felanders/preprocessed huggingface dataset:
Gallagher’s executive offices and certain subsidiary and branch facilities are located at Two Pierce Place, Itasca, Illinois, where Gallagher leases approximately 308,000 square feet of space, or approximately 60% of the building. The lease commitment on this property expires February 28, 2018. Gallagher has a 60% ownership interest in a real estate limited partnership that, prior to December 7, 2006, owned the Two Pierce Place property. On December 7, 2006, the partnership sold its ownership interest in Gallagher’s home office land and building and extinguished related debt of $75.2 million. Related to this sale, Gallagher received cash of $7.9 million and recognized a $4.2 million pretax loss. Prior to December 7, 2006, this investment was consolidated into Gallagher’s Consolidated Financial Statements. See Notes 3, 8 and 17 to the Consolidated Financial Statements of Gallagher’s 2006 Financial Statements, which are incorporated herein by reference for additional information with respect to this ownership interest and related lease commitment.
The following selected consolidated financial data for each of the five years in the period ended December 31, 2006 have been derived from Gallagher’s Consolidated Financial Statements. Such data should be read in conjunction with Gallagher’s Consolidated Financial Statements and related notes thereto, which have been incorporated by reference in Item 8 of this annual report.
Gallagher’s Consolidated Financial Statements, the related notes thereto and Report of Independent Registered Public Accounting Firm are included in Gallagher’s 2006 Financial Statements and are incorporated herein by reference.
Cosmos owns its television broadcast studios, office buildings and transmitter sites in Columbia, SC; Montgomery, AL; Toledo, OH; Louisville, KY; Evansville, IN; Jonesboro, AR; Lake Charles, LA; Biloxi, MS; Albany, GA; Harlingen; TX and Wilmington, NC.
Management's Discussion and Analysis of Financial Condition and Results of Operations is contained on pages 32-40 of The Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on pages 40-48 of this report and is incorporated in this Item 7 by reference.
The financial statements and supplementary data in the 1996 Annual Report to Shareholders are incorporated herein by reference.
The supplementary data (Selected Quarterly Operating Results) in the 1996 Annual Report to Shareholders is incorporated herein by reference.
lary and Fidelity Guarantee Depif. Premium Reserve Frs. 11,460,496. — Reserve for outstanding losses and pro­
Life DepL. Premium Reserve from 1910 , . Annuity Fund from 1910 . . . . . . . . • . . . . Reserve for outstanding losses from 1910 . . . . . . Premiums, less cancellations . . . .• Consideration for Annuities, less retrocession . ... . Interest . Interest, after deduction of interest on Life Dept- account
Cr. Fire, Accident, Liability, Marine, Burglary and Fidelity Guarantee BepS. Retrocession Premiums, less cancellations Commissions, less retrocession Losses paid Pr. 16,862,232.18 less retrocession » 5,827,774.03 Premium Reserve Reserve for outstanding losses and provision for extraordinary losses
Life DepL. Retrocession Premiums Commissions and expenses, less retrocession Surrenders, less retrocession , Losses paid, less retrocession Annuities paid, less retrocession Premium Reserve Annuity Fund Reserve for outstanding losses Expenses of management . . . Taxes Amortization on Securities. House Property Net profit
„ 40,000. — to Staff Pension Fund. „ 625,000.— Dividends. . 168,750.— to Directors and Management. „ 10.9,345.68 Balance carried to next year's account
Capital (5000 shares of Fr. 2000 each) . . . . . . . Reserve Fund ... . ^ . . v .. . . . . . Special Reserve . . . . . . . . ... Due to other Companies . • • • • Due to Companies for Reserves retained on retrocessions . . . ... . Sundry creditors Reserves, Fire, Liability,Accident, Marine, Burglary and Fidelity Guarantee Dep^: for unexpired risks Fr. 11,460,496. — for outstanding losses , 11,114,017. —
Balance of Profit and Loss Account . . . . . . . .
Deposits bearing interest, incl. Reserves of Life Dept. in hands of ceding Offices .
Rental expense was approximately $21,438,000, $19,348,000 and $17,429,000 for 2007, 2006 and 2005, respectively. Future minimum lease payments (without provision for sublease income) are $20,889,000 in 2008, $18,570,000 in 2009 and $65,654,000 thereafter.
The consolidated financial statements of the registrant which will be contained in the registrant’s 2007 Annual Report to Stockholders (attached hereto as Exhibit 13) are incorporated herein by reference.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2002, the Company had aggregate office space of 1,072,093 square feet, of which 394,410 was owned and 677,682 was leased.
SELECTED FINANCIAL DATA FOR THE FIVE YEARS ENDED DECEMBER 31, 2002
Adjusted to reflect the 3-for-2 common stock slip effective on July 2, 2002.
