Canadian Direct announces record quarterly profit in 2010 Q1

Canadian Western Bank Group, which owns Canadian Direct Insurance Incorporated (Canadian Direct), a subsidiary that provides personal auto and home insurance to customers in B.C. and Alberta, reported a record quarterly profit in 2010 Q1.Canadian Direct Insurance Incorporated (Canadian Direct) started the year with record net income of $3.3 million, up $2.5 million compared to a year earlier, Canadian Western Bank Group noted in a release. The quarterly profit reflected “a positive $1.9-million, before-tax contribution from the Alberta risk-sharing pools” and “solid results in the home lines of business that reflect improved pricing and favourable weather conditions.”The risk-sharing pools’ results included a $1.5-million, before-tax decrease in unpaid claims reserves as a result of a December 2009 decision by the Supreme Court of Canada.The Supreme Court denied leave to appeal Alberta’s cap on minor injuries suffered in an automobile accident.