felanders/preprocessed huggingface dataset:
The Company's real estate inventory at December 31,1993 included approximately 20,000 acres of real estate (including approximately 80 acres with surplus manufacturing facilities) spread throughout 13 states.
A significant portion of the group annuity business is deferred compensation products for public employees and educators sold through two affiliated marketing companies, which are also wholly-owned subsidiaries of Nationwide Corporation. Total new considerations received through those distribution channels were $158 million in 1994, $117 million in 1993 and $96 million in 1992. Another significant, but declining, portion of this deposit-type business is a result of a joint venture with another affiliated marketing company to sell individual annuity products and life insurance to the customers of banks and other financial institutions. Total considerations received through this distribution channel were $336 million in 1994, $411 million in 1993 and $608 million in 1992.
As of March 29, 2001, we signed a First Amendment and Limited Waiver and Consent ("the Amendment") to our Credit Agreement. The Amendment will become effective upon the satisfaction of certain conditions, including the receipt of a consent from one of our small group carriers supporting the pending sale of our third party administration and managing general underwriter businesses. We expect to obtain this consent prior to the closing of the sale. Under the terms of the Amendment, the commitment of banks which are signers to the Credit Agreement ("the Bank Group") on the revolving credit facility was frozen at the $14.9 million outstanding balance upon the signing of the Amendment, the repayments of $500,000 due on March 31, 2001 and April 30, 2001 were deferred and certain other repayments which had been previously deferred were waived, an additional repayment of $1.5 million is due on April 15, 2001, the monthly repayment was increased from $500,000 to $750,000 beginning on May 31, 2001, and the unpaid additional payment of $4.5 million due on July 31, 2001 was deferred to the maturity date.
Ambac Financial Group owns an office building at 905 Marconi Avenue, Ronkonkoma, New York 11779. It currently rents the office space to PFM Asset Management, LLC under an agreement that expires in 2006. The office building consists of approximately 15,000 square feet of office space and storage.
(3) Does not include the effects of certain general and administrative expenses, which are indirect or overhead in nature, since such costs were not historically allocated to the CCC Surety Operations by CNAF or its subsidiaries. Accordingly, the comparability of this data to other data that include such costs is affected.
Fireside occupies 35 leased facilities with an aggregate square footage of approximately 181,000 in 7 states (including consumer finance branches and main office buildings). The latest expiration date of the existing leases is in November 2011.
The Company experienced increased demand for its crop segment products during 1999 as compared to 1998, particularly products sold under the federally subsidized MPCI program and the Company's proprietary CRCPlus product. During 1999, the Company's MPCI premiums increased to approximately $365 million from $274 million in 1998. In 1999 the Company's net expenses as a percentage of written premiums increased from 1998 to 1999 due to a decrease in the rate at which the Company is reimbursed by the federal government for the expenses of operating its MPCI program. In 1998 the Company's reimbursement rate was approximately 24.7%, while in 1999 this reimbursement rate fell to 21.6%. Due to competitive pressures, the Company was unable to pass any of this expense reduction along to its agents as agents' commissions remained relatively constant.
Main Place’s primary source of liquidity is its cash and cash equivalents on hand and interest income thereon. At December 31, 2007, Main Place had approximately $1.2 billion in cash and cash equivalents, which were held as time deposits and cash with the Parent. At December 31, 2007, Main Place’s maximum obligation under the financial warranties was $782.0 million. Main Place has never made a payment to fund any shortfall amount under these products and management believes that the probability of such a payment under these financial warranties is remote.
McM and its subsidiaries lease home office properties in various locations. The major locations are set forth in the following table:
In connection with and because it desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions its readers regarding certain forward-looking statements in the foregoing discussions and elsewhere in this Form 10-K and in any other statement made by, or on behalf of, the Company, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Some forward-looking statements may be identified by the use of terms such as "expects," "believes," "anticipates," "intends," or "judgment." Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. Examples of such uncertainties and contingencies include changes in global economic and financial conditions and markets, the Company's investment strategy and implementation thereof, the performance of the Company's investment portfolio, competitive conditions in the global reinsurance markets, the ability of the Company to generate new business opportunities and submissions and changes in insurance, tax or other laws and regulations or governmental interpretations thereof. These uncertainties can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company disclaims any obligation to update forward-looking information.
Assets. Shareholders' Liability . . . . ... . . . . . 15,000,000 House Property . . ...... . . . . . . . Frs. 2,500,000.— Mortgages ,, 41,131,344.75 Government and other Securities . . .... . . , 35,697,035.55 Life and other funds deposited with ceding Companies . 54,750,247.11 Cash with Bankers .... . 9,935,161.73 Cash in hand 144,054,481 04 Due by other Companies and Sundry Debtors . . . . 35,002,273 17 Accrued Interest • 928,800 98
The information entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" from pages 26 through 39 of the Annual Report for the year ended December 31, 1996, is attached as Exhibit 13 hereto and is incorporated herein by reference.
