felanders/preprocessed huggingface dataset:
Salomon Smith Barney owns two office buildings in New York City, which total approximately 627,000 square feet. Salomon Smith Barney also owns an office building in Rutherford, New Jersey, totaling approximately 249,000 square feet and an office building in Tampa, Florida, totaling approximately 135,000 square feet. In addition, Salomon Smith Barney owns an office building in London, England, that contains approximately 212,760 net square feet. The building is subject to a mortgage that becomes due in 2007, but which may be prepaid without
premium at any time with notice. Most of Salomon Smith Barney's other offices are located in leased premises, the leases for which expire at various times.
Salomon Smith Barney leases two buildings located at 388 and 390 Greenwich Street in New York City and totaling approximately 2,300,000 square feet, through 1999. Salomon Smith Barney expects to extend the lease term to 2003. Salomon Smith Barney has a purchase option with respect to these properties. Salomon Smith Barney also leases approximately 1,018,000 square feet of office space at Seven World Trade Center in New York City, through 2010.
A few other offices and certain warehouse space are owned, none of which is material to the Company's financial condition or operations. The Company owns 26 acres of land in North Castle, New York, on which it has constructed an executive conference and planning center.
The Company believes its properties are adequate and suitable for its business as presently conducted and are adequately maintained. For further information concerning leases, see Note 19 of Notes to Consolidated Financial Statements.
See "Five-Year Summary of Selected Financial Data" on page 32 of the Company's 1997 Annual Report to Stockholders (the "1997 Annual Report"), included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
See "Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page 33 of the 1997 Annual Report, included as part of Exhibit 13 to this Form 10-K and incorporated herein by reference.
First mortgages, Government Securities and Bonds, House Property, Loans on securities. Deposits, Cash in Bank and in Hand ... Frs. 14,890,724. 96
Fire, Marine and Accident DepL. Premium Reserve from 1897 .. Reserve for outstanding losses from 1897 ... .. Net premiums
Life Retrocession Premiums Surrenders Losses paid, less retrocession Annuities paid Commissions and expenses ... Reserve for outstanding losses Premium Reserve ... Annuity Fund . ... Special Reserve Expenses of management Taxes Net profit
Shareholders' Capital (4000 shares of Fr. 2000 Reserve Fund Special Reserve Due to other Companies Sundry creditors Reserve for retrocession, Life Dep Premium Reserve, Life Dep'Annuity Fund, „ „ - . Special Reserve, „ „ . Reserve for outstanding losses. Life Dep'-
Reserve, Fire, Marine and Accident Dep'-: for unexpired risks ... „ outstanding losses
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2010, the Company had aggregate office space of 3,352,844 square feet, of which 939,991 were owned and 2,412,853 were leased.
Principally as a result of a decline in market interest rates during 1995, the market value of the Company's bond portfolio at December 31,
Revenues have increased in each of the last three years, principally due to premium growth. Although faced with price competition in its traditional markets, the Company has been able to increase premium levels through the development of certain commercial niche markets, rate increases and the acquisition of blocks of private passenger and commercial automobile assigned risk business from insurance companies required or volunteering to terminate such coverage.
Service fee income has increased in each of 1995, 1994 and 1993 primarily as a result of the Group's increased acquisition of blocks of automobile assigned risk business from other insurance companies for a fee.
Loss adjustment expenses have risen in each of 1995, 1994 and 1993 as a result of increased claims activity as well as increased operating expenses, a portion of which is allocated to loss adjustment expense.
Board of Directors: E. Hürlimann, Chairman Hans Sulzer, Deputy-Chairman Max Ruber Felix Calender C. J. Abegg Fritz Baumgartner Paul Ruegger
M. Klaas, F. Niquille, Ch. Ochsenbein, PI. Pessina, 0. Weidenmann, H. Wüst
Despite the continued tension in the sphere of international politics, economic recovery in Europe made further progress in the year under review, thanks in no small measure to the constructive and far-sighted aid afforded by the Marshall Plan, the effects of which were also apparent in insurance. Furthermore, the unsatisfactory experience recorded in past years in certain branches led to an upward revision in rates and to other measures which also helped to promote sounder conditions.
The Premium Income rose from Sfrs. 536,284,155.— to Sfrs. 548,292,939.—, notwithstanding the sharp drop in volume under a number of foreign currencies due to devaluations. We owe this expansion not alone to the growth of our business connections, but chiefly to the progressive adjustment of sums insured to market values.
