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Co-operators hit hard in Q3

Higher auto-accident claims in the Toronto area and storms in both the East and West of Canada contributed to an $11.5-million loss for Co-operators General Insurance Co. in the third quarter.

Higher auto-accident claims in the Toronto area and storms in both the East and West of Canada contributed to an $11.5-million loss for Co-operators General Insurance Co. in the third quarter.

The Guelph, Ont.-based firm reported a loss per share of 74 cents for the quarter compared to a loss of $16.1 million or $1.01 in the same period of 2009.

The privately-held insurance company said much of the loss was attributable to a deterioration in the auto loss ratio in the Greater Toronto Area and storm losses in Alberta and Newfoundland. Also affecting its profitability was a market yield adjustment that increased claims expense by $6.1 million — compared to $15.6 million booked in the same period a year ago — caused by lower yields on the company’s bond and mortgage portfolios.

Co-operators is owned by 47 Canadian co-operatives and has assets of more than $5.2 billion.

 
 
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