Consolidated Statement of Stockholders' Equity--Years ended December 31, 1996, 1995 and 1994--page 52.
The Company owns approximately 413,541 square feet of space in four contiguous executive office properties in Princeton, New Jersey, on land owned by Princeton University and subject to long-term ground leases. The Company also owns properties for its foreign subsidiaries and representative offices totaling 20,305 square feet in Mexico City, Cairo, Santiago, Bogota and Buenos Aires.
We and our subsidiaries operate out of leased premises, the most significant of which are located in Bermuda, Milwaukee and Philadelphia.
CHANGING NATURE OF THE BUSINESS The vast majority of the Company's business is professional liability insurance for physicians written on a claims made and reported basis. The Company believes that the integration of healthcare delivery in recent years, particularly in California, will result in the growing importance of large medical groups and other healthcare entities, and a corresponding change in the entities that make professional liability purchasing decisions. The Company believes that these changes have created a need for the Company to further diversify. As a result, the Company has adopted a strategy for growth that includes expanding the type of products offered by the Company and diversifying geographically by offering products in states other than California. The Company began to implement its strategy in 1994 by offering professional liability insurance to hospitals in California and, in 1995, began offering errors and omissions coverage for managed care organizations. In addition, the Company has entered into a marketing arrangement with SKA to expand its business to other states. At December 31, 1996, the Company, through SKA, had issued policies or binders to more than 100 hospitals, healthcare providers and managed care organizations in nine states. There is no assurance, however, that the Company will successfully retain or expand this business through SKA or that it will ultimately be profitable. If the Company's relationship with SKA is not successful, the Company may encounter difficulty in directly marketing its products in other states or developing alternative marketing relationships.
On January 26, 1996, the Company entered into a lease agreement for home office space in the City of Calabasas. The Company moved to this location in June 1997. The lease term is for a period of 15 years and covers approximately 63,000 square feet. The Company also has the option to purchase this home office building and land commencing on April 27, 2000 and extending for a six month period at a predetermined rate for the building, with the value of land based on then existing market rates.
The ratio of consolidated underwriting, acquisition, and insurance expenses to net premiums and fees earned was approximately 49.6% in 2000, 52.6% in 1999 and 50.2% in 1998. Variations in these ratios reflect a continually changing mix of coverages underwritten and attendant costs of producing business. The property and liability segment's
The response to this Item is incorporated by reference to pages 10 through 13 of the Company's Annual Report to Stockholders for the year ended December 31, 2002, which is included as Exhibit (13) to this Form 10-K Report.
The following table provides reserve information for our major product lines for the years ended December 31, 2013 and 2012:
The Registrant owns or leases approximately 3,120 automobiles which are used by the Registrant's field adjusters and certain of its management personnel in the United States and Canada. Additional vehicles are owned or leased by the Registrant's foreign subsidiaries for use by field and management personnel.
In accordance with FASB Statement No. 115, unrealized gains or losses on securities are classified as available for sale are reported, net of the related deferred tax effect, as increases or decreases in shareholders' equity. At December 31, 1995, the total net unrealized gain applicable to First Central's available for sale securities amounted to $759,806, net of deferred taxes of $359,000. During 1994, First Central Insurance hired additional investment advisors who continually analyze First Central's investment portfolio.
(a) As discussed in Note 2 to the consolidated financial statements, White River adopted the provisions of Statement of Financial Accounting Standards ("SFAS") No. 115, "Accounting for Certain Investments in Debt and Equity Securities", effective September 30, 1995. (b) See Note 3 to the consolidated financial statements for a discussion of the acquisition of CCC by White River. (c) White River commenced operations in its present form on September 24, 1993, concurrent with the Capitalization. See Note 1 to the consolidated financial statements for a discussion of the Capitalization. (d) Includes write-off of purchased in-process research and development of $27,582.
Premiums and other receivables, net decreased to $40,635,164 as of December 31, 1997. Declines in premium writings contributed to the overall decline.
Life DepL. Premium Reserve from 1930 Annuity Fund from 1930 Reserve for unsettled Claims from 1930 ......... Premiums, less cancellations Consideration for Annuities ; . . . . Interest Interest, after deduction of interest due to Life Dept- . . . .
Shareholders' Capital (4000 shares of Fr. 2000 Reserve Fund Special Reserve Due to other Companies Sundry creditors Reserve, Fire, Marine and Accident Dep'-: for unexpired risks „ outstanding losses
We also own: seven other buildings in Cleveland, Ohio suburbs near the corporate office complexes; four buildings in Tampa, Florida; five buildings in Colorado Springs, Colorado; and a building in each of the following cities: Albany, New York; Ft. Lauderdale, Florida; Plymouth Meeting, Pennsylvania; Tempe, Arizona; and Tigard, Oregon. Two of these buildings are partially leased to non-affiliates. In total, these buildings contain approximately 2.0 million square feet of office, warehouse and training facility space. These facilities are occupied by our business units or other supporting operations and are not segregated by industry segment.