The aggregate underwriting experience for the year was good. To this result all branches contributed M'ith the exception of Automobile business. Loss ratios in Fire insurance notably improved, particularly in the United States of America to a gratifying extent which is an appreciable feature considering the importance of our business in that territory. We are pleased to note that Switzerland, after a series of heavily ad­ verse years, resumes its place among the countries which have returned a profit. The favour­ able result in Marine insurance is chiefly due to the absence of large losses and to a decrease in pilferage claims. In the Accident branch as well as in Aviation, we were not involved in any unusually heavy losses and this also applies to S u r e ty, F i d e 1 i ty and Credit insurance, to Burglary and Theft and the Miscellaneous branches (Water Damage, Plate Glass and Machinery) as well as to Hail insurance. On the other hand, the situation in Third Party Liability insurance still leaves much to he desired, especially as regards Automobile Third Party, under which the loss sustained was even larger than in the previous year. The measures taken up to the present to relieve the position in
The Profit and Loss Account closed with a profit of . . Frs. 16,353,243.07 which, at the General Meeting of the Shareholders, it was decided to distribute as follows: Reserve for Contingencies Frs. 1,500,000.— Staff Life Insurance and Pension Fund . . . . . » 1,800,000. — Dividend Frs. 175. — per share » 10,150,000. — Social Welfare Contributions » 200,000. — Directors' Remuneration » 194,400. — Carry Forward » 2,508,843.07
Life Department. Premium Reserve from 1948 .... Annuity Fund from 1948 Reserve for Unsettled Claims from 1948 Premiums, less canceUations .... Consideration for Annuities Interest
Life Department Premium Reserve Frs. 341,112,551. Annuity Fund 6,314,389. — Reserve for Unsettled Claims ....... 3,436,543. — 350,863,483 —
Contribution to Staff Life Insurance and Pension Fund 1,800,000 — Dividend 10,150,000 — Social Welfare contributions 200,000 — Directors 194,400 — Carried forward . 2,508,843 07
Selected Consolidated Financial Data is listed on page 12 of the Annual Report and is incorporated herein by reference thereto in response to this item. The selected financial data of the Company should be read in conjunction with the Consolidated Financial Statements of the Company and related Notes thereto contained in the Annual Report and incorporated herein by reference thereto.
The information with respect to Management's discussion and analysis of financial condition and results of operations, is contained under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" on pages 13 through 24 of the Annual Report and is incorporated herein by reference thereto in response to this item.
The Consolidated Financial Statements of the Company are contained on pages 26 through 43 of the Annual Report and are incorporated herein by reference thereto in response to this item. Reference is made to Item 14(a) of this Report for the Schedules to the Consolidated Financial Statements.
The Registrant's home office and educational facilities are owned by the Registrant and located in Atlanta, Georgia. As of December 31, 1995, the Registrant leased approximately 611 office locations under leases with remaining terms ranging from a few months to ten years. The remainder
The Company does not own any real property. Lease costs of the Company's office facilities in Bismarck, North Dakota, which total approximately $332,000 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 "Selected Financial Data" section from the Company's Annual Report to Stockholders for the year ended December 31, 2002, which is included as Exhibit 13(a) to this Form 10-K, is incorporated herein by reference.
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, 2002, which is included as Exhibit 13(b) to this Form 10-K, is incorporated herein by reference.
The following table sets forth selected consolidated financial data of the Company for the years ended December 31, 1996, 1995 and 1994. The selected consolidated financial data of the Company should be read in conjunction with the Consolidated Financial Statements of the Company and related Notes thereto contained in the Annual Report and incorporated herein by reference thereto.
The Consolidated Financial Statements of the Company and related Notes thereto are contained on pages 20 through 35 of the Annual Report and are incorporated herein by reference thereto in response to this item. Reference is made to Item 14(a) of this Report for the Schedules to the Consolidated Financial Statements.
Selected Financial Data. Incorporated by reference to pages 14 and 15 of the Registrant's 1998 Annual Report to Shareholders.
Management's Discussion and Analysis of Financial Condition and Results of Operations. Incorporated by reference to pages 16 through 21 of the Registrant's 1998 Annual Report to Shareholders.
Financial Statements and Supplementary Data. Incorporated by reference to pages 22 through 36 of the Registrant's 1998 Annual Report to Shareholders.
The Woodland Hills facility, with approximately 425,000 square feet, is leased pursuant to two leases. The aggregate rent for the two leases for 2000 was approximately $11.8 million. The Company's principal executive offices are located in the Woodland Hills facility, as are much of the Company's California HMO operations. The lease for the California HMO operations, covering approximately 310,000 square feet, expires on December 31, 2001. The Company will relocate its California HMO operations to a new facility in Woodland Hills pursuant to a recently executed ten-year lease for approximately 290,000 square feet. During the first six years of the lease for the new facility, the Company can reduce the amount of leased square footage by up to a maximum of 32%, by paying certain unamortized costs of improvements and commissions. The separate lease for the Company's executive offices expires December 31, 2004, and contains a renewal option.
