felanders/preprocessed huggingface dataset:
Hail insurance, with the exception of the Argentine, produced a favourable result.
The Miscellaneous branches (Water Damage, Plate Glass, Machinery and Live-Stock) were satisfactory in the aggregate, although Machinery insurance showed a deficit.
«1 We have the honour to present to you the Eighty-fourth Annual Report and State­ ment of Accounts of the Company for the year 1947.
The broad spread of our business geographically and by branches has rarely stood us in such good stead as in the past year, during which the insurance experience revealed considerable losses in two of the major branches in several important territories. Thanks to this balancing factor, our technical results are only slightly below those of the pre­ ceding year.
The Premium Income rose from Frs. 363,418,201 to Frs. 458,619,628. This notable * increase of Frs. 95,201,427 is due, not only to the further development of our business connections, but chiefly to the adjustment of sums insured to meet the rise in values. The branches other than Life show an expansion in Premiums of Frs. 103,832,000, whereas the Life Department suffered a reduction of Frs. 8,630,000 as the result of the devaluation of various currencies.
In Third Party Liability insurance, chiefly owing to the unfavourable experience in Motor and Aviation insurance, we suffered a loss in almost all countries.
In the Life account the volume of new business was somewhat smaller than in the previous year. Owing to the favourable mortality experience, the result was satis­ factory, despite an increase in the acquisition costs.
Foreign currencies were converted at rates which take into consideration transfer problems and the exchange risk on both assets and liabilities.
PROFIT AND LOSS ACCOUNT for the year ending 31sf December, 1947.
Interest, after dednction of interest due to Life Department . . 11,171,746 23 1,157,871,205 38
Premiums for Retrocession, less cancellations 79,121,227 41 Commission, less Retrocession 112,373,678 85 Claims paid Frs. 163,615,074.12 less Retrocession „ 41,864,906.76 121,750,167 36 Premium Reserve, less Retrocession 165,181,295 — Reserve for Unsettled Claims, less Retrocession . 168,070,339 — Reserve for Extraordinary Losses 10,000,000 — 656,496,707 62
Life Department. Premiums for Retrocession 14,458,844 42 Commission, less Retrocession 13,320,595 23 Surrenders, less Retrocession 8,963,348 84 Losses paid, less Retrocession ,. .... . . 27,053,077 33 Annuities paid, less Retrocession 641,373 85 Premium Reserve, less Retrocession ; • • 397,722,541 — Annuity Fund, less Retrocession 7,349,148 — Reserve for Unsettled Claims, less Retrocession ...... 7,461,523 — 476,970,451 67 v-3 •'•'i
Life Department Premium Reserve Frs. 397,722,541. — Annuity Fund 7,349,148. -
The Company's executive offices are located in Hartford, Connecticut. The Company rents from an affiliate of Travelers Group approximately 1,030,000 square feet of office space in Hartford, Connecticut, under a ten-year lease that expires on April 1, 2006 and, subject to certain conditions, is renewable by the Company for additional five-year terms. Under certain circumstances, the Company may be required to purchase the leased premises. In addition, the Company leases 248 field offices totaling approximately 5,890,000 square feet throughout the United States under leases or subleases with third parties. The Company also rents from Aetna approximately 373,000 square feet of office space at CityPlace, located in Hartford, Connecticut, under an eight-year sublease that expires in 2004.
The Company believes its properties are adequate and suitable for its business as presently conducted and are adequately maintained. For further information concerning leases, see Note 11 of Notes to Consolidated Financial Statements.
See "Five-Year Summary of Selected Financial Data" on page 17 of the Company's 1997 Annual Report to Stockholders (the "1997 Annual Report"), included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
See "Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page 18 of the 1997 Annual Report, included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
Ticor Title's and Security Union's headquarters are in leased premises of about 45,000 square feet in Pasadena, California. CT&T and its subsidiaries own or lease buildings or office space in approximately 522 locations throughout the United States, primarily for CTI, Security Union and Ticor Title full-service and satellite branch office operations.
World Minerals' headquarters is located in leased premises of approximately 13,000 square feet in Santa Barbara, California. Celite, Harborlite, Europerlite and certain departments of World Minerals share 16,800 square feet of leased premises in Lompoc, California.
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 Santa Barbara and Lompoc, California, the Nanterre, France, and Izmir, Turkey, offices and the plant at Wissembourg, France, which are leased.
Celite and Harborlite also lease warehouses, office space and other facilities in the United States and abroad. A joint venture between Celite and the Government of Iceland has mining rights to mine diatomaceous earth in sections of Lake Myvatn, Iceland, and Celite's joint ventures in PRC have mining rights to mine diatomaceous earth in sections of Jilin Province, PRC.
