The Westaim Corporation Reports 2011 Year End Results

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 28, 2012 /CNW/ - The Westaim Corporation (\"Westaim\") today\n announced it recorded net income of $9.2 million or $0.01 per share for\n the quarter ended December 31, 2011, compared to net income of $3.3\n million or $0.01 per share for the quarter ended December 31, 2010. \n For the year ended December 31, 2011, Westaim recorded net income of\n $32.8 million or $0.05 per share, compared to net income of $54.1\n million or $0.11 per share for the year ended December 31, 2010, which\n included a net gain of $22.1 million on the purchase of JEVCO Insurance\n Company (\"Jevco\"), a wholly-owned subsidiary.  Income from continuing\n operations, before income taxes, was $3.5 million higher in the fourth\n quarter of 2011 when compared to the same quarter in 2010.  Net income\n for the three months and year ended December 31, 2011 included a\n deferred income tax recovery of $2.9 million resulting from an internal\n corporate reorganization.  Net income for the year ended December 31,\n 2010 included a deferred income tax recovery of $15.3 million resulting\n from an internal corporate reorganization.  At December 31, 2011,\n Westaim's consolidated shareholders' equity was $417.3 million or $0.65\n per share, an increase from $377.3 million or $0.59 per share at\n 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 fourth quarter of 2011, direct premiums written were $71.5\n million and net premiums written were $67.5 million, compared to $72.1\n million in direct premiums written and $65.9 million in net premiums\n written in the same quarter of 2010.  In the three months ended\n December 31, 2011, net premiums earned were $74.0 million, producing a\n Combined Ratio of 92.9%.  In the comparable quarter in 2010, net\n premiums earned were $69.2 million, p...

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