felanders/preprocessed huggingface dataset:
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 1994 Annual Report to Shareholders for additional information on the Company's lease commitments. Information on the Company's office locations is included on pages 4 and 5 and the inside back cover of the Company's 1994 Annual Report to Shareholders, which information is incorporated herein by reference.
Information under the caption "Selected Financial Data" on page 1 of the Company's 1994 Annual Report to Shareholders is incorporated herein by reference.
Information under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 20 through 25 of the Company's 1994 Annual Report to Shareholders is incorporated herein by reference.
The Consolidated Financial Statements of Poe & Brown, Inc. and its subsidiaries, together with the report thereon of Ernst & Young LLP, appearing on pages 26 through 43 of the Company's 1994 Annual Report to Shareholders are incorporated herein by reference.
Real estate owned and used in the regular conduct of business consists of 12 business properties located in various cities throughout the United States. The Corporation's Mount Washington Center, located in Baltimore, Maryland, is the principal owned property. This is the headquarters for the life insurance operations, and the location of the information systems, and training and development complexes.
Selected financial data of the Corporation on pages 34 and 35 of the Annual Report to Shareholders for 1994 is incorporated herein by reference.
Management's Discussion and Analysis on pages 12 through 33 of the Annual Report to Shareholders for 1994 is incorporated herein by reference.
The Consolidated Financial Statements of the Corporation and notes to such financial statements on pages 36 through 59 of the Annual Report to Shareholders for 1994 are incorporated herein by reference.
New York: Avon, Clifton Park, Dansville, East Greenbush, Endicott, Geneva, Hornell, Ithaca, Jamestown, Naples, Rochester, Rome, Sodus, Spencerport, Syracuse, Wellsville, Williamsville, Wolcott
Information under the caption "Financial Highlights" on page 24 of the Company's 2002 Annual Report to Shareholders is incorporated herein by reference.
The Consolidated Financial Statements of Brown & Brown, Inc. and its subsidiaries, together with the reports thereon of Deloitte & Touche LLP and Arthur Andersen LLP appearing on pages 38-66 of the Company's 2002 Annual Report to Shareholders, are incorporated herein by reference.
Financial position of the Company CAPITAL (fully subscribed 25 7» paid up) . Frs. 20,000,000. — RESERVE FUND ........ 2,000,000.SPECIAL RESERVE FUND . . . . . ........ „ 4,400,000. — FIRE, Accident, Liability, Burglary, Fidelity,
Surety and Marine Dep^. ; Premium Reserve .... . . ... Frs. 39,080,526.— Reserve for unsettled Claims .... „ 22,243,141.— Reserve for extraordinary Losses . „ 7,500,000.— „ 68,823,667.—
Balance carried to next year's account . , . . . . „ 48,785.36 TOTAL FUNDS Frs. 183,437,978.36 5 • IS
Premium Reserve from 1919 . . . Reserve for unsettled Claims from 1919 .... Reserve for extraordinary Losses ....... Premiums, less cancellations . . . . . . . . .
Life DepL. Premium Reserve from 1919 . . .> . . . . . , Annuity Fund from 1919 , Reserve for unsettled Claims from 1919 . . , . . t Premiums, less cancellations . . Consideration for Annuities, less Retrocession . . . Interest ... . Interest, after deduction of interest due to Life Dep^-
Distribution of Profit: Frs. 200,000. — to Special Reserve Fund '' • , 150,000. — Staff Insurance and Pension Fund. ^ , 1,500,000. - Dividends. : ' • . . , 375,000. — Directors and Management. ; ; !!!> . / , 48,7is5.36 Balance carried to next year's account.
As of December 31, 1996, the Company leased approximately 1,140,918 aggregate square feet of space for its principal administrative offices in Hartford, Connecticut and the greater Minneapolis/St. Paul, Minnesota area. In connection with its operations outside of the Minneapolis/St. Paul, Minnesota and Hartford, Connecticut areas, as of December 31, 1996, the Company leased approximately 5,212,172 aggregate square feet for office space or space for computer facilities and claims processing centers nationwide and 13,280 aggregate square feet outside of the U.S. Such space corresponds to areas in which its health plans or managed care services specialty programs operate or where it has satellite administrative offices. The Company's leases expire at various dates through 2011. As of December 31, 1996, the Company owned approximately 699,851 aggregate square feet of space for administrative offices in various states and its staff model clinic operations in Florida.
The information contained under the heading "Financial Review" in the Company's Annual Report to Shareholders for the fiscal year ended December 31, 1996, is incorporated herein by reference.