The operations of Alleghany's Heads and Threads division are conducted in 16 states at 19 locations. There are either warehouses, or combined warehouses and sales offices, at such locations; two locations are
The information required by this Item 6 is incorporated by reference from page 5 of Alleghany's Annual Report to Stockholders for the year 1996, filed as Exhibit 13 hereto.
On February 28, 1997, we sold a major portion of our group insurance business to UNICARE Life & Health Insurance Company ("UNICARE"), a wholly-owned subsidiary of WellPoint Health Networks, Inc. The business sold included our group accident and health business and related group life insurance business and Cost Care, Inc., Hancock Association Services Group and Tri-State Inc, all of which were indirectly wholly-owned subsidiaries of the Company. The Company retained its group long-term care operations. Assets equal to liabilities of $686.7 million at February 28, 1997 were transferred to UNICARE in connection with the sale. Income from operations in 1997 was not significant. The insurance business sold was transferred to UNICARE through a 100% coinsurance agreement.
The disposed businesses' results of operations for each of the three years in the three-year period ended December 31, 2000 are presented below:
(2) Net realized investment gains have been reduced by: (1) amortization of deferred policy acquisition costs to the extent that such amortization results from realized gains and losses and (2) the portion of realized gains and losses credited to participating pension contractholder accounts. We believe presenting realized investment gains and losses in this format provides information useful in evaluating our operating performance. This presentation may not be comparable to presentations made by other insurers. For a presentation of net realized gains and related amounts see Management's Discussion and Analysis of Financial Condition and Results of Segment Operations included elsewhere in this Form 10-K.
(5) For additional information on the creation of the closed block see Note 5 to our audited consolidated financial statements, included elsewhere in this Form 10-K.
The Company's Financial Statements and Supplementary Data is incorporated herein by reference to our Annual Report to Shareholders which is included in Exhibit 13 to this Form 10-K.
The following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities for the fiscal years ended April 30, 2014 and 2013.
As of and for the two year period ended April 30, 2014, our auditors have issued a going concern opinion on our financial statements.
The Company recognizes compensation cost based upon the fair value of stock options at the grant date using the Black-Scholes pricing model. During the years ended April 30, 2014 and 2013, the Company did not issue any shares for services nor did the Company issue any options as stock based compensation to any officers, directors, or non-employees.
In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company evaluated and adopted ASU 2014-10 for the reporting period ended April 30, 2014.
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. No assurances can be given that the Company will be successful in locating or negotiating with any target company.
For the year ended April 30, 2014, the Company reported a net loss of $33,700 and has reported an accumulated deficit of $4,294,345 as of April 30, 2014.
As of April 30, 2014, the authorized common stock of the Company consists of 100,000,000 shares of common stock with a par value of $0.0001 and 10,000,000 shares of preferred stock with a par value of $0.0001.
The principal executive offices of the Company and its subsidiaries are located in 40,281 square feet of leased office space at 650 Town Center Drive, Costa Mesa, California. The lease on this facility was renewed for the period from October 1, 1995 through March 31, 2007, with a five-year option to extend. Additional offices are maintained in leased premises in Chicago, Illinois; Indianapolis, Indiana; Florham Park, New Jersey; Philadelphia, Pennsylvania; Atlanta, Georgia; Tulsa, Oklahoma and Phoenix, Arizona.
Material appearing under the caption "Selected Financial Data" in the Company's Annual Report is hereby incorporated by this reference.
Material appearing under the captions "Report on Consolidated Financial Statements" and "Independent Auditors' Report" and contained in the Company's consolidated financial statements and notes thereto in the Company's Annual Report is hereby incorporated by this reference.
Superior's operations are conducted at leased facilities in Atlanta, Georgia; Tampa, Florida; and Orange, California. Under a lease term which extends through February 2003, Superior leases office space at 280 Interstate North Circle, N. W., Suite 500, Atlanta, Georgia. Superior occupies 43,338 square feet at this location. Superior also had an office located at 3030 W. Rocky Pointe Drive, Suite 770, Tampa, Florida consisting of 18,477 square feet of space leased for a term extending through February, 2000. That location has been moved to 5483 West Waters Avenue, Suite 1200, Tampa, Florida and consists of approximately 33,861 square feet of space leased for a term extending through December 2007. In addition, Superior occupies an office at 1745 West Orangewood, Orange, California consisting of 3,264 square feet leased for a term extending through May 2001. All administration and accounting activities are housed at the Atlanta location. Underwriting and claims activities are split between the Atlanta and Tampa locations. The Tampa location underwrites for Florida and Tennessee whereas the remaining states are processed in Atlanta. Claims activities, excluding personal injury protection (PIP), are handled at the Atlanta location. All PIP claims are processed at the Tampa location. Customer service for Texas, California, and Arizona are handled in Tampa whereas the remaining states are handled in Atlanta.
