TORONTO, July 5, 2017 /CNW/ - Intact Financial Corporation (TSX: IFC) today announced estimated catastrophe losses, net of reinsurance, for the second quarter of 2017 of approximately $105 million on a pre-tax basis ($77 million after-tax or $0.58 per share). Our customers in Quebec and Ontario were hardest hit by this quarter's heavy precipitation, which resulted in water and wind claims primarily in our personal property line of business.
"In the wake of the severe storms and flooding this spring, our response teams have worked tirelessly to help our customers get back on track," said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation. "We will continue to ensure that the protection we offer remains sustainable and work with government to help Canadians adapt to climate change."
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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