felanders/preprocessed huggingface dataset:
Financial position on 31 December, 1902. CAPITAL fully subscribed (25O/o paid-up)... ... ... ... ... Frs. 8,000,000. RESERVE FUND ... ... , 1,000,000. SPECIAL RESERVE ... ... ... ... „ 500,000.
RESERVE for o-vxtstarrcLingr losses: Life Fire, Marine, Accident and Burglary -
Fire, Marine, Accident and Bnrglary DepL, Premium Reserve from 1901 Reserve for outstanding losses from 1901 Net premiums
Retrocession Premiums, less cancellations Commissions, less retrocession Losses paid less retrocession
Shareholders' Capital (4000 shares of Fr. 2000 each) Reserve Fund Special Reserve Due to other Companies ... Sundry creditors ... Reserve, Fire, Marine, Accident and Burglary Dep*-: for unexpired risks Fr. 3,433,297. , outstanding losses , 2,323,974.
Reserves, Life Dep'-: Premium Reserve Fr. 12,349,531. Annuity Fund „ 574,307. Reserve for outstanding losses , 237,341.
Due by other Companies Due for Premium Reserve, Life Dep*Sundry debitors Accrued interest ...
Maiden Holdings is a Bermuda-based holding company, previously focused on serving the needs of regional and specialty insurers in the U.S., Europe and select other global markets. As a result of a series of actions we have taken in recent years discussed below under Recent Developments, we now create shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets mostly in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We also provide a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core, working with clients to develop and implement finality solutions including acquiring entire companies. We expect our legacy solutions business to contribute to our active asset and capital management strategies.
We lease our executive offices, which are located at 220 South Ridgewood Avenue, Daytona Beach, Florida 32114, and 401 East Jackson Street, Suite 1700, Tampa, Florida 33602. We lease offices at every location with the exception of the following, where we own the buildings in which our offices are located: Washington, New Jersey; Dansville, Hornell and Jamestown, New York; and Grand Forks, North Dakota. In addition, we own a building in Loreauville, Louisiana where we no longer have an office, as well as a parcel of undeveloped property outside of Lafayette, Louisiana. There is a mortgage on the Grand Forks, North Dakota building with an outstanding balance as of December 31, 2003 of $0.1 million. There are no outstanding mortgages on our other owned properties. Set forth below is information relating to our office locations as of December 31, 2003, summarized by business segment:
California: Brea, Camarillo, Carlsbad, Lompoc, Menlo Park, Novato, Orange, Santa Barbara, Thousand Oaks
Information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 26 through 36 of our 2003 Annual Report to Shareholders is incorporated herein by reference.
SAFECO is currently developing approximately 350,000 gross square feet of additional office space for its use on land near SAFECO life insurance companies' Redmond, Washington headquarters.
SAFECO Properties' remaining real estate investments are primarily retail centers. See Item 1 on page 13 of this report.
Pages 80 through 83 of the 2000 Annual Report to Shareholders are incorporated herein by reference.
-- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Pages 49 through 79 of the 2000 Annual Report to Shareholders are incorporated herein by reference.
Healthsource's health plans and other affiliates own or lease office space in the following major locations, among others, to support their operations:
Healthsource also maintains sales offices in 20 cities in leased facilities.
The information required for this item is incorporated by reference to p. 2 of Healthsource's 1996 Annual Report to Shareholders.
The information required for this item is incorporated by reference to p. 8 of Healthsource's 1996 Annual Report to Shareholders.
Properties. Incorporated by reference to the inside front cover and pages 2 through 11 of the Registrant's 1997 Annual Report to Shareholders.
Selected Financial Data. Incorporated by reference to page 13 of the Registrant's 1997 Annual Report to Shareholders.
In Tokyo, Japan, AFLAC owns an 11-story administrative office building, which was completed in April 1994. AFLAC also leases office space in Tokyo,
MANAGEMENT'S DISCUSSION AND 13-5 to 25 - 31 ANALYSIS OF FINANCIAL CONDITION 13-19 AND RESULTS OF OPERATIONS
FINANCIAL STATEMENTS AND 13-20 to 34 - 50 SUPPLEMENTARY DATA 13-58
The headquarters for the Company is located at 4720 Kingsway Drive, Indianapolis, Indiana. All corporate administration, accounting and management functions are contained at this location. Pafco is also located at 4720 Kingsway Drive, Indianapolis, Indiana in a building that is owned 100% by Pafco with no encumbrances. The building is an 80,000 square foot multilevel structure; approximately 50% of which is utilized by the Company. The remaining space is leased to third parties at a price of approximately $10 per square foot.
