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Transat a.t. inc. reports results for the second quarter of fiscal 2024.

Sustained Demand in a More Challenging Environment

Second-quarter highlights:

Revenues of $973.2 million , up 11.8% from $870.1 million last year

Adjusted EBITDA 1 of $37.6 million , compared to $56.1 million last year

Net loss of $54.4 million ( $1.40 per share), versus $29.2 million ( $0.76 per share) last year

Positive free cash flow 1 of $109.8 million , compared to $154.2 million last year

Early repayment of $36.3 million subordinated debt which was due on April 29, 2025

Customer deposits for future travel of $896.9 million , up 3% from April 30, 2023

MONTREAL , June 6, 2024 /CNW/ - Transat A.T. Inc., a leisure travel reference worldwide, operating as an air carrier under the Air Transat brand, announced today its results for the second quarter ended April 30, 2024 .

"Transat delivered double-digit revenue growth for a second consecutive quarter on the strength of increased customer traffic. On the profitability side, adjusted EBITDA declined to $38 million in the second quarter due to well-documented industry-wide and company-specific issues," said Annick Guérard, President and Chief Executive Officer of Transat.

"We are fully prepared from an operational standpoint for the summer season. As such, we recently completed the process of bringing in-house passenger and ramp services at Montreal-Trudeau International Airport to enhance the customer journey. Additionally, with the launch of phase one of our commercial joint venture with Porter announced yesterday, we will benefit from additional leverage to optimize our partnership. Finally, in the coming weeks, we will complete the reception of seven aircraft, including four A321LRs that represent the cornerstone of Transat's fleet and growth strategy," added Ms. Guérard.

"We diligently continued to deleverage our balance sheet in the second quarter, reimbursing subordinated debt of $36 million and raising total loan repayments to approximately $110 million in the last three quarters. We also extended the maturity of the secured debt from April 2025 to February 2026 to provide Transat with added flexibility to secure a refinancing agreement," added Jean-François Pruneau, Chief Financial Officer of Transat.

Second-quarter results 

For the three-month period ended April 30, 2024 , revenues reached $973 .2 million, up 11.8% from $870 .1 million in the corresponding period a year ago. The increase reflects sustained demand for leisure travel driven by a 12% increase in traffic expressed in revenue-passenger-miles (RPM). However, this increase was reined in by intensified competition, inefficiencies resulting from Pratt & Whitney GTF 2 engine issue affecting revenue management, consequences of union strike threats, and the economic slowdown, which put downward pressure on airline unit revenues (yield), resulting in a 7.5% decline. Company-wide capacity was up 13% from last year.

Adjusted EBITDA 1 stood at $37.6 million , compared with $56 .1 million a year ago. In addition to lower yields, the variation is mainly due to higher operating expenses associated with capacity expansion and expenses caused by the Pratt & Whitney GTF 2 engine issue, including additional temporary aircraft leasing during the quarter to replace grounded aircraft. These factors were partially offset by lower fuel expenses reflecting a price decline of 11% compared to last year.

Six-month results

For the six-month period ended April 30, 2024 , revenues reached $1,758.7 million , up 14.4% from $1,537.6 million in the corresponding period a year ago. For the six-month period, across the entire network, the capacity offered increased by 19% compared with 2023, while the capacity for south destinations, the main program during this period, increased by 20%. Overall, traffic was 16% higher than for the corresponding period of 2023.

For the six-month period, adjusted EBITDA 1 stood at $29.0 million , compared with $59.5 million a year ago. The decline is mainly explained by the same factors provided for the three-month period.

Cash flow and financial position

Cash flow from operating activities amounted to $183 .2 million during the second quarter of 2024, compared with $190 .6 million for the same period last year, due to a decrease in operating income this year and to a decrease in the net change in the provision for return conditions, partially offset by higher liquidity generated by net change in non-cash working capital balances as well as other assets and liabilities. After accounting for investing activities and repayment of lease liabilities, free cash flow 1 reached $109.8 million during the quarter, versus $154.2 million a year earlier.

