Iowa | 001-34257 | 42-0644327 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
118 Second Avenue, S.E., Cedar Rapids, Iowa | 52407 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit 99.1 | Press Release, dated July 26, 2011, announcing our financial results for the quarter ended June 30, 2011. |
Exhibit 99.2 | Supplemental Financials |
United Fire & Casualty Company | |||
(Registrant) | |||
Dated: | July 26, 2011 | /s/ Randy A. Ramlo | |
Randy A. Ramlo, Chief Executive Officer |
Exhibit Number | Description of Exhibit |
99.1 | Press Release, dated July 26, 2011, announcing our financial results for the quarter ended June 30, 2011. |
99.2 | Supplemental Financials |
• | Net loss of $0.69 per diluted share for the second quarter of 2011, compared with net income per diluted share of $0.53 for the second quarter of 2010; operating loss(1) of $0.71 per share compared with operating income of $0.48 per share. |
• | Book value per share at $27.23, down $0.12 per share or 0.4 percent from December 31, 2010. |
Financial Highlights | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(In Thousands Except Shares and Per Share Data) | 2011 | 2010 | Change % | 2011 | 2010 | Change % | |||||||||||||
Revenue Highlights | |||||||||||||||||||
Net premiums earned | $ | 152,210 | $ | 117,082 | 30.0 | % | $ | 266,414 | $ | 231,390 | 15.1 | % | |||||||
Net investment income | 27,741 | 28,291 | (1.9 | ) | 54,804 | 56,259 | (2.6 | ) | |||||||||||
Total revenues | 181,804 | 148,014 | 22.8 | 325,880 | 293,139 | 11.2 | |||||||||||||
Income Statement Data | |||||||||||||||||||
Operating income (loss) (1) | $ | (18,645 | ) | $ | 12,406 | NM | $ | (14,559 | ) | $ | 29,747 | (148.9) | |||||||
After-tax realized investment gains | 731 | 1,525 | (52.1 | ) | 2,455 | 3,297 | (25.5 | ) | |||||||||||
Net income (loss) | $ | (17,914 | ) | $ | 13,931 | NM | $ | (12,104 | ) | $ | 33,044 | (136.6) | |||||||
Diluted Earnings Per Share Data | |||||||||||||||||||
Operating income (loss) (1) | $ | (0.71 | ) | $ | 0.48 | NM | $ | (0.56 | ) | $ | 1.12 | (150.0) | |||||||
After-tax realized investment gains | 0.02 | 0.05 | (60.0 | ) | 0.10 | 0.13 | (23.1 | ) | |||||||||||
Net income (loss) | $ | (0.69 | ) | $ | 0.53 | NM | $ | (0.46 | ) | $ | 1.25 | (136.8) | |||||||
Catastrophe Data | |||||||||||||||||||
Pre-tax catastrophe losses (1) | $ | 34,906 | $ | 7,570 | NM | $ | 47,328 | $ | 10,726 | NM | |||||||||
Effect on after-tax earnings per share | 0.87 | 0.19 | NM | 1.18 | 0.26 | NM | |||||||||||||
Effect on combined ratio | 25.1 | % | 7.2 | % | NM | 19.7 | % | 5.2 | % | NM | |||||||||
Combined ratio | 131.7 | % | 96.3 | % | 36.7 | 121.0 | % | 94.3 | % | 28.3 | |||||||||
Book value per share | 27.23 | 26.82 | 1.5 | ||||||||||||||||
Return on equity | (3.41 | )% | 10.09 | % | (133.8) | ||||||||||||||
Cash dividends declared per share | 0.15 | 0.15 | — | 0.30 | 0.30 | — | |||||||||||||
Diluted weighted average shares outstanding | 26,101,842 | 26,400,174 | (1.1 | ) | 26,148,438 | 26,415,057 | (1.0 | ) |
• | Net investment income decreased 1.9 percent in the three-month period ended June 30, 2011, as compared with the same period of 2010. For the six-month period ended June 30, 2011, net investment income decreased 2.6 percent, as compared with the same period of 2010. We attribute the reduction to historically low yields. To address these market conditions, we have been increasing the duration of our investments in order to achieve better yields. |
