The Company estimates total catastrophe losses1 of
(in millions of |
|
| UK&I | US | Total |
Total current | 6 | 24 | 152 | 18 | 200 |
- Catastrophe losses in the UK&I segment were driven by two severe windstorms in October, Storms Ciaran and Babet.
- In
Canada and the US, catastrophe losses were both weather and non-weather related.
In addition, catastrophe losses of $65 million (pre-tax and net of reinsurance) related to the two October windstorms were incurred in our
1 For details on our catastrophe loss expectations, definition and disclosure policy, please refer to Section 11 in our Management's Discussion and Analysis for the year ended |
2 None of the catastrophe events in the quarter met the threshold for reinsurance under IFC's catastrophe reinsurance treaties. |
3 NOIPS is a non-GAAP ratio, which does not have a standardized meaning prescribed by GAAP and may not be comparable to similar measures used by other companies in our industry. It is calculated by dividing net operating income attributable to common shareholders, divided by the weighted-average number of common shares outstanding on a daily basis during a specific period. Net operating income attributable to common shareholders is a non-GAAP measure which represents the net income attributable to shareholders, excluding the after-tax impact of non-operating results, net of net income (loss) attributable to non-controlling interests (non-operating component), preferred share dividends and other equity distributions. See Non-GAAP measures at the end of this press release. |
In
In the
In the
Certain statements made in this press release are forward-looking statements. These statements include, without limitation, statements relating 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. Unless otherwise indicated, all forward-looking statements in this press release are made as of the date hereof and subject to change.
Forward-looking statements are based on estimates and assumptions made by management based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. In the case of estimated claims and losses, due to the preliminary nature of the information available to prepare estimates, future estimates and the actual amount and categorization of claims and losses associated with events described above may be materially different from current estimates.
All of the forward-looking statements included in this press release are qualified by these cautionary statements and those made in the "Risk Management" sections of the Company's Q3-2023 Management's Discussion and Analysis (Sections 17-18), and the Company's Management's Discussion and Analysis for the year ended
The Company uses both GAAP and certain non-GAAP measures to assess performance.
Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by GAAP and may not be comparable to similar measures used by other companies. They are used by management to assess the Company's performance.
Supplementary financial measures, non-GAAP financial measures and non-GAAP ratios used in this Press Release and the Company's financial reports include NOIPS, operating ROE, BVPS, combined ratio, claims ratio, expense ratio, GWP, DPW, and adjusted debt-to-total capital ratio.
For more information about these supplementary financial measures, Non-GAAP financial measures and non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 19 – Non-GAAP and other financial measures in the Company's Q3-2023 Management's Discussion and Analysis dated
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