The data included on page 5 of the 1999 Annual Report, included as Exhibit 13, under "Selected Financial Data" is incorporated herein by reference.
Mid Ocean Reinsurance leases office space in Richmond House, Hamilton, Bermuda, where the Company's principal offices are also located. Mid Ocean Reinsurance also leases office space in the London Underwriting Centre, London, England, at which its London branch office is located. In addition, Mid Ocean Reinsurance leases office space at 6 Raffles Quay, John Hancock Tower, Singapore at which its Singapore branch is located. Office space is also leased at Bavariaring 44, Munich, Germany where Mid Ocean Reinsurance Consulting GmbH is located. Brockbank leases office space at Fitzwilliam House and Rood Lane, London where its principal offices are located. Other Brockbank operations lease space in Cardiff and Swansea, Wales and Haywards Heath, England.
This item is incorporated by reference to the Selected Financial Data table contained in the 1997 Annual Report.
This item is incorporated by reference to Management's Discussion and Analysis of Results of Operations and Financial Condition in the 1997 Annual Report.
This item is incorporated by reference to the financial statements in the 1997 Annual Report.
WNIC also has a fifty percent interest in a joint venture partnership that owns a 22,000 square-foot data center in Vernon Hills, Illinois, that is leased and occupied solely by WNIC. WNIC first occupied the property in April, 1993 and signed a twenty- year lease.
WNIC also owns a 335,000 square-foot office building in Evanston, Illinois. WNIC occupies approximately 12 percent of this building and leases the remainder to nonaffiliated commercial enterprises. At December 31, 1995, the outstanding balance on the mortgage loan secured by this property was $1,309,000. WNIC also occupies 26 field offices throughout the country, all of which are leased.
UPI's home office is a 102,000 square-foot office building that UPI owns, and is located on a thirty-acre site in Kokomo, Indiana.
The financial statements and supplementary data on pages 28 through 46 of the 1995 Annual Report to Shareholders are incorporated herein by reference.
SELECTED FINANCIAL DATA FOR THE FIVE YEARS ENDED DECEMBER 31, 2001
The consolidated financial statements of the registrant are contained on pages 30 through 46 of registrant's 2001 Annual Report to Stockholders and are incorporated herein by reference.
The information required by this Item 6 is included under the caption "Selected Financial Data" in our 2002 Annual Report and is incorporated herein by reference.
The Saltzman/Kooper Agency, Inc., a life and health insurance agency owned by Louis H. Saltzman, a director and the Secretary of the Registrant and Arista, and a director of The Collection Group, Inc., occupied adjacent premises pursuant to a sublease with the Company whereby The Saltzman/Kooper Agency, Inc. was responsible for 16.45% of all rental charges. The sublease between the Company and The Saltzman/Kooper Agency, Inc. was on similar terms as the Company's lease with its landlord. The arrangement terminated on May 31, 1995.
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles, which differ in certain respects from those followed in financial statements prepared for regulatory authorities. (See Note 14 to the accompanying Consolidated Financial Statements.)
Arista's gross premiums earned for the year 1996 were approximately $23.2 million as compared with approximately $26.1 million for 1995. The reduction in gross premiums earned was the result of Arista's termination of its assumption reinsurance agreement during the first quarter of 1996 wherein Arista had assumed Hawaii Temporary Disability Insurance Business that had been ceded by Allianz Life Insurance Company of North America together with a continuation of the net loss of covered lives and of policyholders.
Arista's gross claims incurred for 1996 were approximately $15.3 million or 66.0% of gross premiums earned. For the year 1995, gross claims incurred were $16.6 million or 63.6% of gross premiums earned.
Consolidated investment income for 1996 was approximately $441,000 representing an increase of $189,000 over 1995. The increase was due mainly to income earned on the proceeds received by Arista upon the issuance of the surplus note. In addition Arista had insignificant net realized and net unrealized investment losses for 1996 and 1995.
Other income, including income from Third Party Administrative operations, was approximately $299,000 as compared to approximately $333,000 for 1995.
The Company's net income for the year 1995 was approximately $257,000, compared with a net loss of approximately $241,000 for 1994. The Company's net income of approximately $257,000 consisted of approximately $59,000 from continuing operations and approximately $198,000 from discontinued operations. Net income from discontinued operations represented the gain from Arista's sale of its wholly-
Retained earnings decreased from $2,111,528 at December 31, 1995 to $935,665 at December 31, 1996 as a result of the Company's operating loss.
Management believes that neither Arista's premium rates nor claim costs have materially changed due to inflation.
(1) There were no cash dividends paid per Common Share during this period.