Consolidated Statement of Shareholders' Equity for the years ended December 31, 1999, 2000 and 2001
A summary of stock options outstanding and exercisable at December 31, 2001 follows:
Earnings (loss) by segment before federal income taxes, cumulative effect of the adoption of new accounting principles and extraordinary item are summarized as follows for the three years ended December 31, 1993:
The information required by this Item is included in the Registrant’s Annual Report to Shareholders for the year ended December 31, 2008, under the caption “Selected Financial Data” and is incorporated herein by reference.
Condition and Results of Operations Information regarding the Company’s financial condition and results of operations is included under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2002 Annual Report to Share Owners and is incorporated herein by reference.
Expenses. Expenses increased from $33.0 million to $50.8 million or 54%, in 1996. The increase was primarily the result of increased claims and claim settlement expenses, amortization of deferred acquisition costs and underwriting general and administrative expenses. The increase in claims and claim settlement expenses was the result of an increase in premiums earned as well as an increase in the statutory loss ratio from 59% to 75%. The increase in premiums earned resulted in a pro-rata increase in claims and claim settlement expenses. The increase in loss ratio reflects the higher percentage of casualty business written by the Company which historically has had a higher loss ratio than property coverages, a higher loss ratio on property coverages, primarily due to the severe weather conditions in early 1996, less premium dollars per dollar of exposure, an increase in claims settlement expenses relating to those coverages and a reserve strengthening of $3.7 million resulting from adverse loss development in primary liability loss reserves. The increase in the amortization of deferred acquisition costs was the result of increases in net premiums earned. The increase in underwriting, general and administrative expenses was a result of increases in direct premiums written. The decrease in the effective tax rate from 20% in 1995 to 0% in 1996 was primarily the result of a greater percentage of tax exempt interest.
Selected financial data for Ambac Financial Group and its subsidiaries for each of the last five fiscal years is set forth under the captions "Five Year Performance" and "Financial Highlights" on page 6 and page 7, respectively, of Ambac Financial Group's 2001 Annual Report to Stockholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 33 through 53 of such Annual Report.
The increase in interest-bearing assets, coupled with an improvement in yield, has led to a further rise in Interest revenue, net of the amount due to the Life Department.
Gross premiums earned decreased 7% and 5% in 2007 and 2008, respectively. The decrease in 2007 gross premiums earned was due primarily to the transfer of property and inland marine business in the standard lines and political subdivisions programs to Praetorian Insurance Company ("Praetorian") as explained further below and to the discontinuation of the homeowners program. The decrease in gross premiums earned in 2007 was partially offset by an increase in gross premiums earned in the standard lines program. The decrease in 2008 gross premiums earned was due primarily to a decrease in automobile liability premiums in the standard lines program. Gross premiums earned in Texas decreased 29% and 21% in 2007 and 2008, respectively, and gross premiums earned in Oklahoma decreased 14% in 2007 and increased 6% in 2008.
The Company owns three of its field offices. Three field offices are owned by and leased from the Exchange. The annual rent expense incurred by the Company for the field offices and home office complex totaled $10,842,301 in 2001. One office is owned by and leased from EFL at an annual rental in 2001 of $311,760. The remaining 14 offices are leased from various unaffiliated parties at an aggregate annual rental in 2001 of approximately $1,815,000. Total rent and operating expenses for all office space occupied by the Company in 2001 was $18,938,140, of which $11,984,989, or approximately 63%, was reimbursed for office space used by it's affiliates.
Selected Financial Data for the Company is contained on page 18 of The Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on page 20 of this report and is incorporated in this Item 6 by reference.
URG is leasing approximately 45,000 square feet of office space for its new headquarters in Calabasas, California. All of its four branch office locations are also in leased space, ranging in size from about 2,900 square feet to 6,700 square feet. CUIC leases about 19,700 square feet of office space. All four branch offices of The Center are also in leased space, ranging in size from about 4,300 square feet to 5,800 square feet. VHL is leasing approximately 13,000 square feet of office space in London.
The consolidated financial statements from the Company's annual report to stockholders for the year ended December 31, 1995, which is included as Exhibit (13)(C) to this Form 10-K Report, are incorporated herein by reference.
In 1995, Great American's underwriting results significantly outperformed the industry average for the tenth consecutive year. Great American has been able to exceed the industry's results by focusing on highly specialized niche products, supplemented by commercial lines coverages and personal automobile products.