The Consolidated Financial Statements in the 2001 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference.
Our principal office is a building complex that is approximately 1.7 million square feet in size and is located at 151 Farmington Avenue, Hartford, Connecticut. Our principal office is used by all of our business segments. We also own or lease other space in the greater Hartford area, Blue Bell, Pennsylvania, and various field locations in the U.S. and several foreign countries. Such properties are primarily used by our Health Care segment. We believe our properties are adequate and suitable for our business as presently conducted.
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 62 of the Annual Report, is incorporated herein by reference.
The Company's Home Office building is located at 2801 Highway 280 South, Birmingham, Alabama. This building includes the original 142,000 square-foot building which was completed in 1976 and a second contiguous 220,000 square-foot building which was completed in 1985. In addition, parking is provided for approximately 1,000 vehicles.
Marketing offices are leased in 15 cities, substantially all under leases for periods of three to five years with only three leases running longer than five years. The aggregate monthly rent is approximately $31 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 1993 Annual Report to Stockholders and is incorporated herein by reference.
The financial statements and supplementary data for the Company and its subsidiaries, which are included under the caption "CONSOLIDATED FINANCIAL STATEMENTS" in the Company's 1993 Annual Report to Stockholders, are incorporated herein by reference.
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 $11,288,401 in 1997. One office is owned by and leased from EFL at an annual rental in 1997 of $423,120. The remaining ten offices are leased from various unaffiliated parties at an aggregate annual rental in 1997 of approximately $1,226,383. The Company is reimbursed by its affiliates for a percentage of the rent for office space used by its affiliates, which reimbursement was approximately 47% in 1997.
Reference is made to "Selected Consolidated Financial Data" on page 15 of the Annual Report for the year ended December 31, 1997, incorporated herein by reference.
Reference is made to "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 16 through 27 of the Annual Report for the year ended December 31, 1997, incorporated herein by reference.
Reference is made to the "Consolidated Financial Statements" included on pages 30 through 33 and to the "Quarterly Financial Data" contained in the Notes to Consolidated Financial Statements on page 41 of the Annual Report for the year ended December 31, 1997, incorporated herein by reference.
The information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" as set forth on pages 34-39 of the Company's 1996 Annual Report to Shareholders is incorporated by reference.
The consolidated financial statements of the Company, the Report of Independent Accountants thereon by Coopers & Lybrand L.L.P. and the unaudited "Quarterly Financial Information" are set forth on pages 40-57 of the Company's 1996 Annual Report to Shareholders and are incorporated by reference.
Principal properties of the Company and its affiliates include home offices located in Louisville, Kentucky (Commonwealth Life) and Valley Forge, Pennsylvania (National Liberty and Worldwide Insurance), which are owned; and Louisville, Kentucky (Capital Holding Corporation), Durham, North Carolina (Peoples Security, Capital Security and Durham Life) and San Francisco and Pleasanton, California (First Deposit), which are leased.
The Consolidated Financial Statements of Capital Holding Corporation and Subsidiaries included on pages 37 through 53 and Quarterly Financial Data on page 34 of the Annual Report for the year ended December 31, 1993, are incorporated by reference.
---------------------------------------------------------------------------- Amount Of Building Owned and Occupied or Leased by CNA or its Location Subsidiaries Principal Usage ---------------------------------------------------------------------------- CNA Plaza 333 S. Wabash 1,144,378 sq. ft.(1) Principal executive Chicago, Illinois offices of CNAF
180 Maiden Lane 1,115,100(1)(3) Property-casualty New York, New York insurance offices
1100 Cornwall Road 147,884(2) Property-casualty Monmouth Junction, New Jersey insurance offices
(1) Represents property owned by CNAF or its subsidiaries. (2) Represents property leased by CNAF or its subsidiaries. (3) Sold subsequent to December 31, 2000.
Incorporated herein by reference from page 1 of the 2000 Annual Report to Shareholders.
Consolidated Statements of Operations - Years Ended December 3l, 2000, 1999 and 1998
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 41 through 72 of the 2000 Annual Report to Shareholders.
