-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A0zD0l699+eGxLlN3P9SX5p4M/0NBGoQYl87/FLAEdiZ9QE0hmpYh2AkZxufplWy a/UQUqFvkJh+MJft1EqDoQ== 0001030798-97-000131.txt : 19971224 0001030798-97-000131.hdr.sgml : 19971224 ACCESSION NUMBER: 0001030798-97-000131 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971223 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STONEVILLE INSURANCE CO CENTRAL INDEX KEY: 0001036506 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 721341156 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-24739 FILM NUMBER: 97743337 BUSINESS ADDRESS: STREET 1: 633 NORTH STATE ST STE 200 CITY: JACKSON STATE: MS ZIP: 39202-7817 BUSINESS PHONE: 6013527817 MAIL ADDRESS: STREET 1: STONEVILLE INSURANCE CO STREET 2: 633 NORTH STATE ST STE 200 CITY: JACKSON STATE: MS ZIP: 39202-7817 10-Q 1 STONEVILLE INSURANCE COMPANY FORM 10-Q FOR 9/30/97 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20459 FORM 10-QSB Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarter ended September 30, 1997 Commission File Number 333-24739 STONEVILLE INSURANCE COMPANY (Exact name of registrant as specified in its charter) Mississippi 72-1341156 (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) Registrant's telephone number: (601) 352-7817 No Change Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes No X Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Class Outstanding at December 15, 1997 Common stock ($1.00 par value) 0 shares Stoneville Insurance Company (the "Company") and Delta Agricultural and Industrial Trust, a Mississippi workers' compensation self insurance trust (the "Trust"), entered into a Plan and Agreement of Reorganization and Conversion of the Trust (the "Plan"), which was adopted and approved by the Trust's Board of Trustees on March 20, 1997 and amended September 11, 1997. Pursuant to the Plan: (i) the Trust will transfer substantially all its assets and liabilities (other than insurance liabilities) to Stoneville Insurance Company (the "Company"); (ii) in exchange for the contribution of such assets and liabilities by the Trust to the Company, the Company will issue shares of its common stock, $1.00 par value to the Trust; and (iii) the Trust will dissolve and distribute its assets (common stock of the Company) in a liquidating distribution to former members of the Trust. In connection with the Plan, the Company filed with the Securities and Exchange Commission a Registration Statement on Form S-4 (File No. 333-24739), which became effective on November 12, 1997. As a result, the Company became subject to the reporting requirements under Section 15(d) of the Securities Exchange Act of 1934. For additional information see "Part II, Item 5." PART I: FINANCIAL INFORMATION Delta Agricultural and Industrial Trust Financial Statements Balance Sheets September 30, 1997 and December 31, 1996 Statements of Revenue and Expense Three Months Ended September 30, 1997 and 1996 Nine Months Ended September 30, 1997 and 1996 Statements of Changes in Trust Equity Twelve Months Ended December 31, 1996 Nine Months Ended September 30, 1997 Statements of Cash Flows Nine Months Ended September 30, 1997 and 1996 Notes to Financial Statements Stoneville Insurance Company Financial Statements Balance Sheets September 30, 1997 and December 31, 1996 Statements of Income Three Months Ended September 30, 1997 and 1996 Nine Months Ended September 30, 1997 and 1996 Statements of Changes in Stockholders' Equity Period Ended December 31, 1996 Nine Months Ended September 30, 1997 Statements of Cash Flows Nine Months Ended September 30, 1997 and 1996 Notes to Financial Statements DELTA AGRICULTURAL AND INDUSTRIAL TRUST Balance Sheets As of September 30, 1997 and December 31, 1996 September 30, December 31, Assets 1997 1996 ---------- ---------- Investments: Trading securities (at fair value) Equity securities $247 $1,696,944 Securities available-for-sale (at fair value) Fixed maturities (amortized cost - 1,557,931 1,141,504 $1,551,714 and $1,150,740) Securities held-to-maturity (at amortized cost) Fixed maturities (fair value - $0 and 0 522,884 $521,940) ---------- --------- Total Investments 1,558,178 3,361,332 Cash and Cash Equivalents 1,918,802 1,359,965 Notes receivable 20,000 20,000 Accrued interest receivable 37,835 52,410 Reinsurance receivables, net of 660,986 660,986 uncollectible amounts Excess insurance premium overpayment 89,860 89,860 Capital equipment leases at cost less accumulated depreciation of $14,191 and 9,903 13,517 $9,775 Prepaid expenses 9,983 21,798 Deferred Tax Asset 122,325 152,862 Other assets 575 575 ---------- --------- Total Assets $4,428,447 $5,733,305 ========== ========== Liabilities and Trust Equity Liabilities Reserve for losses and loss adjustment $1,709,753 $2,834,220 expenses Unearned premiums 0 0 Reserve for premium adjustment 321,691 384,863 Accounts payable and accrued liabilities 48,583 56,290 Capital lease obligations 2,193 4,038 ---------- ---------- Total Liabilities 2,082,220 3,279,411 ---------- ---------- Trust Equity Retained earnings 2,340,010 2,463,130 Net unrealized gain(loss) on securities available for sale, net of deferred taxes 6,217 (9,236) ---------- ---------- Total Trust Equity 2,346,227 2,453,894 ---------- ---------- Total Liabilities and Trust Equity $4,428,447 $5,733,305 ========== ========== See notes to financial statements.
