felanders/preprocessed huggingface dataset:
Unitrin’s Life and Health Insurance segment leases facilities with aggregate square footage of approximately 483,000 at 149 locations in 24 states. The latest expiration date of the existing leases is in January 2015.
Kemper Auto and Home leases facilities with an aggregate square footage of approximately 237,000 at 8 locations in 7 states. The latest expiration date of the existing leases is in November 2009. In addition, the personal lines operations of Unitrin’s former Multi Lines Insurance segment which has been consolidated into the Kemper Auto and Home segment, together with the Unitrin Business Insurance segment, lease facilities with an aggregate square footage of approximately 233,000 at 5 locations in 4 states. The latest expiration date of the existing leases is in February 2008.
Unitrin Specialty leases facilities with an aggregate square footage of approximately 145,000 at 3 locations in 3 states. The latest expiration date of the existing leases is in March 2014.
Unitrin Direct leases facilities with an aggregate square footage of approximately 121,000 at 6 locations in 4 states. The latest expiration date of the existing leases is in March 2011.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is incorporated herein by reference to, and filed as, Exhibits 13.2 and 13.4 hereto.
The Unitrin Property and Casualty Insurance Group leases facilities at 17 locations in 11 states with an aggregate square footage of approximately 356,000. The latest expiration date of the existing leases is July 2007.
Selected consolidated financial data for the five years ended December 31, 1999 is incorporated herein by reference to the data captioned "Financial Highlights" and filed as Exhibit 13.3 hereto.
The Company operates from offices in almost 50 countries around the world. In Bermuda, the Company leases its principal offices from a joint venture company in which the Company has a 40 percent interest and there is an agreement with the joint venture partner which ensures the Company's ability to occupy a portion of the building until 2011. The Company is currently building a new corporate headquarters in Bermuda that will house the majority of its Bermuda-based operations. This facility will be available during 2001. As part of the Company's acquisition of ACE INA, ACE assumed the lease of Two Liberty Place, in Philadelphia, which consists of approximately 1.25 million total square feet, and various other leases and properties in the U.S. and other countries. The majority of all office facilities throughout the world, that are occupied by the Company and its subsidiaries, are leased. The Company is not dependent on its facilities to conduct business.
HMEC's home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling approximately 230,000 square feet which is owned by the Company. The Company also owns buildings with an aggregate of approximately 38,000 square feet at other locations in Springfield. In addition, the Company leases buildings in Springfield with an aggregate of approximately 86,000 square feet. These properties are adequate and suitable for the Company's current and anticipated future needs.
The information required by Item 301 of Regulation S-K is contained in the table in Item 1 - -"Business--Selected Historical Consolidated Financial Data."
World Minerals' headquarters is located in leased premises of approximately 17,300 square feet in Lompoc, California, which it shares with Celite and Europerlite. Harborlite's headquarters is presently relocating to Houston, Texas.
A description of the major plants and properties owned and operated by Celite, Europerlite and Harborlite is set forth below. All of the following properties are owned, with the exception of Plant # 1 at Quincy, Washington, the headquarters offices at Lompoc, California, the Rueil, France and Santiago, Chile offices and the plant at Wissembourg, France, which are leased.
The information required by this Item 6 is incorporated by reference from page 5 of Alleghany's Annual Report to Stockholders for the year 1995, filed as Exhibit 13 hereto.
The information required by this Item 7 is incorporated by reference from pages 1 through 3, from pages 6 through 14, and from pages 16 and 17, of Alleghany's Annual Report to Stockholders for the year 1995, filed as Exhibit 13 hereto.
The Company owns the office building and property located on the corner of North Columbia and West Rosemary Streets in Chapel Hill, North Carolina which serves as the Company's corporate headquarters. The building contains approximately 23,000 square feet. The Company's principal subsidiary, ITIC, leases office space in 30 locations throughout North Carolina, South Carolina, Michigan and Virginia.
The financial statements and supplementary data in the 1997 Annual Report to Shareholders are incorporated herein by reference.
We lease our headquarters at 601 Locust Street, Des Moines, Iowa, and sublease property in Baltimore, Maryland. Such leases expire December 2020 and May 2021, respectively. In December 2019, we entered into a lease for a new headquarters located at 801 Grand Avenue, Des Moines, Iowa. We anticipate occupation of the premises by late 2020. We believe our existing facilities are suitable and adequate for our present purposes. As of January 2020, we believe that our Des Moines, Iowa, and Baltimore, Maryland, properties will be sufficient for us to conduct our operations.
We have prepared the following selected financial data as of and for the years ended December 31, 2019 and December 31, 2018, the period from December 1, 2017 to December 31, 2017, the Predecessor period from October 1, 2017 to November 31, 2017, the Predecessor period from October 1, 2016 to December 31, 2016 (unaudited), and the Predecessor years ended September 30, 2017, and 2016.