Ambac Assurance maintains its principal executive offices at One State Street Plaza, New York, New York 10004, which consists of approximately 121,000 square feet of office space, under an agreement that expires on September 30, 2019. Ambac UK maintains offices in London, England.
During 1994, premiums increased 7% to $223,679,071 from $208,730,840 in 1993. The increase was primarily in the group division which accounted for about 99% of total premiums. Group certificates in force decreased to 102,959 in 1994 from 105,536 in 1993. Certificates issued for new group policies were 31,270 in 1994, down from 36,586 in 1993. Management believes that the health care reform bill activity in 1994 caused many policyholders to remain with their existing coverage and others not to seek new coverage. Also certain new state mandates curtailed some sales in some states, until the Company made certain adjustments to comply with those mandates. Total lapses (net of additions/decreases) in 1994 were 33,847 compared to 27,225 in 1993. The increase is due to a combination of certain groups that were not renewed and the continued higher lapses in an association type product which is being used as a short term policy.
Net income tax expense as a percentage of pretax income was 30% in 1994 compared to 23% in 1993. The current portion of the tax, increased to $1,534,817 from $769,833 in 1993. The main reason for the increase in current taxes is the increase in pretax income. The increase in the deferred tax expense is primarily due to the increase in the valuation allowance. Since the Company's recovery rates for prior years are lower than current tax rates a higher valuation allowance is required. Also in the valuation allowance is $1,845,199 recorded directly to shareholders' equity for the net unrealized holding loss, offsetting the same amount shown as a deferred tax asset.
The following table sets forth selected financial information for the Trust. The financial information for the years ended December 31, 2008, 2007 and 2006 and at December 31, 2008 and 2007, has been derived from the Trust’s audited financial statements included elsewhere herein. The financial information for the years ended December 31, 2005 and 2004 and at December 31, 2006, 2005 and 2004 has been derived from the Trust’s audited financial statements not included herein. The following statements of changes in net assets and balance sheet data have been prepared in conformity with accounting principles generally accepted in the United States of America. The following information should be read in conjunction with and is qualified entirely by the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the financial statements appearing elsewhere herein.
The selected financial data for the five years ended December 31, 1996 is in the 1996 Annual Report to Shareholders under the caption "Financial Highlights" and is incorporated herein by reference. The information should be read in conjunction with the Financial Statements and Notes and the Management's Discussion and Analysis of Results of Operations and Financial Condition which are in the 1996 Annual Report to Shareholders and are incorporated herein by reference.
AmerInst classifies all of its investments as available-for-sale. Accordingly, AmerInst reports these securities at their estimated fair values with unrealized holding gains and losses being reported as other comprehensive income. Fair value of investments is based on market quotations. Realized gains and losses on sales of investments are accounted for by specifically identifying the cost and are reflected in the income statement in the period of sale.
The Board has authorized AmerInst’s Underwriting, Actuarial and Reinsurance Committee to discuss with CNA the terms and potential termination of the Agreement, and authorized the Business Development Committee to consider other business opportunities. The committee is currently in commutation and rescission negotiations with CNA and reviewing other potential lines of business. However, the outcome of the committee’s negotiations with CNA and review of other potential businesses is not yet certain.
In addition to ensuring that GWL&A's own systems are Y2K compliant, GWL&A has identified third parties with which GWL&A has significant business relationships in order to assess the potential impact on GWL&A of the third parties' Y2K issues and plans. GWL&A expects to complete this process during the first quarter of 1999 and will conduct system testing with third parties throughout 1999. GWL&A does not have control over these third parties and cannot make any representations as to what extent GWL&A's and the Company's future operating results may be adversely affected by the failure of any third party to address successfully its own Y2K issues.
Death and other benefits: Death benefits decreased due primarily to a decrease in our pending claims and incurred but not reported claims for American Life. Death benefits are expected to continue at current levels on our older block of business as a result of the age of the block. We maintain policy reserves to offset the effect of all claims. These decreases were offset by $30,000 of claims relating to the inclusion of First Wyoming Life for the full year of 2016 compared to $4,000 for only two months of 2015.
THE BOND PORTFOLIO, which constitutes 84% of the Company's total investment portfolio, had an aggregate fair value that exceeded its amortized cost by $41.2 million at September 30, 1998, compared with an excess of $40.1 million at September 30, 1997.