• | Net realized investment gains were $1.1 million in the three-month period ended June 30, 2011, compared to $2.3 million during the prior year period. For the six-month period ended June 30, 2011, net realized investment gains were $3.8 million compared to $5.1 million for the same period of 2010. There were no other-than-temporary impairment charges for the three- and six-month periods ended June 30, 2011, compared to $0.1 million and $0.5 million for the same periods of 2010, respectively. |
• | Net unrealized investment gains totaled $115.1 million as of June 30, 2011, an increase of $12.5 million, or 12.1 percent, since December 31, 2010. This rise in unrealized gains was driven by an increase in the value of both our fixed maturity and equity portfolios. |
Property & Casualty Insurance Financial Results: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In Thousands) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Revenues | |||||||||||||||
Net premiums written (1) | $ | 159,027 | $ | 117,099 | $ | 269,753 | $ | 224,223 | |||||||
Net premiums earned | $ | 139,009 | $ | 105,396 | $ | 240,773 | $ | 207,375 | |||||||
Investment income, net of investment expenses | 9,451 | 9,003 | 18,188 | 17,640 | |||||||||||
Net realized investment gains (losses) | |||||||||||||||
Other-than-temporary impairment charges | — | (117 | ) | — | (153 | ) | |||||||||
All other net realized gains (losses) | 393 | (604 | ) | 1,601 | 1,608 | ||||||||||
Total net realized investment gains (losses) | 393 | (721 | ) | 1,601 | 1,455 | ||||||||||
Other income | 530 | 75 | 538 | 17 | |||||||||||
Total Revenues | $ | 149,383 | $ | 113,753 | $ | 261,100 | $ | 226,487 | |||||||
Benefits, Losses and Expenses | |||||||||||||||
Losses and loss settlement expenses | $ | 130,124 | $ | 68,253 | $ | 201,789 | $ | 131,881 | |||||||
Amortization of deferred policy acquisition costs | 41,086 | 25,347 | 65,116 | 49,390 | |||||||||||
Other underwriting expenses | 11,800 | 7,960 | 24,526 | 14,320 | |||||||||||
Total Benefits, Losses and Expenses | $ | 183,010 | $ | 101,560 | $ | 291,431 | $ | 195,591 | |||||||
Income (loss) before income taxes | (33,627 | ) | 12,193 | (30,331 | ) | 30,896 | |||||||||
Federal income tax expense (benefit) | (14,053 | ) | 2,232 | (14,107 | ) | 5,138 | |||||||||
Net income (loss) | $ | (19,574 | ) | $ | 9,961 | $ | (16,224 | ) | $ | 25,758 | |||||
GAAP combined ratio: | |||||||||||||||
Net loss ratio | 68.5 | % | 57.6 | % | 64.1 | % | 58.4 | % | |||||||
Catastrophes - effect on net loss ratio | 25.1 | 7.2 | 19.7 | 5.2 | |||||||||||
Net loss ratio | 93.6 | % | 64.8 | % | 83.8 | % | 63.6 | % | |||||||
Expense ratio | 38.1 | 31.5 | 37.2 | 30.7 | |||||||||||
Combined ratio | 131.7 | % | 96.3 | % | 121.0 | % | 94.3 | % | |||||||
Statutory combined ratio: (1) | |||||||||||||||
Net loss ratio | 68.6 | % | 57.6 | % | 64.2 | % | 58.4 | % | |||||||
Catastrophes - effect on net loss ratio | 25.1 | 7.2 | 19.7 | 5.2 | |||||||||||
Net loss ratio | 93.7 | % | 64.8 | % | 83.9 | % | 63.6 | % | |||||||
Expense ratio | 30.5 | 30.3 | 31.9 | 30.5 | |||||||||||
Combined ratio | 124.2 | % | 95.1 | % | 115.8 | % | 94.1 | % |
• | Net premiums written increased 35.8 percent in the second quarter of 2011, which is attributable to: |
◦ | Acquisition of Mercer Insurance Group - Total net premiums written increased by 31.6 percent for the quarter as a result of our acquisition of Mercer Insurance Group effective March 28, 2011. The acquisition of Mercer Insurance Group resulted in increases of $32.1 million and $4.9 million, respectively, in our commercial and personal lines net premiums written for the quarter. |
