Intact Financial Estimates Q3 Pre-tax Catastrophe Losses at C$660 Million

Intact Financial Corp. (IFC.TO) estimates third-quarter catastrophe losses of about C$660 million pre-tax and net of reinsurance, or C$2.76 per share after-tax, the property and casualty insurer said late Tuesday. The losses were driven by severe weather, including storms causing flooding, water and wind damage across several regions, and wildfires in British Columbia. Personal property and commercial lines in Canada were most affected. By segment, personal property would record C$390 million, commercial lines C$173 million and personal auto C$52 million. Canada is expected to record C$615 million, UK&I C$38 million and the US C$7 million. CFO Ken Anderson said catastrophe losses totaled C$1.29 billion over the past 12 months, modestly above annual guidance of C$1.20 billion.