(Toronto) Intact Financial Corporation estimates catastrophic claims costs will be approximately $183 million before tax for the first quarter, primarily due to three windstorms in February that affected its UK and Ireland.
Posted at 12:54 p.m.
The fire, accident and miscellaneous risk (P&C) insurer said the charge amounted to 81 cents per share after tax.
According to Intact, around 60% of catastrophe losses occurred in its personal lines segment in the UK and Ireland.
The remaining losses were in its Canadian operations, about three-quarters of which were in personal property insurance.
The company says nearly 80% of disaster losses were attributable to weather.
Intact is expected to hold a conference call with financial analysts on May 11 to discuss its first quarter results.