felanders/preprocessed huggingface dataset:
Loans on securities. Deposits, Cash in Bank and in Hand ... Frs. 16,281,506. 67
RESERVE fox o-u.tsta,xxd.ix3.gr losses; Ufte Fire, Marine and Accident ... ...
Life Dept. Premium Reserve and Annuity Fund from 1899 ... ... Reserve for outstanding losses from 1899 Premiums, less cancellations ... ... Interest ... ... ... Interest, after deduction of interest on Life Dep'. account .
The headquarters for the Company, GGS Holdings and Pafco are located at 4720 Kingsway Drive, Indianapolis, Indiana. The building is an 80,000 square foot multilevel structure approximately 50% of which is utilized by the Company. The remaining space is leased to third-parties at a price of approximately $10 per square foot.
IGF bought an office building in Des Moines, Iowa as its crop insurance division home office. The sale of the old building is expected to close on April 1, 1998 for $1.35 million.
Board of Directors; Ch. Simon, Chairman. E. HUrlimann, Deputy-Chairman. Hans Sulzer Max Huber E. Welti Felix Calender Louis Dapples
As sistant Manag er s: V. V. Castelherg, J. Gailloud, A. Hollinger, F. Niquille, 0. Wiesmann
We have the honour to present to you the seventy-third Annual Report and Statement of Accounts of the Company for the year 1936.
The results of our reinsurance operations, although somewhat less favourable than last year, were on the whole very satisfactory.
Hail business, after a profitable period, brought a loss, which was chiefly due to the adverse experience in Italy, Hungary and Poland.
The Marine Department again gave a profit, in spite of the rise in the ratio of claims which is noticeable in this Branch.
mortality was low in nearly all countries. The problem of obtaining an appropriate yield on the reserves has become more pressing owing to the persistent fall in interest rates.
In view of the importance of our foreign business, the devaluation of the Swiss Franc had a considerable influence on the figures of the Profit and Loss Account and the Balance Sheet. The alteration in exchange values reacted in our favour particularly as regards the volume of premium income and interest earnings, which show a partial return to the conditions obtaining prior to the depreciation of certain leading foreign currencies. The effect of the devaluation is, however, only partly reflected in the underwriting results, as several important currencies were devalued at the same time as the Swiss Franc, arid the experience in certain territories from which we draw a considerable volume of business, was less favourable than last year.
In Spain, where we had built up important and profitable connections, we have, in consequence of recent events, suffered a reduction in the premium income and in the yield accruing to our operations in that country: the extent to which we shall be called upon to meet claims is still uncertain, as reliable particulars are not available, and the question of the insurers' liability for losses, in as far as they are occasioned by Riot and Civil War, is not yet determined. We have made suitable provision for these contingencies in our Reserves.
Piemium Reserve from 1935 Reserve for Unsettled Claims from 1935 . . • Reserve for Extraordinary Losses Premiums, less cancellations Prs. 181,367,763.53 Premiums for which no reserve is necessary „ 35,506,933.59
Life DepL. Premiums for Retrocession Commission, less Retrocession Surrenders, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession Premium Reserve, less Retrocession Annuity Fund, less Retrocession Reserve for Unsettled Claims, less Retrocession Expenses of Management Taxes To Reserve for Contingencies Balance
Reserve Fund . 10,000,000 — Special Reserve Fund 25,000,000 — Reserve for Contingencies 7,500,000 —
Life and other funds retained from other Companies . 104,636,832 97
Contribution to Staif Life Insurance and Pension Fund 450,000 — Dividend 7,404,280 — Directors . 155,000 — Carried forward 1,964,725 81
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 is the primary occupant of a complex of buildings owned by CIGNA, aggregating approximately 1.4 million square feet of office space, located at 900-950 Cottage Grove Road, Bloomfield, Connecticut. CIGNA Retirement & Investment Services leases approximately 336,000 square feet at 280 Trumbull Street, Hartford, Connecticut and approximately 35,000 square feet at Four Times Square, New York, New York. In addition, CIGNA owns or leases office buildings, or parts thereof, throughout the United States and in other countries. For additional information concerning leases and property, see Notes 2(H) and 17 to CIGNA’s 2001 Financial Statements included in its Annual Report. This paragraph does not include information on investment properties.
The five-year financial information under the caption “Highlights” on page 3 of CIGNA’s Annual Report is incorporated by reference.
The information on pages 17 through 32 of CIGNA’s Annual Report is incorporated by reference.
CIGNA’s Consolidated Financial Statements on pages 33 through 36 and the report of its independent accountants on page 58 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 59.
Year Ended December 31, 2014 Compared to the Year Ended December 31,
Loss from operations for December 31, 2014, was $(111,789) as compared to $(2,013,288) for the year ended December 31, 2013. The decrease of $1,901,499 in operating loss is primarily attributable to the overall pause of operation.
