felanders/preprocessed huggingface dataset:
S iih-Managers : E. Andreoli H. Grossmann E. Froelich A. Hollinger J. Gailloud R. Secretan 0. Wiesmann
After a long series of profitable years, the Hail business has been most unprofitable. It is in the nature of the business that unsatisfactory results generally follow a run of good years. We started writing Hail business some ten years ago and have since developed this branch on careful and conservative lines so that the unfavourable result has but little influence on this year's showing.
There is no perceptible improvement noticeable in the Marine business and in view of the results of the past years we have good reason to congratulate ourselves on not having departed from our traditional policy of reserve. The outlook does not appear favourable although it is to be hoped that the efforts which are being made, particularly on the London market, to again introduce order and discipline in this section of the business may in time bear fruit.
PROFIT AND LOSS ACCOUNT for the year ending 31®» December, 1927.
Premiums for Retrocession, less cancellations Commission, less Retrocession .... Claims paid less Retrocession Premium Reserve, less Retrocession Reserve for unsettled Claims, less Retrocession . Reserve for extraordinary Losses . . . . . ,
Life and other funds retained from other Companies . 75,093,051 28 10,258,358 20
Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ 1
Premium Reserve . Frs. 72,259,660.— Reserve for unsettled Claims , 39,979,222. -
Staff Life Insurance and Pension Fund . . . . . . 250,000 — Dividend Frs. 77.35 per share . . . ..... . 2,320,500 — Directors, Management and Staff . ... . . . . 912,500 — Carried forward . ... 647,515 68
Due by other Companies and Sundry Debtors . . . 50,893,197 97 Accrued Interest . 1,759,396 72
ifiBi "'\ : •• T ' , rMy -i'-'J, ->•; - ^ '
The information contained in “Selected Financial Data” on page 76 of the Annual Report is incorporated herein by reference.
The Company and its subsidiaries also lease an aggregate of approximately 410,000 square feet of office space in Rancho Cordova, California. The Company's aggregate rent obligations under these leases were approximately $6.4 million in 2000. These leases expire at various dates through January, 2003. The Rancho Cordova facilities house certain Government Contracts, Specialty Services and California HMO operations.
The Company also leases a total of approximately 250,000 square feet of office space in Irvine, California and San Rafael, California for certain Specialty Services operations. In addition to the Company's office space referenced above, the Company and its subsidiaries lease approximately 130 sites in 23 states, comprising roughly 1.5 million square feet of space.
The information required by this Item is set forth in the Company's Annual Report to Stockholders on page 2, and is incorporated herein by reference and made a part hereof.
The information required by this Item is set forth in the Company's Annual Report to Stockholders on pages 28 through 56, and is incorporated herein by reference and made a part hereof.
Sub-Managers: E. Andreoli H. Grossmann E. Froelich A. Hollinger J. Gailloud R. Secretan - ^-'Ää
Once again we are able to place on record a satisfactory increase in our business and gratifying results in various Departments.
The chief feature of Fire business Avas a narrowing of the profit margin in most of the important territories. In Europe, excepting Scandinavia, weather conditions un­ favourably influenced the loss ratio; agriculture in particular suffered from heat and drought. Even outside Europe, however, the percentage of profit was in many fields somewhat smaller due chiefly to tfie vagaries of nature and to economic conditions. Business in the United States of America was again very satisfactory. The substantial profits which were realized of late in this latter territory have resulted in a large number of new companies being organised and it is to be feared that these rvill resort to rate cutting in their endeavour to build up a business rapidly. The effects of such practices are only too evident both in Switzerland and in other countries where as a consequence profit is becoming a vanishing factor, to say nothing of those Continental territories where conditions are such that a period of negative results seems inevitable.
Our operations in the Hail Department are not important and the generally adverse conditions which prevailed during last summer and autumn have, therefore, not materially affected our figures.
The Profit & Loss Account closes with a profit of . . Fr. 6,814,095.51 which at the General Meeting of the shareholders it was decided to distribute as follows; Special Reserve Fund . . . . » 2,000,000.— Staff Life Insurance and Pension Fund » 750,000. Dividend Frs. 77.35 per share . » 2,320,500.— Directors, Management and staff » 987.500. Carried forward . » 756,095.51
Life DepL. Premium Reserve from 1927 Annuity Fund from 1927 Reserve for unsettled Claims from 1927 Premiums, less cancellations Consideration for Annuities . . . . . . . . . . . . Interest .
Interest, after deduction of interest due to Life Dept- .... Preßt on Investments realized
Premiums for Retrocession, less cancellations ....... Commission, less Retrocession Claims paid Frs. 160,560,292.55 57 Premium Reserve, less Retrocession Reserve for unsettled Claims, less Retrocession Reserve for extraordinary Losses ......
All offices and facilities of the Company are leased. The Company's leased properties are in generally good condition and are adequate for their intended use.