As part of its asset-liability matching discipline, the Company conducts detailed computer simulations that model its fixed-rate assets and liabilities under commonly used stress-test interest rate scenarios. With the results of these computer simulations, the Company can measure the potential gain or loss in fair value of its interest-rate sensitive instruments and seek to protect its economic value and achieve a predictable spread between what it earns on its invested assets and what it pays on its liabilities by designing its fixed- rate products and conducting its investment operations to closely match the duration of the fixed-rate assets to that of its fixed-rate liabilities. The Company's fixed-rate assets include: cash and short-term investments; bonds and notes; and mortgage loans. At September 30, 1998, these assets had an aggregate fair value of $1.55 billion with a duration of 4.1. At September 30, 1998, the Company's fixed annuity liabilities had an aggregate fair value (determined by discounting future contractual cash flows by related market rates of interest) of $1.32 billion with a duration of 3.5. The Company's potential exposure due to a relative 10% increase in interest rates from their September 30, 1998 levels is a loss of $7.3 million in fair value of its fixed- rate assets that is not offset by a decrease in the fair value of its fixed- rate liabilities. Because the Company actively manages its assets and liabilities and has strategies in place to minimize its exposure to loss as interest rate changes occur, it expects that actual losses would be less than the estimated potential loss.
The Company reported pre-tax investment income of $51.0 million, $51.1 million and $48.0 million in 2001, 2000 and 1999, respectively. Excluding capital gains and losses, investment income was $50.8 million, $51.4 million and $49.6 million in 2001, 2000 and 1999, respectively. The Company's investment portfolio consists of primarily fixed maturity securities whose income includes dividends and interest as well as realized gains and losses.
Midland owns its 275,000 square foot principal offices located in Amelia, Ohio. Midland’s insurance subsidiaries lease office space in Amelia, Ohio, Montgomery, Alabama, Atlanta, Georgia, St. Louis, Missouri, Grand Rapids, Michigan and West Des Moines, Iowa. Midland’s transportation subsidiaries lease offices in Metairie, Louisiana and St. Louis, Missouri.
Service fees earned declined 18.6% in 1997 to $8,957,080 compared to $11,001,222 reported in 1996. This decrease is the result of lower fee-for-service revenue due to the cancellation of certain service agreements with the FRPCJUA during the second quarter of 1996. In the fourth quarter of 1997, the Registrant was awarded a three year servicing contract by the FAJUA, effective January 1, 1998. In November 1997, the FRPCJUA extended a major servicing contract through March 1999.
The Ohio Casualty Group owns and leases office space in various parts of the country. The principal office building consists of an owned facility in Hamilton, Ohio.
Percentage at Percentage at Rating December 31, 1999 December 31, -------------------------- --------------------- --------------------- AAA 54.7% 57.7% AA 14.2 14.3 A 20.0 20.4 BBB 5.1 4.1 Non Rated/Other 6.0 3.5 --------------------- --------------------- 100.0% 100.0% ===================== =====================
Interest income increased to $460,758 during Fiscal 1998, as compared to interest income of $417,293 and $338,517 for Fiscal 1997 and Fiscal 1996, respectively. This increase was a direct result of the continued increase in available cash balances combined with increases in prevailing market rates. During Fiscal 1998, 1997 and 1996, the Company realized gains on the sales of marketable securities of $6,970, $285,356 and $470,652, respectively. Miscellaneous income, representing ancillary revenues, amounted to $59,617 in Fiscal 1998, as compared with ancillary revenues of $46,296 for Fiscal 1997 and $91,277 for Fiscal 1996.
Based on current plans and efforts to date, management expects that there will be no material adverse effect on operations and the future costs to be incurred are not considered to be material. There is no guarantee, however, that all problems will be foreseen and corrected.
Alleghany also owns two truck terminal properties in Ohio which are being held for sale, and which have been leased from time to time on an interim basis.
Net investment income increased 6% from $6,651,000 in 1998 to $7,055,000 in 1999. The increase for the year is primarily due to an increase in the amount of average invested assets from $127,776,000 in 1998 to $134,030,000 in 1999. Investment yields in 1999 were comparable to those in 1998. Net realized investment gains decreased from $4,400,000 in 1998 to $3,913,000 in 1999. The investments sold during 1999 were primarily equity securities and certain fixed income investments including mortgage-backed and municipal bond securities.
The Consolidated Financial Statements and the related Notes and Schedules thereto filed as part of this 1999 Annual Report on Form 10-K are listed on the accompanying Index to Financial Statements on page .
The Trust is continually assessing and revising the estimates of future maturities and premium obligations. The Trust will continue to monitor historical deaths on a quarterly basis. We will compare actual to expected mortalities to refine our mortality multipliers; such that they reasonably “validate” based on our analysis of trends. An in-depth review of the historical death experience to the mortality tables will be conducted on our third quarter results as an annual process to ensure the Trust information is current for the most accurate estimating process of valuing the investment portfolio.