DELTA AGRICULTURAL & INDUSTRIAL TRUST Statements of Revenue and Expenses Nine Months Ended September 30, 1997 and 1996 Three Nine Months Months Ended Ended ` -------------------------- ------------------------ September September 30, 30, -------------------------- ------------------------ 1997 1996 1997 1996 -------------------------- ------------------------ Revenue Premiums earned $0 $9,815 $0 $2,137,150 Premiums ceded 0 0 0 (89,860) -------------------------- ------------------------ Net premiums earned 0 9,815 0 2,047,290 Investment income 48,005 76,601 139,449 224,184 Net realized gains and (losses) on securities (4,199) 0 (3,216) available-for-sale Other (9,958) (412,703) (19,073) (455,722) -------------------------- ------------------------ Total Revenue 38,047 (330,486) 120,376 1,812,536 -------------------------- ------------------------ Expenses Loss and loss adjustment 0 0 0 1,248,334 expenses Service company fees 0 0 0 299,322 Regulatory fees 5,751 7,137 17,253 21,411 General expenses 109,017 67,723 292,777 309,179 -------------------------- ------------------------ Total Expenses 114,768 74,860 310,030 1,878,246 -------------------------- ------------------------ Excess Revenue over Expenses Before Income Tax (76,721) (405,346) (189,654) (65,710) Provision Provision (benefit) for (26,045) 3,099 (66,534) 125,615 -------------------------- ------------------------- income taxes Excess Revenue over ($50,676) ($408,445) ($123,120) ($191,325) Expenses ========================== ========================= See notes to financial statements.
DELTA AGRICULTURAL AND INDUSTRIAL TRUST Statements of Changes in Trust Equity For Periods Indicated Unrealized Gain (Loss) on Total Available Trust for Sale Trust Equity Securities Equity ---------- ---------- ---------- Balance, December 31, $2,432,888 ($67,160) $2,365,728 1995 Change in net unrealized 57,924 57,924 gain (loss) Excess revenue over 30,242 30,242 ---------- ---------- ---------- expenses Balance, December 31, 2,463,130 (9,236) 2,453,894 1996 Change in net unrealized 15,453 15,453 gain (loss) Excess revenue over (123,120) (123,120) expenses ---------- ---------- ---------- Balance, September 30, $2,340,010 $6,217 $2,346,227 1997 ========== ========== ========== See notes to financial statements.
