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Intact Says Sandy Has ‘Minimal’ Impact on Claims

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Oct. 30 (Bloomberg) -- Intact Financial Corp., Canada’s largest property and casualty insurer, said it’s had “minimal” claims from damage related to superstorm Sandy.

“The impact has been quite minimal,” Gilles Gratton, a spokesman, said today in an interview. “We have had a higher volume of calls.”

Parts of Ontario, Quebec and the Atlantic provinces were buffeted with high winds and rains from Hurricane Sandy, which hit southern New Jersey yesterday at about 8 p.m. New York time.

Intact, based in Toronto, would have exposure through its insurance business if the storm caused damage in Canada, RBC Capital Markets analyst Andre-Philippe Hardy said yesterday in a note. As many as 150,000 customers in Ontario were without power today after heavy winds and rains knocked out lines.

Bank of Montreal, which has a reinsurance business, also said the storm has had little impact on Canada’s fourth-biggest bank.

“Based on current estimates of insured industry claims related to Hurricane Sandy, we expect that any impact on BMO would be nominal,” said Paul Deegan, a spokesman for the Toronto-based bank.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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