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 leases office space at 122 Leadenhall Street, London, England for its principal offices. The lease expires in June 2012. Methuen also leases an office in the 1986 Lloyd's Building in London. The lease has termination dates of September 2001 and 2006.
This item is incorporated by reference to pages 28 and 46 of the 1996 Annual Report to Shareholders.
CNA Surety leases its executive offices and its shared branch locations with CCC under an Administrative Services Agreement. CNA Surety currently uses approximately 116,000 square feet and related personal property at 39 branch locations and its home and executive offices (24,800 square feet), in Chicago, Illinois. CNA Surety's annual rent for this space is approximately $2.3 million. CNA Surety may terminate its use of
CNA Surety leases office space for its primary processing and service center at 101 South Phillips Avenue, Sioux Falls, South Dakota, under a lease expiring in 2012. CNA Surety's office space, consisting of approximately 82,900 square feet, is leased from a partnership in which the Company owns a 50% interest. The annual rent, which is subject to annual adjustments, was $1.5 million as of December 31, 2000. CNA Surety also leases space for large contract and commercial branch offices in Dallas, Texas and New York, New York. Annual rent for these offices was $0.3 million with leases terminating in 2004 and 2007, respectively. CNA Surety leases office space for its small and specialty contract home office at 950 Echo Lane, Suite 250, Houston, Texas, under a lease terminating in 2001 with an annual rent of $0.3 million. The Company also leases space for one small and specialty contract branch office for an additional annual rent of approximately $0.1 million.
(2) Includes the effect of recording revisions of prior year reserves. The dollar amount and the percentage point effect on the loss ratio of these reserve revisions, all of which were favorable, were $7,093, or 2.4%, for the year ended December 31, 2000, $13,085, or 4.6%, for the year ended December 31, 1999 and $4,352, or 1.7%, for the year ended December 31, 1998 and $647, or 1.0%, for the period from September 30, 1997 (date of inception) through December 31, 1997.
Incorporated herein by reference from pages 14 through 26 of the 2000 Annual Report to Shareholders.
Gallagher’s executive offices and certain subsidiary and branch facilities are located at Two Pierce Place, Itasca, Illinois, where Gallagher leases approximately 308,000 square feet of space, or approximately 60% of the building. The lease commitment on this property expires February 28, 2011. Gallagher has a 60% ownership interest in the limited partnership that owns the Two Pierce Place property. This investment is consolidated into Gallagher’s Consolidated Financial Statements. See Notes 3, 8 and 17 to the Consolidated Financial Statements of Gallagher’s 2005 Financial Statements, which are incorporated herein by reference for additional information with respect to this ownership interest.
Gallagher generally operates in leased premises. Certain office space leases have options permitting renewals for additional periods. In addition to minimum fixed rentals, a number of leases contain annual escalation clauses generally related to increases in an inflation index. See Note 17 to the Consolidated Financial Statements of Gallagher’s 2005 Financial Statements, which is incorporated herein by reference for information with respect to Gallagher’s lease commitments at December 31, 2005.
(3) Represents net earnings divided by total stockholders’ equity, less net balance of goodwill and amortizable intangible assets, as of the beginning of the year.
(5) Represents the earnings from continuing operations before the after tax impact of litigation and contingent commission matters and claims handling obligations related charges.
Information regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations is included in Gallagher’s 2005 Financial Statements under the caption entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and is incorporated herein by reference. All of such information should be read in conjunction with Gallagher’s Consolidated Financial Statements and related notes thereto, which have been incorporated by reference in Item 8 of this annual report.
Gallagher’s Consolidated Financial Statements, the related notes thereto and Report of Independent Registered Public Accounting Firm are included in Gallagher’s 2005 Financial Statements and are incorporated herein by reference.
Business Properties Real estate owned and used in the regular conduct of business consists of properties located in various cities throughout the United States. The Corporation's Mount Washington Center, located in Baltimore, Maryland, is the principal owned property. This is the headquarters for the property/casualty insurance operations, and the location of the executive offices, information systems, administrative services, and training and development complexes.
In addition, the Corporation leases approximately 150 offices and 85 DRCs in various cities in the regular course of business. The principal leased property is an office building in Baltimore, Maryland, which was sold in 1984 and leased back by the Corporation. During 1994, the Corporation developed and committed to a plan to consolidate its home office operations at its Mount Washington facility. (Refer to Section 1.2, "Facilities exit costs/sublease income", of Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation's Form 8-K filed on February 26, 1998, incorporated herein by reference.)
HMEC's home office property at 1 Horace Mann Plaza in Springfield, Illinois consists of an office building totaling approximately 230,000 square feet. HMEC also owns buildings with an aggregate of approximately 209,000 square feet at other locations in Springfield. These properties are adequate and suitable for the Company's current and anticipated future needs.