PROPERTIES. - ------- ----------- Lease costs of the Company's two office facilities in West Des Moines, Iowa total approximately $71,000 and $31,000 annually. These leases expire March 31, 1998 and November 30, 1998, respectively.
The "Selected Consolidated Financial Data" section from the Company's Annual Report to Stockholders for the year ended December 31, 1996, which is included as Exhibit 13(a) to this Form 10-K, is incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- ---------------------------------------------------------------- RESULTS OF OPERATIONS. ----------------------
The "Management's Discussion and Analysis of Financial Condition and Results of Operations" section from the Company's Annual Report to Stockholders for the year ended December 31, 1996, which is included as Exhibit 13(b) to this Form 10-K, is incorporated herein by reference.
"5-Year Summary of Selected Financial Information" in Zenith's 2007 Annual Report to Stockholders is hereby incorporated by reference.
See "Five-Year Summary of Selected Financial Data" on page 17 of the Company's 1998 Annual Report to Stockholders (the "1998 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 1998 Annual Report, included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
See Index to Consolidated Financial Statements and Schedules on page hereof. There is also incorporated by reference herein in response to this Item the material under the caption "Selected Quarterly Financial Data (unaudited)" on page 58 of the 1998 Annual Report, which material is included as part of Exhibit 13 to this Form 10-K.
The information required by this Item is incorporated by reference from portions of The PMI Group, Inc. 1999 Annual Report to Stockholders under the heading "Eleven year Summary of Financial Data" filed as part of Exhibit 13.1.
The information required by this Item is incorporated by reference from portions of The PMI Group, Inc. 1999 Annual Report to Stockholders as part of Exhibit 13.1.
The Company and its consolidated subsidiaries own and lease offices in various locations primarily in the United States. None of these properties is material to the Company's business. At December 31, 1993, the Company and its consolidated subsidiaries employed approximately 9,600 persons in approximately 440 offices.
Item 6 is not required pursuant to the reduced disclosure requirements applicable to this Form 10-K.
See the information on pages 1 through 24 of the Reliance Financial 1993 Annual Report, which information is incorporated herein by reference.
The Company’s principal executive office is located in Irvine, California in approximately 12,000 square feet of leased space. The lease expires in March 2013. The Company leases 110 branch offices in 45 states, which range in size from 500 square feet up to 24,000 square feet. The lease terms for the branch offices range from monthly to ten years and expire through 2019. The Company believes that its facilities are adequate for its current needs and that suitable additional space will be available as required.
Management’s Discussion and Analysis of Financial Condition and Results of Operations appears in a separate section of this Annual Report on Form 10-K beginning on page 32 and is incorporated herein by this reference.
The Company’s consolidated financial statements, as listed under Item 15, appear in a separate section of this Annual Report on Form 10-K beginning on page 46 and are incorporated herein by this reference. The financial statement schedule is included below under Item 15(a) (2).
SAFECO Credit Company, Inc., organized in 1969, provides loans and equipment financing and leasing to commercial businesses. A significant portion 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 for the SAFECO Common Stock Trust, SAFECO Bond Trust, SAFECO Tax-Exempt Bond Trust and the SAFECO Money Market Trust, each of which is a publicly- held mutual fund trust having four, three, five and two investment portfolios, respectively (four trusts total, with 14 "retail" portfolios available).
PNMR Securities, Inc., organized in 1986, is the principal underwriter for the SAFECO Resource Series Trust mutual fund, which has five separate investment portfolios, and distributes variable-return contracts issued by SAFECO Life Insurance Company. In addition, PNMR acts as a broker-dealer, making shares of unaffiliated mutual funds available to the public through its registered representatives.
Following is a brief description of the materially important properties owned and leased by SAFECO and its subsidiaries.
Other buildings owned and occupied by the Companies include a service facility in Redmond, Washington, as well as regional and branch offices in Atlanta, GA; Fountain Valley, CA; Cincinnati, OH; Denver, CO; Portland, OR; St. Louis, MO; and Redmond and Spokane, WA, comprising 949,000 gross square feet.
All owned buildings are of modern construction, including air conditioning. All other branch and service offices utilize leased premises comprising 350,000 gross square feet, generally for periods of five years or less.
Winmar also owns or leases pursuant to long-term ground leases 1,619 acres of undeveloped land, primarily in Washington, Oregon and Texas.