We had net income of $2,443,000 for the year ended December 31, 1999, compared to net income of $244,000 in 1998 and a net loss of $3,369,000 in 1997. The trend in net income is a direct result of the substantial growth in our annuity business which began to accelerate in the third quarter of 1997. Annuity reserves grew from $23,657,000 at June 30, 1997 to $146,311,000 at December 31, 1997, $529,765,000 at December 31, 1998 and $1,342,256,000 at December 31, 1999. New annuity deposits for the year ended December 31, 1999 increased 116% to $814,605,000, compared to $377,917,000 for 1998. The 1998 amount represented a 166% increase over the 1997 amount of $141,854,000, of which $121,430,000 was collected in the second half of the year. The increased annuity production is a direct result of the growth in our agency force, which increased from approximately 400 agents at December 31, 1996, to 4,450 agents at December 31, 1997, 10,525 agents at December 31, 1998 and 18,000 agents at December 31, 1999.
Property and equipment as of December 31, 2019 and 2018 is summarized as follows:
The Company leases approximately 435,800 square feet of office and warehouse space at various locations throughout the United States for its other business units and staff functions. In addition, the Company leases 395 claim offices, consisting of approximately 1,975,000 square feet, at various locations throughout the United States. These leases are generally short-term to medium-term leases of standard commercial office space.
For the year ended December 31, 2003, other comprehensive income was $56,053 compared to $171,170 in 2002 and $90,760 for the same period in 2001. The comprehensive income in 2003 and 2001 was due to a decrease in interest rates that increased the market value of the Company's bond portfolio. The increase in comprehensive income for the period ended December 31, 2002 was due to the reclassification adjustment for realized losses of $161,429 in 2002.
(2) Included in fixed maturity investments are statutory deposits assigned to and held by the California State Treasurer and the Insurance Commissioner of the state of Nevada. These deposits are required for writing certain lines of business in California and for admission in states other than California.
A variety of events, most of which are outside the control of Acceptance Insurance Companies Inc., cannot be accurately predicted and may materially impact estimates of future operations. Important among such factors are weather conditions, natural disasters, changes in commodity prices, changes in state and federal regulations, changes in premium pricing and agency commission rates in the industry, changes in the reinsurance market, including pricing, availability and coverage, changes in tax laws, financial market performance, changes in federal policies or court decisions affecting coverages, actions by federal or state legislatures, regulators or courts regarding the coverage of agricultural insurance policies for terrorist actions, changes in the rate of inflation, interest rates and general economic conditions.
Consolidated Cash Flows Cash used by operating activities was $110.2 million and $85.9 million during the years ended December 31, 2001 and 2000, respectively. The Company received net payments under the MPCI program of $46.0 million and $61.8 million during the years ended December 31, 2001 and 2000, respectively. During these periods the Company's cash flows were affected by the negative cash flows from the property and casualty segment related to the run-off of operations. The Company expects the negative cash flow from its property and casualty segment will continue as the operations run-off and the loss and loss adjustment expense reserves are settled. The Company believes it has positioned its investment portfolio to be able to meet these liquidity needs.
The information contained in Consolidated Financial Statements, Notes to Consolidated Financial Statements, Report of Independent Registered Public Accounting Firm and Quarterly Data (unaudited), beginning on page 43 of the Annual Report, is incorporated herein by reference.
The fixed maturity portfolio is diversified across maturities, sectors and issuers. The Company has classified all securities as "available for sale." "Available for sale" securities are carried in the Statements of Financial Position at fair value, with unrealized gains and losses recognized by credits and charges to equity capital.
LIFE Departement Premium Reserve . . Frs. 40,611,703.— Reserve for outstanding losses . . . . „ 384,160. —
Square footage utilized by segment as of December 31, 1998 was as follows: health insurance, 896,500; government programs, 60,900; investments, 3,700; and other reportable segments, 39,800. The remaining 111,100 square feet was used for corporate administration.
The “Selected Financial Data” section on page 47 of Exhibit 13, representing page 63 of the Company’s annual report to stockholders for the year ended December 31, 2004, is incorporated herein by reference.
Underwriters leases about 29,000 square feet of office space for its headquarters operations in Woodland Hills, California. All of its five branch office locations are also in leased spaces, ranging in size from about 3,000 square feet to 6,700 square feet. CUIC leases about 9,400 square feet of office space. All four of the branch offices of The Underwriting Center are also in leased space, ranging in size from about 1,100 square feet to 4,600 square feet.
Service fees earned in 1995 increased 100% from 1994 due to the strong volume of policies administered for the State of Florida; FRPCJUA AND FAJUA as well as growth in the Registrant's premium financing subsidiary. Investment income increased 34% as a result of the continued conversion of funds available for investment from tax advantaged to taxable securities with their inherent higher yields.
Fortune Life has entered into reinsurance agreements which limit its loss to $10,000 per individual risk.
The financial statements and supplementary data have been filed as a part of this Annual Report on Form 10-K as indicated in the Index to Consolidated Financial Statements and Financial Statement Schedules appearing on page 107 of this report.
