Canadian Direct Insurance reports Q2 earnings of CD$1.6 million

Canadian Western Bank (CWB on TSX) has announced a 2006 Q2 net income of CD$16.7 million including earnings of CD$1.6 million from the bank’s insurance subsidiary, Canadian Direct Insurance Incorporated. Established in 1996, Canadian Direct Insurance is a Canadian federally chartered property and casualty insurance company currently doing business in British Columbia and Alberta, Canada.”Earnings from [Canada Direct Insurance] were $1.6 million in the second quarter, up 25% from the same quarter last year,” Canadian Western Bank (CWB) said in a press release. “While CWB acquired this company only two years ago, Canadian Direct has just celebrated its 10th anniversary. In this time, the company has attracted more than 150,000 policyholders and established a reputation for outstanding customer service.”We continue to be very satisfied with the ongoing performance and stability of Canadian Direct and are looking at opportunities for further growth within this pillar of the financial services industry.”The bank attributed “continued positive underwriting performance and increased investment income” for Canadian Direct’s positive 2006 Q2 performance.