SAFECARE Company, Inc. leases heathcare facilities to qualified operators. SAFECARE Company's inpatient medical facilities contain approximately 300 beds. SAFECARE also owns three medical office buildings totaling 46,000 square feet.
Pages 31 through 55 of the 1993 Annual Report to Stockholders are hereby incorporated by reference.
Selected financial data for each of our last five fiscal years is set forth under "Selected Financial Data" in our 2003 Annual Report to Stockholders. Such information is incorporated herein by reference.
The information required by this item is set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2003 Annual Report to Stockholders and is incorporated herein by reference.
The financial statements required by this item are contained in our 2003 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, 2001, 2002 and 2003 68-71
At December 31, 1996, the Company leased office space in various cities throughout the United States comprising 122,000 square feet under leases expiring between 1997 and 2002 and which require annual rentals of $2.0 million in 1997.
The Company owns its headquarters facility in downtown Milwaukee, Wisconsin which contains approximately 253,000 square feet of space. The Company also owns a 90,000 square foot office/warehouse facility in Milwaukee.
The Company maintains two mainframe computers at its corporate data center located in its headquarters building to support its data processing requirements for accounting, claims, marketing, risk management, underwriting and non-insurance operations. The Company has in place back up procedures in the event of emergency situations.
The consolidated statements of operations, of shareholders' equity and of cash flows for each of the years in the three-year period ended December 31, 1996, and the related consolidated balance sheet of the Company as of December 31, 1996 and 1995, together with the related notes thereto and the report of independent accountants, as well as the unaudited quarterly financial data, all set forth in Exhibit 13 to this Annual Report on Form 10-K, are hereby incorporated by reference in answer to this Item.
The home office of the Company is a building complex located at 151 Farmington Avenue, Hartford, Connecticut, with approximately 1.6 million square feet. The Company and certain of its subsidiaries also own or lease other space in the greater Hartford area, Blue Bell, Pennsylvania and Fairfield, New Jersey, as well as various field locations throughout the country. The Company believes its properties are adequate and suitable for its business as presently conducted, including consideration of planned restructuring activities.
The foregoing does not include numerous investment properties held by the Company in its general and separate accounts.
The 1996 Consolidated Financial Statements and the report of the registrant's independent auditors and the unaudited information set forth under the caption "Quarterly Data" are incorporated herein by reference to the Annual Report.
The Company’s consolidated financial statements, financial statement schedules, the report of its independent registered public accounting firm and the selected quarterly financial data required by Item 302 of Regulation S-K are listed on page of this report.
We had no revenue in for the years ended December 31, 2009 or 2008. However, our operating expenses decreased from $56,399 in the year ended December 31, 2008 to $16,109 in the year ended December 31, 2009. The decrease is attributable to a decline in General and Administrative expense in 2009.
Our net loss of $16,109 during the year ended December 31, 2009 represents a decrease from our net loss of $56,399 for the year ended December 31, 2008.
Liquidity. With assets of $80 and liabilities of $76,478, we are not liquid. The only event reasonably likely to increase our liquidity would be a reverse merger with a going-concern, private company, an event we are pursuing but have not yet identified. We have no unused sources of liquid assets and have to rely on our officers and directors to provide the ongoing expenses of searching for a reverse merger candidate.
The Company owns no properties and utilizes space on a rent-free basis from Brett Bertolami, the Company’s officer and director. This arrangement is expected to continue until such time as the Company becomes involved in a business venture which necessitates its relocation, as to which no assurances can be given. The Company has no agreements with respect to the maintenance or future acquisition of the office facilities, however, if a successful merger/acquisition is negotiated, it is anticipated that the office of the Company will be moved to that of the acquired company.
The Company is not actively engaged in conducting any business. Rather, the Company is in the process of investigating potential business ventures which, in the opinion of management, will provide a source of eventual profit to the Company. Therefore, the Company does not presently intend to invest in real estate or real estate securities, nor have we formulated any investment policies regarding investments in real estate, real estate mortgages, or securities of or interests in persons engaged in real estate activities.
(3) Prior periods have been restated to reflect a two-for-one stock split on June 1, 1995.
(4) Net income per share is computed using the weighted average number of shares outstanding during each period.
(5) Excludes contingently issuable shares of 225,061, 262,730, and 257,272 at December 31, 1995, 1994, and 1993, respectively. The dilutive effect of such shares on earnings per share is less than three percent.
