The Co-operators reports Q3 profit of $6.2 million, cites improved Ontario auto results

The Co-operators General Insurance Company reported a Q3 profit of $6.2 million, marking a dramatic improvement from its 2010 Q3 loss of $8.9 million.The combined ratio (excluding the market yield adjustment) for 2011 Q3 was 101.1%, marking an improvement from 111.7% during the same period of 2010.Favourable claims development in the Ontario auto line of business was a primary driver of a 28.6% decrease in loss ratio, bringing it to 68.6% in 2011 Q3.”Hail, wind and rain storms in Ontario and western Canada negatively affected our results, but were offset by much-improved claims results in the Ontario auto insurance market,” said Kathy Bardswick, The Co-operators’ president and CEO. “At this point, we are cautiously optimistic that Ontario auto reforms introduced last year are having a positive impact.”