During Fiscal 1998, revenue from vocational rehabilitation services totaled $1,285,798, an increase of 5.4% from the $1,219,890 reported for Fiscal 1997. Revenue for Fiscal 1997 had experienced a 5.7% decrease from the $1,293,166 generated in Fiscal 1996. The majority of the Company's vocational rehabilitation services are provided to the Washington State Department of Labor & Industries ("L & I"). Management continues to focus its marketing plans on self-insured corporations as a source of new business and for decreasing its dependence on the L & I contracts.
Selling, general and administrative expenses were $1,199,277, $1,280,644 and $1,349,086 in Fiscal 1998, Fiscal 1997 and Fiscal 1996, respectively. With the disposition of the HBA division, management continually seeks new alternatives to reduce corporate overhead. However, it is anticipated that certain expenditures related to the Company's search for acquisition candidates will increase.
For the fiscal year ended March 31, 1998, the net cash provided by operating activities of continuing operations was $212,681. The significant sources were income from continuing operations of $40,085, a net decrease of $33,000 in deferred tax assets, $100,020 of depreciation and amortization and a $29,402 decrease in accounts receivable. During Fiscal 1998, net cash provided by financing activities consisted of $250,000 received from the issuance of common stock.
In June 1997, the FASB also issued SFAS No. 131, Disclosure About Segments of an Enterprise and Related Information, which is effective for fiscal years beginning after December 15, 1997. This statement establishes standards for reporting information about operating segments, and related disclosures about products and services, geographic areas and major customers. The Company has not determined the impact that the adoption will have on its consolidated financial statement disclosures. The Company will adopt this statement effective April 1, 1998, as required. Interim information is not required until the second year of application, at which time comparative information is required.
Except for the historical information contained herein, the matters discussed in this report on Form 10-K and the Company's other periodic reports and other documents incorporated by reference or incorporated herein as exhibits, may contain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic and market conditions, the potential loss or termination of existing clients and contracts and the ability of the Company to successfully identify and thereafter consummate one or more acquisitions.
The Company leases certain office space in Bala Cynwyd, PA which serves as its headquarters location and also leases 36 field offices for its field office personnel. Additionally, the Company entered into an agreement to lease its previous headquarters building, which it owns, in Wynnewood, PA.
The information required by this Item is incorporated by reference to pages 7 through 10 of the Company's 1996 Annual Report to Shareholders.
The Transamerica Center in Los Angeles, California, consists of a 32-story building, an 11-story building and a 10-story building. Transamerica Center is the home office of certain divisions of Transamerica Life Companies and certain other subsidiaries of Transamerica. Approximately 58% of the 1,210,000 square feet of rentable space is occupied by Transamerica subsidiaries.
The following items for each of the years in the five year period ended December 31, 1997, included in "Selected Eleven-Year Financial Data" on pages 76 and 77 of the Transamerica Corporation 1997 Annual Report, are incorporated herein by reference:
The information (other than graphic images and related commentary) set forth under the caption "Financial Review" on pages 32 through 51 of the Transamerica Corporation 1997 Annual Report is incorporated herein by reference.1
Consolidated Statement of Cash Flows--Years ended December 31, 1997, 1996 and 1995 --page 55.
The principal executive offices of the Company and FSA are located at 350 Park Avenue, New York, New York 10022. The principal executive offices, which consist of approximately 53,000 square feet of office space, are under lease agreements which expire in 2005. The Company's telephone number at its principal executive offices is (212) 826-0100. FSA also maintains leased office space in San Francisco, Dallas, London (England), Paris (France), Madrid (Spain), Singapore and Sydney (Australia). The Company and its subsidiaries do not own any real property.
Selected financial data for the Company and its subsidiaries for each of the last five years is set forth under the caption "Financial Highlights" on page 16 of the Company's 1997 Annual Report to Shareholders. 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 26 to 44 of such Annual Report.
The 1997 Consolidated Financial Statements, together with the Notes thereto and the Report of Independent Accountants thereon, are set forth on pages 25 through 44 of the Company's 1997 Annual Report to Shareholders. Such information is incorporated herein by reference.
SAFECO Credit Company, Inc., organized in 1969, provides loans and equipment financing and leasing to commercial businesses. Approximately 10 to 15% of the business of SAFECO Credit Company, Inc. consists of loans to other members of the SAFECO group. These loans are limited to 50% or less of the total loans outstanding.
SAFECO Securities, Inc., organized in 1967, is the principal underwriter of the SAFECO Mutual Funds including: the SAFECO Common Stock Trust, SAFECO Bond Trust, SAFECO Tax-Exempt Bond Trust and the SAFECO Money Market Trust, totaling fourteen separate investment portfolios, which are marketed directly to the public; the SAFECO Institutional Series Trust which is marketed to institutions and has one investment portfolio; the SAFECO Advisor Series Trust which is sold to the public through broker/dealers and which has eight investment portfolios each of which has three classes of stock. In addition, SAFECO Securities, Inc. is the principal underwriter for the SAFECO Resource Series Trust mutual fund which has five separate investment portfolios and for the variable insurance products issued by SAFECO Resource Variable Account B, SAFECO Separate Account SL and SAFECO Variable Account C, all of which are separate accounts of SAFECO Life Insurance Company.
