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April 11, 2022

Insurer Intact Financial estimates first-quarter catastrophe losses at $183-million

Intact Financial Corp. IFC-T -1.44%decrease estimates its catastrophe losses for the first quarter totalled about $183-million on a pre-tax basis, due in large part to three windstorms in February that affected its business in the United Kingdom and Ireland.

The property and casualty insurer says the loss amounted to 81 cents per share after tax.

Intact says about 60 per cent of the catastrophe losses were in its United Kingdom and Ireland segment.

The remaining losses were in its Canadian business, approximately three quarters of which were attributable to personal property.

The company says nearly 80 per cent of the catastrophe losses were weather related.

Intact is expected to hold a conference call with financial analysts to discuss its first-quarter results on May 11.

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