See “Item 1. Business” for a detailed discussion of FGL Holdings company overview, strategy and products, as well as the February 7, 2020 announcement of an agreement to be acquired by Fidelity National Financial, Inc.
Market volatility has affected and may continue to affect our business and financial performance in varying ways. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions.
Some of our products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of December 31, 2019, the Company's reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $4 billion and 3%, respectively. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
See the information in 'Reliance Group Holdings, Inc. & Subsidiaries Selected Financial Data' on pages 21 and 22 of the Reliance Group Holdings 1995 Annual Report, which information is incorporated herein by reference.
The financial statements of the Company and its consolidated subsidiaries, included on pages 32 through 55 of the Reliance Group Holdings 1995 Annual Report, which information is incorporated herein by reference, are listed in Item 14 below.
Information required under this item is incorporated herein by reference to the sections entitled "Subsidiaries", "Regional Offices", "Service Center Office", "Information Technology Office", "Subsidiary Offices" and "Properties" on page 53 of the 2001 Annual Report to Shareholders. Our facilities are substantially fully utilized and are adequate for the conduct of our business.
Information required under this item is incorporated herein by reference to pages 20 and 21, including related notes on page 21 of our 2001 Annual Report to Shareholders.
Information required under this item is incorporated herein by reference to the section entitled "Financial Review" on pages 22 through 29 inclusive, of the 2001 Annual Report to Shareholders.
On March 22, 2002, Standard & Poor's (S&P) lowered its financial strength rating of us from "A+" stable outlook to "A" stable outlook. We believe that S&P's rating will not materially impact our business. This change may make it more expensive for us to access capital markets and will increase the interest rate charged to us under our current credit lines. We currently have no outstanding borrowings on these lines of credit, nor did we have any as of December 31, 2001 or 2000.
The consolidated financial statements and supplementary data of the Company are incorporated herein by reference to pages 31 through 50, inclusive, of our 2001 Annual Report to Shareholders. An index to the consolidated financial statements is contained in item 14 (a)(1) of this Annual Report on Form 10-K, and the Quarterly financial Information is incorporated herein by reference to page 51 of the 2001 Annual Report to Shareholders.
The five-year summary of selected financial information and accompanying notes, included in Zenith's 1995 Annual Report to Stockholders on pages 36 and 37, is hereby incorporated by reference.
Reference is made to pages 38 and 39 of Zenith's 1995 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1985 through 1995 and page 9 of Zenith's 1995 Annual Report to Stockholders for incurred loss and loss adjustment expense development for 1990 through 1995, and to the consolidated financial statements and notes thereto on pages 40 to 54 of Zenith's 1995 Annual Report to Stockholders, all of which are hereby incorporated by reference.
(a) Common shares outstanding and per share amounts give retroactive effect to our statutory conversion on August 26, 2013 and the 4,700-for-1 stock split of our shares of common stock effected on November 26, 2013. Net income per common share and Common shares outstanding are unaudited except for the years ended September 30, 2015, 2014 and 2013.
(c) Balance sheet data as of April 5, 2011 is unaudited.
(d) Book value per share excluding AOCI (a non-GAAP financial measure) is based on stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, we believe these non-GAAP financial measures provide useful supplemental information.
On August 9, 2013, the Company distributed its ownership interests in its wholly-owned subsidiaries, HGI Real Estate, LLC, and FS Holdco II Ltd. (”FS Holdco“) to HRG and HRG's subsidiaries. Beginning on August 9, 2013 with the distribution of FS Holdco, the Company’s financials reflected the 10% reinsurance agreement, whereby FGL cedes 10% of its in-force annuity block not already reinsured on a funds withheld basis to Front Street Re (Cayman) Ltd. (“FSRCI”), a subsidiary of FS Holdco.
Some of our products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of September 30, 2015, the GAAP reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $3 billion and 3%, respectively. We are required to pay these guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
The Company's executive offices are located at 220 South Ridgewood Avenue, Daytona Beach, Florida 32114 and 401 East Jackson Street, Suite 1700, Tampa, Florida 33602. The Company also maintains offices in the following cities: Phoenix, Arizona; Prescott, Arizona; Tucson, Arizona; Oakland, California; Brooksville, Florida; Ft. Lauderdale, Florida; Ft. Myers, Florida; Jacksonville, Florida; Kissimmee, Florida; Leesburg, Florida; Maitland, Florida; Melbourne, Florida; Miami Lakes, Florida; Naples, Florida (2); Orlando, Florida; St. Petersburg, Florida; Sarasota, Florida; West Palm Beach, Florida; Winter Haven, Florida; Atlanta, Georgia; Indianapolis, Indiana; Clark, New Jersey; Albuquerque, New Mexico; Roswell, New Mexico; Taos, New Mexico; Las Vegas, Nevada; Perrysburg, Ohio; Philadelphia, Pennsylvania; and Houston, Texas.