SAFECO Services Corporation, organized in 1972, is the transfer agent for the SAFECO Mutual Funds.
PNMR Securities, Inc., organized in 1986, acts as a broker-dealer, making shares of unaffiliated and affiliated mutual funds and proprietary and non-proprietary variable insurance products available to the public through its registered representatives.
All owned buildings are of modern construction, including air conditioning. All other branch and service offices utilize leased premises comprising 422,000 gross square feet, generally for periods of five years or less.
The following is a summary of the property leased to others. All construction is of steel or steel and concrete.
Pages 37 through 63 of the 1994 Annual Report to Stockholders are hereby incorporated by reference.
The Company has the option to terminate the lease provided it notifies the landlord ninety days prior to the termination date, and reimburses the landlord for the unamortized portion of the landlord's contribution for leasehold improvements which was approximately $14,700 at December 31, 1999.
The Company provides certain office services to Bernard Kooper Life Agency, a life and health insurance agency owned by Bernard Kooper, the Chairman of the Board of the Company. The Bernard Kooper Life Agency reimburses the Company for the cost of these services.
1998, the Company reported a loss from continuing operations of $238,254 ($0.09 per share) and a gain on disposal of discontinued operations of $671,049 ($0.26 per share), resulting in consolidated net income for 1998 totaling $432,795 ($0.17 per share).
Consolidated miscellaneous income in 1999 was $10,840 as compared to $18,823 in 1998.
Revenue from discontinued insurance operations for the year 1998 was $5,161,632 compared to $10,381,720 in 1997. Net loss from discontinued operations was $167,122 ($0.06 per share) in 1998 compared to a net income of $21,244 ($0.01 per share) in 1997. Net gain on disposal of discontinued operations was $838,171 (or $0.32 per share) in 1998.
Consolidated investment income in 1998 was $543,856 compared to $513,913 in 1997. This increase was due mainly to the Corporation's improved average annual yield on total investments.
Despite a large reduction in assets and liabilities at December 31, 1999 compared to December 31, 1998, the Company's financial condition remains stable. These reductions pertain entirely to the cession of the Company's insurance underwriting operation to The Guardian in 1998 and the payment of a partial liquidating distribution to the stockholders of the Company in May 1999.
The Company's primary requirement for cash in 2000 will be for working capital as a TPA for The Guardian and other companies.
Pursuant to an administrative services agreement with American International Company, Limited ("AICL"), a wholly-owned subsidiary of AIG, the Company and IPCRe are allocated office space in AICL's building in Bermuda and the Company's principal executive offices are located there. The address of the principal executive offices is American International Building, 29 Richmond Road, Pembroke HM 08, Bermuda and its telephone number is (441) 298-5100. In addition, IPC Re Services leases office space located in London, England.
(3) Dividend per Common Share is based on the number of average outstanding Common Shares during the years ended December 31, 1998, 1997 and 1996, respectively.
The historical consolidated financial data presented below as of and for each of the periods ended December 31, 2002, 2001, 2000, 1999, and 1998 were derived from our consolidated financial statements which are incorporated herein by reference to the Annual Report. The selected consolidated financial data should be read in conjunction with our consolidated financial statements and related notes thereto, and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” also contained in the Annual Report and incorporated herein by reference.
The loss and loss adjustment expense ratio is calculated by dividing the losses and loss expenses incurred by the net premiums earned. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses by net premiums earned. The combined ratio is the sum of the loss and loss expense ratio and the expense ratio.
Return on average equity is calculated as the annual net income (loss) divided by the average of the shareholders’ equity on the first and last day of the respective year.
During 1992, Registrant leased the main office building at 1511 Christy Lane, Jefferson City, Missouri, from its then parent International Mercantile Corporation ("IMC"), at an annual rate o $92,000. The lease expired on December 31, 1992. During 1992, Registrant subleased portions of the building for terms expiring December 31, 1992, to IMC. Universal Life Holding Corporation ("ULHC"). ULHC was an affiliate of Registrant. On December 31, 1992, Registrant purchased the building from IMC. The purchase was a non-cash transaction. Registrant received the building in exchange for assuming the mortgage and a note receivable from IMC. Said note was written off as uncollectable as of December 31, 1992.