The information set forth in "Selected Consolidated Financial Information" on page 6 of the Annual Report to Stockholders for the fiscal year ended December 31, 1996 is incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF AND CONDITION AND RESULTS OF OPERATIONS.
personnel and management; changes in state insurance laws and related government regulations; increased competition and growth in the dental benefits coverage market; and other unanticipated changes in economic conditions.
The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings Per Share."
Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted EPS is computed similarly to fully diluted EPS pursuant to Opinion 15.
The Company also owns a 12,800 square foot building near the headquarters 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 leased to RLI Vision Corp., as a part of its contact lens distribution center.
In addition, the Company owns a 19,000 square foot building near the headquarter building that is leased to RLI Vision Corp., which is used as the subsidiary's headquarters.
Refer to the Selected Financial Data on pages 22 through 23 of the Annual Report to Shareholders for the year ended December 31, 1995 attached in Exhibit 13.
Refer to the Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 24 through 31 of the Annual Report to Shareholders for the year ended December 31, 1995 attached in Exhibit 13.
Refer to the consolidated financial statements and supplementary data included on pages 32 through 49 of the Annual Report to Shareholders for the year ended December 31, 1995 attached in Exhibit 13. (See Index to Financial Statements and Schedules attached on page 27.)
The Registrant's subsidiaries own and occupy office buildings in four states 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 Registrant hereby incorporates by reference "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 17 through 28 and "Information Concerning Forward-Looking Statements" on page 28 of the Annual Report.
Management's Discussion and Analysis of Financial Condition and Results of Operations is set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 18 through 24 of the Company's 1999 Annual Report to Shareholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 26 through 44 of such Annual Report.
The 1999 Consolidated Financial Statements, together with the Notes thereto and the Report of Independent Accountants thereon, are set forth on pages 25 through 44 of the Company's 1999 Annual Report to Shareholders. Such information is incorporated herein by reference.
MBIA Corp. owns the 157,500 square foot office building on approximately 15.5 acres of property in Armonk, New York, in which the Company and MBIA Corp. have their headquarters. The Company also has rental space in New York, New York, San Francisco, California, Paris, France, Madrid, Spain and Sydney, Australia. The Company believes that these facilities are is adequate and suitable for its current needs.
The information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" as set forth on pages 30-35 of the Company's 1997 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 36-54 of the Company's 1997 Annual Report to Shareholders and are incorporated by reference.
The Company leases approximately 2,700 square feet of space at its executive office in Jericho, New York under a lease, as extended, which expires in November 2003. The Company had maintained its hospital bill audit operations in Dallas, Texas; this facility consisted of 4,500 square feet of space on an amended lease which will expire in July 1998. RPM leases approximately 3,900 square feet of office space in Spokane, Washington. This lease expires in June 2000. RPM also maintains an office in Moses Lake, Washington which is leased on a month-to-month basis.
The following table sets forth certain selected financial data with respect to the Company for each of the years in the five year period ended March 31, 1998. The information set forth below should be read in conjunction with the financial statements and the notes thereto included elsewhere herein.
Summary of Operations - Fiscal years ended March 31, 1998, 1997 and 1996
The Company had net earnings of $40,085 for the fiscal year ended March 31, 1998 ("Fiscal 1998"). For the fiscal year ended March 31, 1997 ("Fiscal 1997"), the Company had net earnings from continuing operations of $94,514, coupled with net earnings of $210,767 from discontinued operations, resulting in total net earnings after discontinued operations of $305,281. During the fiscal year ended March 31, 1996 ("Fiscal 1996"), the Company had net earnings of $156,934 from continuing operations with earnings of $580,704 from discontinued operations producing total net earnings of $737,638.
The cost of services for vocational rehabilitation services was 43.5% as a percentage of revenues for Fiscal 1998 as compared to 42.7% as a percentage of revenues for Fiscal 1997. During Fiscal 1996, the cost of services was 44.8% as a percentage of related revenues.
Over the past several years, the hospital bill audit ("HBA") industry as a whole suffered a decline in demand for its services and the number of hospital bill audits being performed. This negative trend accelerated during Fiscal 1997 and management determined that the Company's HBA division would not continue to generate net earnings on a going forward basis. In April 1997, the Company sold the HBA division to one of its competitors. The financial statements were reclassified at March 31, 1997 to exclude the operating results of the HBA division from the continuing operations and account for them as discontinued operations (see Note 2 to the Consolidated Financial Statements.) As defined in the agreement, the Company is entitled to payments based upon the net revenues generated over the three year period ending April 30, 2000. Management does not anticipate the potential value of these payments to be material.
This issue affects computer systems that have time-sensitive programs that may not properly recognize the Year 2000. Such programs may interpret the Year 2000 to mean some other year or not interpret it at all. If not corrected, those programs could cause date-related transaction failures.