In addition, the Company owns facilities comprising, in the aggregate, approximately 1.1 million square feet of space. These facilities include headquarters for the Company's health plan subsidiaries in Arizona, Connecticut and Florida, as well as a data processing facility in Rancho Cordova, California. The Company is currently considering the sale of certain care centers in California and Arizona and unoccupied office buildings in Colorado and California.
The information required by this Item is set forth in the Company's Annual Report to Stockholders on pages 19 through 27, and is incorporated herein by reference and made a part hereof.
CNA Plaza, owned by CAC, serves as the home office for CNAF and its subsidiaries. An adjacent building (located at 55 E. Jackson Blvd.), jointly owned by CCC and CAC, is partially situated on grounds under leases expiring in 2058. Approximately 46% of the adjacent building is rented to non-affiliates. CNAF’s subsidiaries lease office space in various cities throughout the United States and in other countries. The following table sets forth certain information with respect to the principal office buildings owned or leased by CNAF’s subsidiaries:
Consolidated Statements of Operations - Years Ended December 31, 2001, 2000 and
Consolidated Statements of Stockholders’ Equity - Years Ended December 31, 2001, 2000 and 1999
Shand/Evanston currently occupies approximately 65,000 square feet of a 160,000 square foot office building in Evanston, Illinois. This building is owned by Shand/Evanston.
For the information required by this item, see the information in Exhibit 13.1 -- Annual Report to Shareholders, under the caption "Selected Financial Data" and Notes 1 and 16 to the Consolidated Financial Statements on pages 18, 19, 24, 25 and 38, respectively, which information is incorporated herein by reference.
The financial statements of the registrant and its subsidiaries required to be included in this item are set forth in item 14 of this report and are either incorporated herein by reference to the specified information in Exhibit 13.1 -- Annual Report to Shareholders or set forth herein, in each case as indicated in item 14 of this report.
Trenwick's offices in Stamford, Connecticut are occupied pursuant to a lease covering approximately 27,000 square feet of office space located at Metro Center, One Station Place. Although the lease expires on July 15, 1998, Trenwick has the option to extend and renew the terms of the lease.
The information called for by this item can be found on Pages 31 through 42 of Trenwick's 1996 Annual Report to Stockholders under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
The information called for by this item can be found on Pages 44 through 73 of Trenwick's Annual Report to Stockholders and to the items included in Item 14(a) of this report, and are incorporated herein by reference.
The Company leases approximately 23,000 square feet in an office building located in Hatboro, Pennsylvania. The office building also houses Penn Independent and certain of its subsidiaries. The Company leases the space from Mr. Irvin Saltzman, Chairman of the Board of Directors of the Company, pursuant to a lease agreement which expires on June 30, 2000, and provides for an annual rental payment of approximately $281,112, which amount is considered by the Company to be at fair market value. The parties have agreed to renew this lease for an additional five (5) year term. The parties are currently negotiating the terms of this new lease.
The consolidated financial statements on pages 16 to 28 of the Company's Annual Report to stockholders for the year ended December 31, 1999, which is included as Exhibit (13) to this Form 10-K Report, are incorporated herein by reference.
CIGNA’s headquarters are located in approximately 50,000 square feet of leased office space at One Liberty Place, Philadelphia, Pennsylvania. CIGNA Group Insurance, CIGNA International, portions of CIGNA HealthCare and CIGNA’s staff support operations are located in leased premises of approximately 635,000 square feet at Two Liberty Place, Philadelphia. CIGNA HealthCare is the primary occupant of a complex of buildings owned by CIGNA, aggregating approximately 1.4 million square feet of office space, located at 900-950 Cottage Grove Road, Bloomfield, Connecticut. CIGNA Retirement & Investment Services leases approximately 336,000 square feet at 280 Trumbull Street, Hartford, Connecticut and approximately 35,000 square feet at Four Times Square, New York, New York. In addition, CIGNA owns or leases office buildings, or parts thereof, throughout the United States and in other countries. For additional information concerning leases and property, see Notes 2(H) and 18 to CIGNA’s 2002 Financial Statements included in its Annual Report. This paragraph does not include information on investment properties.
The information contained in the MD&A Section of CIGNA’s Annual Report is incorporated by reference.
CIGNA’s Consolidated Financial Statements and the report of its independent accountants in CIGNA’s Annual Report are incorporated by reference, as is the unaudited information set forth under the caption “Quarterly Financial Data -Consolidated Results”.