- - -------------------------------------------------------------------------------- Amount Of Building Owned and Occupied or Leased by CNA or its Location Subsidiaries Principal Usage - - -------------------------------------------------------------------------------- CNA 1,144,378 sq. ft.* Principal Executive Plaza Offices of CNAF 333 S. Wabash Chicago, Illinois
333 Glen Street 164,032** Property/Casualty Glens Falls, New York Insurance Offices
The above Consolidated Financial Statements, the related Notes to the Consolidated Financial Statements and the Independent Auditors' Report are incorporated herein by reference from pages 58 through 117 of the 1998 Annual Report to Shareholders.
In addition, the Corporation leases approximately 130 offices in various cities in the regular course of business. The principal leased property is an office building in Baltimore, Maryland, which was sold in 1984 and leased back by the Corporation. During 1994, the Corporation developed and committed to a plan to consolidate its home office operations in Baltimore, Maryland at its Mount Washington facility. (Refer to Section 1.2, "Facilities exit costs/sublease income", of Management's Discussion and Analysis of Financial Condition and Results of Operations in the Corporation's 1996 Annual Report to Shareholders incorporated herein by reference.)
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The consolidated financial statements of the Corporation and notes to such financial statements on pages 34 through 58 of the 1996 Annual Report to Shareholders are incorporated herein by reference.
Information on pages 23 through 29 of the 1996 Annual Report is incorporated herein by reference.
The Consolidated Financial Statements and the Report of Independent Auditors thereto on pages 30 through 46 of the 1996 Annual Report and Selected Quarterly Financial Data (Unaudited) on page 47 of the 1996 Annual Report are incorporated herein by reference. Supplemental Notes to Consolidated Financial Statements are included on pages 23 and 24 hereof.
Unitrin owns the 41-story office building at One East Wacker Drive, Chicago, Illinois, that houses the executive offices of Unitrin. Unitrin occupies approximately 60,000 square feet of the 527,000 rentable square feet in the building. In addition, Unitrin subsidiaries together own 11 buildings located in 8 states consisting of approximately 225,000 square feet in the aggregate. Unitrin subsidiaries hold additional properties solely for investment purposes that are not utilized by the Company or its subsidiaries.
Unitrin Kemper Auto and Home leases facilities with an aggregate square footage of approximately 249,000 at 8 locations in 7 states. The latest expiration date of the existing leases is in May 2011.
Unitrin Direct leases facilities with an aggregate square footage of approximately 107,000 at 5 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 is incorporated herein by reference to "Management's Discussion and Analysis" on pages 21-35 in our 1999 ARS.
We believe that our properties and facilities are adequate and suited to our current operations.
Incorporated herein by reference to "11-Year Summary of Selected Financial Data" beginning on page A-2 of the Proxy Statement.
The Company leases all of its office space, which as of February 13, 1998, totalled approximately 17,000 square feet. The home office in Columbus, Ohio aggregates approximately 7,000 square feet. The lease provides for a monthly gross rental of $7,817. The leased space is shared with Westford Group, Inc., an affiliate of the Company through a common officer and principal shareholder. Rental expense is allocated in accordance with space utilization. BCIS Services' office in Los Angeles, California occupies approximately 2,900 square feet. The lease provides for a monthly gross rental of $3,324. Title Research leases office space at a property located in Hilliard, Ohio which serves as its corporate headquarters. The office occupies approximately 3,500 square feet. Title Research's branches lease office space in three locations throughout Ohio occupying approximately 3,600 square feet. These four leases provide for a monthly gross rental of $6,322.
The Company's consolidated balance sheets as of December 31, 1997 and 1996, and the consolidated statements of income, shareholders' equity and cash flows for each of the three years ended December 31, 1997, 1996 and 1995 and the notes to the financial statements, together with the independent auditors' report thereon appear in the Company's Annual Report and are incorporated herein by reference.
Gallagher’s executive offices and certain subsidiary and branch facilities are located at Two Pierce Place, Itasca, Illinois, where Gallagher leases approximately 260,000 square feet of space. The lease commitment on this property expires February 28, 2006. Gallagher has a 60% ownership interest in the limited partnership that owns the Two Pierce Place property. This investment is consolidated into Gallagher’s consolidated financial statements. See Note 3 (pages 26 to 32), Note 7 (page 36) and Note 16 (pages 43 to 47) to the Consolidated Financial Statements of Gallagher’s 2003 Financial Statements which are incorporated herein by reference for additional information with respect to this ownership interest.