Including trading account receivable from brokers and clearing organizations and trading account securities sold but not yet purchased.
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained on pages 26 through 33 of the registrant’s 2002 Annual Report to Stockholders, which information is incorporated herein by reference.
The consolidated financial statements of the registrant are contained on pages 34 through 54 of registrant’s 2002 Annual Report to Stockholders and are incorporated herein by reference.
We also lease an aggregate of approximately 410,000 square feet of office space in Rancho Cordova, California. Our aggregate rent obligations under these leases were approximately $6.6 million in 2001. These leases expire at various dates through January 2003. The Rancho Cordova facilities house certain operations of our California HMO and our Government Contracts/Specialty Services segment. We also lease 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 office space referenced above, we lease approximately 120 sites in 22 states, totaling roughly 1.47 million square feet of space.
We also own facilities comprising, in the aggregate, approximately 850,000 square feet of space. These facilities include headquarters for our health plan subsidiaries in Arizona and Connecticut, as well as a data processing facility in Rancho Cordova, California.
The information required by this Item 6 is set forth in the Company's 2001 Annual Report to Stockholders on page 2, and is incorporated herein by reference and made a part hereof.
The Company's executive offices are located in Hartford, Connecticut. The Company rents from an affiliate of Citigroup approximately 1,030,000 square feet of office space in Hartford, Connecticut, under a ten-year lease that expires on April 1, 2006 and, subject to certain conditions, is renewable by the Company for additional five-year terms. Under certain circumstances, the Company may be required to purchase the leased premises. In addition, the Company leases 180 field offices totaling approximately 4,827,000 square feet throughout the United States under leases or subleases with third parties. The Company also rents from Aetna approximately 373,000 square feet of office space at CityPlace, located in Hartford, Connecticut, under an eight-year sublease that expires in 2004.
See Index to Consolidated Financial Statements and Schedules on page hereof. There is also incorporated by reference herein in response to this Item the material under the caption "Selected Quarterly Financial Data (unaudited)" on page 54 of the 1999 Annual Report, which material is included as part of Exhibit 13 to this Form 10-K.
COMPARE owns two office buildings consisting of approximately 230,000 square feet of space. One is in Downers Grove, Illinois where the Company is headquartered, and the other is in West Sacramento, California. These location house the majority of the Company's colleagues. Additionally, the Company leases facilities in the Phoenix, Detroit, Dallas and New York City areas. The Phoenix facility occupies 80,000 square feet and expires in 1997. The remaining locations leases represent less than 25,000 square feet.
The information required by this item is set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1995 Annual Report to Stockholders and is incorporated herein by reference.
The financial statements required by this item are contained in the Company's 1995 Annual Report to Stockholders (a copy of which is filed separately from this report) on the pages indicated below and are incorporated herein by reference.
The principal executive offices of the Company are located at One State Street Plaza, New York, New York 10004. The telephone number is (212) 668-0340.
Selected financial data for the Company and its subsidiaries for each of the last five fiscal years is set forth under the captions "Financial Highlights" and "Five Year Performance" on page 6, and pages 12 and 13, respectively, of the Company's 2000 Annual Report to Stockholders. 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 35 through 54 of such Annual Report.
The principal assets of the registrant at September 30, 2000 are nineteen real estate contracts receivable.
The income from operations for the year ended September 30, 2000 decreased $22,577 compared to the year ended September 30, 1999.
Total revenue decreased $1,675. This was primarily due to an decrease in profit on sale of real estate contracts.
Rent increased $6,900. The montly rent increased from 600 per month to $1,350 per month effictive January 1, 2000.
(a) In the fiscal year, Registrant has not issued any new shares or otherwise created additional outstanding securities; neither has it reduced outstanding securities by purchase or acquisition of treasury shares. Therefore, there were 11,222,600 shares of Registrant's stock outstanding on September 30, 2000.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2004, the Company had aggregate office space of 1,450,722 square feet, of which 549,638 were owned and 901,084 were leased.
Rental expense was approximately $16,783,000, $18,773,000 and $17,586,000 for 2004, 2003 and 2002, respectively. Future minimum lease payments (without provision for sublease income) are $15,889,000 in 2005; $13,747,000 in 2006; and $41,783,000 thereafter.
The consolidated financial statements of the registrant are contained in the registrant’s 2004 Annual Report to Stockholders and are incorporated herein by reference.
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, 1999, which is included as Exhibit (13)(B) to this Form 10-K Report, is incorporated herein by reference.
