felanders/preprocessed huggingface dataset:
Certain Non-GAAP Financial Measures. The line item in the preceding selected financial data table entitled “Earnings from continuing operations before litigation and contingent commission matters and claims handling obligations per employee” may be considered a “non-GAAP financial measure” within the meaning of SEC regulations because it is derived from Gallagher’s consolidated financial information but is not required to be presented in financial statements that are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Consistent with SEC regulations, a description of such information is provided in the table above and a reconciliation of certain of such items to GAAP is provided herein. Charges in 2005 related to litigation related matters, retail contingent commission related matters and claims handling obligations totaled $131.0 million (or $84.2 million after tax), $73.6 million (or $44.2 million after tax) and $15.0 million (or $9.8 million after tax), respectively. There were no such items in 2001 to 2004. These amounts, which Gallagher believes are non-recurring, were added back to earnings from continuing operations in 2005 in order to calculate earnings from continuing operations before litigation and contingent commission related matters and claims handling obligations per employee.
The Company leases office space in Bermuda, where its executive offices are located.
YEAR ENDED DECEMBER 31, --------------------------------------- 1996 1995 1994 ------------- ----------- ----------- (in millions, except per share amounts)
Gross premiums written.......... $269.9 $292.6 $273.5 Net income...................... 156.2 165.3 109.3 Net income available to common shareholders.................. 156.2 162.8 96.4 Total assets.................... 904.8 757.1 509.4 Net income per Common Share..... $ 6.01 $ 6.75 $ 4.24 Dividends per Common Share...... 0.80 0.16 --
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 Financial Condition and Results of Operations" on pages 13 through 19 of the Annual Report and is incorporated herein by reference thereto in response to this item.
HMEC’s home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling approximately 214,000 square feet which is owned by the Company. The Company also owns buildings with an aggregate of approximately 24,000 square feet at other locations in Springfield. The Company leases buildings in Springfield with an aggregate of approximately 91,000 square feet. In addition, the Company leases office space in other states related to claims and agency offices which are smaller in size. These properties, which are utilized by all of the Company’s operating segments, are adequate and suitable for the Company’s current and anticipated future needs.
The Company owns no real property and no tangible personal property used in the operation of its business except office supplies and forms. The Company does, however, own real property for investment purposes as described under ITEM 1 INVESTMENTS. The executive and administrative offices of the Company are located in the headquarters office of Erie Insurance Group in Erie, Pennsylvania. The Company pays other members of the group an amount determined by an arm's length agreement for office space and for the use of facilities, equipment and services.
The information contained in "Selected Financial Data" on Page 14 of the Company's 1997 Annual Report is incorporated herein by reference.
The information set forth on pages 15 through 22 of the Company's 1997 Annual Report is incorporated herein by reference.
The 1997 Financial Statements and the Company's independent auditor's report on pages 24 through 32 of the Company's 1997 Annual Report are incorporated herein by reference, as is the unaudited information set forth in the Notes to the Financial Statements under the caption "Unaudited Quarterly Summary of Operations" on page 32.
Selected financial data for the past five years appears on page 20 in the Annual Report to the Stockholders for the year ended December 31, 2003, and is incorporated herein by reference.
Management's Discussion and Analysis of financial condition and results of operations appears on pages 6-19 in the Annual Report to the Stockholders for the year ended December 31, 2003, and is incorporated herein by reference.
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 1997 Annual Report to Shareholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 26 to 44 of such Annual Report.
The Company leases approximately 22,000 square feet in a stone and masonry office building located in Hatboro, Pennsylvania. The office building also houses Penn Independent and 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 $260,232, which amount is considered by the Company and Mr. Irvin Saltzman to be at fair market value. See Item 13 "Certain Relationships and Related Transactions."
The consolidated financial statements on pages 14 to 24 of the Company's Annual Report to stockholders for the year ended December 31, 1996, which is included as Exhibit (13) to this Form 10-K Report, are incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of financial condition and results of operations appears on pages 9-20 in the Annual Report to the Stockholders for the year ended December 31, 1997, and is incorporated herein by reference.
Financial Statements and Supplementary Data The consolidated financial statements and notes appear on pages 30 through 47 in the Annual Report to Stockholders for the year ended December 31, 1997, and are incorporated herein by reference. See Part IV, Item 14.
