Favourable weather gave Co-operators General Insurance an extra boost in the fourth quarter, and helped the privately-held insurance company deliver a fourth-quarter profit.
The Guelph, Ontario-based firm reported that it quarterly profit was $82.6 million, or $3.86 per share, an increase from a year-ago net loss of $14.3 million or 87 cents per share.
In a news release, president and CEO Kathy Bardswick said the results were positively impacted by favourable weather conditions and claims development in the fourth quarter and the positive Supreme Court of Canada decision on the Alberta minor injury cap legislation.
She added that the company experienced premium growth across all product lines and all regions. Co-operators said full-year profits were $74 million compared to $52.8 million in 2008. The results were worth or $3.02 per share versus or $2.21 a share a year earlier. The firm said it’s still facing challenges from higher losses filed for home insurance, and persistently higher auto accident claims in the Toronto area.