Our home office consists of our 60-story landmark office tower and five other buildings located in Boston, Massachusetts. We own this facility and occupy approximately 44.0% of the 3.8 million gross square feet of space in these buildings. The balance of the space in these buildings is rented to commercial tenants. In addition, we lease office space throughout the United States as needed for our operations, including for our sales force. We believe that our current facilities are adequate for our current and expected needs.
realized investment and other gains (losses) of $(26.4) million, $(9.3) million, $50.5 million, $41.2 million and $31.2 million for the years ended December 31, 2001, 2000, 1999, 1998 and 1997, respectively. 5) This is unaudited pro forma information which gives effect to the Reorganization and Initial Public Offering (IPO) of the Company referred to in Note 1 to our consolidated financial statements. Because the Company did not have outstanding common stock prior to its IPO on February 1, 2000, the 1999 per share balances represent earnings per common share on a pro forma basis for the period January 1, 1999 through December 31, 1999 using 314.8 million outstanding common shares for the basic and diluted calculations. The 2000 earnings per common share balances represent earnings per common share on a pro forma basis for the period from January 1, 2000 through December 31, 2000 using 314.5 million and 316.2 million outstanding shares for the basic and diluted earnings per share calculations, respectively. Actual net income per common share for the period from February 1, 2000 through December 31, 2000 was $2.46 and $2.45 for the basic and diluted calculations, respectively, after restatement for implementation of SOP 00-3 (see note 1 above). No cumulative effect of accounting change occurred in 2000. Pro forma earnings per share for the periods prior to 1999 are not presented, as it would not be meaningful. 6) Includes adjustment under Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities", and SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", starting in 2001 Balances prior to 2000 are formerly referred to as policyholders' equity.
Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference to Management's Discussion and Analysis of Financial Condition and Results of Operations, which is included in Exhibit 13 to this Form 10-K.
ASSET MANAGEMENT SERVICES (AMS) Sales in the AMS segment have been strong relative to its competitors. Market share has grown in its key products. Consistent with industry experience, 1994 investment income declined due to interest rate drops which occurred through the latter part of 1993. This particularly impacted the GRC line which experienced prepayments in excess of expectations. Though most of the underlying mortgage- backed securities for GRC were PAC CMO's (planned amortization class collateralized mortgage obligations) which fall into the lower end of the investment risk spectrum for this investment class, offering some prepayment protection and less market volatility, the portfolio was not completely insulated, which contributed to the drop in net income in 1994.
Although income for this line will continue to be impacted from these prepayments, hedging strategies are in place that limit volatility against future interest rate movements.
AFLAC owns an 18-story office building, which is the worldwide headquarters of the Parent Company and AFLAC, along with a six-story parking garage. These structures are located on approximately 14 acres of land in Columbus, Georgia. In addition, AFLAC Real Estate Holdings, Inc. (AREH), a wholly owned subsidiary of the Parent Company, owns a two-story building located on the same property. AFLAC also owns administrative office buildings located nearby. AFLAC New York also occupies leased office space in Albany, New York.
along with regional sales offices located throughout the country, and owns a training and computer facility in Tokyo. For further information concerning the building in Japan, see Exhibit 13, pages 13-18, (discussion concerning cash flow) and 13-55 (Note 12 of Notes to the Consolidated Financial Statements), which are incorporated herein by reference. Other foreign affiliates of the Company also occupy leased office space.
The Broadcast Division owns land, buildings, transmission towers and other broadcast equipment in the cities where its seven television stations are located.
We own six commercial buildings in Peoria, Illinois. Our primary building is a two-story 80,000 square foot office building, which serves as our corporate headquarters. Located on the same 20.6 acre campus is a 24,000 square foot building which is used by two branch offices of RLI Ins. and a supporting department. We also own a 25,400 square foot multi-story building used for record storage, a training center and office space. Our corporate campus also includes a 12,800 square foot building used as storage for furniture and equipment and for office space. The final structure is a 15,000 square foot office building, of which 10,000 square feet is leased. None of the buildings are dedicated exclusively to one of our segments. We share ownership with Maui Jim, Inc. of a 16,800 square foot airplane hangar located at the Greater Peoria Regional Airport.
CIGNA's headquarters are located in approximately 50,000 square feet of leased office space at One Liberty Place, Philadelphia, Pennsylvania. CIGNA Group Insurance, CIGNA International, and CIGNA's staff support operations are located in leased premises of approximately 635,000 square feet at Two Liberty Place, Philadelphia. CIGNA HealthCare and CIGNA Retirement & Investment Services 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 Retirement & Investment Services also leases approximately 35,000 square feet at Four Times Square, New York, New York and approximately 295,000 square feet 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 14 to CIGNA's 2000 Financial Statements included in its Annual Report. This paragraph does not include information on investment properties.
The information on pages 20 through 32 of CIGNA's Annual Report is incorporated by reference.
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 20,000 square feet of leased office space in Yardley, Pennsylvania.