The Company is provided office space in Bermuda and London by Aon Bermuda pursuant to the Administrative Services Agreement.
- -------- (1) In October 1995, LaSalle Re changed its fiscal year end from December 31, to September 30, effective September 30, 1995. All prior periods have been adjusted to reflect a fiscal year end of September 30. (2) Includes operating expenses, corporate expenses, interest payable and foreign exchange gains and losses. For a discussion of foreign exchange gains and losses, see "Management's Discussion of Financial Condition and Results of Operations". (3) Minority interest represents those shares in LaSalle Re that are held as Exchangeable Non-Voting Shares and constitute approximately 37% of the capital stock of LaSalle Re. The Exchangeable Non-Voting Shares are held by certain Founding Shareholders and are exchangeable, at the option of the holder, for Common Shares on a one-for-one basis, unless the Board determines that such exchange may cause actual or potential adverse tax consequences to the Company or any shareholder. (4) Net income per share equals income before minority interest divided by weighted average shares outstanding.
(5) Weighted average shares outstanding include Common Shares and the Exchangeable Non-Voting Shares as common stock equivalents and the dilutive effect of stock options and stock appreciation rights using the treasury stock method. (6) Dividend per Common Share is based on the outstanding Common Shares as of September 30, 1996 of 14,397,720 (1995: 14,397,720; 1994: 14,395,710). (7) The loss and loss expense ratio is calculated by dividing the losses and loss expenses incurred by net premiums earned. The expense ratio is calculated by dividing underwriting expenses and certain operational expenses by net premiums earned. The combined ratio is the sum of the loss and loss expense ratio and the expense ratio. (8) Return on average Combined Equity is calculated by dividing net income before minority interest by the average of the opening and closing sum of shareholders' equity and minority interest. The adjustment in respect of minority interest reflects the exchangeable nature of the Exchangeable Non- Voting Shares. Closing shareholders' equity and minority interest reflects any dividends declared or paid during such periods, with the average not adjusted to reflect the timing of dividends declared or paid. (9) Total statutory capital and surplus is calculated in accordance with the provisions of the Insurance Act. See "Business--Regulation." (10) Book value per share is based on Combined Equity divided by Common Shares and Exchangeable Non-Voting Shares of 22,727,010 (as of September 30, 1996) (1995: 22,727,010; 1994: 22,725,000).
The information required for this item is incorporated by reference to the narrative contained under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1996 Annual Report.
The information required for this item is incorporated by reference to the consolidated financial statements of the Company contained in the Company's 1996 Annual Report.
TSM owns a seven story (including the basement floor) building located at 1441 F.D. Roosevelt Avenue, in San Juan, Puerto Rico where the main offices of TSM, TSI and ISI are located, and two adjacent buildings that houses TCI and certain offices of TSI, as well as the adjoining parking lot. In addition, TSM is the owner of five floors of a fifteen-story building located at 1510 F.D. Roosevelt Avenue, in Guaynabo, Puerto Rico. These floors house the Internal Auditing Office of TSM, the main offices of SVTS and STS and some divisions of TSI. The Corporation is planning the construction, on land already owned, of a new six-story building that will basically house the operations of some divisions of TSI and STS and the operations of ISI, including its mainframe facilities. ISI’s mainframe facilities are currently located in a leased property that will be vacated once the project is completed. In addition, as part of this project the Corporation is also planning the construction of a multi-level parking building which will add approximately 500 parking spaces. The cost of this project is estimated to be approximately $22.0 million. This project is expected to be completed during 2007-2008.
In addition to the properties described above, TSM or its subsidiaries are parties to operating leases that are entered into in the ordinary course of business.
Further details of the calculation of basic earnings per share are set forth in notes 2 and 23 of the consolidated financial statements for the y ears ended December 31, 2004, 2003 and 2002.
For the consolidated financial statements as of December 31, 2004 and 2003 for the three years ended December 31, 2004 see Index to financial statements in “Item 15. Exhibits and Financial Statement Schedules” to this Annual Report on Form 10-K.
For the selected quarterly financial data corresponding to the years 2004, 2003 and 2002, see note 24 of the consolidated financial statements as of December 31, 2004, 2003 and 2002.
The Registrant's home office and educational facilities are owned by the Registrant and located in Atlanta, Georgia. Registrant also owns its Canadian home office facility located in Kitchener, Ontario and an additional office location in Stockport, England. As of December 31, 2002, the Registrant leased approximately 593 office locations under leases with remaining terms ranging from a few months to ten years. The remainder of its office locations are occupied under various short-term rental arrangements.
The information required by this Item is included on page 51 of the Registrant's Annual Report to Shareholders for the year ended December 31, 2002, under the caption "Selected Financial Data" and is incorporated herein by reference.
