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Intact Financial CEO Charles Brindamour addresses shareholders in Toronto.
Intact Financial CEO Charles Brindamour addresses shareholders in Toronto.
(MIKE CASSESE/REUTERS)

Intact Financial CEO fuels acquisition speculation

A harsh winter weather pushed profits at Intact Financial Corp. below expectations this week, but the insurer shook off the bad news by hinting it has its eye on acquisitions.

The company has $670-million in excess capital, according to chief financial officer Louis Marcotte, and its debt ratio is below target range. He told analysts on a conference call that Intact has no plans to renew its normal-course issuer bid (NCIB) – the company’s share repurchase plan that expires on Monday. As it stands, Intact hasn’t been active in buybacks since last year.