Centris Group Reports Year End Results.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--March 31, 1999-- -- Expected Sale of Property/Casualty Reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. to Free Capital for Investment in Core Business -- Redirects Core Focus to Medical Lines; Positions Company for Continued Growth in Specialty Markets -- Discussions could lead to a sale of the Company The Centris
The genus Centris contains over 110 species of large apid bees occurring from Kansas to Argentina). Group, Inc. (NYSE NYSE See: New York Stock Exchange :CGE CGE Computable General Equilibrium CGE Conference des Grandes Ecoles (French) CGE Carrier Grade Edition (COTS Linux platform) CGE Classic Gaming Expo (game) ), a leading provider of domestic and international medical and specialty insurance lines, today reported 1998 fourth quarter and full year financial results. The Centris Group also announced that it is involved in discussions which could lead to a sale of the Company. Results for the fourth quarter and full year 1998 were materially affected by the expected sale of the Company's reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. subsidiary, USF USF University of South Florida USF Universal Service Fund (often part of phone bill in US) USF University of San Francisco USF University of Sioux Falls USF University of St. RE INSURANCE COMPANY, to Folksamerica Holding Company, Inc., the parent company of Folksamerica Re. The Company expects to sign a definitive agreement in the immediate future. The Company has treated the disposition as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . Consolidated revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the rose 7% for the full year to $168.3 million, while net income from continuing operations increased 6% to $9.9 million or $0.81 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. For the fourth quarter, revenues from continuing operations grew 13% to $46.6 million, while net income from continuing operations decreased 74% to $0.7 million, or $0.06 per diluted share. Centris' Chairman and Chief Executive Officer, David L. Cargile said, "Although we made significant progress with our strategic repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of the Company in 1998, we were disappointed with our operating results. Our medical lines operations continued to feel the effects of competitive pressures, and the property/casualty reinsurance company suffered losses from the second worst hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
Cargile continued, "The disposition of USF RE will transform Centris from a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. property/casualty company handling both medical lines and property/casualty reinsurance, to a specialty medical lines company focused on medical and related niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . This will allow the Company to concentrate our capital as well as our management efforts on growing our core operations in the specialty accident and health field. We believe that such a renewed focus will enable us to generate higher returns by maximizing the use of our capital base, while leveraging our Company's underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. expertise and proprietary databases. We believe we are now properly structured to take advantage of the many exciting opportunities developing in our core business." Further, Cargile stated that from time to time Centris has received inquiries from other insurance companies concerning a possible acquisition of the Company. As the Company has publicly stated, the Board would support such a transaction at a price that truly recognizes the Company's current value and future prospects. The Company has had preliminary discussions with other companies over the past several years and is currently engaged in discussions which could lead to a transaction. Mr. Cargile cautioned, however, that it is not possible at this time to predict the outcome of the discussions. Renewed Focus has Many Strategic Benefits According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cargile, the December December: see month. 1998 acquisition of the VASA Vasa (vä`zə), Pol. Waza, royal dynasty of Sweden (1523–1654) and Poland (1587–1668). Gustavus I, founder of the dynasty in Sweden, was succeeded by his sons Eric XIV (reigned 1560–68) and John III (reigned group, which includes Seaboard Life Insurance Company (USA) and VASA North Atlantic Insurance Company, was an important step towards enhancing Centris' market leading position in the medical stop-loss stop-loss, n a general term referring to that category of coverage that provides insurance protection (reinsurance) to an employer for a self-funded plan. insurance sector. Cargile stated, "Beyond expanding our dominance in medical lines, the acquisition of Seaboard Life and VASA North Atlantic will provide the Company with several other important benefits. By transitioning from writing risk in a property/casualty insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. to a life company, Centris will have the ability to write with more leverage on the same capital base. In addition, as a specialized medical lines company, Centris can offer an expanded product line to existing customers and distribution channels, which will further enhance organic growth opportunities." Cargile explained, "The intense competition that has prevailed for the past few years has taken its toll on the entire industry. Centris and our competitors, including the HMOs, have suffered the underwriting losses that invariably in·var·i·a·ble adj. Not changing or subject to change; constant. in·var  i·a·bil follow this level of competition.
