Co-operators General Insurance Co. on Thursday reported a wider loss for the first quarter ended March 31.
The insurer said its consolidated after-tax net loss was $5.9 million, compared to the $2.2 million loss during the same period in 2002. The loss per common share was 36¢ for the first quarter, compared to the loss of 18¢ for the same period a year ago.
Gross written premiums in the first quarter increased 12.4% to $378 million, compared to $336 million in the first quarter of 2002. The claims ratio for the first quarter was 82.4% up slightly from the 82% reported for the comparable period last year.
The company said the claims ratio increase was offset by an improved expense ratio. As a result, the combined ratio of claims and operating expenses was the same as the first quarter of 2002 at 112.5%.
“We expected the first quarter of 2003 to produce similar results to those experienced in the first quarter of 2002. The more severe winter did have a slightly more negative impact in some areas than anticipated but the increasing severity of personal injury claims were just as we expected,” said president and CEO Kathy Bardswick, in a statement. “We are well positioned for a return to profitability in the second quarter as rate increases introduced in 2002 and continuing in 2003 begin to outpace the increasing claims severity,” she added.