Co-operators reported a consolidated net loss of $18.3m for Q4 08 compared to a net income of $60.8m for Q4 07

Co-operators General Insurance Company has reported a consolidated net loss of $18.3 million, or $1.06 per share, for the fourth quarter ended December 31, 2008, compared to a net income of $60.8 million, or $2.88 per share, for the same quarter in 2007.

Gross written premium in the fourth quarter of 2008 increased 3.1% to $539.1 million, compared to $523.1 in the fourth quarter of 2007.

Net income for the year ended December 31, 2008 amounted to $62.1 million, or $2.68 per share, compared to $148.2 million, or $6.95 per share, for the year ended December 31, 2007.

For the year 2008, gross written premium increased 3.2% to $2.18 billion, compared to $2.12 billion for the year 2007.

Kathy Bardswick, president and CEO of the Co-operators, said: In the midst of unprecedented market volatility, our conservative investment strategy has served us well. Our capital position remains strong, as the company’s minimum capital test is 204%, well above the regulatory minimum of 150%. Our strong position allows the company to continue with strategic investments in staff and infrastructure that support our strategy of broadening product relationships with our clients and keep us moving toward our long-term growth goals.