"Severe storms and wildfires continue to impact communities across the country. Our claims team is working tirelessly to provide support for our customers and affected communities so they can recover as quickly as possible," said
Definity estimates a negative impact on operating income for July and
This assessment is based on information received to date from customers, as well as analysis of exposures. Given that the Q3 2023 catastrophe losses will be materially above our original expectation, we expect to provide an update for the full quarter during the first half of October.
This news release contains forward-looking information within the meaning of applicable securities laws, including, without limitation, statements related to estimated catastrophe losses, including on a per common share basis. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely", "potential" or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements. This information reflects Definity's current expectations regarding future events, the terms and operation of Definity's reinsurance arrangements, and the anticipated effect of applicable current and future federal and provincial tax legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control, including the fact that the referenced wildfires are still active. Such risks and uncertainties are included in the "Cautionary Note Regarding Forward-looking Information" section of the Company's Q2-2023 Management's Discussion and Analysis dated
This news release contains a measure of the negative impact on net income, net of taxes and reinsurance, that does not have any standardized meaning prescribed by generally accepted accounting principles ("GAAP"). This non-GAAP measure may be used by management and financial analysts to assess our performance, but may not be comparable to any similar measures presented by other companies. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our financial information reported under GAAP.
1We consider losses to be catastrophe losses if they are the result of either i) an event causing gross losses in excess of
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