On November 5, 2021, DBRS Limited (DBRS Morningstar) changed the trends on CGIC to Positive from Stable. DBRS Morningstar confirmed the Financial Strength Rating and Issuer Rating of the Company at A (low). DBRS Morningstar also confirmed the Non-Cumulative Preference Shares rating of the Company at Pfd-2 (low).
In Q3 2021, Intact Financial Corporation reported net income of $300 million, a decrease of 10% relative to Q3 2020, despite a 26% gain in operating income that benefitted from the RSA acquisition completed on June 1, 2021. Net income was lower as a result of higher non-operating costs, including those related to the RSA acquisition but also reflecting losses from a venture investment.
Canadian property and casualty (P&C) insurers have demonstrated financial resilience in handling ever-increasing weather-related losses through effective risk management. However, as climate risk increases and severe weather events become more correlated around the world, insurance and reinsurance companies may opt to withdraw property insurance coverage in regions they deem too costly to insure, or they may avoid insuring certain risks altogether. As a result, the availability of insurance (i.e...
Intact Financial Corporation (Intact or the Company) reported excellent Q2 2021 net income of $573 million, an increase of 118% relative to Q2 2020 driven primarily by the RSA acquisition and an improved underwriting performance. Positively, even when excluding the impact of the acquisition, organic revenue growth was strong in both Canada and the U.S.
Intact Financial Corporation (the Company) reported a Q1 2021 net income of $514 million, about a fourfold increase over Q1 2020 results. The improvement in earnings primarily reflected solid underwriting income across the Company’s insurance operations in Canada and the U.S. (especially personal property). This was supported by stable investment and distribution income.
Intact Financial Corporation reported strong Q4 2020 net income of $378 million, a 58% increase compared with Q4 2019. The improvement in earnings primarily reflected very strong underwriting income from the Company’s insurance operations in the U.S. and Canada (especially personal lines), supported by stable investment and distribution income. Net income for the full year increased by 44% to $1.1 billion for 2020, compared with $754 million in 2019.
On November 19, 2020, DBRS Limited (DBRS Morningstar) confirmed all ratings of Intact Financial Corporation (Intact or the Company) and its operating insurance subsidiaries, including Intact’s Issuer Rating at “A” and the Financial Strength Rating of its main subsidiaries in Canada at AA (low), following the Company’s announcement that, together with Tryg A/S (Tryg), it has reached an agreement to acquire RSA Insurance Group Plc. (RSA).
On November 13, 2020, DBRS Limited (DBRS Morningstar) confirmed the Financial Strength Rating and Issuer Rating of Co-operators General Insurance Company at A (low). DBRS also confirmed the Non-Cumulative Preference Shares rating of the Company at Pfd-2 (low). All trends are Stable.
The majority of property and casualty reinsurance providers have reported half year results for 2020, and it is apparent that many have recovered from the effects of the financial market's volatility that followed the lockdown of global economies in the first quarter of the year due to the Coronavirus Disease (COVID-19) pandemic.
As if the ongoing disruptions caused by the negative impacts of the Coronavirus Disease (COVID-19) pandemic were not enough to keep property and casualty (P&C) insurers busy in 2020, on May 21, 2020,forecasters in the Climate Prediction Center of the National Oceanic and Atmospheric Administration (NOAA) predicted that the Atlantic hurricane season, which runs from June 1 through November 30 each year, will have above-normal hurricane activity in 2020. The forecast envisages a 60% chance of an a...
On June 13 and 14, 2020, a series of extreme thunderstorms struck southern Alberta, Canada, resulting in hail and flooding that caused extensive damage. According to preliminary estimates by the Insurance Bureau of Canada, the thunderstorms caused approximately $1.2 billion in insured losses, with total economic losses exceeding $1.7 billion as thousands of vehicles, homes, and agricultural lands sustained significant damage. This natural catastrophe became Canada's most expensive thunderstorm-r...
Intact Financial Corporation's (Intact or the Company) net income of $107 million remains sound but was down from Q1 2019 driven by a nonoperating charge of $96 million of equity impairments, mainly related to the energy sector.
Given the relative maturity of the P&C insurance market in Canada there is a direct relationship between economic activity and premium levels. Based on DBRS Morningstar's latest moderate macroeconomic scenario for Canada in 2020, we expect that the growth of P&C insurance premiums in Canada will be severely limited and could even turn negative. Alternatively, under an adverse scenario, we anticipate that the volume of P&C insurance premiums will drop in 2020. Both scenarios contrast with strong ...
DBRS Limited (DBRS Morningstar) released a commentary entitled “P&C Insurance: Regulatory Oversight Essential for Broad Adoption of ESG Reporting Principles,†which discusses the importance of environmental, social, and governance (ESG) risk factors in assessing the financial strength of a property and casualty insurance company, as well as the need for standardization to facilitate comparability across geographic regions and between companies operating in similar sectors.
DBRS Limited (DBRS Morningstar) released a commentary entitled “P&C Insurance: The Conundrum of Business Interruption Coverage during the Coronavirus Pandemic†that discusses the impact of retroactively forcing property and casualty (P&C) insurance companies to assume business interruption losses in contracts that originally excluded pandemics as a covered peril.
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