The Westaim Corporation Reports 2011 Second Quarter Results

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 9, 2011 /CNW/ - The Westaim Corporation (\"Westaim\") today\n announced it recorded net income of $6.5 million or $0.01 per share for\n the quarter ended June 30, 2011, compared to net income of $4.9 million\n or $0.01 per share for the quarter ended June 30, 2010.  For the six\n months ended June 30, 2011, Westaim recorded net income of $12.2\n million or $0.02 per share, compared to net income of $29.1 million or\n $0.08 per share for the six months ended June 30, 2010, which included\n a net gain on the purchase of JEVCO Insurance Company (\"Jevco\"), a\n wholly-owned subsidiary, of $22.1 million.  At June 30, 2011, Westaim's\n consolidated shareholders' equity increased to $395.3 million or $0.61\n per share, from $377.3 million or $0.59 per share at December 31, 2010.\n\n\nWestaim's acquisition of Jevco closed on March 29, 2010.  As a result,\n Westaim consolidated the results of Jevco beginning in the second\n quarter of 2010.  Jevco is a leading Canadian specialty insurer\n offering products through two divisions.  The Personal Lines Division\n provides insurance in the non-standard automobile, standard automobile,\n motorcycle and recreational vehicles product lines.  The Commercial\n Lines Division offers property and liability, niche commercial\n automobile and surety product lines.\n\n\nIn the second quarter of 2011, direct premiums written were $123.9\n million and net premiums written were $119.5 million, compared to\n $117.7 million in direct premiums written and $111.8 million in net\n premiums written in the same quarter of 2010.  In the three months\n ended June 30, 2011, net premiums earned were $88.4 million, producing\n a Combined Ratio of 94.6%.  In the comparable period in 2010, net\n premiums earned were $78.6 million, producing a Combined Ratio of\n 96.2%.  For the six months ended June 30, 2011, direct premiums written\n were $190.2 million, net premiums written were $182.4 million, net\n premiums earned were $158.9 million, producing a Combined Ratio of\n 96.9%.\n\n\nTotal assets of Westaim at June 30, 2011 were $1.30 billion, compared to\n $1.27 billion at December 31, 2010.  At June 30, 2011, the Company's\n investment portfolio of $1.01 billion was invested predominantly in\n corporate and government bonds.  For the seco...

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