As at April 30, 2024 , cash and cash equivalents amounted to $528.9 million , compared to $623.6 million at the same date in 2023 and $435.6 million as at October 31, 2023 . Cash and cash equivalents in trust or otherwise reserved mainly resulting from travel package bookings remained relatively stable year-over-year reaching $263.6 million as at April 30, 2024 , compared with $262.2 million at the same date in 2023.

Reflecting sound demand, customer deposits for future travel stood at $896.9 million as at April 30, 2024 , up 3% from April 30, 2023 .

During the quarter, the Corporation renegotiated its LEEFF secured credit facility with a principal amount of $41.4 million , as well as its revolving credit facility of $50.0 million , extending their maturity from April 2025 to February 2026 . During the six-month period ended April 30, 2024 , the Corporation early repaid its subordinated credit facility for its operations that was due to mature on April 29, 2025 . The repayment totalled $46.0 million . Following this repayment, long-term debt and deferred government grant, net of cash, amounted to $252.1 million as at April 30, 2024 , down from $380.1 million as at October 31, 2023 .

Key indicators

To date, load factors for the summer period, which consists of the third and fourth quarters, are 2.1 percentage points lower compared to the same date in fiscal 2023, while airline unit revenues, expressed as yield, are 8.0% lower than they were at this time last year.

Reflecting market conditions and aircraft availability, the Corporation made a slight adjustment to its fiscal 2024 capacity expansion plans, which now stands at 11%, versus 13% previously.

Conference call

Second-quarter 2024 conference call: Thursday, June 6 , 10:00 a.m. To join the conference call without operator assistance, you may register and enter your phone number here to receive an instant automated call back.

You can also dial direct to be entered into the call by an operator: Montreal : 514-225-7344 North America (toll-free): 1-888-390-0620 Name of conference: Transat The conference will also be accessible live via webcast: click here to register .

An audio replay will be available until June 13, 2024 , by dialing 1 888 390-0541 (toll-free in North America ), access code 110355 followed by the pound key (#). The webcast will remain available for three months following the call.

Third-quarter 2024 results will be announced on September 12, 2024 .

(1) Non-IFRS financial measures

Transat prepares its financial statements in accordance with International Financial Reporting Standards ["IFRS"]. We will occasionally refer to non-IFRS financial measures in the news release. These non-IFRS financial measures do not have any meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. They are intended to provide additional information and should not be considered as a substitute for measures of performance prepared in accordance with IFRS. All dollar figures are in Canadian dollars unless otherwise indicated.

The following are non-IFRS financial measures used by management as indicators to evaluate ongoing and recurring operational performance.

Adjusted operating income (loss) or adjusted EBITDA:  Operating income (loss) before depreciation, amortization and asset impairment expense, reversal of impairment of the investment in a joint venture, restructuring and transaction costs and other significant unusual items, and including premiums related to derivatives that matured during the period. The Corporation uses this measure to assess the operational performance of its activities before the aforementioned items to ensure better comparability of financial results.

Adjusted pre-tax income (loss) or adjusted EBT: Income (loss) before income tax expense before change in fair value of derivatives, revaluation of liability related to warrants, gain (loss) on long-term debt modification, gain (loss) on business disposals, gain on disposal of investment, gain (loss) on asset disposals, restructuring and transaction costs, write-off of assets, reversal of impairment of the investment in a joint venture, foreign exchange gain (loss) and other significant unusual items, and including premiums related to derivatives that matured during the period. The Corporation uses this measure to assess the financial performance of its activities before the aforementioned items to ensure better comparability of financial results.