In August of 1993, Registrant ceased all of its administrative functions being carried on in said office building. The closure was essentially necessitated by entering into the comprehensive third party administrative agreement with Central Security Life Insurance Company, based in Richardson, Texas. (See "Reinsurance and Third Party Administrator Agreements", under Item 1 of this Report for a detailed discussion of this transaction.)
On October 2, 1992, a lease was entered into with the Missouri Division of Employment Security ("Lessee") for 16,760 net rentable space at an annual rent of $125,700, payable monthly in payments of $10,475. The lease was still in effect on May 1996 when Registrant sold the building .
The Company currently leases space for its home office in Glenmont, New York from Farm Family Life. The lease agreement provides for Farm Family Casualty to pay Farm Family Life an annual rental of approximately $760,000. The lease expires on December 31, 1998. See "Related Party Transactions".
The following table sets forth certain consolidated financial data of the Company and its subsidiaries prior to and after the reorganization pursuant to the Plan that took place during 1996. The consolidated statement of income data set forth below for the years ended December 31, 1997, 1996, 1995, 1994 and 1993 and the consolidated balance sheet data as of December 31, 1997, 1996, 1995 and 1994 are derived from the consolidated financial statements of the Company which have been audited by Coopers & Lybrand L.L.P, independent auditors. The consolidated balance sheet data as of December 31, 1993 was derived from the unaudited consolidated financial statements of the Company. The Company believes that such unaudited financial data fairly reflect the consolidated financial condition of the Company as of December 31, 1993. This data should be read in conjunction with
The "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 12 - 18 of the Annual Report is incorporated herein by reference.
The consolidated financial statements of the Company, including the accompanying notes to the consolidated financial statements and Report of Independent Accountants on pages 19 - 38 of the Annual Report are incorporated herein by reference.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2007, the Company had aggregate office space of 1,640,602 square feet, of which 641,231 were owned and 999,371 were leased.
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” which will be contained in the registrant’s 2007 Annual Report to Stockholders (attached hereto as Exhibit 13), which information is incorporated herein by reference.
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 53 of the Annual Report, is incorporated herein by reference.
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; San Francisco, California; Glastonbury, Connecticut; Brooksville, Florida; Ft. Lauderdale, Florida; Ft. Myers, Florida; Jacksonville, Florida; Kissimmee, Florida; Leesburg, Florida; Maitland, Florida; Melbourne, Florida; Miami Lakes, Florida; Naples, Florida; Orlando, Florida; St. Petersburg, Florida; Sarasota, Florida; West Palm Beach, Florida; Winter Haven, Florida; Atlanta, Georgia; Clark, New Jersey; Las Vegas, Nevada; 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 8 of the "Notes to Consolidated Financial Statements" in the Company's 1997 Annual Report to Shareholders for additional information on the Company's lease commitments.
Information under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 18-21 of the Company's 1997 Annual Report to Shareholders is incorporated herein by reference.
Rental expense was approximately $28,067,000, $23,802,000 and $21,438,000 for 2009, 2008 and 2007, respectively. Future minimum lease payments (without provision for sublease income) are $26,574,000 in 2010, $21,979,000 in 2011 and $65,349,000 thereafter.
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” which will be contained in the registrant’s 2009 Annual Report to Stockholders (attached hereto as Exhibit 13), which information is incorporated herein by reference.
The consolidated financial statements of the registrant which will be contained in the registrant’s 2009 Annual Report to Stockholders (attached hereto as Exhibit 13) are incorporated herein by reference.
MBIA Corp. owns the 157,500 square foot office building on approximately 15.5 acres of property in Armonk, New York, in which the Company and MBIA Corp. have their offices. The Company believes that this office building is adequate and suitable for its current needs.
The information under the heading "Selected Financial and Statistical Data" as set forth on pages 18-19 of the Company's 1995 Annual Report to Shareholders is incorporated by reference.
The information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" as set forth on pages 20-24 of the Company's 1995 Annual Report to Shareholders is incorporated by reference.
The Company leases substantially all of its office facilities in various cities for its corporate and subsidiary operations. The Company considers these facilities to be adequate for its operating needs. See Note N of Notes to Consolidated Financial Statements in this Annual Report on Form 10-K, which note is incorporated herein by reference.
- --------------- (1) In 2000, the Company recognized an increase in gross liability for losses totaling $450 million and $267.8 million of charges related to the restructuring of its workers' compensation insurance operations.
(2) The Company sold Fremont Financial Corporation on December 20, 1999.
(3) The Company acquired UNICARE Specialty Services, Inc. on September 1, 1998.
