Intact Financial

The CEO said Intact has done in-depth climate modeling “peril-by-peril, province-by-province” covering the next 15 years.

The Inside P&C news team runs you through the earnings results for the day.

The new number, an update from the C$570mn ($419mn) estimate reported on August 31, reflects non-weather events.

The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.

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The estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under Intact's catastrophe treaties.

The executive said he was prepared to accept volatility rather than passing margin to reinsurers.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Inside P&C news team runs you through the earnings results for the day.

The UK&I segment’s combined ratio improved to 94.6% from 104% in Q4 as it focused on more profitable business in personal lines and sought rate increases for commercial lines.

The executive noted that Intact has exited C$500mn of business, with a CoR over 110% in the UK&I segment.

Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.