IAS, the Company's claim adjusting operation, leases and occupies approximately 9,423 square feet of office space for its home office and Dallas-based service operation at 1485 Richardson Drive, Richardson, Texas. IAS leases office space for its branch offices located in various cities in the United States.
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 15 through 26 of the Annual Report and is incorporated herein by reference thereto in response to this item.
The data included on page 4 of the 2002 Annual Report, included as Exhibit 13, under "Selected Financial Data" is incorporated herein by reference.
The discussion entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the 2002 Annual Report on pages 5 through 14 included as Exhibit 13 is incorporated herein by reference.
First Health owns four office buildings consisting of an aggregate of approximately 465,000 square feet of space. One is in Downers Grove, Illinois where the Company is headquartered, and the other three are in West Sacramento, California; Houston, Texas and Scottsdale, Arizona. Additionally, the Company leases significant office space in the Salt Lake City, Utah; Milwaukee, Wisconsin; Richmond, Virginia; Pittsburgh, Pennsylvania; Boise, Idaho; and the Los Angeles, California area. Additionally, the Company has numerous other smaller locations throughout the nation.
Selected financial data of the Company for each of its last five fiscal years is set forth under "Selected Financial Data" in the Company's 1998 Annual Report to Stockholders. Such information is incorporated herein by reference.
Consolidated Balance Sheets as of 28 December 31, 1997 and 1998
INDIVIDUAL LIFE & ANNUITY ("ILAD") Revenues of $797 in 1995 increased by $106, or 15%, over 1994 as a result of several factors. In the Individual Annuity line of business, deposits on fixed and variable annuity contracts (which are not recorded as revenues) and strong market value appreciation in policyholder accounts increased the assets in this line of business 52% to $31 billion. Asset growth resulted in a corresponding increase in policy charges which are based primarily as a percentage of assets. This division has been the market leader in sales of individual variable annuity contracts in each of the last three years. In the Individual Life line of business, the full year benefits of the Pacific Standard assumption reinsurance agreement (described below), in conjunction with new business sales, have enabled premiums and other considerations (net of reinsurance and acquisitions) to grow 15% over 1994. In addition, significant expense savings have resulted from the consolidation of several functions in the Minneapolis and Simsbury locations. The combination of the above items resulted in earnings growth of 61% for the total reportable division.
ASSET MANAGEMENT SERVICES ("AMS") With revenues down 7% and a net loss, after-tax, of $52, AMS's 1995 results were significantly below that of the prior year. This operating decline was primarily due to the results of the GRC line of business, which offers fixed or indexed rates that are guaranteed for a specific period. The GRC line of business results have been negatively impacted by lower investment earnings on mortgage-backed securities because of prepayments experienced in excess of assumed levels. The GRC line of business results were also affected by the interest rate rise in 1994 when the duration of assets lengthened relative to that of the liabilities. The impact of these factors, which resulted in a $68 loss in 1995, is expected to decline 10% to 25% per year over the next two years and will run out in its entirety by the end of the year 2000. Hedging and other funding strategies have been developed to address potential future liquidity needs.
SPECIALTY INSURANCE OPERATIONS Specialty Operations reported net income of $26 in 1995 representing a 44% increase over its 1994 net income of $18 and represents over 20% of the Company's total 1995 net income. The increase in 1995 net income was primarily due to substantial growth in the existing COLI line of business.
Properties As of December 31, 1998, the Company leased its various office facilities. The Company's principal leasing arrangements can be summarized as follows: The Company's principal executive offices occupy approximately 30,300 square feet in a single facility in downtown Boston under a lease which expires in 2002. Keyport leases approximately 96,500 square feet in two buildings in downtown Boston under leases which expire in 2008, approximately 19,800 square feet in a single facility in Lincoln, Rhode Island under a lease which expires in 2007, and 7,700 square feet in a single facility in Maitland, Florida under a lease which expires in 1999. Colonial leases approximately 219,000 square feet in two buildings in downtown Boston under leases which expire in 2006 and approximately 31,200 square feet in Aurora, Colorado under a lease which expires in 2000. Stein Roe leases 141,300 square feet in downtown Chicago under a lease which expires in 2009. Newport leases approximately 6,900 square feet in downtown San Francisco under a lease which expires in 2000. Crabbe Huson leases approximately 17,700 square feet in downtown Portland, Oregon under a lease which expires in 2003. Progress leases approximately 9,000 square feet in downtown San Francisco under a lease which expires in 2005. Independent leases approximately 29,500 square feet in Purchase, New York under a lease which expires in 2007.
Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears beginning on page 28 in the 1998 Annual Report, is incorporated herein by reference.
Financial Statements and Supplementary Data The Company's Consolidated Financial Statements which appear beginning on page 42 in the 1998 Annual Report, and the report thereon of Ernst & Young LLP as of and for the year ended December 31, 1998, which appears on page 67 in the 1998 Annual Report, are incorporated herein by reference.
The consolidated financial statements and notes appear on pages 22-47 in the Annual Report to the Stockholders for the year ended December 31, 2011, and are incorporated herein by reference. See Part IV, Item 15.
(1) Represents the amount of space owned, occupied by or leased to Continental or its subsidiaries. To the extent not occupied by Continental or its subsidiaries, such space is or is intended to be subleased to third parties.
(2) Represents property owned in fee by Continental's subsidiaries and held subject to mortgages. (See Note 12 to Consolidated Financial Statements included at pages -F-34 of the Proxy Statement.)
Material appearing under the caption "Selected Consolidated Financial Information" included in the Proxy Statement is incorporated herein by reference.
Consolidated Financial Statements and related Notes, and material appearing under the captions "Independent Auditors' Re- port", "Report on Financial Statements" and "Summarized Consolidated Quarterly Financial Data (Unaudited)" included in the Proxy Statement are incorporated herein by reference.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our 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.
Total benefits, losses and expenses decreased by $2,143, or 4%, to $50,065 for the year ended December 31, 2006 from $52,208 for the year ended December 31, 2005. This decrease was driven by favorable experience in our group dental and group life business, the continued decline in our domestic credit business and a refund of previously paid policyholder benefits which was accounted for as a reduction of policyholder benefits. Partially offsetting these decreases was the assumption of reserves related to a closed block of disability business through our DRMS channel.
The information on pages eight through 21 of CIGNA's Annual Report is incorporated by reference.
CIGNA's Consolidated Financial Statements on pages 22 through 43 and the report of its independent accountants on page 44 of CIGNA's Annual Report are incorporated by reference, as is the unaudited information set forth under the caption "Quarterly Financial Data--Consolidated Results" on page 45.
Florida: Brooksville, Clearwater, Daytona Beach, Ft. Lauderdale, Ft. Myers, Ft. Pierce, Jacksonville, Leesburg, Melbourne, Miami Lakes, Monticello, Naples, Ocala, Orlando, Panama City, Perry, Port Charlotte, Sarasota, Tallahassee, Tampa, Titusville, West Palm Beach, Winter Haven
Our operating leases expire on various dates. These leases generally contain renewal options and escalation clauses based on increases in the lessors’ operating expenses and other charges. We expect that most leases will be renewed or replaced upon expiration. From time to time, we may have unused space and seek to sublet such space to third parties, depending on the demand for office space in the locations involved. See Note 13 of the Notes to Consolidated Financial Statements for additional information on our lease commitments.
Information under the caption “Financial Highlights” on the back of the front cover of our 2003 Annual Report to Shareholders is incorporated herein by reference.
The Consolidated Financial Statements of Brown & Brown, Inc. and its subsidiaries, together with the reports thereon of Deloitte & Touche LLP and Arthur Andersen LLP appearing on pages 65 and 66 of the Company’s 2003 Annual Report to Shareholders, are incorporated herein by reference.
The Consolidated Financial Statements of Progressive, along with the related notes, supplementary data, and report of the independent registered public accounting firm, are incorporated by reference from our Annual Report, which is included as Exhibit 13 to this Form 10-K.
We currently lease office space in Pembroke, Bermuda (our corporate headquarters), the U.K. and Germany for the operation of our business. We renew and enter into new leases in the ordinary course of business as needed. We believe that the office space from these leased properties is sufficient for us to conduct our operations for the foreseeable future. To date, the cost of acquiring and maintaining our office space has not been material to us as a whole.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K and Item 1, "Business - General Overview". Except as explicitly described as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net income (loss) and net income (loss) available to Maiden common shareholders. Amounts in tables may not reconcile due to rounding differences. Some of the information contained in this discussion and analysis or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risk and uncertainties. Please see the "Special Note About Forward-Looking Statements" in this Annual Report on Form 10-K for more information on factors that could cause actual results to differ materially from the results described in or implied by any forward-looking statements contained in this discussion and analysis. You should review the "Risk Factors" set forth in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained herein.
Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden LF and Maiden GF in the Scandinavian and Northern European markets. Insurance support services are provided to Maiden LF and Maiden GF by our UK services company, Maiden Global which is also a licensed intermediary in the United Kingdom. Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in the EU and other global markets. These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance.
We are not actively underwriting reinsurance business but have some historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off. We continue to run-off the liabilities associated with the AmTrust contracts, which we terminated in early 2019 as discussed below. We have also entered into a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure to and limits the potential volatility related to these AmTrust liabilities, which are discussed in "Note 8 - Reinsurance" of the Notes to Consolidated Financial Statements included in Part II
Refer to the Selected Financial Data on pages 62 through 63 of the 2008 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
Throughout this report (including portions incorporated by reference herein), we present our operations in the way we believe will be most meaningful, useful and transparent to anyone using this financial information to evaluate our performance. In addition to the GAAP presentation of net income and certain statutory reporting information, we show certain non-GAAP financial measures that are valuable in managing our business, including underwriting income, gross premiums written, net written premiums and combined ratios. A detailed discussion of these measures can be found on page 2 of the 2008 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
Refer to the consolidated financial statements and supplementary data included on pages 28 through 61 of the 2008 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein. (See also Index to Financial Statements and Schedules on page 46.)
The Company’s and PMA Re’s headquarters are located in 87,500 square feet of leased space in center city Philadelphia, Pennsylvania. The PMA Insurance Group’s headquarters are located in a four story, 110,000 square foot building in Blue Bell, Pennsylvania. Caliber One’s headquarters are located in approximately 50,000 square feet of leased office space in Yardley, Pennsylvania.
The Company's home office property consists of two connected office buildings totaling 840,000 square feet at 1 Fountain Square, Chattanooga, Tennessee. The office buildings and substantially all of the surrounding 25 acres of land, used primarily as parking lots, are owned by the Company in fee. With the acquisition of Paul Revere in 1997, the Company also has a large operations center and owns facilities in Worcester, Massachusetts comprised of two connected buildings totaling 438,000 gross square feet of office space and approximately 5.6 acres of land, used primarily as parking. In addition, approximately 72,000 square feet of space is leased in three buildings located in the Worcester area and 15,000 square feet of office space is leased in Springfield, Massachusetts. Total rents are approximately $1.5 million annually.
The Company also leases other office space and minor storage space at approximately 65 locations in 33 states in the United States and 14 locations in 7 Canadian provinces for its sales and service force. The Company's real property lease payments for 1997 were approximately $9.7 million (net of rents received on subleased property).
The information required by this Item is included on pages 26 - 35 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1997, under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
The registrant and four of its subsidiaries, as tenants in common, own a 56% condominium interest in a 44-story building in New York City which serves as their worldwide headquarters. The principal offices of the registrant's Bowring subsidiaries in London are located in two adjoining buildings on land under a lease which expires in 2077.
The selected financial data on pages 48 and 49 of the 1996 Annual Report are incorporated herein by reference.
CIGNA's headquarters are located in approximately 90,240 total square feet of leased office space at One Liberty Place, Philadelphia, Pennsylvania. CIGNA Property & Casualty, CIGNA Group Insurance: Life, Accident, Disability, and CIGNA International are located in a leased building of approximately 1.25 million total square feet at Two Liberty Place, Philadelphia. CIGNA HealthCare, CIGNA Reinsurance and CIGNA Investment Management are located in a complex of buildings owned by CIGNA, aggregating approximately 1.4 million total square feet of office space, located at 900-950 Cottage Grove Road, Bloomfield, Connecticut. CIGNA's Retirement & Investment Services operations are located in approximately 268,000 total square feet of leased office space at 280 Trumbull Street, Hartford, Connecticut. 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 15 to CIGNA's 1997 Financial Statements included in its Annual Report. This paragraph does not include information on investment properties.
The information on pages 10 through 23 of CIGNA's Annual Report is incorporated by reference.
