What’s New: In Brief (May 09, 2008)

Western Financial Group (TSX: WES) reported a 12.1% decrease in its Q1 operating income, from Cdn$4.38 million in 2007 to Cdn$3.85 million in 2008.
In a consolidated statement of income, it reported an increased in premium income from Cdn$6.25 million in 2007 Q1 to Cdn$7.161 million in 2008 Q1.
“We have an encouraging start to 2008,” said Scott Tannas, Western’s CEO.
“The Bank and Western Life are strong contributors and the network saw a 13% revenue increase. Net income is down over 2007 Q1 because of additional network expenses that will normalize over the year.”

A.M. Best Company has affirmed the financial strength rating of A (Excellent) of Travelers Guarantee Company of Canada.
The positive rating stems from the company’s “favourable underwriting results and steady stream of investment income,” an A.M. Best release says.
“Pre-tax operating returns on revenue and equity have increased, underwriting leverage measures have declined and overall risk adjusted capitalization has improved.”
Partially offsetting these positive rating factors are increased competition in contract surety, commercial surety and corporate management liability, the release adds.