◦ | Organic growth - The additional increase in our net premiums written is the result of a combination of small rate increases, primarily in personal lines, and our internal initiatives to improve growth in several market segments, as well as increased penetration with existing agencies. |
• | Commercial lines - Competitive market conditions persisted during the quarter, with large accounts still very difficult to write and retain. However, we have seen improvement in our commercial lines renewal pricing on small accounts. Our pricing on new business remains unchanged, and new business premium written has increased as compared to the second quarter of 2010. While the sluggish economy is still creating financial concerns for a good number of our policyholders, exposure unit reductions and out-of-business policy cancellations have moderated in some regions of the country. |
• | Personal lines - We continue to see positive growth in our personal lines written premium, along with a second consecutive year of rate increases. |
• | Policy retention rates remained strong for both commercial and personal lines, with approximately 81.0 percent of our policies renewing. |
• | GAAP combined ratio increased by 35.4 percentage points in the second quarter of 2011, compared with the same period of 2010. For the first six months of 2011, our combined ratio increased by 26.7 percentage points as compared to the same period of 2010, attributable to the following: |
• | Other underwriting expenses and amortization of deferred policy acquisition costs together increased 58.8 percent in the second quarter of 2011 and 40.7 percent in the first six months of 2011, primarily due to an increase in deferred acquisition costs and transaction costs both related to our acquisition of Mercer Insurance Group. These costs totaled $19.5 million and $27.5 million in the second quarter of 2011 and first six months of 2011, respectively. Deferred policy acquisition costs related to Mercer Insurance Group will be higher than normal the remainder of 2011 and into the first quarter of 2012, as these costs are amortized in the first year since acquisition. |
Life Insurance Financial Results: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In Thousands) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Revenues | |||||||||||||||
Net premiums written (1) | $ | 13,169 | $ | 11,650 | $ | 25,602 | $ | 23,962 | |||||||
Net premiums earned | $ | 13,201 | $ | 11,686 | $ | 25,641 | $ | 24,015 | |||||||
Investment income, net of investment expenses | 18,290 | 19,288 | 36,616 | 38,619 | |||||||||||
Net realized investment gains | |||||||||||||||
Other-than-temporary impairment charges | — | — | — | (306 | ) | ||||||||||
All other net realized gains | 731 | 3,067 | 2,176 | 3,923 | |||||||||||
Total net realized investment gains | 731 | 3,067 | 2,176 | 3,617 | |||||||||||
Other income | 199 | 220 | 347 | 401 | |||||||||||
Total Revenues | $ | 32,421 | $ | 34,261 | $ | 64,780 | $ | 66,652 | |||||||
Benefits, Losses and Expenses | |||||||||||||||
Losses and loss settlement expenses | $ | 5,687 | $ | 4,504 | $ | 10,204 | $ | 9,239 | |||||||
Increase in liability for future policy benefits | 7,880 | 7,375 | 16,062 | 13,765 | |||||||||||
Amortization of deferred policy acquisition costs | 2,646 | 2,575 | 4,662 | 5,048 | |||||||||||
Other underwriting expenses | 2,920 | 3,013 | 6,251 | 5,866 | |||||||||||
Interest on policyholders’ accounts | 10,657 | 10,647 | 21,327 | 21,448 | |||||||||||