No cash was obtained through financing activities for the year ended December 31, 2014 and for the year ended December 31, 2013.
The ability of the Company to continue its operations is dependent on management's plans, which include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including term notes.
We currently have no arrangements for such financings and can give you no assurance that such financings will be available to us on terms that we deem acceptable or at all. We believe that as a newly public company our ability to raise funds have been significantly enhanced but this in itself will not guarantee that we will in fact be able to raise the funding outlined in our business strategy.
During the year ended December 31, 2014, there were no private placements, and there were no proceeds received from the exercise of stock options.
As of December 31, 2014 and 2013, consolidated cash and equivalent balances totaled $563 and $3,636, respectively. As of December 31, 2014 the Company’s cash balance is located in jurisdictions outside of the U.S. The Company’s ability to efficiently access cash balances in foreign jurisdictions is subject to local regulatory and statutory requirements.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We have the honour to present to you the Eighty-third Annual Report and State­ ment of Accounts of the Company for the year 1946.
During the past year, Insurance and Reinsurance had to face the severe difficulties which, in many countries, still hinder recovery from the effects of war. In contrast to the war years, during which we found ourselves confronted with problems of a transitory character, economic and political developments in the post-war period have led to structural changes in Insurance of a more lasting nature, that have set new tasks for us.
Hail insurance, in the absence of heavy storms, once more showed a profit.
Third Party Liability insurance closed with a considerable loss, for which Motor Car business was responsible. Premiums could not, in general, be sufficiently adjusted to meet the increase in compensation awards due to rising prices.
Surety and Fidelity Guarantee, as well as the Miscellaneous branches, yielded satisfactory profits, with the exception of Plate Glass and Machinery insurance, both of which showed losses.
The valuation of our securities has been made throughout at or below market price; where no price is quoted, investments have been valued on the basis of conservative esti­ mates. For conversion of foreign currencies, rates have been employed which take both the conditions governing remittances and the risk of exchange fluctuations into consideration.
The Profit and Loss Account closed with a profit of . . Frs. 12,733,170.48 which at the General Meeting of the Shareholders it was decided to distribute as follows; Staff Life Insurance and Pension Fund . . . . . Frs. 1,500,000. — Dividend Frs. 128.— per share » 7,424,000.— Social Welfare Contributions » 200,000. — Directors' Remuneration » 131,900.— Carry Forward » 3,477,270.48
Premium Reserve from 1945 Reserve for Unsettled Claims from 1945 Reserve for Extraordinary Losses • ; Premiums, less cancellations . .
Contribution to Staff Life Insurance and Pension Fund ........ Dividend Social Welfare contributions . Directors '. Carried forward . _
Assets. Shareholders' Liability Real Estate Frs. 7,520,000. — Mortgages „ 20,028,249.91 Government and other Securities „ 312,145,188. 76 Life and other funds deposited with ceding Companies . , 460,592,921.47 Bank Balances , 46,997,928.40 Cash in hand „ 206,843.19
Although in certain branches distinct signs of the unfavourable repercussions of the war are becoming increasingly apparent, the combined underwriting result has again been satisfactory.
Marine Insurance has again made a substantial contribution towards the aggregate profit. This is due to the fact that business has moved to areas in which hindrances are fewer and the hazards involved accordingly lighter. We have again been spared any large war-risk losses.
Third Party Liability Insurance has produced a somewhat smaller surplus than in 1942. There was a further reduction in Motor business which only contributed to a modest extent towards the total surplus.
Surety and Fidelity Guarantee and all other Miscellaneous Branches produced an appreciable profit.
Premium Reserve from 1942 Reserve for Unsettled Claims from 1942 . . . Reserve for Extraordinary Losses Premiums, less cancellations Frs. 268,002,236.36 Premiums for which no reserve is necessary „ 14,905,692.30
Contribution to Staff Life Insurance and Pension Fund 1,000,000 Dividend 7,406,600 — Social Welfare contributions 200,000 — Directors ;..... 162,175 — Carried forward 2,664,415 05
Assets. Shareholders' Liability 34,800,000 Real Estate . Frs. 7,140,000.— Mortgages . , 20,375,476.69 Government and other Securities , , 272,386,978.38 Life and other funds deposited with ceding Companies . , 593,728,672.26 Bank Balances . , 39,629,299.01 Cash in hand . , 465,369.68 933,725,796 02 Due by other Companies . . 119,483,581 25 Sundry Debtors . . 315,682 70 Accrued Interest 2,114,063 95
AFEI's assets consist primarily of investments in the common stock of American Financial Group ("AFG") and American Annuity Group.
