12:47 PM EDT, 08/27/2024 (MT Newswires) -- BMO has cut its third quarter operating EPS estimate for Definity Financial ( DFYFF ) to $0.05 from $0.38 (consensus was $0.49). Definity's July/August CAT losses of $150 million (14.7% of net premiums earned) compares with BMO's previous $98 million third quarter estimate. The update relates largely to Jasper wildfires, rainstorms and flooding in Ontario and Quebec and a significant hailstorm in Alberta, notes BMO analyst Tom MacKinnon.

He notes that elevated CAT losses generally serve to prolong hard markets, especially in personal property. Definity will provide an update for the full quarter during the first half of October.

Definity is rated Market Perform, with a $53 target.

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