Western Investment Company of Canada Provides Update on Fortress Insurance Company - Premiums Written up 231% to $17.7 Million
High River, Alberta--(Newsfile Corp. - March 22, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) ("WICC" or "Western") announces the annual 2022 results of its associate Fortress Insurance Company ("Fortress").
Fortress completed its 2022 fiscal year with significant growth in all lines of business.
President and CEO of Fortress, Shafeen Mawani, added, "We are fortunate to have such engaged investors, shareholders and staff, and excellent partnerships with both our reinsurers and brokers which contributed greatly to our current success. This is a long-term play and we have a responsibility to all, to protect our mutual interests."
Premiums written of $17.7 million in 2022 represents 231% growth over the same period in 2021. All lines of business increased, commercial property remains steady and continues to be a focus of growth for Fortress in 2023.
Fortress managed to achieve underwriting income of $295,583 for the year and a loss ratio of 41.1%, an impressive result and testament to its lean cost structure and focused execution.
Investment loss of $704,781, largely due to the rising interest rate environment which resulted in lower equity and bond market values. Approximately 92% of Fortress' portfolio is invested in short and medium-term fixed income securities and cash. Because Fortress chose not to sell its holdings and permanently lock in the losses, it will benefit from the rising yield environment in the fixed income market in 2023.
Chairman of WICC, Scott Tannas, states, "We've built inhouse underwriting expertise while also piggybacking on the sound judgement of our domestic peers in this space. A key part of our 2023 strategy is to grow our portfolio in Alberta, Ontario, Manitoba and Saskatchewan. There are many growth opportunities in both niche and mainstream property and casualty. Our challenge in 2023 is really picking spots with the right partners. It's a good problem to have."
About The Western Investment Company of Canada Limited
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on Western, please visit its website at www.winv.ca.
CONTACT INFORMATION - The Western Investment Company of Canada Limited
Scott Tannas President and Chief Executive Officer (403) 652-2663 firstname.lastname@example.org
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