The Company occupies office premises under noncancellable operating leases expiring at various dates. These leases generally contain renewal options and escalation clauses based on increases in the lessors' operating expenses and other charges. The Company expects that most leases will be renewed or replaced upon expiration. See Note 12 of the "Notes to Consolidated Financial Statements" in the Company's 1998 Annual Report to Shareholders for additional information on the Company's lease commitments.
The Consolidated Financial Statements of Poe & Brown, Inc. and its subsidiaries, together with the report thereon of Arthur Andersen LLP appearing on pages 24-40 of the Company's 1998 Annual Report to Shareholders, are incorporated herein by reference.
The Company's Consolidated Financial Statements and Notes to Consolidated Financial Statements on pages 50 through 78 and the Report of Independent Accountants on page 79 of the Annual Report are incorporated herein by reference, as is the unaudited "Income Statement Data" and "Per Share Data" under the caption "Quarterly Financial Information" on page 80 of the Annual Report.
Board of Directors: E. HUrlimann, Chairman Hans Sulzer, Deputy-Chairman Max Huber Felix Calender 0. J. Abegg Fritz Baumgartner Paul Ruegger •
M. Klaas, F. Niquille, Ch. Ochsenbein, PI. Pessina, C. Weidenmann, H. Wüst
We have the honour to present to you the Eighty-fifth Annual Report and State­ ment of Accounts for the year 1948.
The gradual advance in the economic recovery of various territories from the effects of the war has, in the past year, likewise heen apparent in the sphere of reinsurance and favourably influenced the development of our business. The difficulties which hamper the activity of a company operating on an international basis have not diminished; none the less progress has heen realized in many respects and our technical results, in the aggregate, also compare favourably with preceding years.
The Premium Income increased, by Sfrs. 77,664,527, from Sfrs. 458,619,628 to Sfrs. 536,284,155. This expansion is due both to the further adjustment of sums insured to meet the rise in values, and to the continued extension of our business connections, especially overseas.
Hail insurance yielded a profit, notwithstanding an appreciable loss in Australia.
Among the Miscellaneous branches. Water Damage and Plate Glass insurance proved profitable, whereas the Machinery section produced a loss.
The Life account reveals an appreciable expansion in the volume of new business, whereas the portfolio was substantially influenced by the devaluation of various important currencies. The mortality experience showed a slight improvement as compared to the pre­ ceding year and contributed towards the satisfactory result achieved.
Investments were, as usual, entered at or below market prices; in such cases where quotations were not available conservative estimates were made. Foreign currencies were converted at appropriate rates, taking into consideration transfer factors and the exchange risk in both assets and liabilities.
Premiums for Retrocession, less cancellations Commission, less Retrocession Claims paid Frs. 216,025,272.65 less Retrocession , 47,441,267.07 Premium Reserve, less Retrocession Reserve for Unsettled Claims, less Retrocession*. - . Reserve for Extraordinary Losses
Life Department Premium Reserve Frs. 344,178,350. Annuity Fund . 6,327,550. — Reserve for Unsettled Claims , 4,710,940.- 355,216,840 —
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in the registrant’s 2004 Annual Report to Stockholders, which information is incorporated herein by reference.
The Company and its consolidated subsidiaries own and lease offices in various locations primarily in the United States. None of these properties is material to the Company's business. At December 31, 1997, the Company and its consolidated subsidiaries (excluding Commonwealth/Transnation) employed approximately 5,850 persons in approximately 150 offices.
See the information in 'Reliance Group Holdings, Inc. & Subsidiaries Selected Financial Data' on pages 21 and 22 of the Reliance Group Holdings 1997 Annual Report, which information is incorporated herein by reference.
See the information in 'Reliance Group Holdings, Inc. & Subsidiaries Financial Review' on pages 24 through 30 of the Reliance Group Holdings 1997 Annual Report, which information is incorporated herein by reference.
The Company operates in the United States and in almost 50 countries around the world. During 2001, ACE Limited and ACE Bermuda moved into the new ACE Global Headquarters building in Hamilton, Bermuda. The Company continues to lease offices in Bermuda from a joint venture company in which the Company has a 40 percent interest. As part of the Company's acquisition of ACE INA, ACE assumed the lease of Two Liberty Place, in Philadelphia, which consists of approximately 1.25 million total square feet, and various other leases and properties in the U.S. and other countries. It is the Company's intention during 2002 to bring together all of the London-based staff of ACE Global Markets and ACE Europe in a new headquarters in London. The majority of all office facilities throughout the world that are occupied by the Company and its subsidiaries are leased. The Company is not dependent on its facilities to conduct business.
