The Co-operators reports profits of $30.3 million for 2007 Q3

The Co-operators General Insurance Company reported profits of Cdn$30.3 million for 2007 Q3, compared to Cdn$18 million for 2006 Q3.
The improvement was due to stronger underwriting performance, according to The Co-Operators.
Gross written premium increased 4.1% to Cdn$571.9 million in 2007 Q3, compared to Cdn$549.3 million in 2006 Q3. The increase is primarily due to growth in the auto and home lines of business in western Canada, according to a release.
The combined ratio of claims and operating expenses was 99.9%, compared to 106.5% in 2006 Q3, due to improved prior accident year claims development and the release of related reserves partially offset by storm losses in western Canada, the reported noted.
We are pleased with our results this quarter, which have improved significantly over the same period last year, reflecting continued positive auto claims development from prior accident years, Kathy Bardswick, president and CEO of The Co-operators, said in a statement. Our combined ratio at 99.9%, continues to improve toward our target rage of 95-99% and our capital position remains very strong with a minimum capital test ratio of 243%.