The financial statements and supplementary data required by this Item are set forth at the pages indicated in Item 14(a)(1).
Zenith Insurance owns a 120,000 square foot office facility in the Warner Center area of Los Angeles which, since November of 1987, has been the corporate home office of Zenith, Zenith Insurance, and ZNAT Insurance.
CalFarm Life owns 25% and CalFarm Insurance owns 75% of the home office building (and surrounding property of approximately 4 acres) occupied by those companies in Sacramento, California, consisting of 133,000 square feet. Approximately 20% of the building is leased to the Farm Bureau and affiliates. In addition, CalFarm Life and CalFarm Insurance Agency lease and occupy, in a nearby building in Sacramento, California, approximately 30,000 square feet under a lease expiring January 31, 1997.
"Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations," included in Zenith's 1993 Annual Report to Stockholders on pages 36 to 47 is hereby incorporated by reference.
The member companies of the Erie Insurance Group (the Company and its subsidiaries, the Exchange and its subsidiary and EFL) share a corporate home office complex in Erie, Pennsylvania, which is comprised of 496,160 square feet. The home office complex is owned by the Exchange. The Company is charged rent expense for the related square footage it occupies.
The Company also operates 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”. The Company owns three of its field offices. Three other field offices are owned by the Exchange and leased to the Company. The rent expense incurred by the Company for both the home office complex and the field offices leased from the Exchange totaled $10.3 million in 2005.
The remaining 16 field offices are leased from various unaffiliated parties. In addition to these field offices, the Company leases a warehouse facility from an unaffiliated party. During 2003, the Company entered into a lease for a building in the vicinity of the home office complex. This additional space is used to house certain home office employees. During 2005, the Company entered into a lease for office space for its corporate financial personnel. Total lease payments to external parties amounted to $2.8 million in 2005. Lease commitments for these properties expire periodically through 2011.
Reference is made to “Selected Consolidated Financial Data” in the 2005 Annual Report.
Reference is made to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2005 Annual Report.
Assistant Managers: V. V. Castelberg, J. Gailloud, A. Hollinger, F. Niquille, PI. Pessina, 0. Wiesmann
Suh-Managers: Ad. Ammann, Ch. Burnens, C. C. Calburn, G. de Bardel, F. Eggenberger, W. Habicht, Ch. Ochsenbein, H. Ritz,
In the Fire account the revival in general business activity, during the first half of 1937, led to an expansion of premium volume in certain areas, which was unfortunately offset in part by the depreciation of the French Franc. Profits accrued in every country on the European Continent ivith the exception of Denmark, Poland and Spain. British Home business also showed a favourable record last year. The results in overseas countries were good, with the exception of China, where fire waste, unconnected with the hostilities, on large storage risks caused the experience to be unfavourable. A pleasing margin was once more registered in the United States. In general there is noticeable a continuance in the rising scale of acquisition costs, combined with a contraction in the ratio of profits.
Hail business produced a moderate surplus, thanks chiefly to favourable loss ratios in Switzerland, France, Hungary and South America.
In the Marine Department an increase in the number of major casualties and the heavier costs of repairs were the chief causes which accounted for a severe diminution in the profit.
We are glad again to be able to count Burglary, Surety and Fidelity Guarantee among the profitable classes, as has been the case over a number of successive years.
Interest earnings show an advance, in spite of the effect of currency depreciation upon the return on our French Investments, and the general decline of interest rates.
The Accounts for the year 1987 include an amount of Frs. 4,195,683 in respect of taxation, the highest figure yet attained for this charge in the annals of our company.
j TAabilities. Capital (58,000 shares of Frs. 1000 each) 58,000,000 — Reserve Fund 10,000,000 — Special Reserve Fund 25,000,000 — Reserve for Contingencies . 6,200,000 — Due to other Companies 32,494,324 13 Life and other funds retained from other Companies . . 110,123,842 84 Sundry Creditors 2,873,929 83 Reserves; Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Depll Premium Reserve . . . Frs. 67,258,044. — Reserve for Unsettled Claims „ 88,713,670. — Reserve for Extraordinary Losses , 10,000,000. - 165,971,714 —
Life Dep^ Premium Reserve Frs. 305,535,018. 50 Annuity Fund , 7,865,489. Reserve for Unsettled Claims „ 4,012,046.20 317,412,553 70
Company owns a two-story, 80,000 square foot building in Peoria, Illinois,
which serves as the Corporate Headquarters for RLI Corp., RLI Insurance
are used as warehouse storage for records and equipment. The remaining 3,000 square feet are used as
remaining 3,240 square feet being used for record and furniture storage.
