Co-operators General Insurance Company has announced preliminary results today for the first quarter of 2001. Its final figures are to be disclosed May 30th.

“Like most of the rest of the Canadian property and casualty insurance industry, we are seeing a sharp reduction in earnings resulting from higher losses in claims,” says president and CEO Terry Squire. “Our controllable expenses are on target, and we have put in place an action plan we are confident will lead to improved results.”

“However, we incurred roughly four times the number of catastrophic personal injury claims we would normally see in the first quarter, and that combined with the overall increase in general and weather-related claims has impacted directly on our bottom line,” says Squire.

For the first quarter, Co-operators General expects a loss ratio of above 90% and a combined ratio of over 120%, leading to an after-tax loss of between $18 and $22 million. Finalized first quarter results at the end of May will include a complete management discussion and analysis, in accordance with new Ontario disclosure requirements for publicly traded companies.