The following selected consolidated financial data for each of the five years in the period ended December 31, 2003 have been derived from Gallagher’s consolidated financial statements. Such data should be read in conjunction with Gallagher’s audited Consolidated Financial Statements and related notes thereto, which have been incorporated by reference in Item 8 of this annual report.
(3) Based on the total dividends declared on a share of common stock outstanding during the entire year.
The Company and its subsidiaries, the Exchange and its subsidiary, Flagship, and EFL share a corporate home office complex in Erie, Pennsylvania which contains 358,202 square feet and is owned by the Exchange. At December 31, 2000 in addition to the Erie branch office, the Company also operated 21 additional field offices in 10 states. Of these sites, 16 provide both agency support and claims services and are referred to as "Branch Offices", while the remaining 5 provide only claims services and are considered "Claims Offices".
Reference is made to "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 16 through 26 of the Annual Report for the year ended December 31, 2000, incorporated herein by reference.
The Company leases approximately 59,000 square feet for its corporate headquarters in Philadelphia under leases which expire in 2003. In addition, it leases space for its Regional, Service Center and On-site offices throughout the United States comprising approximately 57,000 square feet with leases expiring between 2000 and 2003. With respect to all facilities, the Company believes it will be able to obtain satisfactory lease renewal terms.
power grid. This redundant configuration provides disaster tolerance and automatic back-up, resource sharing and fail-over.
The information set forth in the tables on page 18 of the Company's 1999 Annual Report to Stockholders under the caption "Selected Financial and Statistical Data" is hereby incorporated by reference.
The consolidated statements of income, of changes in common stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 1999, and the related consolidated balance sheets of the Company as of December 31, 1999 and 1998, together with the related notes thereto and the independent auditors' report, as well as the unaudited quarterly financial data, all set forth on pages 19 through 36 of the Company's 1999 Annual Report to Stockholders, are hereby incorporated by reference.
The total operating expense, including rent expense, for all office space occupied by the Company in 2004 was $21.0 million. This amount was reduced by allocations to the Property and Casualty Group of $13.5 million for claims operations. The net amount after allocations is reflected in the cost of management operations.
Reference is made to “Selected Consolidated Financial Data” in the Annual Report for the year ended December 31, 2004, incorporated herein by reference.
Reference is made to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report for the year ended December 31, 2004, incorporated herein by reference.
Reference is made to the “Consolidated Financial Statements” and the “Quarterly Results of Operations” contained in the “Notes to Consolidated Financial Statements” in the Annual Report for the year ended December 31, 2004, incorporated herein by reference.
St. Paul International Insurance Company Ltd. owns a building in London, England, which houses a portion of its operations. We retained ownership of another building in London subsequent to the sale of Minet Holdings plc to Aon Corporation in 1997, which is being leased to an outside party. In a transaction completed in March 2001, we sold a 50% interest in this building.
The "Six-Year Summary of Selected Financial Data" on page 39 of our 2001 Annual Report to Shareholders is incorporated herein by reference.
The "Independent Auditors' Report," "Management's Responsibility for Financial Statements," Consolidated Balance Sheets, Consolidated Statements of Operations, Comprehensive Income, Shareholders' Equity and Cash Flows, and Notes to Consolidated Financial Statements on pages 40 through 73 of our 2001 Annual Report to Shareholders are incorporated herein by reference.
Several subsidaries of the Registrant, including the Minet Group, St. Paul UK and Economy, own buildings which house their respective operations.
The Registrant's operating subsidiaries rent or lease office space in many cities in which they operate.
Management considers the currently owned and leased office facilities of the Registrant and its subsidiaries adequate for the current and anticipated future level of operations.
The "Eleven-year Summary of Selected Financial Data" section on pages 42 and 43 of the Registrant's 1993 Annual Report to Shareholders is incorporated herein by reference.
In addition, Zenith Insurance and CalFarm Insurance, in the regular conduct of their business, lease offices in various cities. See Note 8 of the Notes to Consolidated Financial Statements of Zenith on page 46 of the 1996 Annual Report to Stockholders, which note is hereby incorporated by reference.
Reference is made to pages 32 and 33 of Zenith's 1996 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1986 through 1996 and to the consolidated financial statements and notes thereto on pages 34 to 51 of Zenith's Annual Report to Stockholders, which are hereby incorporated by reference.
AFLAC owns an 18-story office building, which is the worldwide headquarters, and a new five-story administrative office building, which was completed in 1998 at a cost of $17 million, located on approximately 14 acres of land in Columbus, Georgia. We also own a six-story parking garage, two additional buildings located on the same property and additional administrative office buildings located nearby. An insurance subsidiary occupies leased office space in Albany, New York.
