Slight gains for The Co-operators P&C arm
2010 a year of growth, says Bardswick.
April 18, 2011
The group’s net income rose by 30%, capping a year of challenges for the company’s P&C arm. Its annual report notes “substantial deterioration in Ontario auto results” along with major weather events during the year that almost doubled its weather-related claims costs in four years. Both gross written premiums and net income went up slightly for the Co-operators General Insurance Company, with GWP rising to $2,287 million, and net income for the year increasing to $80.7 million, up from $74 million in 2009.
The Co-operators General ended the year with a combined ratio of 103.1.
Company president and CEO Kathy Bardswick noted key growth on the P&C side, following the acquisition of several agencies in Quebec and continued growth of its agency distribution network in British Columbia through the 2009 acquisition of VanCity Insurance Services Ltd. and WestCU Insurance Services Ltd
Going forward, “we see an organization on a solid footing, focused and well positioned to build upon our successes in the years and decades ahead,” Bardswick said in a company statement.
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