Sources of Funds At the current indicated rate, $10 million in annual dividends from AFG is expected to be more than sufficient to cover AFEI's fixed charges and other operating expenses. If, in the future, affiliate dividends are insufficient to meet its fixed charges, AFEI would be required to meet them through bank borrowings, sales of investments, borrowings from affiliates, or similar transactions.
AFEI has two revolving credit agreements under which it may borrow an aggregate maximum of $25 million at any one time. At December 31, 1996, AFEI had no outstanding borrowings.
Since March 1995, AFEI has paid quarterly dividends of $1.3 million ($.10 per share). Additionally, AFEI paid special dividends in December 1995 ($2.0 million or $.15 per share) and 1994 ($6.0 million or $.45 per share) based on available cash and capital.
Capital Requirements AFEI is not engaged in capital-intensive businesses and therefore does not have significant capital resource requirements. Since AFEI has a limited number of employees, all of whom spend a significant portion of their time as employees of AFC, there have been no direct expenditures for fixed assets or rentals.
Affiliates Equity in net earnings and losses of affiliates (companies in which AFEI owns a significant portion of the voting stock) represents AFEI's proportionate share of the affiliates' earnings and losses. Since AFEI's basis in certain assets and liabilities of affiliates differs from amounts reported by these companies, adjustments are made to AFEI's share of their reported earnings. The following table presents the significant amounts used in calculating AFEI's equity in net earnings of affiliates (in millions):
American Premier American Premier reported net income of $16.3 million in the first quarter of 1995 compared to $300,000 for all of 1994. American Premier's results for 1994 included a loss of $75.8 million on the sale of General Cable securities.
Citicasters Citicasters reported net income of $4.7 million in the first six months of 1996, $14.3 million in 1995 and $59.7 million in the six months ended December 31, 1994. Citicasters' results for 1994 included a $50.1 million after-tax gain from the sale of four television stations which was not included in determining AFEI's equity in Citicasters' earnings.
Interest Expense Interest expense decreased to $907,000 in 1996 from $1.2 million in 1995 due to debt repayments and lower interest rates on borrowings. The $496,000 increase in interest expense in 1995 compared to 1994 was due to increased average borrowings and higher interest rates on borrowings.
Income Taxes The provision (credit) for income taxes includes the effects of deductions relating to affiliate dividends.
Statement of Earnings: Years ended December 31, 1996, 1995 and 1994
Statement of Changes in Shareholders' Equity: Years ended December 31, 1996, 1995 and 1994
ERI's executive offices occupy an approximately 120,000 square foot, two-story office building that the Company owns in Simsbury, Connecticut. The Company believes that the premises provide adequately for its near-term space requirements in Connecticut. A four-story 130,000 square foot addition to this headquarters building is currently under construction to provide for the long-term needs of the Company. With the new addition, which is expected to cost approximately $20 million and to be completed in 1999, the Company's headquarters building will be able to accommodate a total of approximately 1,200 employees.
In addition, the Company leases office space for ERNV in London, Paris and Rotterdam, and for satellite domestic operations in Atlanta, Chicago, Dallas, New York, Pasadena, Phoenix and San Francisco. Except for Pasadena, where the leased premises are 15,700 square feet and provide adequate office space for approximately 40 employees, the domestic branch offices are generally less than 1,000 square feet and are intended for only two or three employees. The operations of the Company are supported by local area networks of personal computers. The local networks are interconnected via telecommunications and provide services such as electronic mail, desktop faxing, real-time data communications and batch file transfers.
-- Consolidated Statements of Income for the years ended December 31, 1997, 1996 and 1995.
-- Consolidated Statements of Stockholders' Equity for the years ended December 31, 1997, 1996 and 1995.
See separate Index to Financial Statements and Financial Statement Schedules on page 66. See Note 21 of Notes to Financial Statements as to condensed quarterly results of operations.
Properties. Midland owns its 275,000 square foot principal offices located in Amelia, Ohio. Midland's insurance subsidiaries lease office space in Montgomery, Alabama, Atlanta, Georgia, St. Louis, Missouri, Grand Rapids, Michigan and West Des Moines, Iowa. Midland's transportation subsidiaries lease offices in Metairie, Louisiana.
Selected Financial Data. Incorporated by reference to "Six Year Financial Summary Data" on pages 14 and 15 of Midland's 2001 Annual Report to Shareholders.
Management's Discussion and Analysis of Financial Condition and Results of Operations. Incorporated by reference to pages 16 through 21 of Midland's 2001 Annual Report to Shareholders.
Financial Statements and Supplementary Data. Incorporated by reference to pages 22 through 36 of Midland's 2001 Annual Report to Shareholders.
