Western Reports First Quarter Financial Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Reports First Quarter Financial ResultsTORONTO, ON / ACCESS Newswire / May 27, 2025 / The Western Investment Company of Canada Limited (TSXV:WI) (\"Western\" or the \"Corporation\") today reported its financial and operating results for the three months ended March 31, 2025. The interim financial statements and management's discussion and analysis have been filed on SEDAR+. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended March 31, 2024.In the fourth-quarter of 2024, Western completed the acquisition of the remaining shares of Fortress Insurance Company (\"Fortress Insurance\"), as a result, starting October 1, 2024, Fortress Insurance results are consolidated into Western's financial statements. Insurance specific results are discussed under the Fortress Insurance section below.In the first quarter of 2025, Fortress Insurance contributed a positive insurance service result as well as positive investment income. Western's income from its equity-accounted investments was in line with prior years, with the first quarter of the year being generally slower for these seasonal businesses.Net loss in the first quarter of 2025 increased to $998,858 compared with net loss of $475,132 in the prior-year period. Western's expenses now include consolidated expenses from Fortress Insurance and a comparison to previous periods is not currently meaningful.On March 7, 2025, Western exercised its conversion option on the outstanding convertible debentures that were due to mature on December 31, 2025. Debentures with a face value of $5 million were converted into 10,582,007 common shares.\"Fortress Insurance delivered another quarter with strong insurance revenue growth. The on-boarding of two new clients in the second half of 2024 has helped strengthen and diversify the premium base and the business sustained this momentum in the first quarter with the addition of three new programs. We are also pleased with the resilience of our equity-accounted investments - Glassmasters, in particular, delivered a solid performance despite seasonal headwinds, a testament to the management team's continued strong execution.\" said Paul Rivett, Western's Chief Executive Officer.Western financial highlights Three Months Ended March 31, $2025 2024 Change Total insurance service re...

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