The UK&I segment was a clear pressure point. Its combined ratio of 112.0% declined 19.1 points year over year, including a 15-point impact from increased catastrophe and major losses. Operating DPW declined 1%, as solid new business and retention were offset by the impact of the combination of the commercial lines portfolio under one brand by RSA and Direct Line Group. UK&I’s DPW operations for the quarter were CA$1.332 billion. For context, Intact acquired RSA’s Canadian, UK and Irish operations in a joint transaction with Trigg in June 2021, and later 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 figures.
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