In Tokyo, Japan, AFLAC owns an 11-story administrative office building, which was completed in April 1994. AFLAC also leases office space in Tokyo along with regional sales offices located throughout the country, and owns a training facility in Tokyo.
MANAGEMENT'S DISCUSSION AND 13-5 to 22 - 24; ANALYSIS OF FINANCIAL CONDITION 13-30 26 - 35 AND RESULTS OF OPERATIONS
FINANCIAL STATEMENTS AND 13-31 to 36 - 59 SUPPLEMENTARY DATA 13-75
See Item 14 on pages 27 and 28 of this Form 10-K.
The Corporation publishes forward-looking statements relating to such matters as anticipated financial performance, business prospects and plans, regulatory developments and similar matters. The statements contained in this report that are not historical information, are forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under The Securities Act of 1933 and The Securities Exchange Act of 1934 for forward-looking statements. The risks and uncertainties that may affect operations, performance, development and results of the Corporation's business and the results of the acquisition described herein, include the following: changes in property and casualty reserves; catastrophe losses; premium and investment growth; product pricing environment; availability of credit; changes in government regulation; performance of financial markets; fluctuations in interest rates; availability of pricing reinsurance; litigation and administrative proceedings; Year 2000 issues, including the Corporation's ability to successfully identify and remediate Year 2000 system issues with its own IT and non-IT assets, the ability of third parties with which the Corporation has business relationships to address and resolve their Year 2000 issues and the ability of the Corporation to identify these third party issues; Year 2000 issues relating to the commercial lines business acquired from GAI and the ability of the Corporation to implement appropriate contingency plans to address Year 2000 problems which are not successfully remediated; ability of the Group to integrate the acquired GAI business and to retain the acquired insurance business; and general economic and market conditions.
The Company leases office space for its principal executive offices in Woodland Hills, California and its offices in Rancho Cordova, California.
The Company and its subsidiaries also lease an aggregate of approximately 390,000 square feet of office space in Rancho Cordova, California. The Company's aggregate rent obligations under these leases were approximately $6.1 million in 1999. These leases expire at various dates through January 2003. The Rancho Cordova facilities serve as a regional data processing center and house certain Specialty Services and California HMO operations.
In addition, the Company owns facilities comprising, in the aggregate, nearly 1.1 million square feet of space. These facilities include headquarters for the Company's health plan subsidiaries in Connecticut and Arizona, as well as data processing facilities located in Rancho Cordova, California. The Company is currently considering the sale of certain care centers in California and Arizona.
In August 1999, in connection with the Company's wind down of its business in Colorado, the Company sold its regional claims processing facility and accompanying real estate in Pueblo, Colorado, including certain equipment and other assets located at the facility. See "Discontinued Operations and Anticipated Divestitures." Such facility consisted of approximately 72,500 square feet of office space. The Company is in the process of selling certain remaining facilities in Pueblo, Colorado. Also in August 1999, the Company sold two Southern California hospitals owned and operated by the Company, which hospitals comprised approximately 250,000 square feet of space.
The information required by this Item is set forth in the Company's Annual Report to Stockholders on pages 25 through 53, and is incorporated herein by reference and made a part hereof.
(1) Includes a charge of $26 ($.05 per basic and diluted share) for the policyholder protection fund in 2002 in Japan;
(2) Includes a benefit of $99 ($.19 per basic share, $.18 per diluted share) from the termination of a retirement liability;
Pursuant to General Instruction G to Form 10-K, Item 7 is incorporated by reference from the Company's 2002 Annual Report to Shareholders, pages 22 to 37. This information is included herein as Exhibit 13, pages 13-3 to 13-30.
Pursuant to General Instruction G to Form 10-K, Item 8 is incorporated by reference from the Company's 2002 Annual Report to Shareholders, pages 40 to 62 and 64. This information is included herein as Exhibit 13, pages 13-31 to 13-78.
NAICC's headquarters are located in a leased office facility in Rancho Dominguez, California, pursuant to a five-year lease which is scheduled to expire in 2004. In addition, NAICC has entered into short term leases in connection with its operations in various locations on the west coast of the United States. NAICC believes that the foregoing leased facilities are adequate for NAICC's current and anticipated future needs.
"Selected Consolidated Financial Data" on page 2 of DHC's 2000 Annual Report to Stockholders (included as an exhibit hereto) is incorporated herein by reference.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 3 through 8 of DHC's 2000 Annual Report to Stockholders (included as an exhibit hereto) is incorporated herein by reference.