The selected financial data for the last five fiscal years of the Company and its subsidiaries is set forth under the caption "Financial Highlights" in the 2007 Annual Report to Shareholders and is incorporated by reference in this Form 10-K Annual Report. The information should be read in conjunction with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2007 Annual Report to Shareholders, which are incorporated by reference in this Form 10-K Annual Report.
The supplementary financial information set forth in the section entitled "Selected Quarterly Financial Data" in Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2007 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
The Company's headquarters are located in a four story, 110,000 square foot building in Blue Bell, Pennsylvania. PMA Re's headquarters are located in 78,000 square feet of leased space in Mellon Bank Center, Philadelphia, Pennsylvania.
Subsidiaries of the Company also own various real estate properties that are not used by the Company in its insurance operations but are leased to third parties. These properties are one to eight story buildings that are generally located in Philadelphia.
Selected Financial Data on pages 24 through 25 of PMC's 1997 Annual Report to Shareholders is incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 26 through 51 of PMC's 1997 Annual Report to Shareholders is incorporated herein by reference.
(1) Net income per common share is calculated upon the weighted average number of common shares outstanding during the relevant year. The weighted average number of shares includes common shares and the dilutive effect of employee stock options and stock grants, using the treasury stock method and convertible preferred shares. The net loss per common share for the year ended December 31, 2005 is calculated on the weighted average number of shares outstanding during the year, excluding the anti-dilutive effect of employee stock options, stock grants and convertible preferred shares.
(2) The loss and loss adjustment expense ratio is calculated by dividing the net losses and loss expenses incurred by the net premiums earned. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses by net premiums earned. The combined ratio is the sum of the loss and loss expense ratio and the expense ratio.
(3) Return on average equity is calculated as the annual net income (loss), available to common shareholders divided by the average of the common shareholders’ equity, which is total shareholders’ equity, excluding convertible preferred shares, on the first and last day of the respective year.
(4) Diluted book value per common share is calculated as shareholders’ equity divided by the number of common shares outstanding on the balance sheet date, after considering the dilutive effects of stock grants, options granted to employees and convertible preferred shares, calculated using the treasury stock method. At December 31, 2007 the average weighted number of shares outstanding, including the dilutive effect of employee stock options, stock grants and convertible preferred shares using the treasury stock method was 65,570,897.
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.
As of December 31, 1999, the Registrant owned or leased approximately 1,585 automobiles which are used by the Registrant's field adjusters and certain of its management personnel in the United States. Additional vehicles are owned or leased by the Registrant's foreign subsidiaries for use by field and management personnel.
The information required by this Item is included on pages 23-40 of the Registrant's Annual Report to Shareholders for the year ended December 31, 1999 under the captions "Consolidated Statements of Income", "Consolidated Balance Sheets", "Consolidated Statements of Shareholders' Investment", "Consolidated Statements of Cash Flows", "Notes to Consolidated Financial Statements", and "Quarterly Financial Data (Unaudited), Dividend Information and Common Stock Quotations", and is incorporated herein by reference.
We own a 130,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National and its subsidiaries. We also own a 120,000 square foot branch office facility in Sarasota, Florida. In the regular conduct of business, we lease offices in various cities. See Notes to Consolidated Financial Statements - Note 11 - "Commitments and Contingencies - Leases" in our 2006 Annual Report to Stockholders, which is hereby incorporated by reference. We consider our owned and leased facilities to be adequate for the needs of our organization.
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations.
"Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations" in Zenith's 2006 Annual Report to Stockholders is hereby incorporated by reference.
The Consolidated Financial Statements and Notes thereto included in Zenith's 2006 Annual Report to Stockholders is hereby incorporated by reference.
Unitrin owns the 41-story office building at One East Wacker Drive, Chicago, Illinois, that houses the executive offices of Unitrin. Unitrin occupies approximately 82,600 square feet of the 527,000 rentable square feet in the building. In addition, Unitrin subsidiaries together own 12 buildings located in 9 states consisting of approximately 307,000 square feet in the aggregate.
The Kemper Auto and Home segment leases facilities with an aggregate square footage of approximately 274,000 at 12 locations in 9 states. The latest expiration date of the existing leases is in June 2008.
Selected consolidated financial data for the five years ended December 31, 2002 is incorporated herein by reference to the data captioned "Financial Highlights" and filed as Exhibit 13.3 hereto.
Properties. The Company owns its 275,000 square foot principal offices located in Amelia, Ohio. The Company's insurance subsidiaries lease office space in Montgomery, Alabama, St. Louis, Missouri and Clearwater, Florida and the Company's transportation subsidiaries lease offices in Metairie, Louisiana. The Company owns a 292,000 square foot manufacturing, warehouse and office facility which it leases to a non-affiliated third party.