Shareholders for the year ended December 31, 2001 attached in Exhibit 13.
of Operations on pages 18 through 29 of the Annual Report to Shareholders for
Management to be “critical accounting policies.” These policies relate to investment valuation, reinsurance,
discussion of these critical accounting policies can be found on pages 38 and
The Fire branch returned a satisfactory profit. Whilst a number of large losses oc­ curred on risks overseas as well as in Switzerland, in which latter country the experience was again disappointing, returns in the United States of America were favourable for the first time after several years of adverse results.
In Burglary and Theft insurance a further improvement materialized and a gratifying surplus was obtained.
The profit in Marine insurance, although less favourable than last year, was nevertheless quite satisfactory.
The Accident account closed with good results, to which almost all countries contributed.
Third Party Liability insurance again developed a considerable loss. The increase in traffic, lack of road discipline, and particularly the general rise in prices, aggravated the loss ratio in the Automobile section not only in Europe but also in the United States of America. Increases attained in premium rates proved insufficient to meet the change in the nature of the risk.
In the Aviation section, which has continued to gain in importance, we were spared any heavy losses and, as opposed to previous years, recorded a satisfactory profit.
Even without the yield on the proceeds of the partial call on unpaid capital at the end of 1947, investment income net of interest on the mathematical reserve of the Life Department exhibited a gratifying increase, thanks to the rise in interest rates in a number of territories, particularly in France.
The Profit and Loss Account closed with a profit of . . Frs. 14,814,057.31 which, at the General Meeting of the Shareholders, it was decided to distribute as follows: Special Reserve Frs. 1,500,000. — Staff Life Insurance and Pension Fund » 1,800,000. — Dividend Frs. 150.— per share ........ » 8,700,000.— Social Welfare Contributions . . . . . . . . . » 200,000. — Directors' Remuneration ! . . » 176,700.— Garry Forward » 2,487,357.31
PROFIT AND LOSS ACCOUNT for the year ending 31«' December, 1948.
Premium Reserve from 1947 Reserve for Unsettled Claims from 1947 ...... Reserve for Extraordinary Losses Premiums, less cancellations
Liabilities, Capital (58,000 shares of Frs. 1000 each) . . . . . 58,000,000 — Reserve Fund 20,000,000 — Special Reserve Fund 25,000,000 — Reserve for Contingencies 8,500,000 — Due to other Companies 67,261,389 93 Life and other funds retained from other Companies . 136,141,417 49 Sundry Creditors 4,746,177 44 Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 179,201,117. Reserve for Unsettled Claims , 173,461,270.-
Contribution to Staff Life Insurance and Pension Fund 1,800,000 — Dividend 8,700,000 — Social Welfare contributions 200,000 — Directors 176,700 — Carried forward 2,437,357 31
Incorporated herein by reference from page 1 of the 2001 Annual Report to Shareholders.
Consolidated Statements of Cash Flows - Years Ended December 31, 2001, 2000 and
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 57 through 121 of the 2001 Annual Report to Shareholders.
The following table sets forth certain consolidated financial data for the Company and its subsidiaries prior to and after the reorganization pursuant to the Plan that took place during 1996. The consolidated statement of income data set forth below for the years ended December 31, 1996, 1995, 1994 and 1993 and the consolidated balance sheet data as of December 31, 1996, 1995 and 1994 are derived from the consolidated financial statements of the Company which have been audited by Coopers & Lybrand L.L.P, independent auditors. The consolidated statement of income data for the year ended December 31, 1992 and the consolidated balance sheet data as of December 31, 1993 and 1992 are derived from the unaudited consolidated financial statements of the Company. The Company believes that such unaudited financial data fairly reflect the consolidated results of operations and the consolidated financial condition of the Company for such periods. This data should be read in conjunction with
The "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 11 - 15 of the Annual Report is incorporated herein by reference.
The consolidated financial statements of the Company, including the accompanying notes to the consolidated financial statements and Report of Independent Accountants on pages 16 - 32 of the Annual Report are incorporated herein by reference.
The "Management's Responsibility for Financial Statements," "Independent Auditors' Report," Consolidated Balance Sheets, Consolidated Statements of Income, Comprehensive Income, Shareholders' Equity and Cash Flows, and Notes to Consolidated Financial Statements included in The St. Paul's 1998 Annual Report to Shareholders are incorporated herein by reference.
Selected Financial Data on pages 18 and 19 of the Annual Report for the year ended December 31, 1995, is incorporated by reference.
The Consolidated Financial Statements of Providian Corporation and Subsidiaries included on pages 39 through 58 and Quarterly Financial Data on page 20 of the Annual Report for the year ended December 31, 1995, are incorporated by reference.
We beg to submit the fiftyeighth Annual Report and Accounts for the year 1921. Insurance is such an important factor of economic life that we could not expect to escape the consequences of the economic crisis which weighs upon the world. The effects of this crisis are apparent in all branches of our business excepting Life Assu­ rance, the result being a higher loss ratio and a decline in premium income.