Through various wholly owned subsidiaries, the Company also owns and occupies additional office facilities in three other locations and rents additional office space for its insurance operations in 14 other locations. The Company believes that such owned properties are suitable and adequate for its current business operations.
Board of Directors! E. HUrlimann, Chairman Hans Sulzer,. Deputy-Chairman Max Ruber Felix Calender 0. J. Abegg f G. Bachmann Fritz Baumgartner
Assistant Managers: V. V. Castelberg, Oh. Ochsenbein, 0. Weidenmann, H. WUst
G. de Bardel, R. Farmer, M. Grossmann, W. Habicht, K. Hasler, H. Jecklin, M. Klaas, A. Ott, V. Tisi v:-v
The experience in Fire insurance was seriously affected by the catastrophe at BlauseeMitholz and other large losses in Switzerland and abroad. For the first time since .1917, this branch reveals a loss.
After a series of adverse years, during and after the War, Burglary and Theft insurance returned a reasonable profit, to which most territories contributed.
The result in M a r i n e insurance was, as for many years past, again excellent, although the profit was slightly lower.
The yield on investments is again larger. In various countries where our holdings are important, rates of interest show a tendency to rise. In consequence of this there has been a drop in the market price of bonds. The amounts written off in this respect are of modest proportions.
The Profit and Loss Account closed with a profit of . . Frs. 12,847,915.80 which at the General Meeting of the Shareholders it was decided to distribute as follows: staff Life Insurance and Pension Fund Dividend Frs. 150.— per share Social Welfare Contributions Directors' Remuneration . . . Garry Forward
Premium Reserve from 1946 126,505,020 — Reserve for Unsettled Claims from 1946 . . 141,996,296 — Reserve for Extraordinary Losses ............ 10,000,000 Premiums, less cancellations 384,952,357 96 663,453,673 96
Life Department. Premium Reserve from 1946 378,600,878 — Annuity Fund from 1946 ... . . 7,179,974 — Reserve for Unsettled Claims from 1946 ...... . . . 8,468,393 — Premiums, less cancellations . . . • . . 73,667,270 55 Consideration for Annuities 636,906 33 Interest • • • 11,215,092 83 479,768,514 71
Capital (58,000 shares of Frs. 1000 each) 58,000,000 Reserve Fund 20,000,000 — Special Reserve Fund 23,500,000 Reserve for Contingencies 8,500,000 — Due to other Companies 62,768,312 05 Life and other funds retained from other Companies . 145,411,010 03 Sundry Creditors 5,157,662 57 Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 165,181,295. — Reserve for Unsettled Claims . . . . . . . , 168,070,389.-
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 45% of the total office space available in the American General 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 General Finance, Inc. in Evansville, Indiana; Franklin Life in Springfield, Illinois; and The Independent Life and Accident Insurance Company in Jacksonville, Florida. Portions of certain of these buildings are rented to unaffiliated third parties. The home office building of American General Life and Accident Insurance Company was sold in 1994, and construction of a new building in Nashville, Tennessee is expected to be completed in late 1996.
(a) Includes Franklin Life from January 31, 1995. (b) Includes aftertax charge of $140 million ($.67 per share) for an increase in the allowance for finance receivable losses in fourth quarter 1995. (c) 1994 includes realized investment losses of $114 million ($.55 per share). Realized investment gains for 1995, 1993, 1992, and 1991 were immaterial. (d) Includes $300 million ($1.39 per share) write-down of goodwill and $30 million ($.14 per share) tax rate related adjustment. Additional information is incorporated herein by reference to the section "Acquisition-Related Goodwill" on page 24 of MD&A and Note 11.2 of Notes to Financial Statements in American General's 1995 ARS. (e) Includes fair value adjustment related to securities. Additional information is incorporated herein by reference to the section "Fair Value of Securities" on pages 18-19 of MD&A in American General's 1995 ARS. (f) Includes $244 million of convertible and $485 million of non-convertible preferred securities of subsidiaries issued in 1995. Additional information is incorporated herein by reference to Note 12.1 of Notes to Financial Statements in American General's 1995 ARS.
Financial statements and supplementary data are incorporated herein by reference to pages 26-44 in American General's 1995 ARS.
CFC owns the Home Office building located on 75 acres of land in Fairfield, Ohio. This building contains approximately 615,000 square feet. The John J. and Thomas R. Schiff & Company, an affiliated company, occupies approximately 6,750 square feet, and the balance of the building is occupied by CFC and its subsidiaries. The property, including land, is carried in the financial statements at $86,835,820 as of December 31, 2001 and is classified as "Property and equipment, net, for Company use."
