GUELPH, Ont. – Co-operators General Insurance Company (TSX:CCS.PR.C) reported a $37.9-million loss in its latest quarter due to a massive freak flood in Toronto last July.
The Guelph, Ont.,-based firm said Thursday that the loss compared with a profit of $12.6 million in the same three-month period ended Sept. 30, a year earlier.
The loss amounted to $2.02 per common share for the third quarter versus a profit of 46 cents in the same quarter of 2012.
The company said it lost around $47.9 million before taxes as a result of the Toronto flood, even after collecting reinsurance.
The company’s direct written premiums, which indicate the amount of premiums collected before deducting premiums sent to reinsurers, grew by 5.9 per cent, or $32.9 million, to $594.3 million.
“The heavy rains and flooding in the Greater Toronto Area, which were the most costly natural disaster in Ontario’s history, had a very significant impact on our financial results this quarter,” said president and CEO Kathy Bardswick.
“Despite the recent weather-related challenges we’ve faced, the organization’s financial strength is solid,” Bardswick added. “Our capital position remains strong, and we were pleased with the growth we achieved in the auto, home and commercial lines of business across the country.”