TORONTO, Oct. 12, 2021 /CNW/ - Intact Financial
Corporation (TSX: IFC) today announced estimated catastrophe
losses1 for the third quarter of 2021 of approximately
$365 million on a pre-tax basis
($1.59 per share after-tax). Claims
mostly reflected the impact of severe weather events including rain
and hail storms in Alberta,
Ontario, and Atlantic Canada, flooding in the UK, and
Hurricane Ida. Nearly 60% of the losses were in Canada, where approximately two-thirds
affected personal property. Of the losses outside Canada, three-quarters impacted UK&I
commercial lines and approximately 10% were in US commercial
lines.
"Our people are working tirelessly to help customers get back on
track. Our work over many years has built a highly resilient
business, and momentum is strong across the platform. This enables
us to provide second to none service to our customers, and to
invest in helping society be better prepared for extreme events,"
said Charles Brindamour, Chief
Executive Officer of Intact Financial Corporation.
1 For
details on our catastrophe loss expectations and definition, please
refer to Sections 9.3 and 26.2, respectively, in our Q2-2021
Management's Discussion and Analysis. This document is available on
our website at www.intactfc.com and on SEDAR at
www.sedar.com.
|
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $20
billion of total annual premiums.
In Canada, Intact 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. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands.
Forward-Looking Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, statements relating to claims, catastrophe losses and
non-catastrophe losses, their origin and geographic location, the
anticipated effect on combined ratio as well as on a per share
basis and by line of business, the anticipated effect of applicable
and future federal and provincial tax regulations and the impact on
the Company of the occurrence of and response to the coronavirus
(COVID-19) pandemic and ensuing events. 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 and categorization 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" sections of our Q2-2021 Management's
Discussion and Analysis (Section 19), and of our 2020 Annual
Management's Discussion and Analysis, in Notes 10 and 13 of our
Consolidated Financial Statements for the year ended December 31, 2020 and in our Annual Information
Form dated March 31, 2021, all of
which are available on our web site
at www.intactfc.com or on SEDAR at www.sedar.com.
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