Co-operators General Insurance Co. is reporting improved results for the quarter ended September 30.

The property and casualty insurer earned consolidated after-tax net income of $267,000, compared to a loss of $3.3 million sustained during the same period in 2000.

Gross written premium in the third quarter increased 10.9% to $444 million, compared to $401 million in the second quarter of 2000.

The claims ratio for the quarter was 86.4%, compared to 85.0% during the comparable period last year. The combined ratio of claims and operating expenses was 112.7%, compared to 115.1% for the third quarter of 2000.

Gross written premium on a year-to-date basis was $1.2 billion, reflecting an increase of 7.1% over last year. Net earned premium growth was 7.5% above the previous year. A net loss of $8.2 million was recorded for the nine months ended September 30, 2001, compared to net income of $14.4 million for the comparable nine month period in 2000. Investment income at $103.4 million decreased 10.5% from the $115.5 million reported for 2000.

The loss per common share was 6¢ for the third quarter compared to 24¢ for the same period last year. The year-to-date loss per common share was 70¢, compared to earnings of 42¢ for the nine month period ended September 30, 2000.

“Premium rate increases are starting to take effect and should improve year end results,” stated Terry Squire, The Co-operators president and CEO. He added, “The weak investment markets continue to limit the opportunity for improvement in investment returns”.