Adjusted net income (loss):  Net income (loss) before change in fair value of derivatives, revaluation of liability related to warrants, gain (loss) on long-term debt modification, gain (loss) on business disposals, gain on disposal of investment, gain (loss) on asset disposals, restructuring and transaction costs, write-off of assets, reversal of impairment of the investment in a joint venture, foreign exchange gain (loss), reduction in the carrying amount of deferred tax assets and other significant unusual items, and including premiums related to derivatives that matured during the period, net of related taxes. The Corporation uses this measure to assess the financial performance of its activities before the aforementioned items to ensure better comparability of financial results. Adjusted net income (loss) is also used in calculating the variable compensation of employees and senior executives.

Adjusted net earnings (loss) per share: Adjusted net income (loss) divided by the adjusted weighted average number of outstanding shares used in computing diluted earnings (loss) per share.

Free cash flow : Cash flows related to operating activities less cash flows related to investing activities and repayment of lease liabilities. The Corporation uses this measure to assess the cash that's available to be distributed in a discretionary way such as repayment of long-term debt or deferred government grant or distribution of dividend to shareholders.

Total debt : Long-term debt plus lease liabilities, deferred government grant and liability related to warrants, net of deferred financing costs related to the unsecured debt - LEEFF. Management uses total debt to assess the Corporation's debt level, future cash needs and financial leverage ratio. Management believes this measure is useful in assessing the Corporation's capacity to meet its current and future financial obligations.

Total net debt :Total debt (described above) less cash and cash equivalents. Total net debt is used to assess the cash position relative to the Corporation's debt level. Management believes this measure is useful in assessing the Corporation's capacity to meet its current and future financial obligations.

Additional Information

The results were affected by non-operating items, as summarized in the following table:

Highlights and non-IFRS financial measures

About Transat

Founded in Montreal 36 years ago, Transat has achieved worldwide recognition as a provider of leisure travel particularly as an airline under the Air Transat brand. Voted World's Best Leisure Airline by passengers at the 2023 Skytrax World Airline Awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Transat has been Travelife-certified since 2018. (TSX: TRZ) www.transat.com

Caution regarding forward-looking statements

This news release contains certain forward-looking statements with respect to the Corporation, including those regarding its results, its financial position and its outlook for the future. These forward-looking statements are identified by the use of terms and phrases such as "anticipate" "believe" "could" "estimate" "expect" "intend" "may" "plan" "potential" "predict" "project" "will" "would", the negative of these terms and similar terminology, including references to assumptions. All such statements are made pursuant to applicable Canadian securities legislation. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements.

The forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, economic conditions, changes in demand due to the seasonal nature of the business, extreme weather conditions, climatic or geological disasters, war, political instability, real or perceived terrorism, outbreaks of epidemics or disease, consumer preferences and consumer habits, consumers' perceptions of the safety of destination services and aviation safety, demographic trends, disruptions to the air traffic control system, the cost of protective, safety and environmental measures, competition, maintain and grow its reputation and brand, the availability of funding in the future, the Corporation's ability to repay its debt, the Corporation's ability to adequately mitigate the Pratt & Whitney GTF engine issues, fluctuations in fuel prices and exchange rates and interest rates, the Corporation's dependence on key suppliers, the availability and fluctuation of costs related to our aircraft, information technology and telecommunications, cybersecurity risks, changes in legislation, regulatory developments or procedures, pending litigation and third-party lawsuits, the ability to reduce operating costs, the Corporation's ability to attract and retain skilled resources, labour relations, collective bargaining and labour disputes, pension issues, maintaining insurance coverage at favourable levels and conditions and at an acceptable cost, and other risks detailed in the Risks and Uncertainties section of the MD&A included in our 2023 Annual Report.

The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect any of the Corporation's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements.

The forward-looking statements in this news release are based on a number of assumptions relating to economic and market conditions as well as the Corporation's operations, financial position and transactions. Examples of such forward-looking statements include, but are not limited to, statements concerning:

The outlook whereby the Corporation will be able to meet its obligations with cash on hand, cash flows from operations and drawdowns under existing credit facilities.

