Intact Financial COO: 2026 Starts Strong With Near-20% ROE, AI Gains and $5B M&A Firepower

In commercial lines, Barbeau said competition is higher for "very large risks," but he said Intact is still achieving rates needed to cover inflation "in the places where we play." He also described a "mix shift" dynamic: average premium can decline due to lower retention on large risks and better retention on smaller risks, which can weigh on top line but "doesn't impact your margin." In personal property, Barbeau said 2025 was helped by lower catastrophe volumes, but that the industry is pricing for longe ...