The Consolidated Financial Statements of DHC and its subsidiaries, together with the Notes thereto, and "Quarterly Financial Data," included on pages 9 through 12, 13 through 24, and 26, respectively, of DHC's 2000 Annual Report to Stockholders (included as an exhibit hereto), are incorporated herein by reference.
The information on page 20 of the Company's 1996 Annual Report to Shareholders is incorporated herein by reference.
The information on pages 21 through 26 of the Company's 1996 Annual Report to Shareholders is incorporated herein by reference.
The information on pages 27 through 39 of the Company's 1996 Annual Report to Shareholders is incorporated herein by reference.
(1) This lease terminates in 2004. (2) These leases terminate in 1998. (3) These leases terminate in 2002. (4) These leases terminate in 2000. (5) This lease terminates in 2001.
The Registrant leases offices at approximately 287 locations. The average term for all such leases is approximately six years. The leases expire from 1998 to 2006. The Registrant believes it will not have any difficulty obtaining renewals of leases as they expire or, alternatively, leasing comparable property. The aggregate annual rental expense under all leases was approximately $20,520,000.
The information required by this Item is set forth on Pages 19 through 21 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1997, and such information is incorporated herein by reference. See Exhibit 13 hereto.
The Registrant owns three office buildings in downtown Minneapolis, Minnesota, which serve as its home offices and a building housing its service center operation in Minot, North Dakota. Space in the home office buildings not used by the Registrant and its subsidiaries is rented to other tenants. Additional office space is leased in Seattle, Washington; Arlington, Virginia; Avon, Connecticut; and Woodbury, New York, to conduct the operations of the Insurers. In addition, the Registrant owns the headquarters of ReliaStar Bank in St. Cloud, Minnesota and leases space in Phoenix, Arizona; Dallas, Texas; New York, New York; Brentwood, Tennessee; Portland, Oregon; St. Cloud, Minnesota and other cities in the United States and Europe for regional group, reinsurance, pension and claims offices and other business operations.
Fire, Marine änd Accident t)epL. Premium Reserve from 1895 ... Reserve for outstanding losses from 1895 ... . Net premiums
Life Depi. Premium Reserve from 1895 Reserve for outstanding losses from 1895 ... Special Reserve Premiums Interest Interest, after deduction of interest on Life Dep*. account
Life Depi. Cancellations Retrocession-Premiums ... Surrenders Losses paid, less retrocession Annuities paid Commissions and expenses .. Reserve for outstanding losses Premium Reserve . ... Special Reserve Expenses of management .. Taxes Amortisation on securities .
Th. Spiihier, Manager of the „Societe de Credit Suisse" at Zurich.
Most of our branch offices and other company operations lease the office space throughout the country.
The selected consolidated financial data of the Company appears in a separate section of this annual report immediately preceding Part II,
The Company’s consolidated financial statements, as listed under Item 15, appear in a separate section of this annual report, and are incorporated herein by this reference. The financial statement schedule is included below under Item 15(a)(2).
The physical property of the Company consists of the home office building and grounds, owned in fee, at 200 Capital Avenue, Frankfort, Kentucky. Adjacent to the home office, the Company owns additional property on Second Street and on Shelby Street in Frankfort, Kentucky. One building is used for agency and company meetings; one building is a print shop used by Investors Heritage Printing, one building is used for supplies and additional storage; and one building is leased to a commercial tenant.
Selected financial data for the past five years appears on page 25 in the Annual Report to the Stockholders for the year ended December 31, 2001, and is incorporated herein by reference.
The financial statements and notes appear on pages 26-42 in the Annual Report to the Stockholders for the year ended December 31, 2001 and are incorporated herein by reference. See Part IV, Item 14.
The Company and its subsidiaries, the Exchange and its subsidiaries and EFL share a corporate home office complex in Erie, Pennsylvania. The complex contains 545,880 square feet, and is owned by the Exchange. At December 31, 1996, the Company also operated 19 field offices in eight states. Of these offices, 15 provide both agency support and claims services and are referred to as "Branch Offices", while the remaining four provide only claims services and are considered "Claims Offices".
The Company owns three of its field offices. Three other offices are owned by and leased from the Exchange. The rent for the home office and the three field offices paid to the Exchange totaled $10,949,306 in 1996. One office is owned by and leased from EFL at an annual rental in 1996 of $423,120. The remaining ten offices are leased from various unaffiliated parties at an aggregate annual rental in 1996 of approximately $1,061,731. The Company is reimbursed by its affiliates for a percentage of the rent for office space used by its affiliates, which reimbursement was approximately 51% in 1996.
Reference is made to "Selected Consolidated Financial Data" on page 9 of the Annual Report for the year ended December 31, 1996.
Reference is made to "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 10 through 21 of the Annual Report for the year ended December 31, 1996.