That competition appears to be abating as companies that do not have the
resources and commitment of the Centris Group have been forced to exit
the market. Preliminary results for the first quarter indicate that we
have been successful in obtaining premium increases in the 12% to 14%
range, while maintaining an acceptable retention level. We expect the
VASA acquisition to produce $25 to $30 million of medical stop-loss
premium in 1999. We also expect an additional increase in fee income due
to the arrangement made with an independent managing general underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for VASA's group business under 51 lives. We believe the improvements in the industry's dynamics coupled with our new strategic focus, provide a significant opportunity for both top and bottom line growth." Cargile further noted that acquisitions will remain a key component of Centris' longer term growth plan. "We intend to pursue more acquisitions in our core markets to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the current attractive prices in the medical lines sector. Industry trends suggest the withdrawal of several carriers from the medical stop-loss sector will force many managing general underwriters to seek a larger and more financially secure ownership base. The leverage potential provided by our leading position and efficient operations gives us a good opportunity to assimilate as·sim·i·late v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. acquisitions quickly and profitably." Financial Results Results of operations for the fourth quarter and full year 1998 were materially affected by the expected sale of USF RE. For the fourth quarter, revenues from continuing operations grew to $46.6 million, a 13% gain over the prior year period, while income from continuing operations was $0.7 million, a decrease of 74% from the fourth quarter of 1997. Earnings per diluted share from continuing operations for the quarter equaled $0.06, a drop of $0.17 from last year. During the quarter the Company realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. of $10.3 million from its investment portfolio in anticipation of the sale of USF RE. Continuing operations were affected by a number of adjustments made to loss and loss adjustment expenses which are explained in greater detail below. In addition, the Company incurred losses in connection with the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $2.0 million in the fourth quarter and a loss on disposition of discontinued operations of $19.6 million. After these losses on discontinued operations, the Company reported a net loss of $20.9 million for the fourth quarter, or $1.78 per diluted share, compared to a net profit of $3.8 million in the prior year period, or $0.31 per diluted share. For the year ended December 31, 1998, revenues from continuing operations increased to $168.3 million, a 7% increase compared to 1997. Net income from continuing operations advanced to $9.9 million, a 6% increase over the prior year. Earnings per share from continuing operations rose to $0.81 per diluted share, a 5% gain over the $0.77 reported in 1997. The Company realized a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $16.8 million on the year from its investment portfolio. As part of the expected sale of USF RE, Centris will receive an interest bearing note for $20.8 million. If there is any additional loss development on the medical lines reserves in place on December 31, 1998, that amount could be offset against the note and would impact continuing operations in future periods. Cargile noted, "Although our medical lines reserves were in the actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin ranges, we wanted to insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. the continuing operations from losses related to those reserves. To accomplish this, we increased the medical lines reserves up to the outer bounds of the actuarial range where any additional loss development is very unlikely. Those reserve increases, combined with additional loss development from 1997 business including business assumed as part of the Global Excess acquisition, resulted in a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from continuing operations of $1 million for the year and $5.9 million for the fourth quarter. The loss development of the Global Excess business is now complete." The Company also announced that effective January January: see month. 1, 1999 it is retaining a 25% net share of its medical lines written premium compared to 50% in prior years. This reduction is designed to generate a comparatively greater volume of policy related fee income versus risk premium, and will allow the Company to write more business on its existing capital base and free up capital for other uses such as acquisitions. All per share amounts are reported on a diluted basis in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the provisions of Statement of Financial Accounting Standards No. 128, "Earnings Per Share". In addition, all 1997 share amounts have been adjusted to reflect the Company's February February: see month. 27, 1998 two-for-one stock split. -0-
Medical Lines Segment
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- ----------------------
1998 1997 Change 1998 1997 Change
---- ---- ------ ---- ---- ------
Premiums earned $25,143 $28,833 -12.8% $105,116 $103,479 1.6%
Commissions and fees $ 8,517 $ 9,425 - 9.6% $ 34,829 $ 33,335 4.5%
Pre-tax income $(7,664) $ 5,283 -- $ 3,866 $ 9,328 -58.6%