The information required by this Item is included on pages 29-52 of the Registrant's Annual Report to Shareholders for the year ended December 31, 2002, under the captions "Consolidated Statements of Income", "Consolidated Balance Sheets", "Consolidated Statements of Shareholders' Investment", "Consolidated Statements of Cash Flows", "Notes to Consolidated Financial Statements", "Quarterly Financial Data (unaudited), Dividend Information and Common Stock Quotations", and "Report of Ernst & Young LLP, Independent Auditors", and is incorporated herein by reference.
At December 31, 1999, the Company leased office space in various cities throughout the United States under leases expiring between 2000 and 2006 and which required annual rentals of $2.6 million in 1999.
The information set forth under the caption "Management's Discussion and Analysis" in Exhibit 13 to this Annual Report on Form 10-K is hereby incorporated by reference in answer to this Item.
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, 1999, and the related consolidated balance sheet of the Company as of December 31, 1999 and 1998, 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.
As of December 31, 2002, we leased approximately 6.4 million and owned approximately 500,000 aggregate square feet of space in the United States and Europe. Our leases expire at various dates through May 31, 2025. Our various segments use this space exclusively for their respective business purposes and we believe these current facilities are suitable for their respective uses and are adequate for our anticipated future needs.
The information contained under the heading “Financial Highlights” in our Annual Report to Shareholders for the fiscal year ended December 31, 2002, is incorporated herein by reference.
The information contained under the heading “Results of Operations” in the our Annual Report to Shareholders for the fiscal year ended December 31, 2002, is incorporated herein by reference.
The Company owns the office building and property located on the corner of North Columbia and West Rosemary Streets in Chapel Hill, North Carolina which serves as the Company's interim corporate headquarters. The building contains approximately 23,000 square feet. The Company's principal subsidiary, ITIC, leases office space in 26 locations throughout North Carolina, South
The selected financial data for the five years ended December 31, 1995, is in the 1995 Annual Report to Shareholders and is incorporated herein by
The financial statements and supplementary data in the 1995 Annual Report to Shareholders are incorporated herein by reference.
The supplementary data (Summary of Selected Quarterly Operating Results) in the 1995 Annual Report to Shareholders is incorporated herein by reference.
The Company owns the office building and property located on the corner of North Columbia and West Rosemary Streets in Chapel Hill, North Carolina, which serves as the Company's corporate headquarters. The building contains approximately 23,000 square feet. The Company's principal subsidiary, ITIC, leases office space in 31 locations throughout North Carolina, South Carolina, Michigan and Virginia. NE-ITIC leases office space in 2 locations in New York. These properties are used by the title insurance and exchange services segments.
See Note 9 of Notes to Consolidated Financial Statements in the 2000 Annual Report to Shareholders incorporated by reference in this Form 10-K Annual Report for the amounts of
The financial statement schedules meeting the requirements of Regulation S- X are shown as Schedules I, II, III, IV and V.
ITEM 6. CONSOLIDATED SELECTED FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE DATA)
Income from Third Party Administration services was approximately $351,000 in 1997, as compared to approximately $260,000 for 1996. Other income was approximately $7,000 in 1997, as compared to approximately $39,000 for 1996.
Consolidated investment income for 1996 was approximately $441,000 representing an increase of $189,000 over 1995. The increase was due mainly to income earned on the proceeds received by Arista upon the issuance of the surplus note. In addition Arista had insignificant net realized and unrealized investment losses in 1996 and 1995.
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, Arista's Board of Directors authorized the payment of a dividend to the Registrant in the amount of $111,654. The dividend was paid on April 11, 1996. No dividends were paid by Arista in 1997 and 1995. See "Business-Regulation."
Rental expense was approximately $17,429,000, $16,783,000, and $18,773,000 for 2005, 2004 and 2003, respectively. Future minimum lease payments (without provision for sublease income) are $15,956,000 in 2006; $15,308,000 in 2007; and $46,004,000 thereafter.
Including cash and equivalents, trading account receivable from brokers and clearing organizations and trading account securities sold but not yet purchased and unsettled purchases.
The consolidated financial statements of the registrant are contained in the registrant’s 2005 Annual Report to Stockholders and are incorporated herein by reference.
The Company owns its principal executive office, which is located in the Humana Building, 500 West Main Street, Louisville, Kentucky 40202. In addition, the Company owns buildings in Louisville, Kentucky, San Antonio, Texas and Green Bay, Wisconsin and Jacksonville, Florida and leases facilities in Madison, Wisconsin, all of which are used for customer service and claims processing. The Louisville and Green Bay facilities also perform enrollment processing and other corporate functions.