The financial statements and supplementary data for the Company and its subsidiaries, which are included under the caption "CONSOLIDATED FINANCIAL STATEMENTS" in the Company's 1995 Annual Report to Stockholders, are incorporated herein by reference.
/s/ COOPERS & LYBRAND L.L.P. - ---------------------------- Coopers & Lybrand L.L.P.
See pages 10 and 11 of the Annual Report to Shareholders for the fiscal year ended December 31, 1997.
See pages 12 through 18 of the Annual Report to Shareholders for the fiscal year ended December 31, 1997.
From time to time, the Company may publish forward looking statements relating to such matters as anticipated financial performance, business prospects and plans, regulatory developments and similar matters. The statements contained in the Management's Discussion and Analysis of Financial Condition and Results of Operations portion of the 1997 Annual Report, which portion has been incorporated herein by reference in response to Item 7 hereof, 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. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties that may affect the operations, performance, development and results of the Company's business 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 and pricing of reinsurance; litigation and administrative proceedings and general economic and market conditions.
(1) The lease terminates in 2004. (2) This lease terminates in 1999. (3) This lease terminates in 2001. (4) These leases terminate in 1998. (5) This lease terminates in 2000.
The information required by this Item is set forth on Pages 18 through 21 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1996, and such information is incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS. ---------------------- The "Management's Discussion and Analysis of Financial Condition and Results of Operations" section from the Company's Annual Report to Stockholders for the year ended December 31, 1999, which is included as Exhibit 13(b) to this Form 10-K, is incorporated herein by reference.
PROPERTIES. - ------- ----------- Lease costs of the Company's two office facilities in West Des Moines, Iowa total approximately $71,000 and $31,000 annually. These leases expire on February 28, 1998 and November 30, 1998, at which time the operations will move into facilities owned by Employers Mutual.
Lease costs of the Company's office facilities in Oak Brook, Illinois, and Bismarck, North Dakota, which total approximately $288,000 and $128,000 annually, are included as expenses under the pooling agreement. Expenses of office facilities owned and leased by Employers Mutual are borne by the parties to the pooling agreement, less the rent received from the space used and paid for by non-insurance subsidiaries and outside tenants. See "Property and Casualty Insurance - Pooling Agreement" under Item 1 of this Form 10-K.
The consolidated financial statements from the Company's Annual Report to Stockholders for the year ended December 31, 1997, which is included as Exhibit 13(c) to this Form 10-K, are incorporated herein by reference.
General American Argentina conducts business from approximately 11,000 square feet of office space in Buenos Aires, Argentina, pursuant to several leases. Rental expense paid for the office was approximately $153,000 during 1999. BHIF America and RGA Chile conduct business from approximately 10,000 square feet of office space in Santiago, Chile. The lease expense paid during 1999 was approximately $68,000. One of the Buenos Aires leases expires in 2000, one in 2001 and the remaining two in 2002. The Santiago leases expire in 2001.
RGA Argentina conducts business from approximately 800 square feet of office space in Buenos Aires, Argentina. The rental expenses paid by RGA Argentina under the lease during 1999 were approximately $32,000. The lease expires in December 2001.
The Company believes its facilities have been generally well maintained, are in good operating condition. The Company believes the facilities are sufficient for our current and projected future requirements.
This discussion and analysis is incorporated by reference to the Annual Report for 1999 under the captions "Forward-Looking and Cautionary Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Life DepL. Premium Reserve from 1909 . . . . Annuity Fund from 1909 Reserve for outstanding losses from 1909 ......... Premiums, less cancellations . . . . Consideration for Annuities, less retrocession Interest ' . Interest, after deduction of interest on Life Dept- account . . .
By order of the Board: J. ß. Hanhart, Ch. Simon, y.i'V-iWp ; • •• ' •
We also operate 23 field offices, including the Erie branch office, in 11 states. Eighteen of these offices provide both agency support and claims services and are referred to as Branch Offices, while the remaining five provide only claims services and are considered Claims Offices. We own three field offices. Three other field offices are owned by the Exchange and leased to us. We incurred rent expense for both the home office complex and the field offices leased from the Exchange totaling $9.2 million in 2006.
One field office is owned by EFL and leased to us. The rent expense for the field office leased from EFL was $0.4 million in 2006.