Personal Accident business has again given fairly satisfactory results. The results in Liability business on the Continent still reflect the increased material and moral risk which is particularly noticeable in the Motor Gar business. Only in a small number of countries have the premiums been increased. Liability business in the United States, however, has left a satisfactory profit.
A further and promising improvement is apparent in Burglary business. The results of the Miscellaneous branches were unfavourably influenced by the high loss ratio experienced in Credit, Fidelity and Surety business, which have brought us a loss in Europe as well as in other fields.
In all branches, except Life, all foreign currencies have been taken into the Profit & Loss Account and Balance Sheet at the average rates of exchange of De­
The interest account, after deducting interest due to the Life department, shows a very marked increase; we are able to carry Frs. 4,275,243.45 to the Profit & Loss Account.
The Profit & Loss Account closes with a profit of ... . Frs. 2,274,879.05 which the Board of Directors propose to distribute as follows; Special Reserve Fund Frs. 200,000.— Staff Life Insurance and Pension Fund ....... 150,000. — Dividend Frs. 150.— per share . . . ... . . „ 1,500,000.— Directors and Management . . . . . . . . . . , 875,000.— Carried forward . . . . . . . . . . . , 49,879.05
Premium Reserve from 1920 .... Reserve for unsettled Claims from 1920 Reserve for extraordinary Losses . . Premiums, less cancellations ....
Life DepL. Premium Reserve from 1920 Annuity Fund from 1920 Reserve for unsettled Claims from 1920 Premiums, less cancellations Consideration for Annuities, less Retrocession . . . Interest . Interest, after deduction of interest due to Life Dept-
Life DepL. Premiums for Retrocession Commissions and Expenses, less Retrocession Surrenders, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession . . . . . . Premium Reserve, less Retrocession . . . . . Annuity Fund, less Retrocession Reserve for unsettled Claims, less Retrocession Expenses of Management Taxes Net Profit
Life and other funds deposited by ceding Companies . . 38,610,460 75
Government and other Securities . , 54,974,326.75 Life and other funds deposited with ceding Companies . , 95,245,459.64 Bank Balances . , 8,203,169.08
We lease approximately 1,800 square feet of office and warehouse space located at 2300 NW 7th Place, Miami, LF 33127. We have a 2-year lease at a cost of $1,495 per month for the first year and $1,548 per month for the second year of the lease. We are also leasing the adjacent space with a 2-year lease at a cost of $1,601 per month for the first year and $1,657 per month for the second year of the lease.
We had other expenses of $7,460,795 for the year ended December 31, 2018 compared to other expenses of $4,534,539 during the year ended December 31, 2017. Other expenses principally consists of a change in derivative liabilities of $6,661,449 and $4,224,631, respectively.
Net cash used in operating activities was $393,674 during the current year ended December 31, 2018.
Net cash provided by financing activities was $463,796 for the current fiscal year ended December 31, 2018 primarily due to proceeds from convertible note and issuance of common and preferred stock.
Revenue Recognition - The Company adopted ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, “ASC 606”), which creates a single framework for recognizing revenue from contracts with customers. The Company uses the five steps of the revenue recognition model:
(5) Recognize revenue when or as the entity satisfies a performance obligation by transferring promised goods or services to a customer.
Cost of Sales - The Company’s policy is to recognize cost of sales in the same manner in conjunction with revenue recognition, when the costs are incurred.
Our audited financial statements are included following the signature page to this Form 10-K.
Ticor Title's and Security Union's headquarters are in company-owned premises of about 180,000 square feet in Rosemead, California. CT&T and its subsidiaries own or lease buildings or office space in approximately 425 locations throughout the United States, primarily for CTI, Security Union and Ticor Title branch office operations.
Sacramento Savings owns its principal office in Sacramento, California, which has approximately 50,000 square feet of floor space. Sacramento Savings owns 30 of its 45 branch offices and leases the remainder. It also owns about 385 acres of improved and unimproved land in the Sacramento area, and is a party to joint ventures which own an additional 837 acres of such land.
World Minerals' largest mine is located on Celite-owned property immediately adjacent to the City of Lompoc, California, and is the site of one of the most unusual marine diatomite deposits in the world. The mine celebrated its 100th anniversary of production in 1993 and has been in continuous operation for more than 60 years. Reserves are believed to be sufficient for the operation of the plant for at least 20 more years at the current rate of utilization. The Lompoc production facility has a rated capacity in excess of 200,000 tons annually and currently supplies more than 25 different grades of products to the filtration and filler markets. The facility also houses World Minerals' research and development, and health, safety and environmental departments and Celite's quality control laboratories.
The operations of Alleghany's Heads and Threads division are conducted in 15 states at 18 locations, which serve as both sales offices and warehouses, two of which are owned and the rest of which are leased. Its headquarters in Northbrook, Illinois is owned by Alleghany.