The outlook whereby the Corporation made a slight adjustment to its fiscal 2024 capacity expansion plans, which now stands at 11%, versus 13% previously.

In making these statements, the Corporation assumes, among other things, that the standards and measures for the health and safety of personnel and travellers imposed by government and airport authorities will be consistent with those currently in effect, that workers will continue to be available to the Corporation, its suppliers and the companies providing passenger services at the airports, that credit facilities and other terms of credit extended by its business partners will continue to be made available as in the past, that management will continue to manage changes in cash flows to fund working capital requirements for the full fiscal year and that fuel prices, exchange rates, selling prices and hotel and other costs remain stable, and the Corporation will be able to adequately mitigate the Pratt & Whitney GTF engine issues. If these assumptions prove incorrect, actual results and developments may differ materially from those contemplated by the forward-looking statements contained in this press release.

The Corporation considers that the assumptions on which these forward-looking statements are based are reasonable.

These statements reflect current expectations regarding future events and operating performance, speak only as of the date this news release is issued, and represent the Corporation's expectations as of that date. For additional information with respect to these and other factors, see the MD&A for the quarter ended April 30, 2024 filed with the Canadian securities commissions and available on SEDAR at www.sedarplus.ca . The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.

( www.transat.com )

Media site and image bank: transat.com/en-CA/corporate/media

SOURCE Transat A.T. Inc.

View original content: http://www.newswire.ca/en/releases/archive/June2024/06/c8782.html

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Transat A.T. Inc.

Ca89351t4019, leisure & recreation.

• Travel company Transat A.T. reports Q2 loss, revenue up from nearly 12% from year ago

MONTREAL — Transat A.T. Inc. reported a loss of $54.4 million in its latest quarter as its revenue rose nearly 12 per cent compared with a year ago.

The travel company says the loss for the quarter ended April 30 amounted to $1.40 per diluted share, compared with a loss of $29.2 million or 76 cents per diluted share a year earlier.

Revenue for what was the company's second quarter totalled $973.2 million , up from $870.1 million in the same quarter last year.

The parent company of Air Transat says the increase reflected sustained demand driven by a 12 per cent increase in traffic expressed in revenue-passenger-miles.

However, the company says it also faced intensified competition, inefficiencies resulting from an issue with the Pratt & Whitney GTF2 engine used by its aircraft, consequences of union strike threats and an economic slowdown.

On an adjusted basis, Transat says it lost $1.02 per share in its latest quarter compared with an adjusted loss of 21 cents per share a year earlier.

This report by The Canadian Press was first published June 6, 2024 .

Companies in this story: (TSX:TRZ)

© 2024 The Canadian Press. All rights reserved., source Canadian Press DataFile

Latest news about Transat A.T. Inc.

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Company Profile

Income statement evolution, ratings for transat a.t. inc., analysts' consensus, eps revisions, quarterly earnings - rate of surprise, sector guided tour operators.

• Stock Market
• News Transat A.T. Inc.

Union and engine woes push Transat to a loss as travel company curtails expansion

M ONTREAL — Transat A.T. Inc. felt the headwinds of stiff competition, engine recalls and the threat of a union strike last quarter, which together conspired to drain more money from the struggling tour operator.

Transat nearly doubled its losses to $54.4 million in the three months ended April 30 compared with the same period a year earlier. More cash departed its coffers despite a 12 per cent year-over-year boost in revenue, fuelled by an increase in passengers.

The losses stemmed partly from lower per-passenger revenue, as Transat's seat capacity grew more than its ridership.

It also resulted from "intensified competition" on routes to sun destinations and the drawn-out possibility of a work stoppage, the Montreal-based company said.

The airline's 2,100 flight attendants voted 99 per cent in favour of a strike mandate in November and twice rejected tentative deals before approving a new collective agreement in late February.

Chief executive Annick Guérard said in March that bookings fell after the right-to-strike vote and the two deal rejections, and shot up again following each announcement of a tentative agreement — "so overall a clear correlation."