The Company's physical properties consist primarily of leases of commercial office space. At December 31, 1999, the Company leased 378,000 square feet of office space, including 228,000 square feet at its three primary locations, Dallas, London, and Minneapolis. The Company considers its properties to be adequate for its present and reasonably foreseeable requirements.
The information required by Item 6 is incorporated herein by reference to the section entitled "Six Year Financial Summary" on page 23 of the Company's 1999 Annual Report to Shareholders.
The information required by Item 7 is incorporated herein by reference to the section entitled "Management's Discussion and Analysis" on pages 24 through 30 of the Company's 1999 Annual Report to Shareholders.
Alleghany's headquarters is located in leased office space of about 10,000 square feet at Park Avenue Plaza in New York City.
World Minerals' largest mine is located on Celite-owned property immediately adjacent to the City of Lompoc, California, and is the site of one of the most unusual marine diatomite deposits in the world. The mine celebrated its 100th anniversary of production in 1993 and has been in continuous operation for more than 60 years. Reserves are believed to be sufficient for the operation of the plant for at least 20 more
years at the current rate of utilization. The Lompoc production facility has a rated capacity in excess of 200,000 tons annually and currently supplies more than 25 different grades of products to the filtration and filler markets. The facility also houses World Minerals' research and development, and health, safety and environmental departments and Celite's quality control laboratories.
API's headquarters is located in leased premises of approximately 3,630 square feet in Sacramento, California. API or its subsidiary owns 52 properties in fee (four of which are subject to a first deed of trust), and one additional property for which foreclosure is probable but has not yet occurred, in California. Such properties are comprised of improved and unimproved commercial land (office, retail and industrial), improved and unimproved commercial and residential lots, and office, retail, commercial and residential buildings. In addition, the following properties are held by joint ventures in dissolution in which API has an interest, but the liquidation of such joint ventures has not yet been completed. API intends to dispose of all of these properties in an orderly fashion, which may take several years.
Management's Discussion and Analysis of Financial Condition and --------------------------------------------------------------- Results of Operations. ----------------------
NAICC's headquarters are located in a leased office facility in Rancho Dominguez, California, pursuant to a long term lease which is scheduled to expire in 1999. In addition, NAICC has entered into short term leases in connection with its operations in various locations on the west coast of the United States. NAICC believes that the foregoing leased facilities are adequate for NAICC's current and anticipated future needs.
The Consolidated Financial Statements of DHC and its subsidiaries, together with the Notes thereto, and "Quarterly Financial Data," included on pages 13 through 16, 17 through 30, and 32, respectively, of DHC's 1997 Annual Report to Stockholders (included as an exhibit hereto), are incorporated herein by reference.
Lafayette Insurance Company owns one building in New Orleans, Louisiana, which serves as its home office. The building consists of two floors of office space and a floor of parking.
Our audit was made for the purpose of forming an opinion on the basic financial statements of the Company taken as a whole. The supplementary schedules (Schedule II - Valuation and Qualifying Accounts, Schedule III - Supplementary Insurance Information, Schedule IV - Reinsurance, and Schedule VI - Supplemental Information Concerning Property and Casualty Insurance Operations) are presented for purposes of additional analysis and are not a required part of the basic financial statements. This information has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
(1) Recorded in connection with purchase of American Indemnity Financial Corporation. (2) Primarily attributable to the utilization of deferred tax assets related to the Company's investment in American Indemnity Financial Corporation. (3) Reversal of allowance due to subsequent collections. (4) A liability for employee termination benefits and future contractual lease payments related to abandoned facilities in connection with the purchase of American Indemnity Financial Corporation.
Certain amounts included in this schedule for earlier years have been reclassified to conform with the 2000 financial statement presentation.
The Company leases approximately 4,100 square feet of office space at 610 South Industrial Boulevard, Euless, Texas at an annual rental of approximately $50,100. The lease expires in July 2001. Management intends to seek to renew the lease for a further three years on substantially the same terms as the existing lease.
The company will continue to rely on its cash reserves and Treasury Note investments during the first half of fiscal 2001 to fund its operations. Management anticipates that sufficient funds will be provided by ongoing operations during the second half of fiscal 2001 to enable the Company to achieve break-even operating cash flow in the year ending December 31, 2001.
The Company commenced the sale of its extended warranty/service contract products over the Internet in the last quarter of 1999, initially for new and used automobiles. The sale of extended warranties and service contracts via the Internet generated gross revenues of $124,000 in fiscal 2000 (1999: $11,000) of which $27,000 were recognized as earned revenues in the year ended December 31, 2000 (1999: $400). The balance of these revenues is being deferred over the life of the contracts. Similarly, direct costs associated with the sale of service contracts are being recognized pro rata over the life of the contracts.
