Alberta insurers report strong gains in 2010 Q1

Alberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.
The figures include:
•Alberta Motor Insurance Company;
•Canadian Farm Insurance Company;
•Fortress Insurance Company;
•Millennium Insurance Company;
•Peace Hills Insurance Company; and
•Trans Global Insurance Company.
Of the above insurers, Canadian Farm Insurance Company was the only one to post a net loss in the quarter (a loss of $129,000).
Peace Hills, on the other hand, showed the strongest turnaround quarter-over-quarter. It went from a net loss of $809,000 in 2009 Q1 to a net income of $3.3 million in 2010 Q1.
Underwriting income for the group of insurers also showed a massive improvement, from a $3.7-million underwriting loss in 2009 Q1 to an underwriting income of $14.3 million in 2010 Q1.
Once again, Peace Hills showed the strongest rebound – from an underwriting loss of $1.8 million in 2009 Q1 to a gain of $4.1 million in 2010 Q1.
Canadian Farm Insurance and Fortress Insurance Company were the only insurers in 2010 Q1 to post underwriting losses (losses of $190,000 and $197,000, respectively).