On September 6, 2023, Intact Financial Corporation ("IFC") announced the acquisition of Direct Line Insurance Group plc’s brokered commercial lines operations for £520 million ($884 million), with an additional earnout of up to £30 million ($51 million). To fund the deal, IFC completed a public offering on September 13, 2023, issuing 2,666,000 common shares at $187.60 per share, raising $500.1 million. The offering was underwritten by CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., J.P. Morgan Securities Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Barclays Capital Canada Inc., Goldman Sachs Canada Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, and Raymond James Ltd.

Legal counsel included Blake, Cassels & Graydon LLP for IFC and Torys LLP for the underwriters. CDPQ committed to purchasing $50 million of the offering. The Toronto Stock Exchange conditionally approved the listing of the offered shares. The acquisition, structured through a reinsurance and renewal rights transfer, closed on October 1, 2023, strengthening IFC’s position in the UK commercial insurance market.