Selected financial data for the three years ended December 31, 2001, 2000 and 1999, the three month period ended December 31, 1998, and the two years ended September 30, 1998 and 1997, is incorporated by reference to page 1 of the 2001 Annual Report to Shareholders filed in Exhibit 13.1 filed with this Form 10-K.
This item is incorporated by reference to pages 30 through 51 of the 2001 Annual Report to Shareholders filed in Exhibit 13.1 filed with this Form 10-K.
This item is incorporated by reference to pages 52 through 100 of the 2001 Annual Report to Shareholders filed in Exhibit 13.1 filed with this Form 10-K.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2003, the Company had aggregate office space of 1,155,539 square feet, of which 350,589 were owned and 804,950 were leased.
Rental expense was approximately $18,773,000, $17,586,000 and $18,021,000 for 2003, 2002 and 2001, respectively. Future minimum lease payments (without provision for sublease income) are $14,583,000 in 2004; $12,503,000 in 2005; $10,103,000 in 2006; and $26,525,000 thereafter.
SELECTED FINANCIAL DATA FOR THE FIVE YEARS ENDED DECEMBER 31, 2003
(1) Adjusted to reflect the 3-for-2 common stock splits effected on August 27, 2003 and July 2, 2002.
(2) Including trading account receivable from brokers and clearing organizations and trading account securities sold but not yet purchased.
The consolidated financial statements of the registrant are contained in the registrant's 2003 Annual Report to Stockholders and are incorporated herein by reference.
; .4rsr /i'^drnksO '? It pJfeag • msf a# lel TiyOOOÄ dd&mh TlieM
Financial position of the Company CAPITAL fully subscribed (25 »/o paid) . ....... ., Frs. 20,000,000.—
.RESERVE FUND SPECIAL RESERVE FUND . . . . . . FIRE, Accident, Liability, Burglary, Fidelity,
Surety and Marine Dep||. Premium Reserve . . . . . . . Reserve for outstanding Losses . . . Reserve for extraordinary Losses . .
Premium Reserve from 1916 Reserve for outstanding Losses from 1916 Premiums, less cancellations . . . ...
Life DepL. Premium Reserve from 1916 . . . . . . . .. . Annuity Fund from 1916 . . . Reserve for outstanding Losses from 1916 . . . Premiums, less cancellations . . Consideration for Annuities, less Retrocession . . . Interest . . . . Interest, after deduction of interest due to Life Dept-
Premiums for Retrocession, less cancellations ....... Commissions, less Retrocession. . . . . . . ... . . . Losses paid Frs. 40,516,889.27 less Retrocession . . , 17,654,866.94 Premium Reserve . . . . .... . Reserve for outstanding Losses . . . . . ...... . . Reserve for extraordinary Losses . . . , . , . . . . . .
Life., DepL. Premiums for Retrocession i Commissions and Expenses, less Retrocession . " . Surrenders, less Retrocession Losses paid, less Retrocession . . . . . ... Annuities paid, less Retrocession . . . . ; . . Premium Reserve, less Retrocession ...... Annuity Fund, less Retrocession Reserve for outstanding Losses, less Retrocession . Expenses of Management Taxes Written off Invesfments and House Property ... . Net Profit
Distribution of Profit; 80,000. — to Staff Insurance and Pension Fund.
Fire, Liability, Accident, Burglary, Fidelity, Surety and Marine Dept?! Premium Reserve . . . . . .... . . .. ,. Frs. 27,844,944.-
Balance of Profit and Loss Account . . . . . . . . . \ 1,431,512 57 194,985,555 19
Wß. S""'"' |'K04!,^S^Ä:5:v;S5:;g^ ,: " ' ; i!;i-:;--? Ü;3%J?SK» vS, ft^
Fire and Marine owns The St. Paul's corporate headquarters buildings, located at 385 Washington Street and 130 West Sixth Street, St. Paul, MN. These buildings are adjacent to one another and consist of approximately 1.1 million square feet of gross floor space. Fire and Marine also owns property in Woodbury, MN where its Administrative Services Building and off-site computer processing operations are located. The St. Paul also owns the former USF&G headquarters campus known as Mount Washington Center, located in Baltimore, MD. The campus currently houses offices for certain executives of The St. Paul, as well as offices for certain underwriting, legal and claim personnel. A training and development center also resides on the Mount Washington campus. The St. Paul has leased a substantial portion of one of the buildings on the campus to an outside party.
St. Paul International Insurance Company Ltd. owns a building in London, England, which houses a portion of its operations. The St. Paul retained ownership of another building in London subsequent to the sale of Minet to Aon in 1997, which is leased to an outside party.