Assistant Managers: W. Baumann, W. Belser, Ch. Burnens, A.-L. Chenaud, M. Grossmann, H. Jecklin, A. Ott, J.-E. Bossier
Suh-Managers: E. Bart, F. Bosshart, V. Cachin, W. Eschmann, R. Farmer, W. Küster, V. Philippi, C. P. Rehsteiner, Ch. Robert-Tissot, H. Ryffel, M. D. de Sails, H. Salzmann,
We have the honour to present to you the 92'"'Annual Report and Statement of Accounts of the Company for the year 1955.
The Life account was marked by a further growth in new business so that the amount of insurances in force has again increased. The mortality experience remained favourable and enabled us once more to realize a good profit.
Following the rise in net assets and the expansion in technical reserves our investments have increased and this together with improved average yields produced a larger interest income. Management expences were slightly higher as well as the amounts written off for fluctuations in market values and in exchange rates, whilst on the other hand taxes were lower.
By order of the Board: E. Hiirlimann E. Froelich P. Guggenbiihl Chairman General Managers
Premium Reserve from 1954 271,862,553 03 Reserve for Unsettled Claims from 1954 280,885,019 26 Reserve for Extraordinary Losses 12,000,000 — Premiums, less cancellations 659,607,755 12 1,224,355,327 41
Premiums for Retrocession, less cancellations . 153,077,385 17 Commission, less Retrocession 177,899,497 74 Claims paid Frs. 333,984,030.25 less Retrocession „ 74,729,699.33 259,254,330 92 Premium Reserve, less Retrocession 291,561,912 27 Reserve for Unsettled Claims, less Retrocession 316,481,950 11 Reserve for Extraordinary Losses 12,000,000 — 1,210,275,076 21
Management Expenses 9,862,620 71 Taxes 10,108,811 59 Depreciation of Investments 3,167,850 85 Balance . 24,191,105 45
Contribution to Staff Life Insurance and Pension Fund . Dividend Social Welfare contributions Directors Carried forward
MMC and certain of its subsidiaries, as tenants in common, own a 69% condominium interest in a 44-story building in New York City which serves as their worldwide headquarters.
The selected financial data on page 55 of the 2000 Annual Report are incorporated herein by reference.
Financial position on 31 December, 1908. CAPITAL fully subscribed (25 7« paid-up) ........ Frs. 8,000,000.— RESERVE FUND „ 1,000,000.SPECIAL RESERVE „ 740,0(M).-
In January 1909 the CAPITAL was increased to Frs. 10,000,000 (25 °/o paid-up).
With the premium obtained on the new shares, the SPECIAL RESERVE FUND will be increased to Frs. 1,000,000.
Property, Deposits, Cash in Bank and in Hand .... Frs. 39,928,213.92
Life DepL. Premium Reserve from 1907 Annuity Fund from 1907 • . . . .. Reserve for outstanding losses from 1907 . . . . . . Premiums, less cancellations Consideration for Annuities, less commissions . . . . Interest Interest, after deduction of interest on Life Dept account
less retrocession . . . . . . - . Premium Reserve ^ Reserve for outstanding losses . . .
Life DepL. Retrocession Premiums Retrocession on annuities . . ... Commissions and expenses, less retrocession Surrenders, less retrocession Losses paid, less retrocession . . . . . Annuities paid, less retrocession . . . . Premium Reserve Annuity Fund Reserve for outstanding losses Expenses of management ........ Taxes Amortisation on Securities . . ..... Net profit
Reserves, Life Dept; Premium Reserve . . . . ... ... . Annuity Fund . . . . , 2,201,667.j Balance of Profit and Loss Account . . . .. . . , 425,054 80 i Assets.
Selected financial data for the five years ended September 30, 1998 is incorporated by reference to page 16 of the 1998 Annual Report to Shareholders filed with this Form 10-K.
This item is incorporated by reference to pages 18 through 38 of the 1998 Annual Report to Shareholders filed with this Form 10-K.
Mortgage Assumed $953,100 IMC Note (215,025) Forgiveness of Debt 215,025 Building Cost $953,100
In April, 1994, as additional 6,851 net rentable square feet was leased to the Missouri Department of Natural Resources at an annual rate of $51,382.50 payable monthly in payments of $4,281.88. This Registrant also was still in effect when the building was sold.
On May 15, 1996 the building was sold for a gross amount of $1.2 million (less $30,000 commission). The mortgage on the property (approximately $828,000) was assumed by the buyer with the difference paid in cash to the Registrant which resulted in a $51,000 capital gain.
During 1994 and 1993, registrant lease office space in Baton Rouge, Louisiana, from CJB Property Management. Registrant paid a total of $4,292 and $23,646 in rental to said entity during 1994 and 1993.