HMEC’s home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling 230,000 square feet, approximately 200,000 square feet of which is office space, which is owned by the Company. Also in Springfield, the Company owns and leases some smaller buildings at other locations. In addition, the Company leases office space in suburban Dallas, Texas, and Raleigh, North Carolina, for its claims operations and leases office space in a number of states related to its field marketing operations. These properties, which are utilized by all of the Company’s business segments, are adequate and suitable for the Company’s current and anticipated future needs.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION - ------- ----------------------------------------------------------- AND RESULTS OF OPERATIONS. - --------------------------- The "Management's Discussion and Analysis of Results of Operations and Financial Condition" section from the Company's annual report to stockholders for the year ended December 31, 2001, which is included as Exhibit (13)(B) to this Form 10-K Report, is incorporated herein by reference.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. - ------- ----------------------------------------------- The consolidated financial statements from the Company's annual report to stockholders for the year ended December 31, 2001, which is included as Exhibit (13)(D) to this Form 10-K Report, are incorporated herein by reference.
Information regarding the Company's financial condition and results of operations is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1996 Annual Report to Stockholders and is incorporated herein by reference.
The Registrant leases offices at approximately 301 locations. The average term for all such leases is approximately six years. The leases expire from 1996 to 2005. The Registrant believes it will not have any difficulty obtaining renewals of leases as they expire or, alternatively, leasing comparable property. The aggregate annual rental expense under all leases was approximately $17,284,000.
The information required by this Item is set forth on Pages 18 through 21 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1995, and such information is incorporated herein by reference.
Lease costs of the Company's office facilities in Oak Brook, Illinois, and Bismarck, North Dakota, which total approximately $274,000 and $125,000 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.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. - ------- -------------------------------------------- The consolidated financial statements from the Company's Annual Report to Stockholders for the year ended December 31, 1996, which is included as Exhibit 13(c) to this Form 10-K, are incorporated herein by reference.
PROPERTIES. - ------- ----------- The Company does not own any real property. Lease costs of the Company's office facilities in Bismarck, North Dakota, which total approximately $384,000 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.
SELECTED FINANCIAL DATA. - ------- ------------------------ The "Selected Financial Data" section from the Company's Annual Report to Stockholders for the year ended December 31, 2003, which is included as Exhibit 13(a) to this Form 10-K, is incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS. ---------------------- The "Management's Discussion and Analysis of Financial Condition and Results of Operations" section from the Company's Annual Report to Stockholders for the year ended December 31, 2003, which is included as Exhibit 13(b) to this Form 10-K, is incorporated herein by reference.
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, 2002, and the related consolidated balance sheet of the Company as of December 31, 2002 and 2001, together with the related notes thereto and the report of independent accountants, as well as the unaudited quarterly financial data, all set forth in Exhibit 13 to this Annual Report on Form 10-K, are hereby incorporated by reference in answer to this Item.
The Company leases approximately .9 million square feet of office and warehouse space at various locations throughout the United States for its other business units and staff functions. In addition, the Company leases approximately 400 claims offices, consisting of approximately 2.2 million square feet, at various locations throughout the United States. These leases are generally short-term to medium-term leases of standard commercial office space.
As the Company continues to grow, it expects that it will need additional space and is actively engaged in seeking out additional locations to meet its current and anticipated needs. The Company is currently planning to construct a 322 thousand square foot call center complex in Colorado Springs, Colorado that is scheduled to be completed in 2004.
1All per share amounts were adjusted for the April 22, 2002 3-for-1 stock split.
Incorporated by reference from Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages App.-B-21 through App.-B-33 of the Company’s Annual Report to Shareholders, which is included as Exhibit 13 to this Annual Report on Form 10-K.
Registrant receives approximately $5,912 of cash each month from payments of principal and interest on Real Estate Contracts Receivable. Registrant has very little liquidity because most of these payments are used to pay management fees and other operating expenses.
CNA also maintains four regional offices and forty branch offices and processing centers in major cities throughout the United States. This office space is leased except for offices located in three CNA owned buildings.
Incorporated herein by reference from page 2 of the 1994 Annual Report to Shareholders.
Incorporated herein by reference from pages 12 through 27 of the 1994 Annual Report to Shareholders.
Statement of Consolidated Operations - Years Ended December 3l, 1994, 1993 and 1992
Statement of Consolidated Stockholders' Equity - Years Ended December 31, 1994, 1993 and 1992
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 28 through 72 of the 1994 Annual Report to Shareholders.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. The owned property is as follows:
In addition, W. R. Berkley and its subsidiaries lease office facilities in various other cities under leases with varying terms and expiration dates.