We currently lease office space in Pembroke, Bermuda (our corporate headquarters), the U.S., the U.K., Germany, Ireland and Netherlands for the operation of our business. We also lease a property for an employee's use in Bermuda. We renew and enter into new leases in the ordinary course of business as needed. We believe that the office space from these leased properties is sufficient for us to conduct our operations for the foreseeable future. To date, the cost of acquiring and maintaining our office space has not been material to us as a whole.
Maiden Holdings is a Bermuda-based holding company, previously focused on serving the needs of regional and specialty insurers in the U.S., Europe and select other global markets. We operate internationally providing branded auto and credit life insurance products through insurer partners to retail clients in the EU and other global markets through Maiden Global. These products also produce reinsurance programs which are underwritten by Maiden Reinsurance. Certain international credit life business is written on a primary basis by Maiden LF and general insurance business is written on a primary basis by Maiden GF. We are also running off the liabilities associated with AmTrust contracts terminated in early 2019 as discussed below. In addition, we are not actively underwriting reinsurance business currently. We have also entered into a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure to and limits the potential volatility related to these AmTrust liabilities, which are discussed in "Note 1. Organization" of the Notes to Condensed Consolidated Financial Statements included in
The Company’s corporate headquarters office complex is located on a 42-acre parcel in Mayfield Village, Ohio. The Company also owns a 72-acre corporate office complex near the headquarters. In total, buildings on these two sites contain approximately 1.4 million square feet and are owned by a subsidiary of the Company.
The Company also owns seven other buildings in suburbs adjoining the corporate office complexes, six buildings in Tampa, Florida, and a building in each of the following cities: Tempe, Arizona; Ft. Lauderdale, Florida; Albany, New York; Tigard, Oregon; Plymouth Meeting, Pennsylvania; and Austin, Texas. Four of these buildings are partially leased to non-affiliates. In total, these buildings contain approximately 1.6 million square feet of office, warehouse and training facility space and are owned by subsidiaries of the Company. These facilities are occupied by the Company’s business units or other operations and are not segregated by industry segment.
Cadre maintains its principal executive office at 905 Marconi Avenue, Ronkonkoma, New York 11779. The office building is owned by the Company. It consists of approximately 15,000 square feet of office space and storage.
Selected financial data for the Company and its subsidiaries for each of the last five fiscal years is set forth under the caption "Financial Highlights" on page 4 of the Company's 1998 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 32 to 48 of such Annual Report.
The 1998 Consolidated Financial Statements, together with the Notes thereto and the Independent Auditors' Report thereon, are set forth on pages 31 through 48 of the Company's 1998 Annual Report to Stockholders. Such information is incorporated herein by reference.
We also operate from approximately 1,264 administrative, data processing, claims handling and other support facilities in North America. Approximately 3.8 million square feet are owned and 8.3 million are leased. In addition, we lease as lessee two properties in Northern Ireland comprising 85,000 square feet. Generally, only major facilities are owned. In almost all cases, lease terms are for five years or less.
Incorporated in this Item 7 by reference to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page D-3 of Appendix D to the Proxy Statement.
We lease office space in Fayetteville, New York that serves as our headquarters. We also lease office space in New York City that serves as our sales office. We believe that our leased properties are adequate for our current business operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and accompanying notes which appear elsewhere in this report. It contains forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” and “Risk Factors” for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this report, particularly under the headings “Item 1A - Risk Factors” and “Forward-Looking Statements”.
(2) Includes single premium on closed blocks of group disability business. For closed blocks of business we receive a single, upfront premium and in turn we record a virtually equal amount of claim reserves. We then manage the claims using our claim management practices.
The following discussion provides a general overall analysis of the consolidated results for the twelve months ended December 31, 2008 (“Twelve Months 2008”) and twelve months ended December 31, 2007 (“Twelve Months 2007”). Please see the discussion that follows for a more detailed analysis of the fluctuations.
See pages 16 through 21 of the Annual Report to Shareholders for the fiscal year ended December 31, 1996.
The five-year financial information under the caption “Highlights” in CIGNA’s 2006 Annual Report is incorporated by reference.
The information contained in the MD&A section of CIGNA’s 2006 Annual Report is incorporated by reference.
lary and Fidelity Guarantee Dept|. Premium Reserve Frs. 7,246,854. — Reserve for outstanding losses and pro­
vision for extraordinary losses . . . ,, 7,850,093. 77 15 096 947 77 LIFE Departement
Premium Reserve . Frs. 32,459,465. — Reserve for outstanding losses .... „ 414,652. — 0007-1 ii'?