The information required by this Item 7 is incorporated by reference from pages 2 and 3, from pages 6 through 16, and from pages 22 and 23, of Alleghany's Annual Report to Stockholders for the year 1993, dated March 15, 1994, filed as Exhibit 13 hereto.
RGA Reinsurance houses its employees and the majority of RGA's officers in 71,994 square feet of office space at 660 Mason Ridge Center Drive, St. Louis County, Missouri. These premises are leased from General American for an initial term ending August 31, 1999, at an annual rent of $1,585,308 plus a pro-rated share of increases in taxes and operating expenses for the building beyond the levels of 1995. A portion of this office space is subleased to subsidiaries. RGA Reinsurance also sub-leases approximately 5,100 square feet of office space in St. Louis. The sub-lease expires in August 1999. The rental expenses paid by RGA Reinsurance under the sub-lease during 1998 were approximately $9,600. RGA Reinsurance entered into a new lease on December 28, 1998 to move its principal offices in St. Louis. The new premises are leased for an initial term of ten years, commencing on or about August 1, 1999, at an annual rent of $1,963,010, plus a pro-rated share of increases in taxes and operating expenses for the building beyond the levels of 1999.
Great Rivers Reinsurance Management conducts business from approximately 5,900 square feet of office space located in St. Louis, Missouri. The rental expenses paid for the office were approximately $165,000 during 1998. This lease expires in March 2002.
RGA UK Reinsurance conducts business from approximately 3,000 square feet of office space in London, England. The rental expenses paid by RGA UK Reinsurance under the lease during 1998 were approximately $31,000. The lease expires in 2008.
RGA South Africa conducts business from approximately 5,300 square feet of office space in Cape Town, South Africa. The rental expenses paid by RGA South Africa under the lease during 1998 were approximately $24,000. The lease expires in 2003.
This discussion and analysis is incorporated by reference to the Annual Report for 1998 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations."
This information is incorporated by reference to the Annual Report for 1998 under the following captions:
The remaining business activities of the registrant and its subsidiaries are conducted principally in leased office space in cities throughout the world. No difficulty is anticipated in negotiating renewals as leases expire or in finding other satisfactory space if the premises become unavailable. From time
The selected financial data on pages 54 and 55 of the 1997 Annual Report are incorporated herein by reference.
The Company also owns several parcels adjacent to the Company's facility.
The selected financial data for the five years ended December 31, 1999 is in the 1999 Annual Report to Shareholders under the caption "Financial Highlights" and is incorporated herein by reference. The information should be read in conjunction with the Financial Statements and Notes and the Management's Discussion and Analysis of Financial Condition and Results of Operations which are in the 1999 Annual Report to Shareholders and are incorporated herein by reference.
The financial statements and supplementary data in the 1999 Annual Report to Shareholders are incorporated herein by reference.
Properties. - ------ ---------- Fire and Marine owns its corporate headquarters buildings, located at 385 Washington Street and 130 West Sixth Street, Saint Paul, Minnesota. These buildings, which are adjacent to one another and connected by skyway, are also occupied by The St. Paul. These buildings consist of approximately 1.1 million square feet of gross floor space.
Minet, St. Paul International Insurance Company Ltd. and Economy also own buildings which house their respective operations.
The "Management's Discussion and Analysis" section on pages 20 to 37 of the 1994 Annual Report to Shareholders is incorporated herein by reference.
The financial statements and supplementary data on pages 38 to 60 of the 1994 Annual Report to Shareholders are incorporated herein by reference.
PROFIT AND LOSS ACCOUNT for the year ending 31®' December, 1917.
Dr. Balance of last year's account . . . . .
« 1,000,000.— Dividends. „ 216,666.67 to Directors and Management. H 134,845.90 Balance carried to next year's account.
Capital (10,000 shares of Frs. 2000 each) 20,000,000 Reserve Fund 2,000,000 — Special Reserve Fund 4,200,000 — Due to other Companies ........... 14,882,962 04 Life and other funds deposited by ceding Companies . . . » . . . • 19,434,569. 28 Sundry Creditors : . . . . 351,119 30 Reserves
Life Dept- • Premium Reserve . . . ' . Frs. 65,772,854.— Annuity Fund . . . . , 4,463,978 -
Board of Directors: J. R. Hanhart, Chairman. E. Welti, Deputy-Chairman. W. C. Escher. Ed. Leicht.