Board of Directors: E. Hiirlimann, Chairman. Hans Sulzer, Deputy-Chairman. Max Huber Felix Calender 0. J. Abegg G. Bachmann Fritz Baumgartner
Sub-Managers: Ad. Ammann, W. Baumann, W. Belser, Oh. Burnens, G. de Bardel, M. Grossmann, W. Habicht, K. Hasler,
Despite the degree of isolation to which our country was subjected during the war, we Avere none the less able to fulfil our appointed task in the international sphere. This is to a great extent due to the special nature of reinsurance transactions, built up, as they so largely are, on connections of a lasting character based upon a foundation of mutual esteem and trust. We especially wish to express our gratitude for the confidence which Companies have continued to show us during these unsettled times.
In Hail Insurance there was a slight increase in claims, hut the returns remained satisfactory.
In Sickness Insurance, as in previous years, a profit was again realised.
In Surety and Guarantee, as also in the Miscellaneous Branches, gratifying profits were obtained.
In the valuation of our assets listed securities were entered either at the market prices ruling at the close of the year or more generally below these figures, whereas unquoted securities were valued with our customary caution and in accordance with legal requirements. In preparing the present statement particular attention was paid to the problem of exchange rates and conversions were made with due regard to the currency risk on both assets and liabilities and to conditions governing remittances.
PROFIT AND LOSS ACCOUNT for the year ending 31st December, 1944.
Life DepL. Premium Reserve from 1943 Annuity Fund from 1943 Reserve for Unsettled Claims from 1943 ......... Premiums, less cancellations . . Consideration for Annuities Interest Interest, after deduction of interest due to Life Depl^ . . . .
Premiums for Retrocession, less cancellations Prs. 68,460,388.14 Premiums for Retrocession for which no reserve is necessary „ 1,738,452.79 Commission, less Retrocession Claims paid Prs. 127,344,857.07 less Retrocession , 35,658,695.83 Premium Reserve, less Retrocession Reserve for Unsettled Claims, less Retrocession Reserve for Extraordinary Losses
Life Dep^ Premium Reserve Frs. 443,613,781.Annuity Fund „ 9,218,148. Reserve for Unsettled Claims , 10,058,899. — 462,890,828 —
By order of the Board: E. Hürlimann E. Bebler P. Alther E. Froelich
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2005, the Company had aggregate office space of 1,264,882 square feet, of which 460,902 were owned and 803,980 were leased.
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in the registrant’s 2005 Annual Report to Stockholders, which information is incorporated herein by reference.
SIG is located at 4720 Kingsway Drive, Indianapolis, Indiana. All corporate administration, accounting and management functions are contained at this location.
Pafco is also located at 4720 Kingsway Drive, Indianapolis, Indiana. All underwriting, claims, administration and accounting activities are contained at this location for Pafco. The Indianapolis building is an 80,000 square foot multilevel structure; approximately 50% of which is utilized by the Company. The remaining space is leased to third parties at a price of approximately $10 per square foot. Pafco owns 100% of the property with no encumbrances. In addition, Pafco owns an investment property located at 2105 North Meridian, Indianapolis, Indiana. The property is a 21,700 square foot, multilevel building leased entirely to third parties.
IGF owns a 57,799 square foot office building located at 6000 Grand Avenue, Des Moines, Iowa which serves as its corporate headquarters. The building is fully occupied by IGF. All underwriting, claims, administration and entity accounting activities are directed out of this location.
The consolidated financial statements in the 1999 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference from the 1999 Annual Report.
Unrealized gain on investments net of tax is $424,621 at December 31, 1996 as compared to $575,364 at December 31, 1995. AIIG considers all of its investment portfolio to be available for sale and accordingly all investments are reported at market value, with changes in net unrealized gains and losses reflected as an adjustment to stockholders' equity. The change in net unrealized gain as of December 31, 1996 as compared to 1995 is primarily attributable to decreases in market values of debt securities as interest rates increased slightly during the year.
The composition of the investment portfolio at December 31, 1996 and 1995 is as follows:
AIIG continues to invest in high grade debt securities, with emphasis on safety of principal and maximization of after-tax yield. The Company continues to concentrate its investment activities in U.S. government obligations, including mortgage backed securities and obligations of states and political subdivisions.
Policy acquisition costs of $1,302,327 were expensed in 1996 as compared to $1,084,577 in 1995, an increase of 20%. Policy acquisition costs expensed in 1995 reflect a decrease of 1% from $1,091,559 in 1994. Such costs as a percentage of premiums earned are 24% in 1996, 20% in 1995 and 17% in 1994, and result entirely from ceding commissions paid to ceding companies determined contractually pursuant to reinsurance agreements.
