Reinsurance News

Canada’s Intact Financial takes $115mn of cat losses in Q4

10th January 2020 - Author: Matt Sheehan

Canadian property and casualty (P&C) insurer Intact Financial Corporation incurred an estimated CA $115 million (US $88 million) of catastrophe losses during the fourth quarter of 2019, pre-tax.

Intact Financial CorporationThe company revealed that it’s losses were concentrated in Canadian property lines, with impacts of approximately $54 million and $48 million pre-tax in commercial and personal property respectively.

Intact Financial previously broke down catastrophe losses in Q1 2019, when it reported costs of almost $200 million, or $128 million after reinsurance.

With over $10 billion in annual premiums, Intact Financial is the largest P&C insurer in Canada and a major provider of specialty insurance in North America.

Last year, the company boosted its specialty lines direct premium to $3 billion after reaching an agreement with Princeton Holdings Limited to acquire The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited.

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