RESERVE fox o-va.tsta,xid.ixi.gr losses: Life Frs. 247,186. — Fire, Marine, Accident and Burglary „ 5,646,061. —
Fire, Marine, Accident and Burglary DepM. Premium Reserve from 1904 . Reserve for outstanding losses from 1904 Net premiums ....... .
life DepL, Premium Reserve from 1904 . Annuity Fund from 1904 . . ... Reserve for outstanding losses from 1904 . '. . . . . Premiums, less cancellations Consideration for Annuities, less commissions . . . . Interest Interest, after deduction of interest on Life Dept- account
Reserves, Life Dept-: Premium Reserve Fr. 18,326,906. — Annuity Fund „ 1,300,088. — Reserve for outstanding losses . , 247,186. —
(Market value on 31*h December, 1905: Fr. 17,080,281. 90) Deposits hearing interest , 950,877.20 Cash in Bank 571,655.34 Cash in hand , 23,248.36
Due by other Companies Due for Premium Reserve, Life DeptAccrued interest
Board of Directors: J. R. Hanhart, Chairman . . E. Welti, Deputy-chairman
SAFECO's property and casualty insurance companies lease their home office complex located in Seattle, Washington from General America Corporation (a wholly-owned subsidiary of SAFECO Corporation). This complex totals 567,000 gross square feet. A 700-car parking garage is connected to the complex. SAFECO's life insurance companies lease their headquarters building located in Redmond, Washington from General America Corporation. This complex totals 232,000 gross square feet.
SAFECO is currently developing approximately 650,000 gross square feet of additional office space for its use on land near the life insurance companies' Redmond, Washington headquarters.
Other buildings owned and occupied include service facilities in Redmond, Washington and Indianapolis, Indiana, as well as regional and branch offices in Fountain Valley and Pleasant Hill, CA; Denver, CO; Carol Stream, IL; St. Louis, MO; Cincinnati, OH; Portland, OR; Mountlake Terrace, Redmond, and Spokane, WA. These buildings comprise approximately 1,800,000 gross square feet. All other branch and service offices occupy leased premises comprising approximately 2,400,000 square feet, generally for periods of five years or less.
SELECTED FINANCIAL DATA Pages 76 through 79 of the 1999 Annual Report to Shareholders are incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Pages 22 through 40 of the 1999 Annual Report to Shareholders are incorporated herein by reference.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Pages 43 through 75 of the 1999 Annual Report to Shareholders are incorporated herein by reference.
The Company has the option to terminate the lease provided it notifies the landlord ninety days prior to the termination date, and reimburses the landlord for the unamortized portion of the landlord's contribution for leasehold improvements which was approximately $200,000 at June 1995.
The Company's net loss for the year 1996 was approximately $1,176,000 (approximately $0.45 per share) compared with a net income of approximately $59,000 from continuing operations (approximately $0.02 per share) for 1995. The loss, before provision (benefit) for income taxes for 1996, was approximately $1,650,000 compared with a gain before provision for income taxes and tax benefit, of approximately $151,000 for 1995. The Company's loss for 1996 included approximately $757,000 (approximately $0.29 per share) attributable to additional compensation expenses incurred from the exercise of warrants and options.
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.
Arista's gross claims incurred for 1995 were approximately $16.6 million or 63.6% of gross premiums earned. For the year 1994, gross claims incurred were $17.8 million or 67.8% of gross premiums earned. This reduction in claims incurred and in the loss ratio emanated substantially from improved claims management and underwriting techniques.
Consolidated investment income for 1995 was approximately $252,000, representing an increase of $37,000 over 1994. The increase was due mainly to slightly higher interest rates credited during 1995. In addition, Arista had insignificant net realized and net unrealized investment losses for 1995 as compared to a net realized investment loss for 1994 of approximately $3,000.
Arista's gross commissions incurred for 1995 were approximately $4.6 million or 17.7% of gross premiums earned. For the year 1994, gross commissions incurred were approximately $4.2 million or 16.0% of gross premiums earned. This increase was due in part to a larger portion of more recently issued policies acquired from other insurers, requiring the payment of slightly higher average commissions.
At present, management considers Arista's statutory capital and surplus of approximately $6.2 million at December 31, 1996 sufficient to support its current annual premium level, as well as providing capacity for additional annual premiums.
The response to this item is submitted in Part IV of this Form 10-K on page to S-6.
Management’s Discussion And Analysis Of Financial Condition And Results Of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and accompanying notes which appear elsewhere in this report. It contains forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report.
Net income decreased $573, or 5%, to $11,404 for the year ended December 31, 2005 from $11,977 for the year ended December 31, 2004. The decrease is primarily attributable to lower net earned premiums and other considerations and a $1,000 reduction in our 2004 tax liability, partially offset by a decline in policyholder benefits.
Income taxes increased $1,325, or 29%, to $5,957 for the year ended December 31, 2005 from $4,632 for the year ended December 31, 2004. The increase was partly due to an increase in pre-tax income. In addition, during the fourth quarter of 2004, an analysis of the federal tax liability resulted in a $1,000 reduction of our tax expense.
The selected financial data is incorporated by reference from the Annual Report to Shareholders for the year ended December 31, 1996. See page 31 of this report.
Management's discussion is incorporated by reference from the Annual Report to Shareholders for the year ended December 31, 1996. See pages 37 through 44 of this report.