Reference is made to the "Consolidated Financial Statements" included on pages 24 through 27 and to the "Quarterly Financial Data" contained in the Notes to Consolidated Financial Statements on page 33 of the Annual Report for the year ended December 31, 1996.
The income from operations for the year ended September 30, 2002 decreased $55,606 compared to the year ended September 30, 2001.
Repairs and maintenance costs on properties sold on contract decreased $24,051.
The selected financial data included in the "Ten Year Financial Summary" on pages 36 through 37 of NAC Re's 1995 Annual Report to Shareholders is incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 24 through 35 of NAC Re's 1995 Annual Report to Shareholders is incorporated herein by reference.
DGI and Atlantic States share headquarters with the Mutual Company's headquarters in a building owned by the Mutual Company. The Mutual Company charges DGI for an appropriate portion of the building expenses under an intercompany allocation agreement which is consistent with the terms of the pooling agreement. The headquarters of the Mutual Company has approximately 163,500 square feet of office space. Southern has a facility of approximately 10,000 square feet in Glen Allen, Virginia, which it owns. Pioneer Ohio has a facility of approximately 10,000 square feet in Greenville, Ohio, which it owns. Southern Heritage has a facility of approximately 14,000 square feet in Duluth, Georgia, which it leases. Atlantic States has a facility of approximately 6,200 square feet in Greenville, New York, which it owns. Province Bank leases approximately 3,600 square feet of a building located in Marietta, Pennsylvania owned by the Mutual Company. The Mutual Company charges Province Bank annual rent based on an independent appraisal.
The response to this Item is incorporated by reference to pages 10 through 14 of the Company's Annual Report to Stockholders for the year ended December 31, 2001, which is included as Exhibit (13) to this Form 10-K Report.
The following table sets forth our selected consolidated financial information for the years and period ended and as of the dates indicated. As described in Note 1 to our audited consolidated financial statements included elsewhere in the Company's Annual Report on Form 10-K, our audited consolidated financial statements include the accounts of Endurance Holdings, Endurance Bermuda, Endurance U.K., Endurance U.S. Reinsurance and Endurance U.S. Insurance. Endurance Bermuda was incorporated on November 30, 2001 and commenced operations on December 17, 2001. Endurance Holdings was incorporated on June 27, 2002 and effected an exchange offer in July 2002 with the shareholders of Endurance Bermuda. The exchange offer was accounted for as a business combination of companies under common control. On December 17, 2002, the Company effected a share premium issuance to existing shareholders. Except as otherwise indicated, all share data in this prospectus assumes the share premium issuance to existing shareholders of four additional shares for each common share outstanding had occurred as of the date such data is presented.
We derived the following selected consolidated financial and additional data for the period from November 30, 2001 (inception) through December 31, 2001 and for the years ended December 31, 2002, 2003, 2004 and 2005 from our audited consolidated financial statements and related notes. These historical results are not necessarily indicative of results to be expected from any future period.
You should read the following selected consolidated financial information along with the information contained in the Company's Annual Report on Form 10-K, including ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and the audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.
The headquarters for the Company is located at 4720 Kingsway Drive, Indianapolis Indiana. The building is an 80,000 square foot multilevel structure; approximately 50% of which is utilized by the Company. All corporate administration, accounting and management functions are contained at this location. The remaining space is leased to third parties at a price of approximately $10 per square foot. The Company owns 100% of the property with no encumbrances.
IGF owns two buildings with 12,592 and 3,000 square feet, respectively, in Henning, Minnesota. The 3,000 square foot building is leased to a third party.
ESG leases office space in Bermuda, Dublin, Hamburg, Toronto and London. The Company does not own any real property. The Company believes its space is adequate to meet its current and expected needs.
Selected Consolidated Financial Data of the Company is contained in the Annual Report and is incorporated herein by reference in response to this item. Reference is made to Item 14(a) of this Form 10-K.
Rental expense was approximately $17,586,000, $18,021,000 and $16,580,000 for 2002, 2001 and 2000, respectively. Future minimum lease payments (without provision for sublease income) are $13,797,000 in 2003; $9,984,000 in 2004; $7,693,000 in 2005; and $21,956,000 thereafter.
The Company's consolidated balance sheets as of December 31, 1999 and 1998, and the consolidated statements of income, shareholders' equity and cash flows for each of the three years ended December 31, 1999, 1998 and 1997 and the notes to the financial statements, together with the independent auditors' report thereon appear in the Company's Annual Report and are incorporated herein by reference.
The Company's Financial Statement Schedules and Independent Auditors' Report on Financial Statement Schedules are included in response to Item 14 hereof.
