The UK&I segment was the clear pressure point. Its combined ratio of 112.0% deteriorated 19.1 points year on year, incorporating a 15-point impact from elevated catastrophe and large losses. Operating DPW fell 1%, as solid new business and retention were more than offset by the impacts of combining the RSA and Direct Line Group brokered commercial lines portfolios under one brand. UK&I operating DPW for the quarter was CA$1.332 billion. For context, Intact acquired RSA’s Canadian, UK and Irish operations in June 2021 in a joint transaction with Tryg, and subsequently absorbed Direct Line’s commercial brokered portfolio – these two legacy books are now being consolidated under a single brand, a process whose short-term friction is visible in this quarter’s numbers.
Intact weathers a costly catastrophe quarter without losing its grip on returns
