Intact Financial Corporation (TSX: IFC), a leading player in Canada’s property and casualty insurance sector, has closed its previously announced bought deal offering of Non-Cumulative Class A Shares, Series 13, raising $150 million in gross proceeds.
The offering, which closed on November 12, 2025, consisted of 6,000,000 Series 13 Preferred Shares priced at $25.00 per share. Each Series 13 Preferred Share entitles holders to quarterly non-cumulative preferential cash dividends of $1.375 per share per annum, payable at $0.34375 per share. The initial dividend, if declared, will be $0.5236 per share, covering the period from issuance to March 31, 2026.
The deal was underwritten by a syndicate led by BMO Capital Markets and National Bank Capital Markets as joint bookrunners, with participation from CIBC Capital Markets, TD Securities, Scotiabank, RBC Capital Markets, Desjardins Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., and Cormark Securities Inc. Net proceeds - expected to be approximately $145.15 million after deducting underwriters’ fees and estimated expenses – are intended for general corporate purposes.
The Series 13 Preferred Shares commenced trading on the Toronto Stock Exchange on November 12, 2025, under the symbol IFC.PR.M. The shares are not redeemable by Intact prior to December 31, 2030. After that date, Intact may redeem the shares at prices ranging from $26.00 per share (if redeemed before December 31, 2031) to $25.00 per share (if redeemed on or after December 31, 2034), plus any declared and unpaid dividends.
The Series 13 Preferred Shares have received a rating of Pfd-2 (High) with a Stable trend from DBRS and a BBB rating with a Stable outlook from Fitch Ratings. The offering was made pursuant to a short form base shelf prospectus dated January 15, 2024, and a prospectus supplement dated November 7, 2025.
Intact Financial Corporation, headquartered in Toronto, operates through a network of subsidiaries and is a major player in the Canadian insurance market. The company’s existing preferred shares are traded on the TSX under several symbols, including IFC.PR.A, IFC.PR.C, IFC.PR.E, IFC.PR.F, IFC.PR.G, IFC.PR.I, and IFC.PR.K.
This latest capital raise is part of Intact’s strategy to maintain financial flexibility and support its ongoing operations and growth initiatives in the Canadian insurance sector.