Insurance Operations $7,076 $4,263 Real Estate Operations 2,218 7,816 Other, including realized gains and (losses) from sale of investments and rescission expenses (1,880) 2,678 Net Earnings $7,414 $14,757 ====== =======
In January 2003, the Financial Accounting Standards Board (the “FASB”) issued FASB Interpretation No. 46 (“FIN 46”). This interpretation requires the consolidation of entities in which an enterprise absorbs a majority of the entity’s expected losses, receives a majority of the expected residual gains, or both, as a result of ownership, contractual or other financial interests in the entity. In December 2003, the FASB issued a revised version of FIN 46, FIN 46(R), which finalized the accounting guidance for VIE. As a result of adopting FIN 46(R), the Company consolidated its non-subsidiary affiliate American Safety RRG and deconsolidated its trust subsidiaries American Safety Capital Trust, American Safety Capital Trust II and American Safety Capital Trust III.
Net increase in net assets for the year ended December 31, 2019 was $63.4 million as compared to a net decrease in net assets of $70.5 million for the same period last year. The following are the components of net change in net assets resulting from operations for the years ended December 31, 2019 and 2018:
In 1998, the Company announced that it was considering the payment of a significant cash dividend. The Company has received a ruling from the Internal Revenue Service providing that any gain realized on such a dividend (up to a maximum of approximately $812,000,000) would be treated as a capital gain. The Company anticipates that, prior to the date of its 1999 Annual Meeting scheduled for May 5, 1999, its Board of Directors will declare a dividend in an aggregate amount of approximately $812,000,000, minus amounts paid to repurchase Common Shares from March 17, 1999 through the date of declaration. Payment of such dividend would require the Company to make an offer to purchase all of its outstanding 8-1/4% Senior Subordinated Debentures due 2005 and its 7-7/8% Senior Subordinated Debentures due 2006, outstanding in the aggregate principal amount of $235,000,000, at a purchase price of 101% of principal, plus accrued and unpaid interest thereon pursuant to the terms of the indentures governing these Debentures. These offers would be required to be made within five business days after the payment of such dividend, unless the terms of the Debentures can be modified on terms that are acceptable to the Company.
Statements of Operations For the Years Ended December 31, 2012 and 2011
No interest or income taxes were paid during the years ended December 31, 2012 and 2011.
GAAP will not permit us to record or carry contingency reserves for catastrophe losses that are expected to occur in the future. Therefore, during periods in which significant catastrophe loss events occur, our underwriting results are likely to be adverse, and during periods in which significant catastrophe loss events do not occur, our underwriting results are likely to be favorable.
Reinsurance contracts are typically written prior to the time the underlying direct policies are written by cedants and accordingly they must estimate these premiums when purchasing reinsurance coverage. For the majority of excess-of-loss contracts, a deposit or minimum premium will be defined in the contract’s wording. The deposit or minimum premium will be based on the ceding company’s estimated premiums, and this estimate will be recorded as written premium in the period the underlying risks incept. This premium will often be adjustable at the end of the contract period to reflect the changes in underlying risks in force during the contract period. Subsequent adjustments, based on reports by the ceding companies of actual premium, will be recorded in the period they are determined, which is normally within six months to one year subsequent to the expiration of the policy.
Insurance premiums generally are collected prior to the disbursement of claims and related expenses resulting in a favorable cash flow from operations for the insurance subsidiaries. Funds are then used to purchase investments ranging in maturity
Contribution to Staff Life Insurance and Pension Fund 1,500,000 Dividend . ' . . 8,700,000 — Social Welfare contributions . . . • 200,000 — Directors . . . . . K . ..... 146,100 — Carried forward . . . . .... 2,301,815 80
Interest expense was $6.7 million for each of the years ended December 31, 2007 and 2006, respectively, and resulted primarily from the Company’s $100 million 6.5% senior notes.
Cash flows used in investing activities were $176.9 million for the year ended December 31, 2008 and resulted primarily from net purchases of fixed maturities and short-term investments. Cash flows provided by investing activities were $295.7 million for the year ended December 31, 2007 and resulted primarily from net sales of fixed maturities and short-term investments. Cash flows used in investing activities were $117.9 million for the year ended December 31, 2006. Net purchases of fixed maturities and short-term investments were recorded during 2006. Approximately $6.9 million in uses of cash flows in 2006 also resulted from the effect of deconsolidation of the Altrion limited partnership investment.
Ceded Premium. In the ordinary course of business, Navigators reinsures certain insurance risks with unaffiliated insurance companies for the purpose of limiting its maximum loss exposure, protecting against catastrophic losses, and maintaining desired ratios of net premiums written to statutory surplus. The increase in the ceded premium from 1996 to 1997 resulted from the engineering and construction and the program business which is heavily reinsured, and from the ceded portion of the marine premium. The decrease in the ceded premium from 1995 to 1996 is reflective of the decrease in the written premium and price competition in the reinsurance business.
