TORONTO,
April 5, 2017 /CNW/ - Intact
Financial Corporation (TSX: IFC) today announced estimated
catastrophe losses, net of reinsurance, for the first quarter of
2017 of approximately $88 million on
a pre-tax basis ($64 million
after-tax or $0.49 per share). This
year's winter conditions led to an increase in claims in all lines
of business, though severe wind events in Central and Atlantic Canada drove most of the catastrophe
losses.
"The winter conditions observed this year remind us of the
importance of adapting our communities and driving habits to
changing weather patterns," said Charles
Brindamour, CEO of Intact Financial Corporation. "As our
claims teams help our customers get back on track, we remain
focused on executing our robust action plan to improve results in
personal auto by the end of the year."
About Intact Financial
Corporation
Intact Financial Corporation (TSX:
IFC) is the largest provider of property and casualty (P&C)
insurance in Canada with over
$8.0 billion in annual premiums.
Supported by over 12,000 employees, the Company insures more than
five million individuals and businesses through its insurance
subsidiaries and is the largest private sector provider of P&C
insurance in British Columbia,
Alberta, Ontario, Québec, Nova Scotia and Newfoundland & Labrador. The Company
distributes insurance under the Intact
Insurance brand through a wide network of
brokers, including its wholly owned subsidiary,
BrokerLink, and directly to
consumers through
belairdirect.
Forward-Looking Statements
Certain
statements made in this news release are forward-looking
statements. These statements include, without limitation,
statements relating to claims and catastrophe losses caused by
severe weather 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, by their very nature, are
subject to inherent risks and uncertainties and are based on
several assumptions, both general and specific, which give rise to
the possibility that actual results or events could differ
materially from our expectations expressed in or implied by such
forward-looking statements as a result of various factors,
including those discussed in the Company's most recently filed
Annual Information Form and annual MD&A. 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.
As a result, we cannot guarantee that any forward-looking statement
will materialize and we caution you against unduly relying on any
of these forward-looking statements. Except as may be required by
Canadian securities laws, we do not undertake any obligation to
update or revise any forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise. Please refer to the cautionary note of the Company's
most recently filed MD&A.
SOURCE Intact Financial Corporation