The consolidated financial statements of McM Corporation and subsidiaries and the report of independent auditors filed in response to Item 8 are incorporated by reference from the Annual Report to Shareholders beginning on page 45 of this report.
The Company leases its present corporate and administrative offices in a building located in Greenwich, Connecticut. The Company also has operating leases for office space at regional branch locations and its international subsidiary. See Note 7 of Notes to the Consolidated Financial Statements of NAC Re for a schedule on future minimum rentals related to the Company's operating leases.
Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 20 through 33 of NAC Re's 1997 Annual Report to Shareholders is incorporated herein by reference.
The following consolidated financial statements of NAC Re and its subsidiary companies, included on pages 36 through 64 of NAC Re's 1997 Annual Report to Shareholders, are incorporated herein by reference:
-- Consolidated Statement of Cash Flows for the years ended December 31, 1997, 1996 and 1995.
The Company conducts its Massachusetts operations from approximately 297,000 square feet of space in several buildings which it owns in Webster, Massachusetts, which is located approximately 50 miles southwest of Boston. The Company's principal administrative offices in Webster consist of recently rehabilitated and newly constructed buildings. Its data processing and operational departments are housed in modern office buildings on a separate nine acre site. In 1998, the Company completed the construction of a 20,000 square foot child care center located on a separate seven acre site in Webster, Massachusetts. The child care center enables the Company to care for up to 200 children of employees. Commerce West currently leases approximately 12,000 square feet of office space in Pleasanton, California. The Company's new acquisition, ACIC, conducts its operations from approximately 39,000 square feet of space in a building located on a two acre site in Columbus, Ohio. The Company considers that its properties are in good condition, are well maintained, and are generally suitable to carry on the Company's business. For additional information concerning property, see Note D to the Company's 1998 Consolidated Financial Statements, which is incorporated herein by reference from page 38 of the Company's 1998 Annual Report.
The five-year financial information under the caption "Selected Consolidated Financial Data" on page 50 of the Company's 1998 Annual Report is incorporated herein by reference.
The information on pages 4 through 22 of the Company's 1998 Annual Report is incorporated herein by reference.
The Company's Consolidated Financial Statements for the years ended December 31, 1998, 1997 and 1996 and the report of its independent auditors on pages 24 through 49 of the Company's 1998 Annual Report are incorporated herein by reference.
American General's corporate headquarters is located in the American General Center, a complex of office buildings on a 45-acre tract near downtown Houston. American General or its subsidiaries either own or lease pursuant to a sale-leaseback arrangement all of the buildings in the complex. In addition, American General or its subsidiaries own all of the underlying land, except for a five-acre parcel that is leased pursuant to a long-term agreement. American General and its subsidiaries occupy approximately 42% of the total office space available in the Center. American General's subsidiaries also own various other properties, including properties held for investment, branch office buildings, and the home office buildings of American-Amicable Life Insurance Company of Texas in Waco and American General Finance, Inc. in Evansville. Portions of certain of these buildings are rented to unaffiliated third parties. The home office building of American General Life and Accident Insurance Company in Nashville was sold to the State of Tennessee for $37.4 million, effective January 3, 1994.
(a) Includes $300 million write-down of goodwill ($1.39 per share) and $30 million charge ($.14 per share) due to 1993 tax law change. Additional information is incorporated herein by reference from Notes 1.7 and 6.2, respectively, of the Notes to Financial Statements. (b) Includes $1.0 billion and $676 million increase in assets and shareholders' equity, respectively, due to adoption of SFAS 115, "Accounting for Certain Investments in Debt and Equity Securities," at December 31, 1993. Additional information is incorporated herein by reference from Note 1.2 of the Notes to Financial Statements. (c) Excludes special dividends paid in three quarters of 1990 totaling $.61.
Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference from "Management's Discussion and Analysis" on pages 18-24, 26, 28, and 30 in American General's 1993 Annual Report to Shareholders and from Note 10.2 of the Notes to Financial Statements.
Financial statements and supplementary data are incorporated herein by reference from pages 25, 27, 29, and 31-44 in American General's 1993 Annual Report to Shareholders. The ratios of earnings to fixed charges are incorporated herein by reference from Exhibit 12 of this Form 10-K.
------------------------------------------------------------------------ AMOUNT OF BUILDING OWNED AND OCCUPIED OR LEASED BY CNA OR ITS LOCATION SUBSIDIARIES PRINCIPAL USAGE ------------------------------------------------------------------------
180 Maiden Lane 1,115,100* Property/Casualty New York, New York Insurance Offices
40 Wall Street 199,238** Property/Casualty New York, New York Insurance Offices
* Represents property owned by CNAF or its subsidiaries. ** Represents property leased by CNAF or its subsidiaries.
Incorporated herein by reference from page 1 of the 1999 Annual Report to Shareholders.
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 42 through 74 of the 1999 Annual Report to Shareholders.