Unitrin owns the 41-story office building at One East Wacker Drive, Chicago, Illinois, that houses the executive offices of Unitrin. Unitrin occupies approximately 82,000 square feet of the 527,000 rentable square feet in the building. In addition, Unitrin subsidiaries together own 12 buildings located in 9 states consisting of approximately 305,000 square feet in the aggregate.
Unitrin’s Life and Health Insurance segment leases facilities with aggregate square footage of approximately 350,000 at 150 locations in 23 states. The latest expiration date of the existing leases is in December 2008.
Unitrin Specialty Lines Insurance leases facilities with an aggregate square footage of approximately 148,000 at 3 locations in 3 states. The latest expiration date of the existing leases is in June 2013.
Kemper Auto and Home leases facilities with an aggregate square footage of approximately 262,000 at 12 locations in 9 states. The latest expiration date of the existing leases is in February 2009.
Unitrin’s corporate data processing operation occupies a facility with an aggregate square footage of approximately 29,000 square feet under a lease that expires in February 2006.
The Financial Statements (including their related notes and the respective reports of Deloitte & Touche LLP and KPMG LLP) are incorporated herein by reference to, and filed as, Exhibit 13.1 hereto (with the exception of the reports of KPMG LLP, which are filed as Exhibit 23.3 hereto).
Located on the same 29.2 acre campus, is a 2,500 square foot facility leased to a day care facility, and a 600 square foot condominium, attached to the day care building.
RLI Vision Corp. also owns a 16,000 square foot building located in Cohasset, Massachusetts, a 2,700 square foot office condominium building located in Bedford, Massachusetts, and a 3,000 square foot building located in Lewistown, Maine, as well as the 10 acres on which these buildings are located.
The Company leases administrative space in 6 cities, substantially all under leases for periods of three to five years. The aggregate monthly rent is approximately $72 thousand.
Marketing offices are leased in 16 cities, substantially all under leases for periods of three to five years with only three leases running longer than five years. The aggregate monthly rent is approximately $35 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 1994 Annual Report to Stockholders and is incorporated herein by reference.
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 2002. CNA Surety's office space, consisting of
approximately 81,600 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 $1.3 million as of December 31, 1999. 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 $0.2 million. The Company also leases space for 3 small and specialty contract branch offices for an additional annual rent of approximately $0.1 million.
The following financial information has been derived from the Consolidated Financial Statements and Notes thereto which appear in the 1999 Annual Report to Shareholders and are incorporated herein by reference.
(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 $13,085, or 4.6%, for the year ended December 31, 1999, $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.
The following information of the Predecessor is presented for the three months ended December 31, 1996, for the nine months ended September 30, 1997 and 1996 and for the years ended December 31, 1996 and 1995. The selected financial information of the Predecessor does not include data with respect to assets, liabilities (other than insurance reserves) and equity because CNAF did not customarily allocate the investment portfolio or equity of its operating subsidiaries to its business units like CCC Surety Operations.
(4) The insurance reserves include both loss and loss adjustment expense and unearned premium reserves. These reserves are shown before the effects of ceded reinsurance. In accordance with the reorganization and related reinsurance agreements, these reserves, as of the Merger Date, were transferred to Western Surety, net of reinsurance which totaled $9,979 and $23,876 for the nine months ended September 30, 1997 and 1996 and $21,779 and $31,060 at December 31, 1996 and 1995, respectively.
Consolidated Statements of Cash Flows for the Years Ended December 31, 1999 and 1998 and the Period from September 30, 1997 (date of inception) through December 31, 1997
The historical consolidated financial data presented below as of and for each of the periods ended December 31, 1999, 1998, 1997, 1996, and 1995 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.
(2) Net income per common share is based upon the weighted average number of common shares outstanding during the relevant period, after giving effect to the Exchange. The weighted average number of shares includes common shares and the dilutive effect of the AIG Option and employee stock options, using the treasury stock method. The weighted average number of shares for 1995 and prior are pro forma.
(4) The loss and loss 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 (excluding gains and losses from foreign exchange) by net premiums earned. The combined ratio is the sum of the loss and loss expense ratio and the expense ratio.
Management of the Company believes that Provident's properties and the properties which it leases are in good condition and are suitable and adequate for Provident's current business operations.