Air Transat is also among the carriers facing serious knock-on effects from the recall of Pratt & Whitney turbofan jet engines for inspection and repair.

The cost of temporary plane leases prompted by those engine issues put further pressure on profit margins, the company said.

Last year, Pratt & Whitney parent RTX Corp. said it would recall about 3,000 engines because of a risk of cracking. Air Transat has grounded at least four jetliners as a result and leased several Airbus A330 wide-body aircraft to compensate — but the planes don't come cheap. Lease prices have surged due to curtailed production at Boeing Co. following the midflight blowout of a side panel on a 737 Max 9 in January.

Nonetheless, the arrival of the last of seven Airbus aircraft this summer — four from a previous order, plus the three A330s being converted to long-term leases — would help fill the gap left by the grounded planes.

Transat also launched on Wednesday the first phase of its joint venture with Porter Airlines that Guérard hopes will yield benefits via access to its partner's rapidly growing network in Canada and the United States.

The partnership allows the carriers to co-ordinate pricing and schedules along with revenue sharing, and builds on a year-old code-share agreement that enables airlines to sell one another’s flights to their own customers. While "optimistic" about the deal, Guérard told analysts on a conference call Thursday the deal will only yield incremental bookings for the time being.

Amid market pressures and fewer available planes, Transat said it would curb capacity growth to 11 per cent this year versus previous projections of 13 per cent, which in turn marked a cut from more ambitious expansion plans.

Transat A.T. Inc. reported second-quarter revenue of $973.2 million, up from $870.1 million in the same quarter last year.

On an adjusted basis, the travel company said it lost $1.02 per share in its latest quarter compared with an adjusted loss of 21 cents per share a year earlier. The result fell short of analysts' expectations of adjusted losses amounting to 81 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published June 6, 2024.

Companies in this story: (TSX:TRZ)

Christopher Reynolds, The Canadian Press

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Elektrostal, visit elektrostal, check elektrostal hotel availability, popular places to visit.

• Electrostal History and Art Museum

You can spend time exploring the galleries in Electrostal History and Art Museum in Elektrostal. Take in the museums while you're in the area.

• Cities near Elektrostal

• Places of interest
• Yuri Gagarin Cosmonaut Training Center
• Central Museum of the Air Forces at Monino
• Peter the Great Military Academy
• History of Russian Scarfs and Shawls Museum
• Ramenskii History and Art Museum
• Bykovo Manor
• Pekhorka Park
• Balashikha Arena
• Malenky Puppet Theater
• Drama Theatre BOOM
• Balashikha Museum of History and Local Lore
• Pavlovsky Posad Museum of Art and History
• Saturn Stadium
• Church of Vladimir
• Likino Dulevo Museum of Local Lore
• Orekhovo Zuevsky City Exhibition Hall
• Noginsk Museum and Exhibition Center
• Fairy Tale Children's Model Puppet Theater
• Fifth House Gallery
• Malakhovka Museum of History and Culture

What is group travel insurance?

• Coverage options
• Choosing the right plan

Purchasing and managing group policies

• Special considerations
• Final recommendations and tips

Group Travel Insurance: A Comprehensive Guide

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

• Group travel insurance is a single policy that covers groups of 10 or more. 
• Everyone in the group must have the same itinerary and travel to the same destination.
• Shop early and compare quotes to get the best deal. 

Whether preparing for a large family reunion in another state, booking a business trip with colleagues, or traveling with your college crew to a new country, you might consider group travel insurance. Group travel insurance provides financial protection for trips of 10 or more groups. But apart from the party size requirements, it functions the same as other travel insurance policies. 

Here's what you need to know about group travel insurance — how to determine if you need it, different options, and tips to secure the best deal. 

Group travel insurance is a single travel insurance policy that protects everyone on a trip. The policies are available for groups of 10 or more. Unlike other insurance policies that only cover one person or family travel insurance that only covers related travelers, group travel insurance can cover any group traveling together. You do not have to be related.

