Insurer Definity Financial Corporation has estimated it will take as much as a $29 million hit due to damages caused in Ontario and Québec by the severe storm on May 21st. 

The company says that works out to a negative impact of between $0.22 and $0.25 per share currently outstanding, net of taxes and reinsurance.

The full extent of the storm damage is still unfolding. 

“Our claims team is responding with on-the-ground support to help our customers and broker partners rebuild their communities and recover as quickly as possible”, Rowan Saunders, Definity’s President and Chief Executive Officer, said in a press release. 

Despite the hit to net income, Jaeme Gloyn, an analyst at National Bank, said it does not change his fundamental thesis on shares of the company. 

Gloyn maintained his outperform recommendation (the equivalent of a buy) on the stock and has a 12-month price target of $38.00 per share.