Fremont General Corporation ("Fremont" or "the Company") is a financial services holding company. Fremont manages its business through two operating segments: (i) financial services and (ii) property and casualty insurance. Fremont's financial services' segment is consolidated within Fremont General Credit Corporation, which is engaged in collateralized commercial and consumer lending nationwide through its California-chartered industrial bank subsidiary, Fremont Investment & Loan ("FIL"). Fremont's property and casualty insurance segment is consolidated within Fremont Compensation Insurance Group ("FCIG") and substantially all of its insurance operation is represented by the underwriting of workers' compensation insurance policies. Each segment is managed separately and uses different pricing, distribution and operating methods. Additionally, there are certain corporate revenues and expenses, comprised primarily of investment income, interest expense and certain general and administrative expenses, that Fremont does not allocate to its segments.
Board of Directors: E. HUrlimann, Chairman. Hans Sulzer, Deputy-Chairman. Max Huber Felix Calender 0. J. Abegg G. Bachmann Fritz Baumgartner Hans Pfister
Despite the unfavourable effects of the war which tend to make themselves felt in numerous ways and to an ever greater extent, particularly in the loss ratio, the under­ writing results have been good.
Hail Insurance closed with a small loss which is mainly due to the disastrous experience in Swiss business.
Several important claims and the unfavourable trend in Aviation Insurance led to a small loss in the Accident Branch for European business, which was, however, more than compensated by the good results obtained overseas, so that this section never­ theless gave a modest profit.
Although the inflationary effect of rising prices became increasingly apparent, a gratify­ ing profit was shown in Third Party Liability Insurance, thanks to the favourable trend in Motor business.
In Burglary and Theft Insurance, which have consistently shown profits since 1921, the frequency of merchandise thefts and of hold-up robberies increased in some countries to such an extent that our European business this year resulted in a loss. On the other hand, the business outside Europe left-an appreciable margin of profit. Surety and Fidelity Guarantee, as well as the Miscellaneous Branches, produced favourable results.
Liahilities. Capital (58,000 shares of Frs. 1000 each) Reserve Fund . Special Reserve Fund Reserve for Contingencies Due to other Companies Life and other funds retained from other Companies Sundry Creditors . Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^J; Premium Reserve Frs. 106,282,021.— Reserve for Unsettled Claims „ 116,960,523. — Reserve for Extraordinary Losses , 10,000,000. —
Assets. Shareholders' Liability Real Estate ji,.g 7^400,000. — Mortgages , 21,912,590.13 Government and other Securities ^ 234,601,811.49 Life and other funds deposited with ceding Companies . „ 551,821,440. 84 35,122,588. 04 Cash in hand ^ 293,606.27 Due by other Companies Sundry Debtors Accrued Interest
On February 21, 2003 the Company began leasing office space in Melville, New York at an original annual rental of $18,000. The lease was extended for an additional twelve months and expires on March 31, 2005. The annual rental increased to approximately $19,200 on April 1, 2004 and continues until the expiration date. The lease has been renewed until March 2006 with an annual rental of approximately $20,100. This space will be sufficient for the Company's needs until the business plan of the Company has been successfully executed.
The Company's "Critical Accounting Policies" are described in Note 2 to the audited financial statements and notes thereto, included in Item 8 of this report. The Company recognizes revenue from its warranty service contracts ratably over the length of the contracts executed. Additionally, the Company purchased insurance to fully cover any losses under the service contracts from a domestic carrier. The insurance premium expense and other costs related to the sale are amortized ratably over the life of the contracts.
The Company generated recognized revenues from the sale of extended warranties and service contracts via the Internet of $65,000 in fiscal 2003. The revenues generated in the year were derived almost entirely from revenues deferred over the life of the contracts sold in prior years. Similarly, direct costs of $44,000 incurred in fiscal 2003, relate to costs previously deferred over the life of such contracts.
For the reasons cited above, the net loss before preferred stock dividend decreased to $1,044,000 in fiscal 2003 from the comparable loss of $1,160,000 for fiscal 2002.
The following chart represents the net funds provided by or used in operating, financing and investment activities for each period as indicated:
On September 22, 2003, the Company commenced an equity private placement to accredited investors pursuant to Regulation D to raise up to $4,000,000 through the sale of up to 40,000,000 shares of its Common Stock in increments of $5,000 or 50,000 shares. Through July 31, 2004, the Company sold only 14,957,913 shares, resulting in proceeds to the Company of $1,319,781, net of offering costs of $67,719. This amended private placement was terminated in July 2004. Additional financing is needed. There can be no assurance that the Company will be able to sell sufficient quantities of equity securities or borrow money so as to have sufficient funds to continue to operate. Management has sold promissory notes which bear interest at between 8% and 20% per annum to fund the Company until such time as sufficient proceeds are received from the private placement of its Common Stock. No assurance can be given that future borrowings will be available.
