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.
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
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