Goran 1-Q results reflect worsening claim development

Goran Capital Inc. (TSE: GNC), which through its various operating subsidiaries underwrites specialty auto business, reported a net loss of $6.1 million equal to 105c a share for the first three months of its 2001 financial year.
For the first six months of the current calendar year, the company came home with a loss of $15.6 million, or 271c a share. For the first six months of last year, Goran reported a net loss of $8.7 million, amounting to 149c a share. The company has since taken steps to increase premium rates and is looking to exit what it believes are unprofitable markets. An operating cost reduction program has also been initiated, the company says.