Board of Directors: E. HUrlimann, Chairman Hans Sulzer, Deputy-Chairman Max Huber C. J. Abegg Fritz Baumgartner Paul Ruegger Emil Bebier
The outbreak of the war in Korea and the re-armament undertaken in conjunction therewith in numerous countries gave considerable impetus to trade and industiy in many parts of the world, after the depression which had begun to make itself felt. At the same time, however, a greater uncertainty resulted both in the political and in the economic sphere. Nevertheless, thanks to the excellent relations we have with our business friends and to the technical and financial resources of which we dispose, we can look back upon a year of favourable development. Our commitments increased considerably, particularly in the Fire branch, and entailed a strengthening of our reserves.
Although again, in the past year, the depreciation of certain foreign currencies ad­ versely affected our gross premium income, a further increase is shown with a rise from Frs. 543,292,939 to Frs. 567,638,818, due chiefly to the re-establishment of our connections with German ceding companies. On the other hand, re-arrangements within the framework of our Group of Companies brought about a slight reduction in the volume of premiums which we retain for own account.
In Life insurance new business retained for own account showed a further slight increase. As the mortality experience was again favourable, we show a very satisfactory result.
Liabilities, Capital (58,000 shares of Frs. 1000 each) 58,000,000 — Reserve Fund 20,000,000 — Special Reserve Fund 25,000,000 .— Reserve for Contingencies 10,000,000 — Due to other Companies 81,178,742 84 Life and other funds retained from other Companies . 126,427,762 56 Sundry Creditors 4,674,787 40 Reserves: Fire, Accident, LiabiRty, Burglary, Fidelity, Surety and Marine Dep^: Premium Reserve Frs. 203,665,889. — Reserve for Unsettled Claims , 174,776,896.— Reserve for Extraordinary Losses . . . . . . „ 12,000,000. — 390,442,285 -
Contribution to Staff Life Insurance and Pension Fund 1,800,000 Dividend 10,150,000 Social Welfare contributions 250,000 Directors 207,100 Carried forward 4,502,502 75
Mortgages . , 29,218,006.57 Government and other Securities . , 446,941,503. 50 Life and other funds deposited with ceding Companies . , 393,408,521.18 Bank Balances . , 48,052,102.39 Cash in hand . , 414,445.15 928,972,578 79 Due by other Companies 158,146,373 25 Sundry Debtors 513,475 45 Accrued Interest 3,095,259 06
Selected financial data for each of our last five fiscal years is set forth under "Selected Financial Data" in our 2002 Annual Report to Stockholders. Such information is incorporated herein by reference.
The financial statements required by this item are contained in our 2002 Annual Report to Stockholders on the pages indicated below and are incorporated herein by reference.
Consolidated Statements of Cash Flows for the Years Ended December 31, 2000, 2001 and 2002 40-41
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2000, 2001 and 2002 42-43
Management's Discussion and Analysis of Financial Condition and Results of Operations 16-35
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 1998, 1999 and 2000 37
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 1998, 1999 and 2000 40-41
Our consolidated financial statements, together with the Independent Auditors’ Report thereon, appearing on pages 40 through 65 of our Annual Report to Shareholders for the fiscal year ended December 31, 2003, are incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations ("Management Narrative").............................................. 7-1
Endurance U.S. Holdings Corp. leases office space comprised of approximately 21,625 square feet in White Plains, New York under a lease expiring in 2014.
The section of our 2003 Annual Report to Shareholders entitled "Selected Consolidated Financial Data" is incorporated herein by reference and is filed as Exhibit 13.1 to this Form 10-K.
The section of our 2003 Annual Report to Shareholders entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" is incorporated herein by reference and is filed as Exhibit 13.1 to this Form 10-K.
The Report of Independent Auditors, Audited Consolidated Financial Statements, Notes to the Consolidated Financial Statements and the Condensed Unaudited Quarterly Financial Data included in our 2003 Annual Report to Shareholders are incorporated herein by reference and are filed as Exhibit 13.1 to this Form 10-K.
The Company leases approximately 59,000 square feet for its corporate headquarters in Philadelphia under leases which expire in 2003. In addition, CMAC leases regional and branch office space in various cities throughout the United States comprising approximately 50,000 square feet under leases expiring between 1997 and 2001. With respect to all facilities, the Company believes it will be able to obtain satisfactory lease renewal terms.
The information set forth on pages 27 through 29 in the Company's 1996 Annual Report to Stockholders under the caption "Management's Discussion and Analysis" is hereby incorporated by reference.
The consolidated statements of income, of common stockholders' equity and of cash flows for each of the years in the three-year period ended December 31, 1996, and the related consolidated balance sheets of the Company as of December 31, 1996 and 1995, together with the related notes thereto and the independent auditors' report, as well as the unaudited quarterly financial data, all set forth on pages 13 through 26 of the Company's 1996 Annual Report to Stockholders, are hereby incorporated by reference.