Group travel insurance policies usually offer comprehensive coverage, including standard protections against lost luggage, legal fees, medical emergencies, trip cancellations, and more. 

Key Benefits of Group Travel Insurance

Cost-effectiveness.

Group travel insurance may be cheaper than buying separate policies for each individual traveler. Insurance companies may provide discounts for insuring multiple people, as this lowers administrative overhead per person. This is similar to how auto insurers offer rate reductions for consumers who insure multiple people under one policy. 

It's worth noting that group travel insurance costs depend on the insurer and your trip details. Comparing quotes can help you find the best rates on the coverages you need.

You can find our guide on the best cheap travel insurance here.

Simplified management

Group travel insurance might make sense if everyone in your group has the same itinerary and travels to the same destination. The main perk of group travel insurance versus separate policies for each person is that it streamlines the purchasing process. You can buy one policy instead of multiple.

But to make it work, your group needs to be organized. This is especially true if group members intend to split the cost of the policy. It's crucial to communicate well with the people in your group and ensure everyone is on the same page. 

Coverage Options

Common coverage features.

Most group travel insurance policies offer comprehensive coverage, which usually covers common travel issues like cancellations and medical emergencies. 

Here's what comprehensive group travel insurance covers :

• Trip cancellation insurance: If you need to cancel your trip, this coverage reimburses you for the cost of travel. Each policy includes a list of cancellation reasons that are covered.
• Travel insurance for baggage: This covers the cost of stolen or missing luggage.
• Emergency medical evacuation insurance : Covers the cost of transportation from one location to another due to an emergency medical situation.
• Travel medical insurance: If you need medical care due to illness or injury while traveling, this part of the policy covers the cost. 
• Trip interruption travel insurance: If you have to cut your trip short due to an unforeseen emergency, this helps pay for travel plan changes. 
• Trip delay travel insurance: If there are delays to your flight or another aspect of your trip, this covers extra costs associated with the delay. It might include reimbursement for meals or hotel expenses. 

Additional coverage options

You can customize your travel insurance policy with coverage options at an additional premium. These add-ons can be helpful to provide adequate coverage for your group's specific needs. Some examples include:

• Adventure and sports coverage: For planned activities that involved increased risk (e.g., hiking, scuba diving, skiing, etc.) 
• Special events coverage: For cancellations, interruptions, or other losses that occur during planned events (e.g., weddings, corporate events, excursions, etc.)
• Equipment coverage: For damage, loss, or theft of equipment or gear brought on the trip (e.g., sports equipment, tech, etc.)
• Pre-existing condition waiver : For those with pre-existing conditions to receive travel medical coverage while traveling

Choosing the right group travel insurance

Assessing group needs.

Assessing your group's needs can help you choose the right group travel insurance. Some factors to consider include but aren't limited to the duration and destination of your trip, the type of travelers and their needs (including their ages and any pre-existing conditions), planned activities, and the group's budget.

Comparing insurance providers

Depending on the details of your trip, group travel insurance might be cheaper than purchasing individual policies for each traveler. But that is not always the case. As you shop for group travel insurance, there are steps you can take to ensure you get the best deal.

Get multiple quotes

It's smart to compare quotes from several providers. Multiple quotes allow you to compare coverage options and pricing. You can use a travel insurance comparison site like SquareMouth or TravelInsurance.com . Or you contact providers directly. Once you know the price range for protection, you can select the provider that seems like the best fit. 

The best time to buy travel insurance is right after you make your first trip deposit. Your policy kicks in right away, which is helpful if an event occurs that forces you to cancel your trip. Additionally, an early purchase can be necessary to qualify for certain riders, such as pre-existing condition coverage and CFAR travel insurance .

Application and enrollment process

You should be prepared to provide the following information about your group when fielding quotes from travel insurance companies. 