Total Benefits, Losses and Expenses | $ | 29,790 | $ | 28,114 | $ | 58,506 | $ | 55,366 | |||||||
Income before income taxes | 2,631 | 6,147 | 6,274 | 11,286 | |||||||||||
Federal income tax expense | 971 | 2,177 | 2,154 | 4,000 | |||||||||||
Net income | $ | 1,660 | $ | 3,970 | $ | 4,120 | $ | 7,286 |
• | Net income decreased 58.2 percent and 43.5 percent in the second quarter of 2011 and first six months of 2011, respectively, as compared to the same periods of 2010, which is attributable to: |
◦ | Net premiums earned increased 13.0 percent and 6.8 percent in the second quarter of 2011 and first six months of 2011, respectively, as compared to the same periods of 2010, due to an increase in sales of single premium immediate annuities. |
◦ | Investment income decreased 5.2 percent in both the second quarter of 2011 and the first six months of 2011, compared to the same periods of 2010; as our fixed maturity securities were called or matured, we were unable to obtain the same level of return on the reinvestment of these funds. |
◦ | Loss and loss settlement expenses increased 26.3 percent for the second quarter and 10.4 percent for the first six months of 2011 compared to the same prior-year periods, reflecting a rise in both annuity benefits and traditional life insurance death benefits. |
◦ | Increase in liability for future policy benefits increased 16.7 percent in the first six months of 2011, compared to the same period of 2010, as a result of the growth of our single premium whole life and single premium immediate annuity products. |
• | Deferred annuity sales increased 24.3 percent and 4.5 percent in the second quarter and first six months of 2011, respectively, as compared with the same periods of 2010. This increase is directly attributable to the activity of a new agency. However, we do not project increased deferred annuity sales as a trend. In fact, deferred annuity sales have continued to decline overall, as interest rates remain at historic lows and as some consumers with a greater tolerance for risk are choosing to surrender their annuities and place the funds in products with greater risk and potentially greater return. Deferred annuity deposits are not recorded as a component of net premiums written or net premiums earned. However, they do generate investment income. |
• | Net cash inflow related to our annuity business was $3.6 million in the second quarter of 2011, compared to $0.5 million net cash outflow in the same period of 2010, as a result of one-time activity of a new agency as described above. For the first six months of 2011 and 2010, net cash outflow was $2.6 million and $1.6 million, respectively. |
(In Thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Net premiums written | $ | 172,196 | $ | 128,749 | $ | 295,355 | $ | 248,185 | |||||||
Net change in unearned premium | (20,453 | ) | (11,695 | ) | (29,543 | ) | (16,881 | ) | |||||||
Net change in prepaid reinsurance premium | 467 | 28 | 602 | 86 | |||||||||||
Net premiums earned | $ | 152,210 | $ | 117,082 | $ | 266,414 | $ | 231,390 |
(In Thousands Except Per Share Data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Net income (loss) | $ | (17,914 | ) | $ | 13,931 | $ | (12,104 | ) | $ | 33,044 | |||||
After-tax realized investment gains | (731 | ) | (1,525 | ) | (2,455 | ) | (3,297 | ) | |||||||
Operating income (loss) | $ | (18,645 | ) | $ | 12,406 | $ | (14,559 | ) | $ | 29,747 | |||||
Diluted earnings (loss) per share | (0.69 | ) | 0.53 | (0.46 | ) | 1.25 | |||||||||
