Western Investment Company Reports 2025 Year-End Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Reports 2025 Year-End ResultsTORONTO, ON / ACCESS Newswire / March 31, 2026 / The Western Investment Company of Canada Limited (TSXV:WI) (\"Western\" or the \"Corporation\") today reported its financial and operating results for the three and twelve months ended December 31, 2025. The audited financial statements, management's discussion and analysis, letter to shareholders and annual information form have been filed on SEDAR+. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended December 31, 2024.Fortress Insurance (\"Fortress\") achieved strong growth in Gross Written Premiums (\"GWP\")1, in 2025, driven by organic expansion of existing business and the addition of new products. Income from equity investments for the year-ended December 31, 2025 was $1.5 million, up from $0.7 million in 2024, led by GlassMasters Autoglass (\"GlassMasters\") and Golden Healthcare (\"Golden\").Net loss for the year was $0.6 million, compared to net income of $1.3million in 2024. The 2024 net income included a one-time gain of $2.6 million related to the acquisition of Fortress Insurance.Western's investment in GlassMasters was subsequently sold early in 2026, as noted in the press release dated February 2, 2026, for net proceeds of $23.2 million. A copy of our first annual shareholder letter can be found here.Western Financial Highlights Year-Ended December 31, 2025 20242 Change Total insurance service result $994,674 81,314 913,360 Net investment income 986,620 284,137 702,483 Income (loss) from equity investments 1,471,702 733,778 737,924 Other finance income 1,668,828 844,168 824,660 Net income (loss) (564,567) 1,276,532 (1,841,099)1Supplementary, non-GAAP, financial measure - total gross insurance premiums written during the year.2 Fortress results in 2024 were consolidated into Western only from the fourth-quarter 2024Fortress InsuranceFortress grew GWP by 42% to $64.4 million in 2025. Performance was driven by increased scale in their existing business, complemented by the introduction of six new products that enhanced portfolio diversification.Fortress's total investment portfolio, including cash and cash equivalents, grew 44% to $33.7 million, compared to $23.4 million at the end of the prior year, while net investment income was $1.0 mill...

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