• Trip dates 
• Travelers' names and date of birth
• Destination 
• Initial trip deposit date 
• Cost of trip per traveler (prepaid and nonrefundable expenses)

Your insurance company may ask for additional information, such as pre-existing medical conditions and planned activities. 

Policy management and claims

The coverage you select applies to everyone in the group. Each group member can make individual claims, which is helpful if only one or two people need to make a claim. But if everyone is involved, the entire group can file claims. 

Special Considerations for Group Travel Insurance

Tailoring policies to group type.

It's important to tailor your insurance policy based on the type of group and the trip to ensure adequate protection. For example, if you're traveling with senior members, you want your policy's medical coverage to include pre-existing conditions. If your trip has physical or outdoor activities, adventure and sports coverage is additional protection worth considering. 

A travel insurance agent can help you identify which coverages are necessary for your group's trip and find a policy that works for your group's budget.

Handling diverse member needs

Handling the diverse needs of group members within a single policy requires careful attention to policy details, including coverage specifics and deductibles. Start by thoroughly reviewing the policy to understand the included coverages and associated deductibles. If certain coverages are unnecessary for your group, ask your insurer whether they can be removed to reduce costs. 

You may want to look for a policy with add-ons or customizable options. This allows you to tailor the coverage to meet the specific needs of different group members. Additionally, consider raising the deductible to lower the premium. However, ensure the deductible amount is affordable for all members in case a claim needs to be filed. This ensures your group has adequate protection while accommodating the diverse financial needs of the group.

Group travel insurance final recommendations and tips

Best practices for group leaders.

Before your trip, communicate insurance details like coverage inclusions, exclusions, deductibles, and how to file a claim with your group. It also helps to maintain policy documents in case an unexpected event arises. 

You and your group should also establish a contingency plan and save your insurance's emergency hotline contact number for medical emergencies, natural disasters, or other travel disruptions.

Resources for further information

For further information on group travel insurance, check out:

• Insurance companies' websites for information about coverage options, exclusions, and getting a quote. 
• Travel insurance comparison sites allow users to compare policies from multiple providers at once based on coverage, price, and other factors. Some examples of comparison websites include InsureMyTrip , Squaremouth, and VisitorsCoverage . 
• Travel agencies to help you book your trip and pick group travel insurance based on your itinerary. 
• Consumer review sites like Trustpilot and ConsumerAffairs to read first-hand testimonials by real users on their experience with a company. 

Group travel insurance FAQs

Group travel insurance typically requires a minimum of 10 travelers to qualify for group travel insurance, but this varies by provider.

Yes, many group travel insurance policies offer options for various activities specific to the group's needs and travel itinerary, such as adventure and sports, special events, and equipment coverage. 

Group travel insurance can be more cost-effective per person than individual policies, especially for larger groups. Compare quotes from various insurance providers to get the best deal on the coverages you need. 

If one member  of a group travel insurance plan has an issue, that member can file a claim with the travel insurance company individually. That's why it's important for every member to be familiar with the claims process in case an issue arises. 

A group leader should consider the group's specific needs, planned activities, destination-specific risks, and the group's budget when choosing a travel insurance policy. 

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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• Main content

Transat reports deeper loss as engine recall drives up costs

People look on as an Air Transat plane takes off in Montreal, Sunday, June 11, 2023. The airline’s share price traded around $3 on Thursday morning on the Toronto Stock exchange, down 21 per cent this year. Graham Hughes/The Canadian Press

Airline and tour operator Transat AT Inc. posted a deeper loss for the second quarter as an aircraft engine recall grounded part of its fleet and drove costs higher.

Montreal-based Transat, parent of Air Transat, blamed its second-quarter loss on the problems with Pratt and Whitney engines, tougher competition, union strike threats and an economic slowdown spurred by a broader affordability crisis. For the summer ahead, Transat has trimmed its capacity expansion by two percentage points to 11 per cent over last year. The load factor, a measure of how full a plane is, will drop by two percentage points, the company said, although it declined to provide a specific forecast.

