GUELPH, Ont. – Co-operators General Insurance Company (TSX:CCS.PR.C) fell from a second-quarter profit to a loss largely due to costs incurred due to widespread flooding in Alberta last month.
The Guelph, Ont.,-based firm reported a net loss of $5.9 million or 56 cents per share during the quarter.
That’s down from a profit of $64.4 million or $2.91 per share during the same period last year.
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The company said it lost around $77 million before taxes as a result of the Alberta floods, even after collecting reinsurance.
The company’s direct written premiums, which indicates the amount of premiums collected before deducting premiums sent to reinsurers, grew by 4.3 per cent, or $25.1 million, to $612.5 million.
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“Our financial results reflect the challenges we faced during the second quarter, most significantly the estimated $77 million loss resulting from the catastrophic events in Alberta,” said president and chief executive Kathy Bardswick.
“Although our loss ratios deteriorated in all lines of business compared to the same period last year, the underlying strength of the company continues. We remain very well capitalized, and achieved net earned premium growth in all core lines of business during the quarter.”
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