Retrocession Premiums, less cancellations . . Commissions, less retrocession . Losses paid Fr. 12,697,392.23 less retrocession , 5,283,060.51 Premium Reserve Reserve for outstanding losses and provision for extraordinary losses
Life DepL. Retrocession Premiums Commis.sions and expenses, less retrocession . . . . . A . Surrenders, less retrocession . . . . . Lpsses paid, less retrocession ...... Annuities paid, less retrocession • • i ... Premium Reserve i . ... .i.1 . . . .. . . . Annuity Fund . .. .. . .. . Reserve for outstanding losses . ... ; ... Expenses of management .... . \ . Taxes , • : . . ' Amortization on Securities . v , . . ; . Net profit • ' . • . . v: . ; Distribution of Profit: Frs. 200,000. — to Special Reserve Fund. , 25,000. — to Staff Pension Fund. „ 500,000. — Dividend. „ 125,000.— to Directore and Management. „ 92,067.34 Balance carried to next year's account.
Reserve Fund ... . . 1,000,000 — Special Reserve . . .... 1,000,000 Due to other Companies . . . . . . . . . 3,720,015 •31 Sundry creditors . . . . , 31,934 69 Reserves, Fire, Liability, A.ccident, Marine, Burglary and Fidelity Guarantee Dep^: Reserves, Life Dept-: Premium Reserve . . ... . . . . . . d Fr. 29,720,060.-
Deposits bearing interest . . . ... . . 905,657.18 Cash in Bank .... ,928,371.08 Cash in hand . . . : . . . d . , 12,436.57 46,240,671 28 Due by other Companies . ... . . . . 4,023,630 36 1 Due for Premium Reserve, Life Dept-, in hand of ceding Offices . . . , . 6,384,691 50 i Accrued interest 516,089 —
Board of Directors: J. R. Hanhart, Chairman ... . . . . Zurich. E. Welti, Deputy-chairman Berne.
The Life Company presently leases space for 54 district and detached offices in Delaware, Maryland, the District of Columbia, West Virginia, Virginia, Tennessee and North Carolina. The termination dates on these leases range from 1995 to 2003; all of the longer term leases being for district office purposes. The maximum annual rent paid under any lease is $28,775. The annualized rent under all leases in effect on December 31, 1994 was approximately $760,000.
Incorporated herein by reference from the 1994 Annual Report to Stockholders, pages 19 and 20.
MAIN OFFICES. The main office of the Company, Liberty Life, Liberty Insurance Services, and Cosmos is located on a 30-acre tract in Greenville, SC, and consists of three buildings totaling approximately 360,000 square feet plus parking. The main office facilities are owned by the Company and Liberty Life. Liberty Life leases branch office space in various cities. Leases are normally made for terms of one to ten years.
Selected Financial Data for the Company is contained on page 31 of The Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on page 39 of this report and is incorporated in this Item 6 by reference.
The Company also owns seven other buildings in Cleveland, Ohio suburbs near the corporate office complexes; seven buildings in Tampa, Florida; three buildings in Colorado Springs, Colorado; and a building in each of the following cities: Albany, New York; Austin, Texas; Ft. Lauderdale, Florida; Plymouth Meeting, Pennsylvania; Tempe, Arizona; and Tigard, Oregon. Four of these buildings are partially leased to non-affiliates. In total, these buildings contain approximately 2.2 million square feet of office, warehouse and training facility space and are owned by subsidiaries of the Company. These facilities are occupied by the Company’s business units or other operations and are not segregated by industry segment.
The Company leases office space in Hamilton, Bermuda for its principal offices. The lessor is a joint venture in which the Company has a 40 percent interest and there is an agreement with the joint venture partner which ensures the Company's ability to occupy a portion of the building until 2011. Tempest also leases office space in Hamilton, Bermuda for its principle offices under a non-cancelable lease expiring in 1998 with a three year renewal option. Methuen currently leases office space at 122 Leadenhall Street, London, England for its principal offices. The lease expires in 2012. Methuen also leases an office in the 1986 Lloyd's Building in London under a lease that expires in 2001. ACE London leases office space at Devonshire Square, London, England for its principal offices under two leases that expire in 2008. Subsequent to year end the Company consolidated the operations of Methuen and ACE London into one location in London, England. The lease for this office space expires in 2012.
In April, 1997, the Company purchased a block of land in Hamilton, Bermuda and plans to develop the property to satisfy future office space requirements.
This item is incorporated by reference to pages 21 through 31 of the 1997 Annual Report to Shareholders filed with this Form 10-K.
This item is incorporated by reference to pages 32 through 54 of the 1997 Annual Report to Shareholders filed with this Form 10-K.
Information as to management’s discussion and analysis of financial condition and results of operations is incorporated by reference to the material under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2003 Annual Report to Shareholders.