“It is clear that this year is a challenging one for Transat,” said Annick Guérard, chief executive officer. “We are facing multiple external factors, some beyond our control.”

In the three months ended April 30, Transat lost $54-million, or $1.40 a share, compared with a loss of $29-million (76 cents a share) in the same quarter of 2023. Revenue rose by 12 per cent to $973-million, from a year ago. However, revenue measured per passenger-mile fell by 7.5 per cent.

Transat has 16 Airbus A321LRs – and another three due to enter service shortly – some of which are powered by the Pratt & Whitney PW1100G engine that has been recalled. Three of Transat’s A321s have been grounded recently, forcing the airline to lease three Airbus A330s to make up for lost capacity. Transat has an all-Airbus fleet of 43 planes and employs more than 5,000 people.

Transat said the costs of the new leases coupled with added capacity helped drive up operating expenses by 16 per cent or $137-million for the quarter. Ms. Guérard said on a conference call with analysts on Thursday that the Airbus groundings forced Transat to reduce flights to Los Angeles, San Francisco and parts of Europe.

Jean-François Pruneau, Transat’s chief financial officer, said the company is in compensation talks with Pratt and Whitney over the engine problems, which promoted a global recall.

Rival Air Canada said in May it was also seeking compensation from Connecticut-based Pratt and Whitney over the recall, which grounded seven of its Airbus A220s.

Employee salaries and benefits rose by 30 per cent amid a hiring spree to back Transat’s expansion plans. Fuel costs, Transat’s third-biggest expense, declined by 2 per cent to $150-million, from the same quarter in 2023.

James McGarragle, a stock analyst at Royal Bank of Canada, said Transat’s results came in below expectations.

The airline’s flight attendants accepted a new collective agreement in February, after rejecting two earlier offers, ending a strike threat that created uncertainty for passengers.

Transat said it renegotiated its emergency loan repayment from the federal government, extending the due date on $41-million by 10 months to February, 2026. Transat also received a credit facility worth $338-million from the government to support its operations during the pandemic. This amount bears interest of 8 per cent this year, and 10 per cent next year.

Mr. Pruneau said Transat is in talks with the government, its biggest creditor, and is confident they will agree on a plan that will work for the airline. Transat owes $646-million in long-term debt, and has reduced its total debt by $114-million since October. He said the Bank of Canada’s recent reduction in the overnight lending rate will provide some relief.

“That being said, there is no magic,” he said. “Free cash flow is the magic.”

Transat in May withdrew its margin forecast for the year, and said it was not likely to meet it. Transat cited the “downward pressure” on revenue because of the Pratt & Whitney engine groundings and fallout from union strike threats.

The airline’s share price was trading at less than $3 at mid-day on Thursday on the Toronto Stock Exchange, down more than 21 per cent this year.

Transat and Toronto’s Porter Airlines have begun a joint venture that allows customers to book direct or connecting flights with either company. The partnership, for flights starting on June 13, widens Transat’s reach in central Canada and the U.S., while giving Porter customers access to Europe and holiday destinations.

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Things to Do in Elektrostal, Russia - Elektrostal Attractions

Things to do in elektrostal.

• 5.0 of 5 bubbles
• 4.0 of 5 bubbles & up
• Good for a Rainy Day
• Good for Kids
• Good for Big Groups
• Adventurous
• Budget-friendly
• Hidden Gems
• Good for Couples
• Honeymoon spot
• Good for Adrenaline Seekers
• Things to do ranked using Tripadvisor data including reviews, ratings, photos, and popularity.

1. Electrostal History and Art Museum

2. Statue of Lenin

3. Park of Culture and Leisure

4. museum and exhibition center.

5. Museum of Labor Glory

7. Galereya Kino

8. viki cinema, 9. smokygrove.

10. Gandikap

11. papa lounge bar, 12. karaoke bar.