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

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

An international investment firm now owns an industrial park at DFW International Airport.

New York-based Brookfield Properties acquired the three-building Passport Logistics Center.

The 1.2 million-square-foot warehouse and distribution complex was developed by Dalfen Industrial, which has headquarters offices in Dallas and Canada. The buildings are at the south end of the airport near Airport Freeway and are part of the airport’s mixed-use Passport Park development.

Dalfen built the Passport Logistics Center in partnership with Brookfield, which now is the full owner of the business park.

“With the project’s prime location and best-in-class functionality, Brookfield Properties leased 50% of the project during construction,” Brookfield Properties officials said in a statement. “Over the past three years, Brookfield Properties has increased its footprint in the Metroplex, adding over 5.5 million square feet across nine transactions.”

During the last year, Brookfield has added more than $1.2 billion in logistics properties in the U.S.

North Texas warehouse construction is barely keeping up with demand.

Dalfen Industrial in turn has bought five industrial buildings in Fort Worth and San Antonio.

In Fort Worth, Dalfen acquired the new Mark IV Commerce Center, a three-building, more than 1 million-square-foot industrial park at Interstate 35W and Interstate 820. The buildings were developed by Crow Holdings Industrial.

Dalfen also purchased two industrial buildings north of San Antonio off Interstate 35.

“Best-in-class properties in exceptional infill locations make these acquisitions a natural fit for our rapidly growing portfolio,” Sean Dalfen, president and chief investment officer of Dalfen Industrial, said in a statement.

Dalfen Industrial now owns more than 4 million square feet of industrial buildings in Texas.

Dalfen Industrial bought the Mark IV Commerce Center in North Fort Worth.
Dalfen Industrial bought the Mark IV Commerce Center in North Fort Worth.(Dalfen Industrial )

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Nissan is done selling its NV line of commercial and passenger vans in the U.S. and Canada, Automotive News reported Friday, confirming a move that AN reported a few months ago. The automaker is going to push its sedans and SUVs for fleet sales instead.

Nissan will end production of its full-size NV vans in Canton, Miss., and the compact NV200 in Cuernavaca, Mexico, next summer.

A few factors went into the decision, not the least of which is Ford’s dominance in commercial vans. Nissan sold just under 39,000 units of the NV and NV200 in North America last year — while Ford sold just under a quarter of a million of the Transit and Transit Connect. In market share, Ford has nearly half of all large van sales, with Chevy taking a quarter, according to the Automotive News Data Center. Nissan’s market share? It’s 4.9 percent.

The other factor: The Titan pickup was not a strong seller (though the Frontier is a popular fleet truck), and companies would prefer to buy their trucks and vans from the same source. There again, the Ford has the F-150.

Nissan’s previous commercial sales program offered limited models. Now it will launch a program called Business Advantage that will market all its other vehicles to government and business fleets — all models but the GT-R, AN says, though we can’t imagine too many fleets would be interested in the 370Z, either.

A purchase of just two vehicles from the Business Advantage Program will land commercial customers a volume discount and other perks.

AN points out the strategy shift is a financial blow to hundreds of Nissan dealers, who made a major investment in lifts capable of hoisting a fully loaded commercial vehicle for service.

 

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Source: Barron

Source: Barron’s

Like many cyclical businesses, Schlumberger (NYSE:SLB) has been reeling from the knock-on effects of COVID-19. The pandemic has practically brought business activity to a standstill and created demand destruction for oil. SLB is down over 45% Y/Y; its Q2 revenue fell 28% Q/Q, while EBITDA was off 39%. The company announced a restructuring that would involve laying off about 21,000 employees. In my opinion, some of the company’s problems began with its ill-timed investment in North America.

The Situation

Schlumberger has been known as a well-diversified, international player in the oil services space. Baker Hughes (BKR) and Halliburton (HAL) have traditionally dominated the North America land drilling market. North America land drilling had previously been white hot, putting Halliburton and Baker Hughes in the catbird seat. Schlumberger’s revenue from North America had previously been in the 23% to 25% range pursuant to total revenue.

In early 2017, Schlumberger made a concerted effort to increase its exposure to North America. In Q1 2017, the company announced a joint venture (“JV”) with Weatherford (OTCPK:WFTLF), targeting North America. Both companies were expected to contribute their North America fracturing assets. Weatherford was to receive $535 million in cash and a 30% stake in the JV, while Schlumberger was to own 70%.

In Q2 2018, Schlumberger acquired Weatherford’s pressure pumping assets outright, scrapping the JV. This gave Schlumberger even more exposure to North America. The following chart outlines Schlumberger’s historical revenue by region.

Schlumberger North America revenue. Source: Shock Exchange

In Q2 2016, the company’s revenue from North America was 25%. It ramped up to 30% in Q2 2017; it peaked around 38% in Q2 2018, making North America Schlumberger’s largest region.

Ill-Timed Deal

The timing seemed right for Weatherford. Brent oil was above $65 – more than enough for shale oil plays to make money. The play for