SELECTED FINANCIAL DATA FOR THE FIVE YEARS ENDED DECEMBER 31, 2000
Information required by this item is set forth in the table titled "Five Year Summary" on pages 42 and 43 of the Company's 1999 Annual Report to Shareholders, and is incorporated herein by reference.
Unitrin's subsidiary, United, owns the 41-story office building at One East Wacker Drive, Chicago, Illinois, that houses the executive offices of Unitrin and United. Unitrin and United occupy approximately 109,000 square feet of the 527,000 rentable square feet in the building. In addition, Unitrin subsidiaries together own 21 buildings located in 12 states consisting of approximately 493,000 square feet in the aggregate.
The Unitrin Life and Health Insurance Group leases facilities at 193 locations in 25 states with aggregate square footage of approximately 415,000. The latest expiration date of the existing leases is October 2006.
Fireside Thrift occupies 39 leased facilities (including consumer finance branches and main office buildings) with an aggregate square footage of approximately 152,000. The latest expiration date of the existing leases is September 2008.
The Company leases approximately 59,000 square feet for its corporate headquarters in Philadelphia under leases which expire in 2003. In addition, it leases space for its Regional, Service Center and On-site offices throughout the United States comprising approximately 57,000 square feet with leases expiring between 2001 and 2003. With respect to all facilities, the Company believes it will be able to obtain satisfactory lease renewal terms.
The consolidated statements of income, of changes in common stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2000, and the related consolidated balance sheets of the Company as of December 31, 2000 and 1999, together with the related notes thereto and the independent auditors' report, as well as the unaudited quarterly financial data, all set forth on pages 17 through 35 of the Company's 2000 Annual Report to Stockholders, are hereby incorporated by reference.
The information required by Item 303 of Regulation S-K is listed in the Index to Financial Information on page of this report.
The "Management's Discussion and Analysis" section on pages 3 through 11 of Exhibit 13 representing pages 12 through 20 of the Company's annual report to security holders for the fiscal year ended December 31, 2000, is incorporated herein by reference.
SELECTED FINANCIAL DATA Pages 70 through 73 of the 1996 Annual Report to Stockholders are incorporated herein by reference.
The financial statements and notes appear on pages 20-43 in the Annual Report to the Stockholders for the year ended December 31, 2004 and are incorporated herein by reference. See Part IV, Item 15.
We own no plants or manufacturing equipment, only office furniture, computers and related equipment.
Results of Operations - For the year ended December 31, 2008 compared to the year ended December 31, 2007
Our net loss of $56,399 for the year ended December 31, 2008 was an increase of $3,528 and 7% more than that of $52,871 in the year ended December 31, 2007. The principal reason for the increase was gain on the disposal of assets from discontinued operations in 2007 that did not exist in 2008.
We had no revenue in for the years ended December 31, 2008 or 2007. However, our operating expenses decreased from $106,547 in the year ended December 31, 2007 to $56,399 in the year ended December 31, 2008. The decrease is attributable to a decrease in General and Administrative expense in 2008.
Our net loss of $56,399 during the year ended December 31, 2008 represents an increase from our net loss of $52,871 for the year ended December 31, 2007.
Liquidity . With assets of $698 and liabilities of $72,987, we are not liquid. The only event reasonably likely to increase our liquidity would be a reverse merger with a going-concern, private company, an event we are pursuing but have not yet identified. We have no unused sources of liquid assets and have to rely on our officers and directors to provide the ongoing expenses of searching for a reverse merger candidate.
Ambac Assurance, Ambac Capital Funding, Ambac Financial Services and Ambac Capital Services maintain their principal executive offices at One State Street Plaza, New York, New York 10004, which consists of approximately 145,000 square feet of office space, under an agreement that expires on September 30, 2019. Ambac Assurance maintains other locations at Otemachi Financial Center 17th Floor, 5-4, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-0004, Japan and at ABN AMRO Tower, L31, 88 Phillip Street, Sydney 2000 NSW, Australia. Both locations consist of approximately 1,000 square feet of office space.