The information required by this Item is included on pages 26-35 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1996, under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
DGI shares headquarters with the Mutual Company 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 have approximately 140,000 square feet of office space. Southern has a facility of approximately 10,000 square feet in Glen Allen, Virginia which it owns. Delaware Atlantic has a facility of approximately 2,800 square feet in Wilmington, Delaware which it leases. Pioneer has a facility of approximately 8,000 square feet in Greenville, Ohio which it owns.
The answer to this Item is incorporated by reference to page 1 of the Company's Annual Report to Stockholders for the year ended December 31, 1997, which is included as Exhibit (13) to this Form 10-K Report.
Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 14 through 21 of the MMI Companies, Inc. 1996 Annual Report to Stockholders is incorporated herein by reference.
Zenith Insurance owns a 130,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National and its subsidiaries. Zenith Insurance also owns a 120,000 square foot branch office facility in Sarasota, Florida. In the regular conduct of business, Zenith Insurance leases offices in various cities. See Notes to Consolidated Financial Statements - Note 11 - "Commitments and Contingencies - Leases" in Zenith's 2004 Annual Report to Stockholders, which is hereby incorporated by reference. Zenith considers its owned and leased facilities to be adequate for the needs of the organization.
The 5-Year Summary of Selected Financial Information included in Zenith's 2004 Annual Report to Stockholders is hereby incorporated by reference.
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations included in Zenith's 2004 Annual Report to Stockholders is hereby incorporated by reference.
The Consolidated Financial Statements and Notes thereto included in Zenith's 2004 Annual Report to Stockholders is hereby incorporated by reference.
SELECTED FINANCIAL DATA. - ------- ------------------------ The "Selected Consolidated Financial Data" section from the Company's annual report to stockholders for the year ended December 31, 1996, which is included as Exhibit (13)(A) to this Form 10-K Report, is incorporated herein by reference.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. - ------- -------------------------------------------- The consolidated financial statements from the Company's annual report to stockholders for the year ended December 31, 1996, which is included as Exhibit (13)(C) to this Form 10-K Report, are incorporated herein by reference.
At December 31, 1996 and 1995, the yield of the Company's bond portfolio was 6.1% and 5.8% with an average maturity of 3.3 years and 2.8 years, respectively. Additionally, at December 31, 1996, approximately 95% of the bond portfolio was invested in issues of the U.S. Government and its agencies with the remainder invested in investment grade corporate and industrial issues. The Company presently anticipates reinvesting proceeds from maturities and investment income in substantially similar investments.
Losses incurred for 1996 were approximately $1.3 million, or 1.7%, less than those of 1995. Losses incurred for 1995 were approximately $17 million, or 27.9%, greater than those of 1994. Based upon actuarial studies conducted during 1996 and 1995, the Company strengthened reserves for losses from prior accident years by approximately $8,100,000 in 1996, primarily related to voluntary commercial automobile and commercial package lines of business, and by approximately $10,300,000 in 1995, primarily related to automobile and workers' compensation lines of business. The Company continues to analyze the adequacy of its loss reserves on a quarterly basis. Also in 1996, the Company experienced unusually high assessments from a New York State workers' compensation fund. Contributing to the 1995 increase in losses were additional payments made on automobile no-fault claims which had been closed prior to 1995.
The Company, as well as the property and casualty insurance industry in general, is affected by inflation. With respect to losses, the Company's claim severity is affected by the impact of inflation on the cost of automobile repair parts, medical costs and lost wages. The costs of adjusting claims and other underwriting expenses have also been adversely affected by inflationary pressures on salaries and employee benefits. The Company receives rate increases based in part upon its experience as well as the industry's experience. Accordingly, premium increases generally follow the rate of inflation.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 1994, 1995 and 1996 28-29
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 approximating $200,000.
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 12 to the accompanying Consolidated Financial Statements.)
Item 6. CONSOLIDATED SELECTED FINANCIAL DATA (In Thousands, Except Per Share Data) -------------------------------------
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-owned subsidiary, American, together with American's net income from operations incurred prior to the sale. Income from continuing operations before provision for income taxes for 1995 was approximately $151,000 as compared with a loss, before provision for income taxes and tax benefit, of approximately $321,000 for 1994.
Consolidated investment income for 1994 was approximately $215,000, representing an increase of $27,000 when compared with approximately $188,000 for 1993. This increase was due mainly to slightly higher interest rates credited during 1994. In addition, Arista had realized investment losses for 1994 of approximately $3,000 as compared to realized investment gains of about $47,000 for 1993.