The Company also owns or leases medical centers ranging in size from approximately 1,500 to 80,000 square feet. The Company’s administrative market offices are generally leased, with square footage ranging from approximately 700 to 89,000. The following chart lists the location of properties used in the operation of the Company at December 31, 1999:
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; one building is leased 	to a commercial tenant and one building is a residential apartment building.
Management's Discussion and Analysis of Financial Condition and 	Results of Operations
The Registrants' subsidiaries own and occupy office buildings in seven states, Puerto Rico and certain foreign countries, and lease office space elsewhere in the United States and in various foreign cities. Loss of the use of any owned or leased property, while potentially disruptive, would have no material impact on the Registrant.
The Company's consolidated balance sheets as of December 31, 1998 and 1997, and the consolidated statements of income, shareholders' equity and cash flows for each of the three years ended December 31, 1998, 1997 and 1996 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 principal executive office is located in Irvine, California in approximately 10,600 square feet of leased space. The lease expires in September 2013. The Company leases 125 branch offices in 49 states, which range in size from 1,000 square feet up to approximately 16,000 square feet. The lease terms for the branch offices range from monthly to ten years and expire through 2016. The Company believes that its facilities are adequate for its current needs and that suitable additional space will be available as required.
The selected consolidated financial data of the Company appears in a separate section of this Annual Report on Form 10-K on page 35 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 51 and are incorporated herein by this reference. The financial statement schedule is included below under Item 15(a) (2).
Pursuant to an administrative services agreement with American International Company, Ltd. (“AICL”), an indirect, wholly-owned subsidiary of AIG, IPC Holdings and IPCRe are allocated office space in AICL’s building in Bermuda and our executive offices are located there. The address of our executive offices is 29 Richmond Road, Pembroke HM 08, Bermuda and our telephone number is (441) 298-5100.
(1) Net income per common share is calculated upon the weighted average number of common shares outstanding during the relevant year. The weighted average number of shares includes common shares and the dilutive effect of employee stock options and stock grants, using the treasury stock method and convertible preferred shares. The net loss per common share for the year ended December 31, 2005 is calculated on the weighted average number of shares outstanding during the year, excluding the anti-dilutive effect of employee stock options, stock grants and convertible preferred shares. The net income per common share for the year ended December 31, 2008 is calculated on the weighted average number of shares outstanding during the year, excluding the anti-dilutive effect of stock-based compensation and convertible preferred shares.
(4) Diluted book value per common share is calculated as shareholders’ equity divided by the number of common shares outstanding on the balance sheet date, after considering the dilutive effects of stock-based compensation, calculated using the treasury stock method. At December 31, 2008 the average weighted number of shares outstanding, including the dilutive effect of employee stock-based compensation and convertible preferred shares (which were converted on November 15, 2008) using the treasury stock method was 59,301,939.
The Company leases approximately 23,000 square feet in an office building located in Hatboro, Pennsylvania. The office building also houses Penn Independent and certain of its subsidiaries. The Company leases the space from Mr. Irvin Saltzman, Chairman of the Board of Directors of the Company, pursuant to a lease agreement renewed June 30, 2000 that expires on June 30, 2005, and provides for an annual rental payment of approximately $357,247. This amount is considered by the Company to be at fair market value.
The "Management's Discussion and Analysis of Results of Operations and Financial Condition" section on pages 13 to 20 of the Company's Annual Report to stockholders for the year ended December 31, 2000, which is included as Exhibit (13) to this Form 10-K Report, is incorporated herein by reference.
The consolidated financial statements on pages 21 to 40 of the Company's Annual Report to stockholders for the year ended December 31, 2000, which is included as Exhibit (13) to this Form 10-K Report, are incorporated herein by reference.
Refer to pages 20 through 26, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of Trigon Healthcare Inc.'s 2000 Annual Report to Shareholders, which are incorporated herein by reference.
Refer to pages 29 through 53, the Consolidated Financial Statements, page 54, "Independent Auditors' Report," and page 17, "Quarterly Financial Information," of Trigon Healthcare Inc.'s 2000 Annual Report to Shareholders, which are incorporated herein by reference.
TPG leases its home office in San Francisco, California, which consists of approximately 98,450 square feet of office space. The San Francisco lease expires on December 31, 1999. In addition, TPG leases space for 32 PMI and MSC field offices. Such field office leases cover an average of approximately 4,300 square feet and have terms of not more than five years. During 1997, PMI established its Certificate Priority Center which is located in Dallas, Texas.
The information required by this Item is incorporated by reference from portions of The PMI Group, Inc. 1997 Annual Report to Shareholders as part of Exhibit 13.1.
