Intact quantifies the estimated impact from the Slave Lake wildfires on its financial results
May 26, 2011
TORONTO, May 26, 2011 /CNW/ - Intact Financial Corporation announced that more than 800 of its customers will be compensated for
predominantly property-related damage, and to a lesser extent
commercial and auto-related coverage, caused by the devastating
wildfires in Slave Lake and the surrounding areas.
"Our thoughts are with the residents of the Slave Lake area during this
difficult time. We have been there from the outset to comfort and
provide for our displaced customers, and will be there to help restore
their lives and rebuild the community in the near future," said Charles
Brindamour, President & CEO, Intact Financial Corporation.
Intact has so far provided emergency funding to over 400 families in
need and received approximately 800 property, commercial and auto
claims from its customers. While Intact adjusters have been unable to
fully assess the damage because access to the town continues to be
restricted, preliminary estimates indicate that the after-tax cost of
the wildfires to Intact in the second quarter, net of reinsurance,
will likely amount to between $45 million and $55 million or 40 to 50
cents per share.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada
with $4.5 billion in premiums. Its 7,500 employees offer home, auto and
business insurance under the Intact Insurance, Novex Group Insurance,
belairdirect and GP Car and Home brands.
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