Alberta insurers report strong gains in 2010 Q1

Alberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.The figures include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance Company;•Millennium Insurance Company;•Peace Hills Insurance Company; and •Trans Global Insurance Company.Of the above insurers, Canadian Farm Insurance Company was the only one to post a net loss in the quarter (a loss of $129,000). Peace Hills, on the other hand, showed the strongest turnaround quarter-over-quarter. It went from a net loss of $809,000 in 2009 Q1 to a net income of $3.3 million in 2010 Q1.Underwriting income for the group of insurers also showed a massive improvement, from a $3.7-million underwriting loss in 2009 Q1 to an underwriting income of $14.3 million in 2010 Q1.Once again, Peace Hills showed the strongest rebound – from an underwriting loss of $1.8 million in 2009 Q1 to a gain of $4.1 million in 2010 Q1. Canadian Farm Insurance and Fortress Insurance Company were the only insurers in 2010 Q1 to post underwriting losses (losses of $190,000 and $197,000, respectively).