Diluted operating income (loss) per share | (0.71 | ) | 0.48 | (0.56 | ) | 1.12 |
(In Thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
ISO catastrophes (1) | $ | 32,535 | $ | 7,545 | $ | 32,892 | $ | 10,573 | |||||||
Non-ISO catastrophes (2) | 2,371 | 25 | 14,436 | 153 | |||||||||||
Total catastrophes | $ | 34,906 | $ | 7,570 | $ | 47,328 | $ | 10,726 |
Income Statement: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In Thousands) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Revenues | |||||||||||||||
Net premiums written (1) | $ | 172,196 | $ | 128,749 | $ | 295,355 | $ | 248,185 | |||||||
Net premiums earned | $ | 152,210 | $ | 117,082 | $ | 266,414 | $ | 231,390 | |||||||
Investment income, net of investment expenses | 27,741 | 28,291 | 54,804 | 56,259 | |||||||||||
Realized investment gains | |||||||||||||||
Other-than-temporary impairment charges | — | (117 | ) | — | (459 | ) | |||||||||
All other realized gains | 1,124 | 2,463 | 3,777 | 5,531 | |||||||||||
Total realized investment gains | 1,124 | 2,346 | 3,777 | 5,072 | |||||||||||
Other income | 729 | 295 | 885 | 418 | |||||||||||
Total Revenues | $ | 181,804 | $ | 148,014 | $ | 325,880 | $ | 293,139 | |||||||
Benefits, Losses and Expenses | |||||||||||||||
Losses and loss settlement expenses | $ | 135,811 | $ | 72,757 | $ | 211,993 | $ | 141,120 | |||||||
Increase in liability for future policy benefits | 7,880 | 7,375 | 16,062 | 13,765 | |||||||||||
Amortization of deferred policy acquisition costs | 43,732 | 27,922 | 69,778 | 54,438 | |||||||||||
Other underwriting expenses | 14,720 | 10,973 | 30,777 | 20,186 | |||||||||||
Interest on policyholders’ accounts | 10,657 | 10,647 | 21,327 | 21,448 | |||||||||||
Total Benefits, Losses and Expenses | $ | 212,800 | $ | 129,674 | $ | 349,937 | $ | 250,957 | |||||||
Income (loss) before income taxes | (30,996 | ) | 18,340 | (24,057 | ) | 42,182 | |||||||||
Federal income tax expense (benefit) | (13,082 | ) | 4,409 | (11,953 | ) | 9,138 | |||||||||
Net income (loss) | $ | (17,914 | ) | $ | 13,931 | $ | (12,104 | ) | $ | 33,044 |
Balance Sheet: | June 30, 2011 | December 31, 2010 | |||||
(In Thousands) | |||||||
Total invested assets: | |||||||
Property and casualty segment | $ | 1,284,623 | $ | 947,176 | |||
Life insurance segment | 1,582,787 | 1,535,722 | |||||
Total cash and investments | 3,044,824 | 2,662,955 | |||||
Total assets | 3,621,934 | 3,007,439 | |||||
Future policy benefits and losses, claims and loss settlement expenses | $ | 2,369,465 | $ | 1,992,421 | |||
Total liabilities | 2,917,161 | 2,291,015 | |||||
Net unrealized investment gains, after-tax | $ | 115,104 | $ | 102,649 | |||
Total stockholders’ equity | 704,773 | 716,424 | |||||
Property and casualty insurance statutory capital and surplus (1) (2) | $ | 575,201 | $ | 594,308 | |||
Life insurance statutory capital and surplus (2) | 160,082 | 158,379 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In Thousands) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Net Premiums Written | |||||||||||||||
Commercial lines: | |||||||||||||||
Other liability (1) | $ | 34,736 | $ | 32,414 | $ | 65,029 | $ | 61,562 | |||||||
Fire and allied lines (2) | 49,612 | 26,121 | 75,560 | 51,703 | |||||||||||
Automobile | 35,595 | 26,001 | 59,976 | 50,441 | |||||||||||
Workers’ compensation | 14,745 | 12,967 | 29,984 | 26,567 | |||||||||||
Fidelity and surety | 5,044 | 5,519 | 8,539 | 9,570 | |||||||||||
Miscellaneous | 234 | 213 | 460 | 435 | |||||||||||
Total commercial lines | $ | 139,966 | $ | 103,235 | $ | 239,548 | $ | 200,278 | |||||||
