Intact Financial Expects to Book C$200 Million in Catastrophe Losses in 4Q
January 12 2024 - 7:12AM
Dow Jones News
By Adriano Marchese
Intact Financial said it expects to incur about 200 million
Canadian dollars ($149.3 million) in catastrophe losses in the
fourth quarter which will weigh on income in the period.
The Canadian insurer said Friday it estimates to have incurred
the largest losses were in its U.K. and International segment, with
total catastrophe losses estimated at C$152 million on a pretax
basis and net of reinsurance.
In Canada, estimated losses in personal lines and commercial
lines are expected to be C$6 million and C$24 million,
respectively, while in the U.S., losses are forecasted to be at
C$18 million.
Intact expects this will weigh on the company by about C$0.85 a
share on net operating income.
Additionally, the company said that it booked through its U.K.
home insurance operations catastrophe losses of C$65 million,
pretax and net of reinsurance, related to two windstorms in
October. These losses will be reported in the exited lines in its
fourth quarter results.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 12, 2024 07:57 ET (12:57 GMT)
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