Commission expense. Commission expense as a percentage of net earned premium was 17.6%, 15.5%, and 13.9% for 1997, 1996 and 1995, respectively. The increase in the 1997 commission expense ratio compared to 1996 was primarily due to increased excess of loss reinsurance purchased in 1997 on the marine, aviation and onshore energy lines of business which lowers net premium with no corresponding ceding commission to offset the commission expense incurred on the gross premium and to a generally higher commission percentage on the Lloyd's of London premium. The increase in the 1996 commission expense ratio compared to 1995 was primarily due to the reversal of approximately
The Company manages all of its invested assets internally. The Company's general investment philosophy is to hold fixed maturity assets for long-term investment. Thus, it does not have a trading portfolio. The Company carries the portion of its portfolio of bonds and notes that is available for sale (the "Available for Sale Portfolio") at estimated fair value. The remaining portion of its portfolio of bonds and notes is held for investment and is carried at amortized cost.
Premiums and other receivables increased to $74.9 million as of December 31, 2001 from $54.0 million as of the prior year. The increase was attributable to larger amounts due from the pool managed by MMO as a result of larger investment balances held by the pool.
Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", ("SFAS 133") was issued by the Financial Accounting Standards Board ("FASB") in June 1998. SFAS 133 requires derivatives to be recorded on the balance sheet at fair value. Derivatives not considered as hedges are recorded at fair value with any change in the fair value of the derivative recorded in the income statement. For derivatives that qualify as a hedge, changes in the fair value of the derivative are offset against changes in the fair value of the hedged assets or liabilities and are recognized in the income statement or in other comprehensive income depending on the effectiveness of the hedge. SFAS 133 is effective for years beginning after June 15, 1999.
Cost of Customer Relationships Acquired and Other Intangibles. The higher amortization in 2010 and 2011 was related primarily to the ICC acquisition and greater amortization due to the increase in lapses on this new block of business. The current year amortization level recorded in 2012 is indicative of what we expect going forward or until we make additional acquisitions.
The above table of losses reestimated has been prepared on a net basis (i.e., loss and loss adjustment expenses and reinsurance recoveries receivable have not been grossed-up, as required under FAS 113). The schedule has been prepared on a net basis due to the relative immateriality of reinsurance balances when considered in relation to total loss and loss adjustment expense reserves, and due to the cost/benefit of not providing such information.
Reserve Fund 2,000,000 — Special Reserve Fund 5,300,000 — Due to other Companies and Banks . 25,791,208 36 Life and other funds deposited hy ceding Companies . 31,634,927 84
See the information in "Reliance Financial Services Corporation and Subsidiaries Financial Review" on pages 26 through 33 of the Reliance Financial 1993 Annual Report, which information is incorporated herein by reference.
Consolidated Statements of Stockholders' Equity - December 31, 1999, 1998 and 1997
(6) Diluted book value per share before net unrealized (depreciation) appreciation on investments is calculated by dividing shareholders' equity excluding net unrealized (depreciation) appreciation on investments, as increased by the proceeds and tax benefit from the assumed exercise of outstanding stock options, by total shares outstanding, also increased by shares issued upon the assumed exercise of the options and deferred shares.
Impairment of goodwill and intangible assets. The firms we acquire may not continue to positively perform after the acquisition for various reasons, including legislative or regulatory changes that affect the products in which a firm specializes, the loss of key clients after the acquisition closed and general economic factors that impact a firm in a direct way. In such situations, we may take impairment charges in accordance with SFAS No. 142 and SFAS No. 144 and reduce the carrying cost of acquired identifiable intangible assets (including book of business, management contracts, institutional customer relationships and tradename) and goodwill to their respective fair values. Management reviews and evaluates the financial and operating results of our acquired firms on a firm-by-firm basis throughout the year to assess the recoverability of goodwill and other intangible assets associated with these firms. In assessing the recoverability of goodwill and other intangible assets, we use historical trends and we make projections regarding the estimated future cash flows and other factors to determine the recoverably of the respective assets. If a firm’s goodwill and other intangible assets do not meet the recoverability test, the firm’s carrying value will be compared to its estimated fair value. The fair value is based upon the amount at which the acquired firm could be bought or sold in a current transaction between us and the principals and/or the present value of the assets’ future cash flows. The intangible assets associated with a particular firm may be impaired when the firm has experienced a significant deterioration in its business indicated by an inability to produce at the level of base earnings for a period of four consecutive quarters and when the firm does not appear likely to improve its operating results or cash flows in the foreseeable future. Management believes that this is an appropriate time period to evaluate firm performance given the seasonal nature of many firms’ activities.