Preferred stock dividend accrual in fiscal 2000 was $48,000 as compared to $57,000 in fiscal 1999. The year-on-year decrease is due to a reduction in the average number of Series A Preferred Shares outstanding during fiscal 2000.
To meet its cash requirements during fiscal 2000, the Company relied on the net proceeds of the sale of shares of common stock in equity private placements, primarily in December 1999 ($4,254,236), and January/February 2000 ($1,206,770). Additionally, in the fourth quarter of fiscal 1999 and the twelve months ended December 31, 2000, the Company generated revenues from its Internet and re-insurance businesses, both earned and unearned, of approximately $312,000 and $1,190,000 respectively. These funds were utilized to partially fund the Company's operating expenses.
The Company plans to improve operating cash flow significantly in fiscal 2001 by reducing its advertising spending from approximately $1,134,000 in fiscal 2000 to less than $200,000 in fiscal 2001 and by focusing on strategic partnerships and co-op advertising programs to promote its products and services and consumer awareness. There can be no assurance given that the Company will be successful in its efforts to enter into strategic partnerships or that it will be able secure alternative sources of funding, if required, in the future.
The Company does not believe that its operations have been materially influenced by inflation in the fiscal year ended December 31, 2000, a situation which is expected to continue for the foreseeable future.
CNA Plaza, owned by Continental Assurance Company, serves as the home office for CNAF and its insurance subsidiaries. An adjacent building (located at 55 E. Jackson Blvd.), jointly owned by Continental Casualty Company and Continental Assurance Company, is partially situated on grounds under leases expiring in 2058. Approximately 15% of the adjacent building is rented to non-affiliates. CNAF's subsidiaries lease office space in various cities throughout the United States and in other countries. The following table sets forth certain information with respect to the principal office buildings owned or leased by CNAF's subsidiaries:
180 Maiden Lane 1,091,570* Property/Casualty New York, New York Insurance Offices
55 E. Jackson Blvd. 440,292* Principal Executive Chicago, Illinois Offices of CNAF
3501 State Highway 66 183,184** Property/Casualty Neptune, New Jersey Insurance Offices
- - -------------------------------------------------------------------------------- Amount Of Building Owned and Occupied or Leased by CNA or its Location Subsidiaries Principal Usage - - --------------------------------------------------------------------------------
1100 Cornwall Road 147,884** Property/Casualty Monmouth Junction, Insurance Offices New Jersey
Incorporated herein by reference from page 2 of the 1998 Annual Report to Shareholders.
Incorporated herein by reference from pages 11 through 57 of the 1998 Annual Report to Shareholders.
Consolidated Statements of Cash Flows - Year Ended December 31, 1998, 1997 and 1996
Late in 2007 and early 2008 insurance sales revenue began to come in as a result of our transition into the insurance business. The accounting process; revenue recognition, cost of sales, gross profit and operating expenses will fluctuate as we continue to evolve as an insurance agency. In late 2008 our insurance sales began to drop due to the impending economic situations. In addition, our main insurance company AIG and several other insurance companies received substantial negative press and many individuals began delaying the purchase of insurance products. In 2009, because of the lack of funding we put our insurance company activities on hold to preserve cash.
Revenues from our new company FullCircle Prescription Services, Inc. are minimal because we are in the process of setting up that infrastructure and locating independent agents to offer our Rx services. Those marketing efforts are also on hold because of the lack of funding. We are not able to develop operational materials, brochures, mailings, training materials and additional web pages until funding is available from our preferred share offering.
During 2009 we incurred expenses of $63,457 in professional fees including auditing, database appraisal, legal, accounting, IT services and web design fees.
Net cash used by operating activities for the twelve-month period ending December 31, 2009 was $120,240 compared to $232,737 used in the twelve-month period ending December 31, 2008. During the twelve-month period ending December 31, 2009, $0 was used by investing activities and $100,000 was provided by financing activities. For the same period in 2008, $0 was used by investing activities and $245,000 was provided by financing activities..
During the twelve month period ending December 31, 2008 in an effort to secure additional operating capital and to pay down accounts payable and notes payable, the Company borrowed $150,000 represented by promissory note agreements from major stockholders of the Company. Each note, together with interest accrued thereon at the rate of two percent (2%) per annum, shall become due and payable in one lump sum on December 31, 2010. The Notes were issued pursuant to an exemption from registration under Regulation S of the Securities Act of 1933, as amended.