For the full year 1998, premiums earned advanced 1.6%, reflecting more restrictive underwriting standards. Pre-tax income for the full year declined $5.5 million and for the quarter was down $12.9 million from the prior periods. The decreases are related to the increase in reserve levels and loss development noted above. Medical Lines coverage is managed through our USBenefits subsidiary which earns commissions and fees as a managing general underwriter. USBenefits is the nation's largest provider of medical stop-loss coverage for self-funded employers, and is becoming one of the leading sources of provider excess coverage. INTERRA, a subsidiary of the Centris Group, assists USBenefits in the management of catastrophic claims. INTERRA was acquired in 1997 and is a leader in the field of catastrophic medical risk management, employing expert medical review, case management and tertiary care tertiary care Managed care The most specialized health care, administered to Pts with complex diseases who may require high-risk pharmacologic regimens, surgical procedures, or high-cost high-tech resources; TC is provided in 'tertiary care centers', often network access. INTERRA has historically saved its clients 35% to 40% of billed charges and is projected to reduce the Company's medical loss ratio by 1% to 3% in 1999. -0-
Specialty Lines Segment
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- ----------------------
1998 1997 Change 1998 1997 Change
---- ---- ------ ---- ---- ------
Premiums earned $1,496 $1,606 -6.8% $6,319 $6,034 4.7%
Pre-tax income $ (37) $ (56) 34% $ 581 $ 85 --
The Company's specialty lines premiums grew by 4.7% for the full year due primarily to a redirection Diverting data from their normal destination to another; for example, to a disk file instead of the printer, or to a server's disk instead of the local disk. See virtual directory, symbolic link, shortcut, redirector and DOS redirection. 1. in the Company's operations. For the year, pre-tax income increased to a profit of $0.6 million in 1998. These increases were due to the Company acting as a policy issuing carrier earning non risk exposed fee income to balance the risks assumed on its premium revenue. Discontinued Operations Effective December 31, 1998, the Company discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its property/casualty reinsurance segment. It is the Company's expectation and intention to implement the discontinued operations of this business segment through the previously announced sale of USF RE. In the event the sale is not consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , the Company will run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → the property/casualty reinsurance business. As previously announced, the Company has signed a Letter of Intent for the sale of USF RE to Folksamerica Holding Company, Inc. Under the Letter of Intent the purchase price to be paid will be $92.5 million, an amount that approximates the statutory book value of USF RE, comprised of $71.7 million of cash and a 5 year interest bearing note for $20.8 million. Centris had previously announced that it expected a purchase price of $97.5 million, of which $77.5 million would be in cash and the balance in a note. The reduction in purchase price is due to the decrease in USF RE's surplus attributable to reserve strengthening previously discussed and the impact of an anticipated loss of $3.0 million from the January 1999 Colombian earthquake. In connection with the expected sale of USF RE, Centris has established a reserve for the costs it expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. on the disposition of the unit. These costs are comprised of: (i) a loss on the sale of USF RE of $14.1 million, equal to the difference between statutory and GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). book value and (ii) $6.9 million of projected cost of operating the unit through the close of the sale, estimated to occur in June, 1999, less (iii) a $1.4 million tax benefit on these items. The difference between statutory and GAAP book value arises from certain assets and liabilities recognized under GAAP accounting that statutory accounting disallows, including deferred policy acquisition expenses, goodwill, unrealized investment gains and deferred tax assets. -0-
Statutory Ratios
The following table summarizes the Company's loss and loss
adjustment expense ratios for continuing operations for 1998 and 1997.
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
1998 1997 1998 1997
----- ----- ----- -----
Medical Lines
Loss and LAE 120.1 73.8 86.2 80.0
Expense 28.4 28.1 27.3 28.0
Combined Ratio 148.5 101.9 113.5 108.0
Specialty Lines
Loss and LAE 90.2 85.2 77.3 81.4
Expense 24.2 33.9 22.9 31.9
Combined Ratio 114.4 119.1 100.2 113.3
Total
Loss and LAE 118.4 74.4 85.7 80.1
Expense 28.2 28.3 27.1 27.6
Combined Ratio 146.6 102.7 112.8 107.7
Financial Position As of December 31, 1998, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. decreased to $91 million, 23% below 1997. In addition to the net loss for the year, the Company repurchased 619,000 shares of its stock at a cost of $6.2 million from a total repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. authorization The right or permission to use a system resource; the process of granting access. See access control. of $10 million. The Company's book value per share as of December 31 decreased to $7.85 per share, compared to $9.67 per share in 1997. Total assets grew 88% to $646.4 million primarily due to the VASA acquisition. Included in this amount is $99 million in assets being held by Centris pending final consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the sale of Seaboard Life's individual life and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. business which was sold separately by Seaboard Life's prior owners. The investment portfolio reflects a current allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of approximately 95% fixed-income investments, both taxable and tax preferenced, with an "AA" average fixed income portfolio rating, and 5% in equities. The portfolio does not contain any real estate investments, derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. , high yield bonds, private placements or mortgage loans. The Centris Group, Inc. operates complementary businesses based on its expertise in the handling of specialized risk. It is a market leader in medical stop-loss coverages that produce revenues from both premiums and fees. Centris is also a provider of property/casualty reinsurance, excess