On November 12, 2020, Intact Financial Corp. announced that it had entered into subscription agreements with Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board to provide financing totaling $3.2 billion to support Intact’s conditional acquisition offer for UK-based RSA Insurance Group. The three pension funds are committing $1.5 billion, $1.2 billion and $500 million, respectively. On November 18, Intact announced that, together with Tryg A/S, it had reached an agreement for the acquisition of RSA.
Intact Financial Corporation is the largest provider of property and casualty insurance in Canada and a leading provider of specialty insurance in North America.
The Ontario Teachers' Pension Plan Board is the administrator of Canada's largest single-profession pension plan.
Osler, Hoskin & Harcourt LLP advised Ontario Teachers' Pension Plan Board with a team consisting of Rosalind Hunter, Emery White (Corporate), Victoria Graham (Financial Services Regulatory), Timothy Hughes and Paul Seraganian (Taxation).