The 2003 Consolidated Financial Statements, together with the Notes thereto and the Independent Auditors’ Report thereon, are set forth on pages 43 through 69 of Ambac Financial Group’s 2003 Annual Report to Stockholders. Such information is incorporated herein by reference.
The Registrant's home office and educational facilities are owned by the Registrant and located in Atlanta, Georgia. As of December 31, 1996, the Registrant leased approximately 594 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 Registrant also leases certain computer equipment. See Note 6 of Notes to Consolidated Financial Statements included in the Registrant's 1996 Annual Report to Shareholders filed herewith as Exhibit 13.1, which notes are incorporated herein by reference.
The information required by this Item is included on pages 18-22 of the Registrant's Annual Report to Shareholders for the year ended December 31, 1996 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
(a) Physical Properties of the Company and Its Subsidiaries. The Company -------------------------------------------------------- leases it home office facilities in Montgomery, Alabama,from Mutual.
The Financial Statements on pages 21 through 40 of the Company's annual report to security holders for the fiscal year ended December 31, 1997, are incorporated herein by reference.
The principal executive offices of the Company and its subsidiaries are located in 40,281 square feet of leased office space at 650 Town Center Drive, Costa Mesa, California. The lease on this facility was renewed for the period from October 1, 1995 through March 31, 2007, with a five-year option to extend. Additional offices are maintained in leased premises in Chicago, Illinois; Philadelphia, Pennsylvania; Atlanta, Georgia; Tulsa, Oklahoma; Troy, Michigan and Phoenix, Arizona.
180 Maiden Lane 850,453* Property/Casualty New York, New York Insurance Offices
55 E. Jackson Blvd. 323,040 * Principal Executive Chicago, Illinois offices of CNA
333 Glen Street 158,700** Property/Casualty Glen Falls, New York Insurance Offices; Residual Market Center
3501 State Highway 123,184** Data Processing No. 66 Facilities Neptune, New Jersey
Statement of Consolidated Cash Flows - Years Ended December 31, 1995, 1994 and 1993
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 26 through 74 of the 1995 Annual Report to Shareholders.
The Company owns no real property and no tangible personal property used in the operation of its business except office supplies and forms. The Company does, however, own real property for investment purposes as provided in Schedule I "Summary of Investments other than Investments in Related Parties." This property is leased to the Erie Indemnity Company. Rental income for 1998 was $343,000. The executive and administrative offices of the Company are located in the headquarters office of Erie Insurance Group in Erie, Pennsylvania. The Company pays other members of the group an amount determined by an arm's length agreement for office space and for the use of facilities, equipment and services.
The information set forth on pages 17 through 25 of the Company's 1998 Annual Report is incorporated herein by reference.
IGF leases office space in Mississippi, Illinois, Missouri, Washington, Texas, California, North Carolina and Montana. This office space houses crop service offices which handle underwriting and other servicing functions for selected states.
The discussion entitled "Management Discussion and Analysis of Financial Condition and Results of Operations" included in the 1999 Annual Report on pages 6 through 22 included as Exhibit 13 is incorporated herein by reference.
We lease a 15,684 square foot office building in Syracuse, New York that serves as our headquarters. We also lease 9,471 square feet of space in New York City that serves as our sales office. We believe that our leased properties are adequate for our current business operations.
The table below presents information regarding our consolidated results of operations:
Net investment income decreased by $577, or 6%, from $10,315 for the year ended December 31, 2003, to $9,738 for the year ended December 31, 2004. The decline is attributable to a decrease in invested assets.
Total benefits, losses and expenses decreased by $7,704, or 11%, from $69,125 for the year ended December 31, 2003, to $61,421 for the year ended December 31, 2004.
group life and group dental business. The decrease in our credit life business is due to less new business as a result of the adverse regulatory climate. The decrease in our group disability, group life and group dental business was driven by focused expense management in 2004.
Net income increased $3,240, or 37%, from $8,737 for the year ended December 31, 2003, to $11,977 for the year ended December 31, 2004.
The Consolidated Financial Statements of Progressive, along with the related Notes, Supplemental Information, and Report of the Independent Registered Public Accounting Firm, are incorporated by reference from our Annual Report, which is included as Exhibit 13 to this Form 10-K.
The information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report is incorporated herein by reference.
The 1995 Consolidated Financial Statements and the report of the registrant's independent auditors and the unaudited information set forth under the caption "Quarterly Data" is incorporated herein by reference to the Annual Report.