Personal lines: | |||||||||||||||
Fire and allied lines (3) | $ | 10,399 | $ | 6,611 | $ | 16,220 | $ | 12,179 | |||||||
Automobile | 5,024 | 3,874 | 8,985 | 7,511 | |||||||||||
Miscellaneous | 245 | 138 | 384 | 257 | |||||||||||
Total personal lines | $ | 15,668 | $ | 10,623 | $ | 25,589 | $ | 19,947 | |||||||
Reinsurance assumed | 3,393 | 3,241 | 4,616 | 3,998 | |||||||||||
Total | $ | 159,027 | $ | 117,099 | $ | 269,753 | $ | 224,223 |
Three Months Ended June 30, | ||||||||||||||||||||
Unaudited | 2011 | 2010 | ||||||||||||||||||
(In Thousands) | Premiums Earned | Losses and Loss Settlement Expenses Incurred | Loss Ratio | Premiums Earned | Losses and Loss Settlement Expenses Incurred | Loss Ratio | ||||||||||||||
Commercial lines | ||||||||||||||||||||
Other liability | $ | 29,021 | $ | 10,629 | 36.6 | % | $ | 28,507 | $ | 13,104 | 46.0 | % | ||||||||
Fire and allied lines | 44,270 | 67,009 | 151.4 | 24,460 | 19,482 | 79.6 | ||||||||||||||
Automobile | 29,891 | 17,697 | 59.2 | 23,216 | 16,653 | 71.7 | ||||||||||||||
Workers’ compensation | 13,457 | 11,668 | 86.7 | 11,628 | 7,505 | 64.5 | ||||||||||||||
Fidelity and surety | 3,844 | 28 | 0.7 | 4,297 | 2,273 | 52.9 | ||||||||||||||
Miscellaneous | 208 | 168 | 80.8 | 197 | 9 | 4.6 | ||||||||||||||
Total commercial lines | $ | 120,691 | $ | 107,199 | 88.8 | % | $ | 92,305 | $ | 59,026 | 63.9 | % | ||||||||
Personal lines | ||||||||||||||||||||
Fire and allied lines | $ | 9,789 | $ | 17,310 | 176.8 | % | $ | 6,108 | $ | 5,758 | 94.3 | % | ||||||||
Automobile | 4,918 | 4,107 | 83.5 | 3,616 | 3,076 | 85.1 | ||||||||||||||
Miscellaneous | 222 | 101 | 45.5 | 116 | (49 | ) | (42.2 | ) | ||||||||||||
Total personal lines | $ | 14,929 | $ | 21,518 | 144.1 | % | $ | 9,840 | $ | 8,785 | 89.3 | % | ||||||||
Reinsurance assumed | 3,389 | 1,407 | 41.5 | % | 3,251 | 442 | 13.6 | % | ||||||||||||
Total | $ | 139,009 | $ | 130,124 | 93.6 | % | $ | 105,396 | $ | 68,253 | 64.8 | % |
Six Months Ended June 30, | ||||||||||||||||||||
Unaudited | 2011 | 2010 | ||||||||||||||||||
(In Thousands) | Premiums Earned | Losses and Loss Settlement Expenses Incurred | Loss Ratio | Premiums Earned | Losses and Loss Settlement Expenses Incurred | Loss Ratio | ||||||||||||||
Commercial lines | ||||||||||||||||||||
Other liability | $ | 56,950 | $ | 21,810 | 38.3 | % | $ | 56,721 | $ | 31,945 | 56.3 | % | ||||||||
Fire and allied lines | 68,168 | 86,677 | 127.2 | 48,844 | 39,281 | 80.4 | ||||||||||||||
Automobile | 52,585 | 31,355 | 59.6 | 46,226 | 30,483 | 65.9 | ||||||||||||||
Workers’ compensation | 25,095 | 21,559 | 85.9 | 22,846 | 11,783 | 51.6 | ||||||||||||||
Fidelity and surety | 7,905 | 19 | 0.2 | 8,976 | 2,482 | 27.7 | ||||||||||||||
Miscellaneous | 411 | 385 | 93.7 | 399 | 45 | 11.3 | ||||||||||||||
Total commercial lines | $ | 211,114 | $ | 161,805 | 76.6 | % | $ | 184,012 | $ | 116,019 | 63.0 | % | ||||||||
Personal lines | ||||||||||||||||||||
Fire and allied lines | $ | 16,036 | $ | 19,509 | 121.7 | % | $ | 12,087 | $ | 7,825 | 64.7 | % | ||||||||
Automobile | 8,662 | 5,970 | 68.9 | 7,083 | 5,957 | 84.1 | ||||||||||||||
Miscellaneous | 345 | 103 | 29.9 | 203 | (76 | ) | (37.4 | ) | ||||||||||||
Total personal lines | $ | 25,043 | $ | 25,582 | 102.2 | % | $ | 19,373 | $ | 13,706 | 70.7 | % | ||||||||
Reinsurance assumed | 4,616 | 14,402 | 312.0 | % | 3,990 | 2,156 | 54.0 | % | ||||||||||||
Total | $ | 240,773 | $ | 201,789 | 83.8 | % | $ | 207,375 | $ | 131,881 | 63.6 | % |
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