05:18 PM EDT, 04/09/2025 (MT Newswires) -- Definity Financial ( DFYFF ) after close of trade Wednesday said catastrophe losses in the first quarter will cut operating income by approximately $50 million net of reinsurance recoveries, or approximately $0.32 per share, net of taxes and reinsurance.

This amount "was approximately double our expectation" based on first quarter historical averages, the insurer said..

The past quarter saw heavy snowfall and rain while the ground was frozen, leading to elevated property damage from roof collapses and water infiltration, mostly in Ontario, Quebec, and Atlantic Canada. The estimated losses also include those arising from the severe ice storm that impacted Ontario in late March, resulting in downed trees and loss of power for hundreds of thousands of homes and businesses.

This assessment is based on information received from customers to date, as well as an analysis of exposures.

"With our enhanced catastrophe response capabilities, the resilience of our business model, and the commitment of our people, we have supported our impacted customers during these challenging winter months in a way that lives up to our promise of making insurance better," said chief executive Rowan Saunders.

Definity shares closed up $0.62 to $61.25 on the Toronto Stock Exchange.