OWNED PROPERTIES. The Company owns two parcels of unimproved property consisting of approximately seven acres located in Fulton and Washington Counties, Georgia. At December 31, 2000, the aggregate book value of such properties was approximately $46,000.
Association Casualty leases space for its principal offices in a building located in Austin, Texas. The lease term expires December 31, 2005. Under the terms of the lease, Association Casualty occupies 15,777 square feet.
Selected financial data of Atlantic American Corporation and subsidiaries for the six year period December 31, 2000 is set forth on page 1 of the 2000 Annual Report to Shareholders and is incorporated herein by reference.
Management's discussion and analysis of financial condition and results of operations of Atlantic American Corporation and subsidiaries are set forth on pages 38 to 49 of the 2000 Annual Report to Shareholders and 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, 2008, the Company had aggregate office space of 2,394,268 square feet, of which 807,582 were owned and 1,586,686 were leased.
Rental expense was approximately $23,802,000, $21,438,000 and $19,348,000 for 2008, 2007 and 2006, respectively. Future minimum lease payments (without provision for sublease income) are $23,803,000 in 2009, $21,103,000 in 2010 and $66,461,000 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 2008 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 2008 Annual Report to Stockholders (attached hereto as Exhibit 13) are incorporated herein by reference.
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 302 field offices totaling approximately 6,650,000 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 City Place, located in Hartford, Connecticut, under an eight-year sublease that expires in 2004, and approximately 225,000 square feet of office space in Windsor, Connecticut, under a two-year lease that expires in 1998 and is renewable by the Company for up to two additional three-year terms.
See "Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page 18 of the 1996 Annual Report, included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
The Company owns a 60,000 square foot building in Anaheim, California which it utilizes as its corporate headquarters and executive offices. In addition, the Company leases branch sales and marketing offices in Sacramento, California; San Diego, California; Walnut Creek, California; Denver, Colorado; Kansas City, Kansas, St. Louis, Missouri; Dallas, Texas; and Houston, Texas. The Company leases all but one of its Guards dental offices. Those leases expire on dates ranging through July 2005. A Guards facility in Riverside, California is leased from an affiliate. See Part III, Item 13 - "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS." In the opinion of management, the Company's facilities are adequate for its current needs.
Health care expense increased primarily due to increased expenses associated with the opening of new Company-owned dental offices and increases in capitation payments to participating providers in direct correlation with the increase in premium revenues. Health care expenses, as a percentage of revenue, continued to decline as a result of increased utilization for primary and specialty care services by plan membership of Company-owned dental offices.
Other income declined due to a one time gain in the third quarter of 1992 from a litigation settlement. The Company's effective tax rate for 1993 declined slightly primarily due to the favorable tax treatment obtained as a result of the acquisition of the Company's indemnity insurance subsidiary. Net income increased slightly due to the above factors.
The Company's ability to attract clients is affected by the timing of labor- management contract negotiations, revisions in employee benefit programs, fluctuations in employment levels at major existing or prospective clients, increasing market competition and other factors. Guards' ability to bolster revenue from non-plan patients hinges upon continued quality care and Guards' ability to compete in an excess-capacity dental care environment.
Marketing offices are leased in approximately 35 cities, with most leases being for periods of three to five years. The aggregate monthly rent is approximately $141 thousand.
Information regarding the Company's financial condition and results of operations is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1998 Annual Report to Share Owners and is incorporated herein by reference.
The information set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 7 through 13 of the Annual Report to Stockholders for the fiscal year ended December 31, 1996 is incorporated herein by reference.
This statement establishes standards for computing and presenting earnings per share ("EPS") and applies to entities with publicly held common stock or potential common stock. This Statement simplifies the standards for computing earnings per share previously found in APB Opinion No. 15, Earnings Per Share, and makes them comparable to international EPS standards. It replaces the presentation of primary EPS with a presentation of basic EPS. It also requires dual representation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.
This Statement is effective for financial statements issued for periods ending after December 15, 1997, including interim periods; earlier application is not permitted. This Statement requires restatement of all prior period EPS data presented. Implementing the requirements of SFAS No.128 is not anticipated to have a material impact on the financial position, results of operations, earnings per share or cash flows of the Company.
The consolidated financial statements of the Company set forth on pages 14 through 32 of the Annual Report to Stockholders for the fiscal year ended December 31, 1996 are incorporated herein by reference.
The Registrant hereby incorporates by reference the "Selected Financial Data" table on page 42 of the Annual Report.
The Registrant hereby incorporates by reference "Management's Analysis of Operating Results and Financial Condition" on pages 17 through 23 of the Annual Report.