Intact Financial Corporation has closed its previously announced bought deal offering of common shares underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets resulting in aggregate gross proceeds (including the proceeds resulting from the exercise, in full, of the over-allotment option) to Intact of approximately $575 million.

The net proceeds are expected to be used by Intact to subscribe for shares of one or more subsidiaries of the Company to ultimately be used for the purpose of partially funding the execution of the proposed indirect acquisition (the Acquisition) by Intact of assets comprising, among other things, the brokered commercial lines operations of Direct Line Insurance Group plc (Direct Line) and certain of its affiliates announced by Intact on September 6, 2023 and related capital requirements and integration costs.