Co-operators General Insurance Company is reporting a loss for the fourth quarter ended December 31, 2001.

The company reported the consolidated after-tax net loss for the quarter was $2.6 million, compared to the $17.3 million earned during the same period in 2000.

Gross written premium in the fourth quarter increased 18.8% to $418 million compared to the $352 million recorded during the fourth quarter of 2000.

The claims ratio for the quarter was 80.7%, compared to 68.0% during the comparable period last year. The combined ratio of claims and operating expenses was 110.7%, compared to 101.8% for the fourth quarter of 2000.

On a year-to-date basis, gross written premium of $1.6 billion marked an increase over last year of 9.9%. The after-tax loss for 2001 was $10.8 million, compared to an after-tax income of $31.7 million for the twelve months ended December 31, 2000. Investment income at $142.3 million was a decrease from the $157.4 million in 2000.

The loss per common share was 27¢ for the fourth quarter compared to earnings of 71¢ for the same period last year. Year-to-date, the loss per common share was 97¢ compared to earnings of $1.13 for the twelve-month period ended December 31.

“This has been a disappointing year, not only for Co-operators General but for the entire property and casualty industry. While significant rate increases have been implemented, the high cost of serious personal injury claims continues unabated,” stated Terry Squire, President and Chief Executive Officer. He added, “We are cautiously optimistic about our earnings prospects as a new year begins.”