RGA Reinsurance houses its employees and the majority of RGA's officers in 71,994 square feet of office space at 660 Mason Ridge Center Drive, St. Louis County, Missouri. These premises are leased from General American for an initial term ending August 31, 1998, at an annual rent of $1,538,872, plus a pro-rated share of increases in taxes and operating expenses for the building beyond the levels of 1995. A portion of this office space is subleased to subsidiaries and affiliates: Great Rivers Reinsurance Management, Re Partners, and RGA/Swiss Financial Group.
Manantial conducts business from approximately 8,400 square feet of office space in Buenos Aires, Argentina, pursuant to several leases. Rental expense paid for the office was approximately $138,700 during 1996. BHIF America and RGA Chile conduct business from approximately 3,400 square feet of office space in Santiago, Chile. The lease expense paid during 1996 was approximately $35,500. Two of the Buenos Aires leases expire in October and November 1997 with the remaining leases expiring in 1999. The Santiago lease expires in April 1997.
RGA Canada's operations are conducted from approximately 9,800 square feet of office space located in Montreal, Canada. The lease with respect to such space expires in 2010. Rental expenses paid by RGA Canada under the lease during 1996 were approximately $175,600. RGA Canada also leases approximately 5,900 square feet of space in Toronto, Canada. This lease expires in 1998. The rental expenses paid by RGA Canada under the Toronto lease during 1996 were approximately $126,500.
This discussion and analysis is incorporated by reference to the Annual Report for 1996 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" at pages 13 to 22.
This information is incorporated by reference to the Annual Report for 1996 under the following captions:
The Company’s principal executive office is located in Irvine, California in approximately 13,000 square feet of leased space. The lease expires in January 2020. The Company leases approximately 83 branch offices in 43 states, which range in size from 200 square feet up to 94,000 square feet. The lease terms for the branch offices range from monthly to 10 years and expire at various dates through 2024. The Company believes that its facilities are adequate for its current needs and that suitable additional space will be available as required.
The Company’s consolidated financial statements, as listed under Item 15, appear in a separate section of this annual report. The financial statement schedule is included below under Item 15(a)(2).
During the fiscal year ended December 31, 2007 our operations consisted of those of our dissolved former American LAC subsidiary. As described elsewhere herein, during the fourth quarter of fiscal 2007 we discontinued those operations and those results are presented as discontinued operations in the financial statements included elsewhere in this report. On September 10, 2008 American LAC was dissolved. We are now considered a “shell company” under Federal securities laws and our business plan is to seek to acquire assets or shares of an entity actively engaged in business which generates revenues in exchange for our securities. While we are engaged in the search for a suitable candidate for a business combination, we will continue to incur general operating expenses associated with overhead, salaries and fees, including accounting, audit and legal fees, associated with our reporting requirements under Federal securities laws. We will also incur expenses associated with our search for a suitable candidate for a business combination. In March 2008 in conjunction with the state of Arizona granting American LAC its application to terminate its insurance business, American LAC received the release of its statutory deposit in the amount of $512,000. A portion of the amount was used and the balance is being used, and should be sufficient, to pay our operating expenses until such time as we are able to identify and close a business combination with an operating entity.
Our principal shareholder, Dr. Bishop has extended us a line of credit in the amount of $100,000 of which no amount is outstanding as of December 31, 2008. Any amount borrowed under the line of credit must be satisfied in full in the event of a change of control of our company.
Net cash used in financing activities for fiscal 2008 was $359,200 and represented the repayment of the amount outstanding under the line of credit extended us by Dr. Bishop. As a result of the discontinued operations related to our former dissolved American LAC subsidiary we do not believe a comparison to net cash used in operating activates or net cash provided by financing activities for fiscal 2007 would be informative.
In September 2006, FASB issued SFAS No. 157, “Fair Value Measurements”. The objective of SFAS 157 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements. The provisions of SFAS No. 157 are effective for fair value measurements made in fiscal years beginning after November 15, 2007. The adoption of this statement did not have a material effect on our reported financial position or results of operations.
(Financial statements, Pro Forma Financial Information and Exhibits) related to its completion of the acquisition of American States Financial Corporation. The Registrant filed an 8-K dated October 13, 1997 under Item 5 (Other Items), announcing its preliminary review of earnings for the third quarter of 1997. The Registrant filed an 8-K dated October 27, 1997 under Item 5 and Item 7, presenting its third quarter 1997 earnings release information.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on March 27, 1998.
We consent to the incorporation by reference in this Annual Report (Form 10-K) of SAFECO Corporation of our report dated February 13, 1998, included in the 1997 Annual Report to Shareholders of SAFECO Corporation.
Our audits also included the financial statement schedules of SAFECO Corporation listed in Item 14(a). These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion based on our audits. In our opinion, the financial statement schedules referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.
