Business
The Westaim Corporation Reports 2010 Second Quarter Results
The Westaim Corporation Reports 2010 Second Quarter Results
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n Aug. 11, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Aug. 11 /CNW/ - The Westaim Corporation ("Westaim") today announced results for the quarter ended June 30, 2010. Net income of $5.3 million, or $0.01 per share, for the three months ended June 30, 2010, compared to a net loss of $1.3 million or $0.01 loss per share for the three months ended June 30, 2009. For the six months ended June 30, 2010, Westaim recorded net income of $29.5 million, or $0.08 per share, compared to a net loss of $4.0 million or $0.04 loss per share for the six months ended June 30, 2009. Net income for the first six months of 2010 includes a gain on the purchase of JEVCO Insurance Company ("Jevco") of $24.9 million, $23.7 million of which was recorded in the first quarter ended March 31, 2010. As of June 30, 2010, Westaim's Consolidated Shareholders' Equity increased to $353.2 million or $0.55 per share compared to $49.4 million (excluding non-controlling interest) or $0.52 per share at December 31, 2009.\nWestaim's acquisition of Jevco closed on March 29, 2010. As a result, Westaim began consolidating the results of Jevco beginning in the second quarter of 2010. Jevco is a Canadian open market specialty insurer offering products through two divisions. The Personal Lines Division provides insurance in the non-standard automobile, standard automobile, motorcycle and recreational vehicles product lines. The Commercial Lines Division offers property and liability, niche commercial automobile and surety product lines.\nIn the second quarter, direct premiums written were $117.7 million and net premiums written were $111.8 million. Net premiums earned for the second quarter of 2010 were $78.6 million producing a Combined Ratio of 96.2%.\nTotal assets for Westaim at June 30, 2010 were $1.3 billion, compared to $72.6 million as of December 31, 2009. The increase represents the acquisition of Jevco and the $275 million equity ...