Alberta insurers post mixed Q1 results

A group of six Alberta incorporated property and casualty companies reported a net income of $13 million in 2011 Q1, marking a slight decrease from the $14.9 million reported in 2010 Q1, according to filings posted by Alberta’s Superintendent of Insurance.The figures include results from the:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance Company;•Millennium Insurance Company;•Peace Hills Insurance Company; and •Trans Global Insurance Company.None of the insurers listed above posted a net loss during the quarter (last year, Canadian Farm Insurance Company was the only one to post a net loss during Q1).On a consolidated basis, the group of insurers saw their underwriting income tumble from $14.3 million in 2010 Q1 to $4.9 million in 2011 Q1. Alberta Motor Insurance Company was the only insurer to post a decrease in net income during the quarter – from $6.6 million in 2010 Q1 to $2.95 million in 2011 Q1.Peace Hills Insurance Company nearly halved its underwriting income – from $4.1 million in 2010 Q1 to $2.5 million in 2011 Q1. Canadian Farm Insurance Company saw gains in its underwriting income, turning its underwriting loss of $190,000 in 2010 Q1 to an underwriting income of $204,000 in 2011 Q1. Likewise, Trans Global Insurance Company also increased its underwriting income from $163,000 in 2010 Q1 to $403,000 in 2011 Q1.