Intact Financial Expects $149.3 Million in Catastrophe Losses

Intact Financial, a Canadian insurer, has stated that it anticipates incurring approximately 200 million Canadian dollars ($149.3 million) in catastrophe losses during the fourth quarter. This is expected to have a significant impact on the company's income for the period.

The largest portion of these losses is estimated to be in Intact Financial's U.K. and International segment, with a total catastrophe loss of approximately C$152 million on a pretax basis, after taking into account reinsurance. In Canada, the estimated losses for personal lines and commercial lines are anticipated to be C$6 million and C$24 million respectively. In the United States, the losses are forecasted to be around C$18 million.

As a result of these losses, Intact Financial expects the company's net operating income to be negatively affected by approximately C$0.85 per share.

Furthermore, the company revealed that it has recorded C$65 million in catastrophe losses, before taxes and net of reinsurance, from two windstorms in October through its U.K. home insurance operations. These losses will be included in the exited lines in Intact Financial's fourth quarter results.

Retrieved from The Wall Street Journal