During 1996, the Board of Directors declared quarterly dividends of $0.65 per share totaling $869,661. During 1995, the Board of Directors declared two quarterly dividends of $.65 per share totaling $435,412. No dividends were declared during 1994. Continuation of quarterly dividend payments is subject to the Board of Directors' continuing evaluation of the Company's level of surplus vis a vis its capacity to accept more business. It is an objective of the Company to build surplus in anticipation of the next "hard market", that is to say, the next period in which accountants' professional liability insurance becomes difficult or impossible to obtain at reasonable prices, and to retain flexibility for any future business expansions.
In evaluating this information, it should be noted that each amount includes the effects of all changes in amounts for prior periods. This table does not present accident or policy year development data, which readers may be more accustomed to analyzing. Conditions and trends that have affected development of liability in the past may not necessarily occur in the future. Accordingly, it may not be appropriate to extrapolate future redundancies or deficiencies based on this table.
55 E. Jackson Blvd. 308,750 * Principal Executive Chicago, Illinois Offices of CNA
Incorporated herein by reference from pages 12 through 29 of the 1996 Annual Report to Shareholders.
Statement of Consolidated Operations - Years Ended December 3l, 1996, 1995 and 1994
Statement of Consolidated Cash Flows - Years Ended December 31, 1996, 1995 and 1994
The Company leases approximately 81,000 square feet for its corporate headquarters in Philadelphia under leases that expire between 2003 and 2006. In addition, it leases space for its Regional, Service Center and on-site offices throughout the United States comprising approximately 36,000 square feet with leases expiring between 2002 and 2004, and space for RadianExpress in Ohio comprising approximately 25,000 square feet, with leases expiring in 2003. Financial Guaranty leases 121,093 square feet of space for its operations in New York with leases expiring in 2015. It also leases additional space for its Florida and UK operations. With respect to all facilities, the Company believes it will be able to obtain satisfactory lease renewal terms.
The Company currently maintains four data centers and two hotsites to support its businesses. Over the next two years, the Company will be replacing its legacy systems that currently support accounting, claims, risk management, underwriting and other non-insurance operations. The Company's strategic direction for all new system development is to deploy 100% web based custom or off the shelf software on a Unix and Windows 2000 platform. PeopleSoft Financial Systems are currently installed and operational for Financial Guaranty and will be implemented through the Company during 2002 and 2003. In addition, the Company will be building a new data center in Dayton, Ohio, which is expected to be fully operational in 2002. Two
The information set forth on pages 39 through 46 in the Company's 2001 Annual Report to Stockholders under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" is hereby incorporated by reference.
The consolidated statements of income, of changes in common stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2001, and the related consolidated balance sheets of the Company as of December 31, 2001 and 2000, together with the related notes thereto, the report on management's responsibility and the independent auditors' report, as well as the unaudited quarterly financial data, all set forth on pages 16 through 38 of the Company's 2001 Annual Report to Stockholders, are hereby incorporated by reference.
We own five commercial buildings in Peoria, Illinois. Our primary building is a two-story 80,000 square foot office building, which serves as our corporate headquarters. Located on the same 19 acre campus is a 24,000 square foot building which is used by two branch offices of RLI Insurance Company, and a supporting department. We also own a 25,400 square foot multi-story building, used for record storage, a training center and office space. Our corporate campus also includes a 12,800 square foot building used as storage for furniture and equipment and office space. We share ownership with Maui Jim, Inc. of a 16,800 square foot airplane hangar located at the Greater Peoria Regional Airport.
Refer to the Selected Financial Data on pages 60 through 61 of the 2006 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
Refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 1 through 23 of the 2006 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein. Certain accounting policies are viewed by Management to be “critical accounting policies.” These policies relate to unpaid loss and settlement expenses, investment valuation, recoverability of reinsurance balances and deferred policy acquisition costs. A detailed discussion of these critical accounting policies can be found on pages 3 through 8 of the 2006 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 24 through 58 of the 2006 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein. (See also Index to Financial Statements and Schedules attached on page 40.)
The following consolidated financial statements of Executive Risk Inc. and its subsidiaries, included on pages 35 through 52 of the Company's 1996 Annual Report to Stockholders, are incorporated herein by reference:
-- Consolidated Statements of Income for the years ended December 31, 1996, 1995 and 1994.
-- Consolidated Statements of Stockholders' Equity for the years ended December 31, 1996, 1995 and 1994.
-- Consolidated Statements of Cash Flows for the years ended December 31, 1996, 1995 and 1994.
Allstate's home office complex is located in Northbrook, Illinois. The complex consists of 11 buildings of approximately 2 million square feet of office space on a 185 acre site. The Northbrook complex serves as the headquarters for PP&C and ALIC.
In addition, in January 1995, the Company opened an office in Boca Raton, Florida. In September 1998, this office was closed.
