TORONTO, Oct. 14, 2020 /PRNewswire/ — Intact Financial Corporation (TSX: IFC) officially brings together its Canadian and U.S. specialty capabilities under a single brand: Intact Insurance Specialty Solutions. Unifying its specialty operations under one brand represents the full integration of this growing segment of Intact’s portfolio and its commitment to being a leader in the specialty lines marketplace.

“Our commitment to building a world-class specialty insurance provider takes an important step forward today as we bring the Intact brand to the U.S.,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. “We see strong future growth potential in our specialty lines business given our team’s expertise and our robust solutions for Canadian, cross-border and U.S. customers and brokers.”

The U.S. businesses had previously operated under the OneBeacon Insurance Group and The Guarantee Company of North America brands in the U.S., following the 2017 and 2019 acquisitions of these specialty companies, respectively. 

“This is an exciting day for us in the U.S. and our teams in Canada, as we officially move forward as Intact Insurance Specialty Solutions,” added Mike Miller, President, U.S. Operations and Intact Insurance Specialty Solutions. “The entire North American specialty team looks forward to continuing to provide our customers and brokers with our hallmark specialized products and services, backed by the strength of the Intact brand.”

The combined Intact Insurance Specialty Solutions brand features over 20 specialty focus areas, including nine that serve both Canadian and U.S. customers. It is a market-leading provider of certain lines of business, including being the sixth largest provider of surety bonds in North America.

Intact Insurance Specialty Solutions’ underwriting companies offer a broad range of specialty insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies throughout North America. Each business is

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the statement said.

Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The World Bank said it will draw on expertise and experience from its involvement in many large-scale immunization programs and other public health efforts.

The funding is meant to also help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries, the bank said.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).

"Going Public" is displayed in white text on a digital ticker tape.

Source: Shutterstock

Here’s what potential investors need to know about the SPAC news.

  • Finance of America will become a publicly-traded company by merging with Replay Acquisition.
  • This plan values the lending company at $1.9 billion.
  • The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
  • Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
  • This should allow the company to begin public operations with a minimum of $250 million in cash and cash equivalents.
  • One thing worth noting about this SPAC news is the support from Blackstone Tactical Opportunities.
  • This is a subsidiary of Blackstone Group (NYSE:BX).
  • The Blackstone subsidiary, Replay Acquisition’s public shareholders and management, and entities managed by Finance of America’s founder, will control 70% of the combined company.
  • Another thing to note is that more than “half of the sponsor’s founder shares of Replay Acquisition will be deferred and subject to share price hurdles.”
  • The deal has the unanimous support of both companies’ Boards of Directors.
  • It still needs to complete customary closing conditions.
  • That includes getting approval from RPLA shareholders and regulators.
  • So long as there are no issues, the deal is set to close in the first half of 2021.

There’s been an increase in SPAC IPOs in the news of late as more companies embrace the method of going public. While there were 59 SPAC IPOs in 2019, 2020 has already seen 138 take place.

RPLA stock was down almost 1% as of Tuesday

President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE dismissed reports that his campaign is “running low on money” early Tuesday morning, vowing to spend personal funds on his reelection bid if necessary.

“I keep reading Fake News stories that my campaign is running low on money. Not true, & if it were so, I would put up money myself. The fact is that we have much more money than we had 4 years ago, where we spent much less money than Crooked Hillary, and still easily won,” Trump tweeted, referring to former Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonWhen do problems with mail-in ballots become a problem for the media? Trump campaign official blames Biden lead on ‘skewed’ polls Trump’s Hail Mary passes won’t get him in the end zone MORE.

“Much of the money we have spent is on our ground game, said to be the best ever put together. I’ll let you know how good it is on November 3rd. Very expensive to do, but opportunity could be BIG! I will spend additional money if we are not spending enough!” he continued. 

NEW YORK (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc

surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon

rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite <.IXIC> on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average <.DJI> rose 0.88% and the S&P 500 <.SPX> gained 1.64%.

The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.

MSCI’s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.11% higher.

Australian S&P/ASX 200 futures

rose 1.05% in early trading. Hong Kong’s Hang Seng index futures <.HSI>

rose 0.11%.

E-mini futures for the S&P 500

rose 0.01%.

The dollar index <=USD> fell 0.078%, with the euro

unchanged at $1.1813.
=>

The pan-European STOXX 600 index <.STOXX> rose 0.72% and MSCI’s gauge of stocks across the globe <.MIWD00000PUS> gained 0.01%.

Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

U.S.