The "Eleven-year Summary of Selected Financial Data" section on pages 38 and 39 of the 1994 Annual Report to Shareholders is incorporated herein by reference.
Incorporated herein by reference to the information included in the "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" section of the 2000 annual report to stockholders.
Incorporated herein by reference to the information included on pages 24 through 45 of the 2000 annual report to stockholders.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Stockholders and Board of Directors of United Fire & Casualty Company:
We have audited the accompanying consolidated balance sheets of UNITED FIRE & CASUALTY COMPANY (an Iowa corporation) and subsidiaries as of December 31, 2000 and 1999, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2000. These consolidated financial statements and the supplementary schedules referred to below are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements and supplementary schedules based on our audits.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of United Fire & Casualty Company and subsidiaries as of December 31, 2000 and 1999, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in the United States.
The headquarters for the Company, SIG, GGS Holdings and Pafco are located at 4720 Kingsway Drive, Indianapolis, Indiana. The building is an 80,000 square foot multilevel structure approximately 50% of which is utilized by Pafco. The remaining space is leased to third parties at a price of approximately $10 per square foot.
- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 0PERATIONS
The consolidated financial statements included in the 1997 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference.
GEICO, the principal subsidiary of the Corporation, owns its GEICO Plaza headquarters building in Chevy Chase, Maryland, its Regional Office buildings in Woodbury, New York, Macon, Georgia, Dallas, Texas, and Stafford County near Fredericksburg, Virginia, certain of its claims drive- in facilities and certain additional properties. GEICO also leases its Regional Offices in San Diego, California and office space and drive-in claims facilities in various cities in the United States. These facilities will accommodate foreseeable space requirements.
In response to this Item the material under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" (pages 17 through 26 and page 45) in the Corporation's 1994 Annual Report to Shareholders is incorporated herein by reference.
Trenwick's corporate headquarters and Trenwick America Re's offices are located in approximately 46,000 total square feet of leased office space at One Canterbury Green, Stamford, Connecticut. Trenwick International leases office space in London, England and Paris, France. See Note 7 of Notes to the Consolidated Financial Statements of Trenwick.
Amounts for 1998 reflect the results of Trenwick International, accounted for as a purchase, from February 27, 1998, date of acquisition.
The information called for by this item can be found in Trenwick's 1998 Annual Report to Stockholders under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
CNA Surety leases its executive offices and its shared branch locations with CCC under an Administrative Services Agreement. CNA Surety currently uses approximately 86,500 square feet and related personal property at 36 branch locations and its home and executive offices (19,400 square feet), in Chicago, Illinois. CNA Surety's annual rent for this space is approximately $2.1 million. CNA Surety may terminate its use of these locations as set forth in the Administrative Services Agreement, without penalty, by providing CCC with 30 days written notice.
Surety also leases space for large contract and commercial branch offices in Dallas, Texas; New York, New York; Troy, Michigan; Roseville, California; Charlotte, North Carolina; and San Juan, Puerto Rico. Annual rent for these offices was $0.6 million with leases terminating in 2004, 2007, 2005, 2005, 2006 and 2006, 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 2006 with an annual rent of $0.2 million. The Company also leases space for one small and specialty contract branch office in Austin, Texas 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 2001 Annual Report to Shareholders and are incorporated herein by reference.
- ------------------------- (1) Includes investment income and investment gains for CNA Surety for the year ended December 31, 2001, 2000, 1999 and 1998 and for the period from September 30, 1997 (date of inception) through December 31, 1997. (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 were an addition of $4,812, or 1.5%, for the year ended December 31, 2001, a reduction of $7,093, or 2.4%, for the year ended December 31, 2000, a reduction of $13,085, or 4.6%, for the year ended December 31, 1999 and a reduction of $4,352, or 1.7%, for the year ended December 31, 1998 and a reduction of $647, or 1.0%, for the period from September 30, 1997 (date of inception) through December 31, 1997.
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2001, 2000 and 1999
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 39 through 62 of the 2001 Annual Report to Shareholders.
Selected Financial Data Selected financial data for the past five years appears on page 29 in the Annual Report to the Stockholders for the year ended December 31, 1997, and is incorporated herein by reference.
Alleghany's headquarters is located in leased office space of about 16,000 square feet at 375 Park Avenue in New York City.
Heads & Threads leases approximately 12,000 square feet of office space in Sayreville, New Jersey for its headquarters. All of its four distribution centers, one packaging operation and nine warehouses are also in leased space, ranging in size from about 20,000 square feet to 165,000 square feet. In addition, Heads & Threads leases seven facilities that it no longer uses in operations. Six are generating rental income from subleases and one is vacant. These leases expire in 2003 (3), 2004 (3), and 2008 (1).