NCI maintained an office in New Jersey from September 1998 through April 1999.
The Company's revenues decreased to $718,000 in 1999 from $1,421,000 in 1998, representing a 49.5% decrease.
Revenue related to the Healthcare segment decreased to $581,000 in 1999, from $1,315,000 in 1998, representing a 58% decrease. The decrease in revenue during 1999 was predominately attributed to PCI whose revenue decreased to $581,000 in 1999, from $1,105,000 in 1998. This was the result of PCI's client pool of hospitals decreasing from seven in 1998 to three in 1999. Additionally, the joint venture relationship with Containment ended in 1998, resulting in a $270,000 reduction in gross revenue.
Revenue related to entertainment increased to $137,000 in 1999 from $46,000 in 1998.
The Company had negative working capital of $312,000 at December 31, 1999. The ratio of current assets to current liabilities was 0.64:1 at December 31, 1999. Cash flow used by operating activities during 1999 was $577,212.
The Company has no material commitments for capital expenditures or the acquisition of films. If cash flow permits, however, the Company plans to enhance its information system capabilities to more efficiently and effectively provide its healthcare services and to acquire additional films during 1999.
During 1999, the Company raised approximately $1,200,000 for working capital, acquisition of its interest in NetDIVE, Inc. and payment of debt through the sale of unregistered securities (convertible debentures, notes payable and common stock).
During 1999 and 1998, the Company focused its resources on the growth of the healthcare segment, which, during that time, was the most efficient and cost-effective strategy for the Company to maximize revenue. Although resources and capital remain limited, the Company has begun directing efforts toward reestablishing a foothold in the film industry. The Company expects to continue recognizing growth in revenues from the sale of film licenses in 2000.
During 1999 and 1998, the Company was unsuccessful in developing a quality, comprehensive national marketing effort. This was primarily due to the restricted cash flow which was not available to support such a national campaign needed to succeed fully into today's ever changing healthcare environment. The marketing methods used previously did not succeed and a more technologically drive plan is currently being developed. This period of change will require increased investment in new and better technology infrastructures that should make it more cost effective to serve PCI clients.
Although the Company's resources and capital remain limited, the Company has begun directing efforts toward reestablishing a foothold in the film industry. As a result, the Company obtained two sales contracts for film licenses totaling $137,000 in 1999. The Company expects to continue recognizing growth in revenues from the sale of film licenses in 1999.
This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of FGL Holdings (“FGL Holdings,” “we,” “us,” “our” and, collectively with its subsidiaries, the “Company”) should be read in conjunction with “Item 6. Selected Financial Data,” and our accompanying consolidated financial statements and related notes (the “Consolidated Financial Statements”) referred to in “Item 8. Financial Statements and Supplementary Data” of this Annual Report on Form 10-K (the “Form 10-K”). Certain statements we make under this Item 7 constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. See “Forward-Looking Statements” at the beginning of Part I of this Form 10-K. You should consider our forward-looking statements in light of our Consolidated Financial Statements, related notes, and other financial information appearing elsewhere in this Form 10-K and our other filings with the Securities and Exchange Commission (the “SEC”).
See “Item 1. Business” for a detailed discussion of FGL Holdings company overview, strategy and products.
The Reports of Independent Registered Public Accounting Firms, the Company’s consolidated financial statements and notes to the Company’s consolidated financial statements appear in a separate section of this Form 10-K (beginning on Page following Part IV). The index to the Company’s consolidated financial statements appears on Page.
Information required under this item is incorporated herein by reference to the sections entitled "Subsidiaries", "Regional Offices", and "Properties" on page 61 of the 2000 Annual Report to Shareholders. Our facilities are substantially fully utilized and are adequate for the conduct of our business.
Information required under this item is incorporated herein by reference to the section entitled "Financial Review" on pages 28 through the Sixth full paragraph on page 36 of the 2000 Annual Report to Shareholders.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" appearing on pages 9 to 13 of the Registrant's 1996 Annual Report to Shareholders is incorporated herein by reference.
The information entitled "Revenues and Earnings" and "Financial Position" from page 17 of the Annual Report for the year ended December 31, 1997, is attached as Exhibit 13 hereto and is incorporated herein by reference.
The information entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" from pages 18 through 29 of the Annual Report for the year ended December 31, 1997, is attached as Exhibit 13 hereto and is incorporated herein by reference.
55 E. Jackson Blvd. 440,292(1) Principal executive Chicago, Illinois offices of CNAF
40 Wall Street 199,238(2) Property-casualty New York, New York insurance offices
333 Glen Street 164,032(2) Property-casualty Glens Falls, New York insurance offices
Incorporated herein by reference from pages 21 through 40 of the 2000 Annual Report to Shareholders.