TORONTO, Jan. 8, 2020 /CNW/ - Intact Financial Corporation
(TSX: IFC) today announced estimated catastrophe losses1
for the fourth quarter of 2019 of approximately $115 million on a pre-tax basis ($0.60 per share after-tax). Losses were
concentrated in Canadian property lines with impacts of
approximately $54 million and
$48 million pre-tax in commercial and
personal property respectively.
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1
For a definition of catastrophe losses,
please refer to the "Important notes" section on page 2 of our 2018
Annual Management's Discussion and Analysis.
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About Intact Financial Corporation
Intact Financial
Corporation (TSX: IFC) is the largest provider of property and
casualty (P&C) insurance in Canada and a leading provider of specialty
insurance in North America, with
over $10 billion in total annual
premiums. The Company has approximately 14,000 full- and part-time
employees who serve more than five million personal, business and
public sector clients through offices in Canada and the U.S.
In Canada, Intact distributes
insurance under the Intact Insurance brand as well as The Guarantee
Company of North America brand,
through a wide network of brokers, including its wholly-owned
subsidiary BrokerLink, and directly to consumers through
belairdirect. Intact also provides specialized insurance programs
to public entities through its wholly-owned subsidiary, Frank Cowan
Company.
In the U.S., OneBeacon Insurance Group, a wholly-owned
subsidiary, provides specialty insurance products through
independent agencies, brokers, wholesalers and managing general
agencies.
Forward-Looking Statements
Certain statements made in
this news release are forward-looking statements. These statements
include, without limitation, statements relating to claims,
catastrophe losses and non-catastrophe losses, the anticipated
effect on combined ratio as well as on a per share basis and by
line of business, and the anticipated effect of applicable and
future federal and provincial tax regulations. All such
forward-looking statements are made pursuant to the 'safe harbour'
provisions of applicable Canadian securities laws.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In the case
of estimated claims and losses, due to the preliminary nature of
the information available to prepare estimates, future estimates
and the actual amount of claims and losses associated with events
described above may be materially different from current
estimates.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the "Risk Management" section of our 2018 Annual Management's
Discussion and Analysis. These factors are not intended to
represent a complete list of the factors that could affect the
Company. These factors should, however, be considered carefully.
Although the forward-looking statements are based upon what
management believes to be reasonable assumptions, the Company
cannot assure investors that actual results will be consistent with
these forward-looking statements. When relying on forward-looking
statements to make decisions, investors should ensure the preceding
information is carefully considered. Undue reliance should not be
placed on forward-looking statements made in this press release.
The Company has no intention and undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE Intact Financial Corporation