and surplus lines insurance, special risk accident and health insurance products and reinsurance intermediary Intermediary See: Financial intermediary intermediary See financial intermediary. services. Other specialized risk operations include claim review, premium and claim auditing, medical technology and treatment assessment, and runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. management. Among the most highly rated companies in its markets, The Centris Group conducts business both nationally and internationally through USBenefits Insurance Services, Inc., INTERRA, Inc., USF RE INSURANCE COMPANY, USF Insurance Company, Seaboard Life Insurance Company (USA) and VASA North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. and its subsidiaries. Centris' insurance operations are rated "A" and "A-" (Excellent) by A.M. Best Company and USF RE is assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a claims paying ability rating of Aq (Good) by Standard & Poor's. Forward Looking Statements Some of the statements included within this release which are not historical facts may be considered to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions created in such Acts. Investors are cautioned that all such forward looking statements are subject to certain risks and uncertainties which could cause the actual results to differ materially from those suggested by such statements. Such risks and uncertainties included, but are not limited to the following: natural disasters or other catastrophic losses or a material aggregation of such losses in the Company's insurance lines; changes in federal or state law affecting an employer's ability to self-insure or other adverse regulatory changes; the adequacy of the Company's reinsurance program; general economic conditions in this country or abroad; adverse developments in the securities markets and their impact on the Company's investment portfolio; the effects of competitive market pressures within the medical lines or property/casualty marketplaces; the effect of changes required by generally accepted accounting practices or statutory accounting practices; and other risks which are described from time to time in the Company's filings with the Securities and Exchange Commission. The words "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could prove to be inaccurate and, therefore there can be no assurance that such forward-looking statements will themselves prove to be accurate. In the light of the significant uncertainties inherent in the forward-looking statements, the inclusion of such information should not be regarded as a representation by the Company or by any other person that the objective and plans of the Company will be achieved. For more information on The Centris Group, Inc. via facsimile at no cost, call 1-800-PRO-INFO and dial client code "CGE" or visit the company's web site at www.thecentrisgroup.com. -0-
The Centris Group
Consolidated Income Statements
(Amounts in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1998 1997 1998 1997
---- ---- ---- ----
(Unaudited)(Unaudited)
Revenues:
Premiums earned $ 26,639 $ 30,439 $ 111,435 $109,513
Commissions and fees 8,517 9,425 34,829 33,335
Net investment income 1,216 1,268 5,284 4,671
Realized investment gains
(losses) 10,263 191 16,768 10,213
-------- --------- --------- --------
Total revenues 46,635 41,323 168,316 157,732
Operating Expenses:
Losses and loss adjustment
expenses incurred 31,544 22,585 95,509 87,590
Policy acquisition expenses 8,564 8,541 36,715 35,997
General and administrative
expenses 4,854 5,406 17,967 17,198
Interest expense 524 530 2,151 2,373
-------- --------- --------- --------
Total operating expenses 45,486 37,062 152,342 143,158
Income from continuing operations
before income taxes 1,149 4,261 15,974 14,574
Income tax expense 413 1,406 6,088 5,245
-------- --------- --------- --------
Income from continuing operations 736 2,855 9,886 9,329
Discontinued operations:
Income (loss) from operations
of property/casualty segment
net of estimated income tax
benefit of $(3,311) in
1999 and tax expenses of
$1,538 in 1997 (2,048) 923 (3,467) 5,883
Loss on disposal of
property/casualty segment
net of estimated income tax
benefit of $(1,356). (19,621) - (19,621) -
-------- --------- --------- --------
(21,669) 923 (23,268) 5,883
======== ========= ========= ========
Net Income $(20,933) $ 3,778 $(13,382) $ 15,212
======== ========= ========= ========
Basic income per share
Income from continuing
operations $ 0.06 $ 0.23 0.82 $ 0.78
Discontinued operations $ (1.86) $ 0.08 $ (1.93) $ 0.49
-------- -------- -------- --------
Net Income $ (1.80) $ 0.31 $ (1.11) $ 1.27
======== ======== ======== ========
Diluted income per share
Income from continuing
operations $ 0.06 $ 0.23 $ 0.81 $ 0.77
Discontinued operations $ (1.84) $ 0.08 $ (1.90) $ 0.48
-------- -------- -------- --------
Net Income $ (1.78) $ 0.31 $ (1.09) $ 1.25
======== ======== ======== ========
Basic shares outstanding 11,626 12,084 12,037 11,980
Fully diluted shares
outstanding 11,744 12,274 12,278 12,154
The Centris Group
Condensed Consolidated Balance Sheets
(Amounts in thousands, except per share data)
Twelve Months Ended
December 31,
1998 1997
-------- --------
ASSETS
Investments at market
(amortized cost $292,181 at
December 31, 1998; $218,407 at
December 31, 1997) $292,463 $223,824
Restricted cash and short term investments 29,799 27,947
Cash and invested cash 15,789 11,122
Reinsurance and premiums receivable 173,709 60,743
Accrued investment income 3,119 3,196
Other assets 131,566 16,416
======== ========
TOTAL ASSETS $646,445 $343,248
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Amounts due insurance companies $118,501 $ 36,470
Loss and LAE reserves 200,908 116,801
Unearned premium 32,274 30,249
Notes payable 72,550 32,500
Other liabilities 131,178 9,638
-------- --------
Total liabilities 555,411 225,658
Stockholders' equity 91,034 117,590
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 646,445 343,248
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion