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tal from our members, the co- operators community and staff." The expense control measures within Co-operators General included the reduction of some 500 staff across the country, 600 throughout the organization. Achieved through a mix of voluntary early retirement and voluntary exit programs, normal staff turnover and some layoffs, these reductions reductions resulted in a 15 per cent increase increase in overall productivity. "We made some fundamental changes in our organization over the past year, requiring a number of difficult difficult decisions. The reduction of staff • was a painful process for all of us, but critically necessary, I believe, to . allow us to achieve our goal of building a stronger, more competitive organization," said Mr. Squire. Sovereign General Insurance, a subsidiary company which specializes specializes in commercial insurance and deals exclusivley with brokers and independent independent agents, had a pre-tax income of $1.4 million and gross written premium premium of $95 million, a nine per cent increase over 1992. HB Group Insurance Management Limited, which provides personal lines insurance to employee groups through payroll deduction, was restructured restructured in early 1993, assuming re- OPEN HOUSE 240 Andrew Street, Newcastle Saturday, May 14th and Sunday, May 15th, 1:30-4:30 p.m. East from the traffic lights to Arthur, North to Andrew. Do not miss this one!!! Move-in condition, stretched single car garage, separate dining room plus, plus, plus. Asking $139,900. Lucien Lambler, Broker. WHEN IT COUNTS, CALL FLETCH SOLD IN ONE DAY FOR 96% OF LIST PRICE. CALL DONNA FLETCHER, SALES REPRESENTATIVE Lucien Lambler, Realty 697-0992 / 623-6128 The Co-operators Group Limited has substantially improved financial results in 1993. The group of companies companies ended the year with a consolidated consolidated after-tax income of $64.5 million, or $50.3 million after provision for the participating policyholder account. account. That includes a pre-tax profit of $53 million for Co-operators General, General, the largest company in The Group, and $10.5 million pre-tax income income for Co-operators Life Insurance. Insurance. Most other subsidiary companies companies showed significant improvement. Audited financial results results will be formally tabled April 13 and 14 at The Co-operators' annual meeting in Toronto, Ontario. "We had a tremendously successful successful year in 1993," said Terry Squire, president and chief executive officer. "After two successive losses, we knew we had to achieve a significant, decisive financial turnaround and restore restore financial strength. Our formula for success has been relatively simple. simple. We concentrated on reducing expenses expenses throughout the organization, implemented programs to ensure risks were underwritten properly and rates were adéquate, held down claims costs which had been escalating escalating dramatically over the past several years and raised $23 million in capi- cm* Donna Fletcher © ^wp'"" ' Real Estate with Betty Smith EXPROPRIATION Expropriation mày be defined as the taking of private property for public use (such as the building or expansion of a highway) without the consent of the owner. Historically, since land was granted by the crown, it can be taken by the government or any "expropriating authority" empowered by law (such as the Ministry of Transportation). The authority will serve expropriation notices to all registered land owners and it is a real shock when you're informed that part or all of your property is to be taken. Relax and act rationally! Your property will be taken if the expropriation is "fair, sound and reasonably necessary." You must, however, be compensated at "fair sponsibility for underwriting, claims management and administration of COSECO Insurance Company. On behalf of COSECO, HB managed gross premiums of $55 million in 1993 and the combined companies earned pre-tax income of $1.8 million. million. Security Life Insurance, a company company specializing in retirement products, products, ended the year with a profit of $22,000. Co-operators Investment Counselling Counselling Limited, which had a pre-tax income income of $817,000, did an excellent job managing the assets of The co- operators Group. The investment performance performance for all discretionary pension pension funds managed by Co-operators Investment were first quartile. Co-operators Development Corporation, Corporation, a property development and management company, which manages manages The Co-operators real estate portfolio, had a disappointing year. The company's $1.97 million loss reflected reflected the poor real estate market and, in particular, a write down of $2.8 million taken on one of the company's real estate projects. "We're delighted to report favorable favorable results for 1993, but we know one good year is not enough," said Mr. Squire. "We need several good years to rebuild our financial strength and our 1994 plans are designed to set us on a course to achieve that. We want to end 1994 with a consolidated pretax pretax income of $70 million for all our companies, including $44 million pre-tax income for Co-operators General, General, $14.3 million for Co-operators Life and positive results in all subsidiaries. subsidiaries. That will require continued emphasis on cost control, building a quality book of business, and improving improving service to our clients, while encouraging encouraging modest growth within Co- operators General. I'm confident, given the progress we've made in 1993, that we'll meet those goals." The Co-operators is a group of Canadian companies focusing on insurance, insurance, which also provide financial security products, property development development and management and investment investment counselling services. The Co- operators employs more than 4,000 people and provides service to its clients clients in more than 300 locations across Canada. market value" plus damages attributed to disturbance, loss of income, relocation costs, legal costs and any other provable expenses that may be incurred because of the expropriation. This is where things may get a little complicated. There are, however, a number of legal avenues for appeals and negotiations extending all the way up to the Supreme Court of Canada. Contact your solicitor for advise and assistance! You could win a 1994 Pontiac Grand Am SE by listing or selling through me in 1994. Please call for details. I can be reached at Family Realty 2000 Ltd., 1 King Street West, Bowmanvillc 623-2000 (24 hr. pager). ©| Marg Bain Pat Marjerrison Rob Perkin Hockin's Home of the Week Jack Ricard Al Beard wm "V Bill Whyte CHARMING AND LOVELY - $129,900. Extremely attractive 2 + 1 bedroom home. 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