The historical consolidated financial data presented below as of and for each of the periods ended September 30, 1996, 1995 and 1994 were derived from the Company's consolidated financial statements incorporated from the Company's 1996 Annual Report. The selected consolidated financial data should be read in conjunction with the Company's consolidated financial statements and related notes thereto and with "Management's Discussion and Analysis of Financial Condition and Results of Operations" also contained in the 1996 Annual Report.
Our home office complex is located in Northbrook, Illinois. As of December 31, 2002, the complex consists of several buildings totaling approximately 2.35 million square feet of office space on a 250-acre site. We lease approximately 320,000 square feet of this office space as lessee.
Incorporated in this Item 6 by reference to "11-Year Summary of Selected Financial Data" beginning on page D-1 of Appendix D to the Proxy Statement.
The consolidated financial statements of The Allstate Corporation, including the notes to such statements, beginning on page D-90 of Appendix D to the Proxy Statement are incorporated in this Item 8 by reference. Quarterly results are discussed in Note 20 on page D-154.
The historical consolidated financial data presented below as of and for each of the periods ended December 31, 1998, 1997, 1996, 1995 and 1994 were derived from the Company's consolidated financial statements which are incorporated herein by reference to the Annual Report. The selected consolidated financial data should be read in conjunction with the Company's consolidated financial statements and related notes thereto, and with "Management's Discussion and Analysis of Financial Condition and Results of Operations" also contained in the Annual Report and incorporated herein by reference.
(2) Net income per Common Share is based upon the weighted average number of Common Shares outstanding during the relevant period, after giving effect to the Exchange. The weighted average number of shares includes Common Shares and the dilutive effect of the AIG Option and employee stock options, using the treasury stock method. The weighted average number of shares for 1995 and prior are pro forma.
The information required for this item is incorporated herein by reference to the narrative contained under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report.
LNC and the various operating businesses own or lease approximately 4.3 million square feet of office space. The governance group for LNC and the Investment Management segment lease 0.6 million square feet of office space in Philadelphia, Pennsylvania. The operating units in the Fort Wayne, Indiana area own or lease 1.6 million square feet. Also, businesses operating in suburban Chicago, Illinois; Hartford, Connecticut and the United Kingdom own or lease another 1.0 million square feet of office space. An additional 1.1 million square feet of office space is owned or leased in other U.S. cities and foreign countries for branch offices and other operations. As shown in the notes to the consolidated financial statements (see Note 7 to the consolidated financial statements as set forth in LNC's 2000 Annual Report to Shareholders which is incorporated by reference to Item 8 of this Form 10-K), the rental expense on operating leases for office space and equipment for continuing operations totaled $88.4 million for 2000. Office space rent expense accounts for $68.7 million of this total. This discussion regarding properties does not include information on investment properties.
Information required by this item is set forth on page 33, pages 70 through 114 and page 116 of LNC's 2000 Annual Report to Shareholders and is incorporated herein by reference.
"Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations" in Zenith's 2007 Annual Report to Stockholders is hereby incorporated by reference.
The Consolidated Financial Statements and Notes thereto included in Zenith's 2007 Annual Report to Stockholders is hereby incorporated by reference.
As of February 8, 2002, the Company leases a total of approximately 17,426 square feet of office space in two locations. The Company leases 11,868 square feet in Columbus, Ohio for our headquarters pursuant to a lease that commended on January 1, 2001 and expires on December 31, 2008. The lease provides for monthly rent of $13,230. American Legal Publishing leases 5,558 square feet in Cincinnati, Ohio pursuant to a lease that expires July 31, 2003. The lease provides for monthly rent of $5,442, net of reimbursements payable to the lessor for cost of maintenance and operation of the building.
The information required by this item is included under the caption "Selected Financial Data" in the Company's 2001 Annual Report and is incorporated herein by reference.
The information required by this item is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2001 Annual Report and is incorporated herein by reference.
The Company's consolidated balance sheets as of December 31, 2001 and 2000, and the consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years ended December 31, 2001, 2000 and 1999 and the notes to the financial statements, together with the independent auditors' report thereon appear in the Company's 2001 Annual Report and are incorporated herein by reference.
The Company's Financial Statement Schedules and the Independent Auditor's Consent and Report on the Financial Statement Schedules are included in response to Item 14 hereof.