Some of the matters discussed in this “Management's Discussion and Analysis or Plan of Operations,” and elsewhere in this annual report on Form 10-K include forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events including, among other things:
Property, Bills, Deposits, Cash in Bank and in Hand . . Frs. 36,124,695.20
PREMIUM RESERVE Life (inch Annuity Fund) Frs. 24,779,886. — Fire, Marine, Accident and Burglary . . „ 5,443,829.—
RESERVE fox o-va.tsta.xKä.iM.g- losses: Life Frs. 384,766.— Fire, Marine, Accident an.d Burglary .......... „ 5,738,134.77
Deposits bearing interest ... . 968,669.96 Cash in Bank . . ... . . , 1,048,138.38 Cash in hand . . ... . . .... ... . . , 6,269.31 36,124,695 20
Due by other Companies . . . . . . . . . . . . . . . . . . . 3,145,207 29 Due for Premium Reserve, Life Dept-, in hand of ceding Offices . . . . . 3,967,139 89 Accrued interest . . ... . . 369,617 —
The Company’s principal executive office is located in Irvine, California in approximately 12,000 square feet of leased space. The lease expires in March 2013. The Company leases approximately 105 branch offices in 45 states, which range in size from 500 square feet up to 24,000 square feet. The lease terms for the branch offices range from monthly to ten years and expire through 2019. The Company believes that its facilities are adequate for its current needs and that suitable additional space will be available as required.
Ambac Assurance, Ambac Capital Funding and Ambac Financial Services maintains its principal executive offices at One State Street Plaza, New York, New York 10004, which consists of approximately 121,000 square feet of office space, under an agreement that expires on September 30, 2019.
Ambac UK maintains its principal offices at Hasilwood House, 60 Bishopsgate, London EC2N4BE, England, which consists of 7,100 square feet of office space, under an agreement that expires in December 2006.
Cadre Financial Services and Cadre Securities maintains its principal executive office at 905 Marconi Avenue, Ronkonkoma, New York 11779. Cadre Financial Services owns the office building. It consists of approximately 15,000 square feet of office space and storage.
Management's Discussion and Analysis of Financial Condition and Results of Operations is set forth under the same caption on pages 21 through 31 of Ambac Financial Group's 2001 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 33 through 53 of such Annual Report.
The 2001 Consolidated Financial Statements, together with the Notes thereto and the Independent Auditors' Report thereon, are set forth on pages 32 through 53 of Ambac Financial Group's 2001 Annual Report to Stockholders. Such information is incorporated herein by reference.
Zenith Insurance owns a 120,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith, Zenith Insurance and ZNAT Insurance. In addition, Zenith Insurance owns a 176,000 square foot branch office facility in Sarasota, Florida.
CalFarm Insurance owns its home office building consisting of 133,000 square feet (and surrounding property of approximately 4 acres) in Sacramento, California.
Reference is made to the "Property-Casualty Loss Development" data on pages 46-47 of Zenith's 1998 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1988 through 1998 and to the consolidated financial statements and notes thereto on pages 48-70 of Zenith's 1998 Annual Report to Stockholders, which are hereby incorporated by reference.
We own five buildings in Peoria, Illinois. Corporate 1 is a two-story 80,000 square foot office building, which serves as our corporate headquarters.
Located at the Greater Peoria Regional Airport we share ownership with Maui Jim, Inc. of a 16,800 square foot airplane hangar.
Refer to the Selected Financial Data on pages 50 through 51 of the 2004 Financial Report to Shareholders, attached as Exhibit 13.
Throughout this report, 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 gross revenues, gross written premiums, net written premiums and combined ratios. A detailed discussion of these measures can be found on pages 3 through 4 of the 2004 Financial Report to Shareholders, attached as Exhibit 13.
We incorporate the response to this Item by reference to page 8 of our Annual Report to Stockholders for the year ended December 31, 2008, which we include as Exhibit (13) to this Form 10-K Report.
We incorporate the response to this Item by reference to pages 10 through 18 of our Annual Report to Stockholders for the year ended December 31, 2008, which we include as Exhibit (13) to this Form 10-K Report.
Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2000 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
The financial statements and supplementary data in the 2000 Annual Report to Shareholders are incorporated by reference in this Form 10-K Annual Report.
The supplementary financial information (Selected Quarterly Financial Data) in the 2000 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
The following financial information has been derived from the Consolidated Financial Statements and Notes thereto which appear in the 2000 Annual Report to Shareholders and are incorporated herein by reference.
CNA Surety Corporation is a holding company for the combined surety business of CNAF and Capsure. Pursuant to a reorganization agreement, CNAF and Capsure merged their respective operations at the close of business on September 30, 1997. The surety operations of CNAF are referred to as CCC Surety Operations ("Predecessor"). For a more detailed description of the merger transactions and their effects on the Company's financial data, see the Consolidated Financial Statements and related Notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2000 Annual Report to Shareholders which are incorporated herein by reference.
- ------------------------- (1) Includes investment income and investment gains for CNA Surety for the year ended December 31, 2000, 1999 and 1998 and for the period from September 30, 1997 (date of inception) through December 31, 1997.