The information required by this Item 6 is incorporated by reference from page 26 of Alleghany's Annual Report to Stockholders for the year 2002, filed as Exhibit 13 hereto.
The information required by this Item 7 is incorporated by reference from pages 5 through 10, 13 through 15, 17 through 19, 21 through 24 and 28 through 30 of Alleghany's Annual Report to Stockholders for the year 2002, filed as Exhibit 13 hereto.
The information required by this Item 8 is incorporated by reference from pages 32 through 48 of Alleghany's Annual Report to Stockholders for the year 2002, filed as Exhibit 13 hereto.
We own 73 buildings located throughout the United States. These facilities, which contain approximately 4.2 million square feet of space, are not segregated by industry segment. In addition to our corporate headquarters and another office complex and call center in Mayfield Village, Ohio, we own significant locations in Colorado Springs, Colorado; Tampa, Florida; and Tempe, Arizona.
We lease approximately 2.7 million square feet of space throughout the United States and one location in Australia. These leases are generally short-term to medium-term leases of commercial space.
For 2008, amount represents basic earnings per share, since diluted earnings per share was antidilutive due to the net loss for the year.
The information set forth in the table on page 15 of the Company’s 2002 Annual Report to Stockholders under the caption “Selected Financial and Statistical Data” is hereby incorporated by reference.
The information set forth on pages 42 through 53 of the Company’s 2002 Annual Report to Stockholders under the caption “Management’s Discussion and Analysis of Results of Operations and Financial Condition” is hereby incorporated by reference.
The Consolidated Statements of Income, Consolidated Statements of Changes in Common Stockholders’ Equity and Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2002, and the related Consolidated Balance Sheets of the Company as of December 31, 2002 and 2001, together with the related notes thereto, the report on management’s responsibility and the independent auditors’ report, as well as the unaudited quarterly financial data, all set forth on pages 16 through 41 of the Company’s 2002 Annual Report to Stockholders, are hereby incorporated by reference.
Located on the same 15.0 acre campus is a 12,800 square foot building. Nearly 9,800 square feet of this building are used as warehouse storage for records and equipment. The remaining 3,000 square feet is used as office space.
Refer to the Selected Financial Data on pages 20 through 21 of the Annual Report to Shareholders for the year ended December 31, 1997 attached in Exhibit 13.
The foregoing does not include numerous investment properties held by the Company in its General and Separate Accounts.
Management's Discussion and Analysis of Results of Operations and Financial Condition in the 1998 Annual Report to Shareholders is incorporated herein by reference.
The supplementary financial information (Selected Quarterly Financial Data) in the 1998 Annual Report to Shareholders is incorporated herein by reference.
Danielson Trust's headquarters are located in a leased office facility in San Diego, California. This lease has a term of approximately ten years which is scheduled to expire in 2004, with options to extend. Prior to January 31, 1996, Danielson Trust maintained a branch office in Santa Barbara, California. On January 31, 1996, following approval of the California State Banking Department, Danielson Trust sold its Santa Barbara branch to The Bank of Montecito which assumed the lease of that branch office. In addition, in connection with the acquisition of the WTS assets and during the process of integrating such assets into Danielson Trust's operations, from February 22, 1994 through July 31, 1994, Danielson Trust also occupied office space that was previously occupied by WTS, pursuant to a short term sublease with Grossmont Bank. Danielson Trust believes that its existing leased premises are adequate for Danielson Trust's current and foreseeable needs. See Note 11 of the Notes to Consolidated Financial Statements.
The Company leases 59,000 square feet for regional offices throughout Virginia and 27,600 square feet for office space in Maryland, North Carolina, West Virginia, Pennsylvania, Missouri, Texas and South Carolina.
Refer to pages 12 and 13 of Trigon Healthcare Inc.'s Annual Report to Shareholders, which are incorporated herein by reference.
Refer to pages 14 through 19 of Trigon Healthcare Inc.'s Annual Report to Shareholders, which are incorporated herein by reference.
Information required under this item is incorporated herein by reference to page 20 and the first column and related notes on page 21 of the 1996 Annual Report.
Information required under this item is incorporated herein by reference to the section entitled "Results of Operations" on pages 22 through page 25, inclusive; the section entitled "Federal Income Taxes" on page 25; the section entitled "Impact of Inflation" on page 32; and the section entitled "Financial condition; liquidity and capital resources" on pages 26 through 27, inclusive, of the 1996 Annual Report.
At December 31, 2002, the Company leased office space in various cities throughout the United States under leases expiring between 2003 and 2006 and which required annual rentals of $4.7 million in 2002.