Vector Intermediaries Inc. is reporting improved results for the year ended Dec. 31, 2000. The insurance brokerage distributes insurance products and services through various channels, including the Internet.

Vector’s consolidated revenue for the year 2000 was $12,920,835 compared to $14,250,926 for 1999. EBITA improved slightly from $359,552 for 1999 to $408,103 in 2000. The 1999 net loss of $4,365,152 or $0.64 per share was also improved slightly to a loss of $4,045,054 or $0.35 per share. Included in the 2000 loss is an additional write-down of goodwill in the amount of $1,090,218 in respect to the closure of the Save Smart stores and the sale of the Ottawa office.

The 2000 results do not completely reflect the progress made by Vector after the planned merger with Canada Brokerlink Inc. was terminated. As reported earlier, the Save-Smart stores were closed or sold and the integration of the branch system will be essentially completed with the sale of the Ottawa office scheduled for May 2001.

However, the underwriting losses incurred by the insurance industry at large also led to a sharp reduction in contingent commissions earned by Vector in 2000. The company says contingent commissions are dependent on loss ratios and are difficult to predict. Vector’s results were consistent with the rapidly rising loss ratios experienced by many of insurers..

Premiums have recently begun to increase in both personal and commercial lines. The increases, which seem to be reaching annual averages in double digits, are a reaction by the insurance industry to their soaring underwriting losses. As a result, management is optimistic that revenue will be higher in 2001.