Co-operators reports Q3 net loss of $11.5 million

Co-operators General Insurance Company reported a net loss of $11.5 million in 2010 Q3, marking an improvement over 2009 Q3’s net loss of $16.1 million.
The company’s combined ratio remained flat quarter-over-quarter, increasing slightly from 113.2% in 2009 Q3 to 113.4% in 2010 Q3.
The loss ratio in 2010 Q3 was 80.3%, a slight deterioration from 2009 Q3’s 79.3%.
Gross written premium in 2010 Q3 increased by 1.8% – to $612.8 million, compared to $601.9 million in 2009 Q3.
“We continued to face a very challenging auto insurance market in the Greater Toronto Area during the third quarter,” said Kathy Bardswick, president and CEO of Co-operators General Insurance Company. “In addition, our results were impacted by severe storms, particularly hail storms in Western Canada and Hurricane Igor in Newfoundland and Labrador.”