Intact Financial says summer storms likely to cost C$110-C$130 million
(Reuters) - Canadian property and casualty insurer Intact Financial Corp (IFC.TO: Quote) said summer storms are likely to cost it C$110 million to C$130 million in after-tax damages, net of reinsurance.
Hailstorms left a trail of damage across Alberta, Ontario and Quebec in July and August.
Intact, formerly the Canadian insurance arm of ING Groep NV ING.AS, estimates an after-tax impact of 85 Canadian cents to C$1.00 to earnings per share but did not say when it would be incurred.
Analysts on average were expecting Intact to earn C$1.42 per share for July-September and C$5.45 per share for the full year.
Intact, which offers home, auto and business insurance, said about 20,000 customers incurred damages in the last two months.
The company said a hailstorm in Calgary accounted for about half of the damages, impacting about 12,000 of its customers.
"The impact from these storms is a stark reminder of the financial implications of changing weather patterns," said Chief Executive Charles Brindamour.
Intact, which sells insurance under the Belair Direct and Grey Power banners, posted quarterly results that missed analyst estimates last month as higher claims and weaker investment weighed.
Shares of Toronto-based Intact, which has a market value of C$7.79 billion, closed at C$60.55 on Tuesday on the Toronto Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)
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