01:56 PM EDT, 08/22/2024 (MT Newswires) -- Intact Financial ( IFCZF ) estimates catastrophe losses of ~$1.1 billion on a pre-tax, net of reinsurance basis ($2.20 per share after-tax) so far in the third quarter, notes National Bank. Losses could still grow depending on what happens in the remainder of the quarter.

The variance to National's ~$590 million, pre-tax forecast translates to an after-tax operating EPS impact of ~$2.20, or almost 89% of its existing third quarter forecast, analyst Jaeme Gloyn writes.

Year-to-date catastrophe losses now total nearly $1.3 billion, well in excess of management's $900 million annual guidance with four months remaining.

Intact Financial ( IFCZF ) is rated Outperform, with a $280 target.

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