(1) Property and casualty insurance companies' investments are available for payment of claims and benefits for all product lines within the segments; therefore, such investments and the related investment income have not been identified with specific segments. In the life and health companies, a major portion of investment income and assets is specifically identifiable within an industry segment. The remainder of these amounts has been allocated in proportion to the mean policy reserves and liabilities identified with each segment.
(2) Property and casualty other operating costs for 1997 include $60.0 million of nonrecurring acquisition charges related to SAFECO's October 1, 1997 acquisition of American States.
(1) The 1997 increase in losses and adjustment expenses incurred related to prior years of $30.5 million includeds a nonrecurring $40.0 million reserve increase related to the American States acquisition.
*Copies of these exhibits are available without charge by making a written request to:
Rod A. Pierson Senior Vice President and Chief Finanacial Officer SAFECO Corporation SAFECO Plaze Seattle, Washington 98185
Board of Directors: Ch. Simon, Chairman. E. HUrlimann, Deputy-Chairman. Hans Sulzer Max Huben E. Welti Felix Calender 0. J. Abegg
The Fire Account continued to run excellently, as has been the case for a number of years. The profit surpassed that of last year, every country on the Continent of Europe, with the exception of France and Italy, contributing thereto. In France we are concerned at the extent to which unsound competition has led to industrial and commer­ cial risks being underrated; it seems doubtful whether the steps which have been taken to improve the rates are sufficiently far-reaching to place the business on a paying basis. British Home business was again satisfactory, as were our operations in the United States of America and elsewhere in the overseas field, with the exception of Japan.
The Hail section, the premium income from which was somewhat lower, produced a wider margin of profit than in 1937, towards which Germany, Italy and Hungary con­ tributed to a notable degree.
The Marine Department closed with a larger surplus than in the previous year, chiefly due to an improvement in Hull rates and to a decline in the number of major casualties. The constantly increasing tension in international politics was accompanied by an expansion in the demand for the insurance of war risks beyond the capacity of the insurance markets in various countries. As a consequence certain Governments decided to take over the war risk, either by giving reinsurance support to national pools or by de­ claring their readiness to provide this cover immediately upon the outbreak of hostilities. This serious problem is thus approaching a solution which affords considerable relief to international Marine insurance and reinsurance interests.
Interest earnings again expanded, although the increase was retarded by the decline in rates of interest and by the renewed depreciation of the French Franc.
We were able to avoid the necessity of writing off any substantial amounts on account of depreciation of investments. Listed securities have as usual been entered at or below the market prices ruling in December, while unquoted investments have been valued in accordance with our habitual caution and with due regard to legal provisions. The con­ tinued uncertainty in the international political situation complicates the pursuit of a sound investment policy and calls for the exercise of the utmost caution; this accounts for the large proportion of liquid funds. The Reserve for Contingencies has been restored to the level at which it stood prior to the appropriation from this fund which was made in the 1937 accounts.
PROFIT AND LOSS ACCOUNT for the year ending 31st December, 1938.
Premium Reserve from 1937 Reserve for Unsettled Claims from 1937 Reserve for Extraordinary Losses Premiums, less cancellations Frs. 196,290,782.40 Premiums for which no reserve is necessary „ 34,138,916.60
Life DepL. Premium Reserve from 1937 Annuity Fund from 1937 . . Reserve for Unsettled Claims from 1937 Premiums, less cancellations . . . Consideration for Annuities Interest Interest, after deduction of interest due to Life Dep^
By order of the Board: Ch. Simon, p. Alther, E. Bebler,
The Company leases approximately 23,000 square feet in an office building located in Hatboro, Pennsylvania. The office building also houses Penn Independent and certain of its subsidiaries. The Company leases the space from Mr. Irvin Saltzman, Chairman of the Board of Directors of the Company, pursuant to a lease agreement renewed June 30, 2000 that expires on June 30, 2005, and provides for an annual rental payment of $357,000. This amount is considered by the Company to be at fair market value.
See Note 9 of Notes to Consolidated Financial Statements in the 2002 Annual Report to Shareholders incorporated by reference in this Form 10-K Annual Report for the amounts of future minimum lease payments. Each of the office facilities occupied by the Company and its subsidiaries are in good condition and adequate for present operations.
The selected financial data for the last five fiscal years of the Company and its subsidiaries is set forth under the caption "Financial Highlights" in the 2002 Annual Report to Shareholders and is incorporated by reference in this Form 10-K Annual Report. The information should be read in conjunction with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2002 Annual Report to Shareholders, which are incorporated by reference in this Form 10-K Annual Report.
Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2002 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
The financial statements and supplementary data in the 2002 Annual Report to Shareholders are incorporated by reference in this Form 10-K Annual Report.