Toronto-based specialty insurer Goran Capital (OTCBB:GNCNF, TSE:GNC) is reporting a net loss for the first quarter ending March 31, 2002. The loss of $5.97 million is actually an improvement over last year’s loss of $9.55 million for the same period. This translates to a loss of $1.11 per share, as opposed to a loss of $1.65 per share in the first quarter of 2001. Before taxes and distributions on preferred shares, this works out to a net loss of $4.01 million for the quarter this year, or $0.74 per share, versus a loss of $6.55 million or $1.13 in the same period last year. “The nonstandard automobile insurance business is price sensitive and rates were decreasing the past several years as competitors moved to protect or increase their market share. During 2001, however, competitors aggressively raised rates in an effort to improve underwriting results,” the company reported in its 2001 yearend results. GORAN is the parent company of Pafco Insurance Company and Granite Insurance Company in Canada, as well as several U.S.-based insurance and Granite Reinsurance Company Ltd. of Barbados.