Business
DEFINITY RELEASES ESTIMATE OF FINANCIAL IMPACT FROM RECENT STORM SYSTEM IN ONTARIO AND QUÉBEC
DEFINITY RELEASES ESTIMATE OF FINANCIAL IMPACT FROM RECENT STORM SYSTEM IN ONTARIO AND QU...
About this update from Definity Financial Corp.
[{"type":"text","content":"\n \n \n \n DEFINITY RELEASES ESTIMATE OF FINANCIAL IMPACT FROM RECENT STORM SYSTEM IN ONTARIO AND QUÉBEC\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n WATERLOO, ON\n \n \n ,\n \n \n June 2, 2022\n \n \n /CNW/ -\n \n Definity Financial Corporation\n \n (\"Definity\") (TSX: DFY) today released its estimate of the financial impact arising from the severe storm system that hit\n \n Ontario\n \n and Québec on\n \n May 21\n \n \n st\n \n .\n \n \n \n \n \n \n \n \n \n \"The severe weather that affected\n \n Ontario\n \n and Québec in late May\n \n was a reminder of the importance of delivering\n \n on our purpose to support our clients and communities.\" said\n \n Rowan Saunders\n \n , Definity's President and Chief Executive Officer. \"Our claims team is responding with on-the-ground support to help our customers and broker partners rebuild their communities and recover as quickly as possible.\"\n \n \n While the situation continues to develop, Definity estimates a negative impact on net income of between\n \n $26 million\n \n and\n \n $29 million\n \n , or between\n \n $0.22\n \n and\n \n $0.25\n \n per share currently outstanding, net of taxes and reinsurance.\n \n \n This assessment is based on information received to date from customers, as well as analysis of exposures.\n \n \n \n About Definity Financial Corporation\n \n \n \n Definity Financial Corporation is the parent company to some of\n \n Canada's\n \n most long-standing and innovative multi-channel, property and casualty insurance companies and distributors, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Definity had over\n \n $3.3 billion\n \n in gross written premiums for the 12 months ended\n \n March 31, 2022\n \n and over\n \n $7.5 billion\n \n in assets as at\n \n March 31, 2022\n \n .\n \n \n \n Forward-looking statements\n \n \n \n This news release may contain forward-looking information within the meaning of applicable securities laws, which reflects Definity's current expectations reg...