../Morning Post
Posted November 2, 2009
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Co-operators General Insurance Company reports 2009 third quarter results

GUELPH - Co-operators General Insurance Company announced its consolidated financial results for the three months ended September 30, 2009. For the third quarter, Co-operators General reported a consolidated net loss of $16.1 million, compared to net income of $22.2 million for the same quarter in 2008. Earnings (loss) per common share were ($1.01) for the third quarter compared to $1.05 for the same period last year. On a year-to-date basis, the net loss was $8.7 million (2008 - net income of $67.2 million) and earnings (loss) per common share were ($0.85) (2008 - $3.08)

"Our results were impacted by a large number of severe summer storms throughout the country, which contributed to additional claims and adjustment expenses in the third quarter compared to last year. The industry also continues to experience increasing costs related to accident benefit auto claims in Ontario," said Kathy Bardswick, President and CEO of The Co-operators. "We are pleased to be sustaining growth in net earned premium across all our core product lines in every region of the country during the economic downturn. Our capital levels remain strong, and our solid financial footing positions the company well for the future."

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