The Co-operators reports dramatic improvement in Q1 net income

Co-operators General Insurance Company reported a profit of $31.8 million for 2010 Q1, an improvement over its 2009 Q1 net loss of $6.4 million.
“Thanks in part to mild winter weather throughout the country and an improved investment environment, we have started 2010 with a much better three months than we experienced at the start of last year,” The Co-Operators president and CEO Kathy Bardswick said in a release.
Net claims and adjustment expenses decreased 8.9% compared to 2009 Q1 and investment gains increased by $8.4 million in the quarter, she added.
The insurer’s combined ratio improved from 110.5% in 2009 Q1 to 100.5% in 2010 Q1.
Gross written premium decreased from $466 million in 2009 Q1 to $457.3 million in 2010 Q1.