The following information of the Predecessor is presented for the three months ended December 31, 1996, for the nine months ended September 30, 1997 and 1996 and for the year ended December 31, 1996. The selected financial information of the Predecessor does not include data with respect to assets, liabilities (other than insurance reserves) and equity because CNAF did not customarily allocate the investment portfolio or equity of its operating subsidiaries to its business units like CCC Surety Operations.
- ------------------------- (1) Includes the effect of recording releases of prior year loss reserves. The dollar amount and the percentage point effect on the loss ratio of these reserve revisions, all of which were net reductions, were $1,232, or 3.4%, for the three months ended December 31, 1996, $35,000, or 32.2%, and $8,510, or 7.6%, for the nine months ended September 30, 1997 and 1996, respectively, and $9,742, or 6.5%, for the year ended December 31, 1996.
(3) The insurance reserves include both loss and loss adjustment expense and unearned premium reserves. These reserves are shown before the effects of ceded reinsurance. In accordance with the reorganization and related reinsurance agreements, these reserves, as of the Merger Date, were transferred to Western Surety, net of reinsurance which totaled $9,979 and $23,876 for the nine months ended September 30, 1997 and 1996 and $21,779 at December 31, 1996.
Consolidated Statements of Income for the Years Ended December 31, 2000, 1999 and 1998
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2000, 1999 and 1998
Consolidated Statements of Cash Flows for the Years Ended December 31, 2000, 1999 and 1998
The above Consolidated Financial Statements, the related Notes to the Consolidated Financial Statements and the Independent Auditors' Report are incorporated herein by reference from pages 27 through 46 of the 2000 Annual Report to Shareholders.
CNA Surety leases its executive offices and its shared branch locations with CCC under an Administrative Services Agreement. CNA Surety currently uses approximately 110,000 square feet and related personal property at 43 branch locations and its home and executive offices (24,261 square feet), in Chicago, Illinois. CNA Surety's annual rent for this space is approximately $2.0 million. CNA Surety may terminate its use of these locations as set forth in the Administrative Services Agreement, without penalty, by providing CCC with 60 days written notice.
The following information presented for CNA Surety is for the years ended December 31, 1999 and 1998 and the period from September 30, 1997 (date of inception) through December 31, 1997 and as of December 31, 1999, 1998 and 1997. Selected financial data of the Predecessor is presented on the following page.
- ------------------------- (1) Includes investment income and investment gains for CNA Surety for the year ended December 31, 1999, 1998 and for the period from September 30, 1997 (date of inception) through December 31, 1997.
Incorporated herein by reference from pages 13 through 25 of the 1999 Annual Report to Shareholders.
Consolidated Statements of Income for the Years Ended December 31, 1999 and 1998 and the Period from September 30, 1997 (date of inception) through December 31, 1997 and Statement of Certain Revenues and Direct Operating Expenses of the Predecessor for the Nine Months Ended September 30, 1997
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 1999 and 1998 and the Period from September 30, 1997 (date of inception) through December 31, 1997
The data included on page 5 of the 2000 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 2000 Annual Report on pages 6 through 14 included as Exhibit 13 is incorporated herein by reference.
The consolidated financial statements in the 2000 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference from the 2000 Annual Report.
The main office of the Company is located at 2000 Wade Hampton Blvd, Greenville, SC. The Company is currently leasing this space from Liberty Life, its former subsidiary, through a lease agreement entered into at the time of the sale of the Company's insurance operations to the Royal Bank of Canada. The Company has entered into a lease agreement for similar office space in a commercial building in Greenville, SC. It is anticipated that the Company will move to this new office space during 2001.
The Company 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, Lubbock TX, Wilmington, NC; Jackson MS; Tyler, TX; and Lufkin, TX.
Selected Financial Data for the Company is contained on page 24 of The Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on page 19 of this report and is incorporated in this Item 6 by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations is contained on pages 25-29 of The Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on pages 20-23 of this report and is incorporated in this Item 7 by reference.
The executive offices of Transamerica Corporation are located in the Transamerica Pyramid in San Francisco, California, a 48-story office building. Approximately 15% of the 460,000 square feet of rentable space is occupied by Transamerica and some of its subsidiaries.
Revenues Income from continuing operations Basic earnings per share -- Income from continuing operations Diluted Earnings per share - Income from continuing operations Total assets Notes and loans payable: Long-term debt Dividends declared per share of common stock
The following consolidated financial statements and supplementary financial information of the Corporation and its subsidiaries in the Transamerica Corporation 1997 Annual Report are incorporated herein by reference:
Consolidated Statement of Stockholders' Equity--Years ended December 31, 1997, 1996 and 1995 --page 56.
Supplementary Financial Information--Years ended December 31, 1997 and 1996 -- page 75.