Arista may pay dividends to the Registrant from its statutory earned surplus pursuant to statutory restrictions imposed under the New York State Insurance Law. The maximum amount of dividends that may be paid in any twelve-month period without the prior approval of the New York State Insurance Department is the lesser of adjusted net investment income or 10% of statutory surplus as defined in the New York State Insurance Law. In 1996, 1994 and 1993, Arista's Board of Directors authorized the payment of a dividend to the Registrant in the amount of $111,654, $224,799 and $198,000, respectively. The dividends were paid on April 11, 1996, May 16, 1994, and March 29, 1993. See "Business-Regulation."
The response to this item is submitted in a separate section of this Report on page.
The information under the heading "Selected Financial and Statistical Data" as set forth on pages 32-33 of the Company's 1999 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 34-41 of the Company's 1999 Annual Report to Shareholders is incorporated by reference.
The consolidated financial statements of the Company, the Report of Independent Accountants thereon by PricewaterhouseCoopers LLP and the unaudited "Quarterly Financial Information" are set forth on pages 42-62 of the Company's 1999 Annual Report to Shareholders and are incorporated by reference.
FKLA and KILICO lease from Lumbermens 72,000 sq. ft. of office space in Long Grove, Illinois. KILICO also utilizes certain space leased by KFS in Chicago.
Reference is made both to the Eleven-Year Consolidated Summary, incorporated herein by reference only for the five years ended December 31, 1993, and to the Notes to the Consolidated Financial Statements, incorporated herein by reference, contained in the Annual Report.
In connection with our audits of the aforementioned consolidated financial statements, we also have audited the financial statement schedules as listed in the accompanying index. These financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement schedules based on our audits.
We consent to incorporation by reference in the Registration Statements No. 33-50736 on Form S-8 and No. 2-71680 on Form S-3 of Kemper Corporation of our report dated March 7, 1994, relating to the consolidated balance sheet of Kemper Corporation and subsidiaries as of December 31, 1993 and 1992, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 1993, which report appears in the December 31, 1993 Annual Report on Form 10-K of Kemper Corporation.
The 5-Year Summary of Selected Financial Information, included in Zenith's 2001 Annual Report to Stockholders, is hereby incorporated by reference.
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations, included in Zenith's 2001 Annual Report to Stockholders, is hereby incorporated by reference.
The Company maintains a mini-computer network from its corporate data center located in its headquarters building to support its data processing requirements for accounting, claims, marketing, risk management, underwriting and non-insurance operations. In 1997, the Company centralized all computer operations. All the service centers are linked to the home office in Philadelphia via a high speed frame-relay network. The centralized environment is based on the Business Recovery Server (BRS) architecture. The BRS consists of two geographically dispersed, identical data centers. Each data center is currently running at 30% of capacity. Either data center is capable of supporting the entire company. The data centers are linked via a fibre-optic link allowing simultaneous data updates through disk shadowing. Each center is part of a separate power grid. This redundant configuration provides disaster tolerance and automatic back-up, resource sharing and fail-over.
The information set forth on pages 32 through 35 in the Company's 1997 Annual Report to Stockholders under the caption "Management's Discussion and Analysis" is hereby incorporated by reference.
Management's Discussion and Analysis of Financial Condition and 	 Results of Operations
The report of independent auditors and the consolidated financial statements included on pages 37-61 of the Annual Report to Shareholders for the year ended December 31, 1994 are incorporated 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; San Francisco, California; Glastonbury, Connecticut; Aventura, Florida; 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; Charlotte, North Carolina; Philadelphia, Pennsylvania; and Houston, Texas.
In 1996, the Company sold a building located in downtown Daytona Beach, Florida, having an aggregate book value of approximately $128,000, for a nominal gain. The Company also owns an office condominium in Venice, Florida which has a net book value of $188,000, with no outstanding mortgage.
Information under the caption "Financial Highlights" on page 6 of the Company's 1996 Annual Report to Shareholders is incorporated herein by reference.
The Consolidated Financial Statements of Poe & Brown, Inc. and its subsidiaries, together with the reports thereon of Arthur Andersen LLP and Ernst & Young LLP, appearing on pages 25-41 of the Company's 1996 Annual Report to Shareholders, are incorporated herein by reference.