect will or may occur in the future are forward-looking statements. The words “will,” “believe,” “intend,” “expect,” “anticipate,” “project,” “estimate,” “predict” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to our:
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- proposed merger with Intact Financial Corporation (“Intact”);
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- recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate;
- changes in interest rates, debt or equity markets or other market volatility that negatively impact our investment portfolio;
- competitive forces and the cyclicality of the property and casualty insurance industry;
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- participation in guaranty funds and mandatory market mechanisms;
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- changes to current shareholder dividend practice and regulatory restrictions on dividends;
- credit risk exposure in certain of our business operations;
- Bermuda law may afford less protection to shareholders;
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- changes in tax laws or tax treaties;
- the risk that the proposed merger with Intact may not be completed on the currently contemplated timeline or at all;
- risks related to diverting management’s attention from our ongoing business operations and other risks related to the pendency of the proposed merger with Intact, including on our ability to retain and hire key personnel, our ability to maintain relationships with our customers, policyholders, brokers, service providers and others with whom we do business, our stock price and our business, financial condition and results of operations generally;
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