TORONTO
, Nov. 20, 2024 /CNW/ - Intact Financial Corporation (TSX: IFC) today announced that Louis Marcotte will step down as Executive Vice President and Chief Financial Officer (CFO) after the Q4-2024 earnings are released on February 13, 2025. He will remain with the organization serving as IFC Vice Chair and, in that role, his main mandate will be to support the development of our European operations within Global Specialty Lines.
"I want to thank Louis for his dedicated service to Intact over the past 18 years and for his significant contributions to our strategy and growth. During his tenure as CFO, IFC's market cap tripled to $47 billion on the back of double-digit growth in operating earnings and nearly 700 bps of ROE outperformance," said Charles Brindamour, CEO, Intact Financial Corporation. "Louis was instrumental in the financing of all our acquisitions during his tenure and he kept our organization focused on financial performance and discipline, both of which helped IFC transform into a leading global P&C company. I am grateful he will continue to lend his leadership and expertise to IFC."
Mr. Marcotte played a key role in effectively communicating IFC's story to investors and this was recognized three times by Brendan Wood as one of Canada's Top Gun CFOs. Over time, Mr. Marcotte built an outstanding Finance team which is widely recognized for excellence in reporting and investor relations.
Ken Anderson, currently Executive Vice President and Chief Financial Officer for RSA UK & Ireland, will succeed Mr. Marcotte as Executive Vice President and Chief Financial Officer. Continuing his successful 17-year career with Intact, Mr. Anderson brings to the role a wealth of experience in treasury, corporate development, investor relations, and financial reporting. Among his achievements is the integral role he played in the structuring and coordination of the RSA acquisition, Intact's largest transaction to date.
"Ken is the natural choice to be IFC's next CFO, having worked alongside Louis for well over a decade," said Brindamour. "His extensive experience in our business and deep understanding of our strategy make him the ideal successor. I am confident that with Ken as our CFO, our financial foundations will remain strong enabling continued growth and outperformance."
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $22 billion of total annual premiums.
In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Through belairdirect, Intact distributes directly to consumers. Intact also provides affinity insurance solutions through affinity groups, travel insurance, as well as exclusive and tailored offerings through Intact Prestige.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.
In the U.K., Ireland, and Europe, Intact provides personal, commercial and/or specialty insurance solutions through the RSA, NIG and FarmWeb brands.
SOURCE Intact Financial Corporation
