Alberta insurers report improvement in Q3 results

Alberta-incorporated property and casualty insurers continued to see improved results during the first three quarters of 2010, with consolidated net income increasing $10.25 million to $42.9 million over the same period of 2009.
The figures reflect results reported by:

• Alberta Motor Insurance Company;
• Canadian Farm Insurance Company;
• Fortress Insurance Company;
• Mennonite Insurance Company;
• Millennium Insurance Company;
• Peace Hills Insurance Company; and
• Trans Globe Insurance Company.

Consolidated underwriting income also increased, from $23.8 million in the first nine months of 2009 to $29.7 million in the same period of 2010.
Peace Hills Insurance Company showed the strongest growth year-over-year with its net income increasing from $916,000 at the end of 2009 Q3, to $7.5 million by the end of Q3 in 2010. The insurer’s underwriting results also showed significant improvement, from an underwriting loss of $867,000 in the first nine months of 2009 to an underwriting income of $5.6 million.