DELTA AGRICULTURAL AND INDUSTRIAL TRUST Statements of Cash Flows Nine Months Ended September 30, 1997 and 1996 September September 30, 30, 1997 1996 ----------- ---------- Cash Flows From Operating Activities Excess revenue over ($123,120) ($191,325) expenses Adjustments to reconcile net income (loss) to net cash provided by operating activities: Realized loss or (gain) 19,073 458,937 on sale of assets Depreciation expense 3,614 3,614 Net proceeds 1,676,780 260,456 (purchases) of trading securities Deferred income tax (66,534) 125,615 expense (benefit) Decrease (increase) in 111,646 1,238,241 receivables Decrease (increase) in 11,815 (97,869) prepaid expenses Increase (decrease) in reserve for losses and loss adjustment (1,124,467) (170,450) expenses Increase (decrease) in accounts payable and other liabilities (70,879) (1,688,273) ----------- ----------- Net Cash Provided by 437,928 (61,054) Operating Activities ----------- ----------- Cash Flows From Investing Activities Proceeds from sales of 2,067 1,187,012 available-for-sale securities Purchases of (587,775) (1,846,221) available-for-sale securities Proceeds from 422,220 0 maturities of held-to-maturity securities Transfer from 286,242 255,492 held-to-maturity to cash equivalents Capital expenditures 0 (1,553) ----------- ---------- Net Cash Provided by 122,754 (405,270) Investing Activities ----------- ---------- Cash Flows From Financing Activities Principal payments (1,845) (4,520) under capital lease obligations ---------- ---------- Net Cash Used in (1,845) (4,520) Financing Activities ---------- ---------- Net Increase (Decrease) in Cash and Cash Equivalents 558,837 (470,844) Cash and Cash 1,359,965 1,240,298 Equivalents, beginning of period ---------- ---------- Cash and Cash $1,918,802 $769,454 Equivalents, end of period ========== ========== See notes to financial statements. Delta Agricultural and Industrial Trust Notes to Financial Statements Quarters Ended September 30, 1997 and 1996 1. Basis of Presentation These interim financial statements have been prepared on the basis of accounting principles used in the annual financial statements ended December 31, 1996, and must be read in conjunction with the 1996 statements. In the opinion of management, the accompanying interim unaudited financial statements contain all adjustments necessary for a fair statement of financial position and results of operations of the Trust for the interim periods. 2. Plan of Reorganization and Conversion A Plan and Agreement of Reorganization and Conversion was entered into March 20, 1997 and amended September 11, 1997 by and between Delta Agricultural and Industrial Trust and Stoneville Insurance Company whereby the Trust will transfer all of its existing assets and liabilities (except insurance liabilities) to Stoneville in exchange for stock in Stoneville. The Trust will then be liquidated and dissolved with the stock of Stoneville being distributed to its former members in accordance with the terms outlined in the Plan. The effective date of the Plan will be the close of the last business day of the month in which all of the conditions precedent have been satisfied. The conditions to be satisfied are: (i) Reinsurance Agreement is in effect in which the Trust and its successors or assigns are relieved of any and all claims obligations of the Trust and (ii) dissenters' rights under the plan shall not have been perfected by holders of more than 20% of Trust Units. If either of these two conditions are not met, the Plan will not proceed. For additional information see "Part II, Item 5." 3. Operations of the Trust The Trust discontinued writing workers' compensation insurance for its members effective July 1, 1996 as part of an agreement established with a commercial carrier to help lower premiums to members. As a result, the Trust has been inactive in the workers compensation insurance market since that time. STONEVILLE INSURANCE COMPANY Balance Sheets September 30, 1997 and December 31, 1996 September 30, December 31, 1997 1996 ---------- -------- Assets Cash in Bank 17,684 $19,970 Deposits 1,700 0 ---------- --------- Total Assets $19,384 $19,970 ========== ========= Liabilities Notes Payable $20,000 $20,000 Accrued Interest Payable 1,305 407 -------- --------- Total Liabilities 21,305 20,407 -------- --------- Stockholders' Equity Common Stock 0 0 Retained Earnings (1,921) (437) --------- --------- Total Stockholders' Equity (1,921) (437) --------- --------- Total Liabilities and Stockholders' Equity $19,384 $19,970 ========= ========= See Notes to Financial Statements.
STONEVILLE INSURANCE COMPANY Statements of Income Nine Months Ended September 30, 1997 and 1996* Three Months Nine Months Ended Ended September September 30, 30, ------------------------ ------------------------ 1997 1996* 1997 1996* ------------------------ ------------------------ Revenue $0 $0 $0 $0 ------------------------ ------------------------ Expenses General Administrative 586 0 586 0 Interest Expense 310 0 898 0 ----------------------- ----------------------- Total Expenses 896 0 1,484 0 ----------------------- ----------------------- Net Income ($896) $0 ($1,484) $0 ======================= ======================== * The Company had no activity during this period in 1996. See notes to financial statements.
STONEVILLE INSURANCE COMPANY Statements of Changes in Stockholders' Equity For Periods Indicated Total Common Retained Stockholders' Stock Earnings Equity ------ -------- ----------- Balance, September 1, 1996 $0 $0 $0 Net income (loss) (437) (437) ------ -------- ----------- Balance, December 31, 1996 0 (437) (437) Net income (loss) (1,484) (1,484) ------ -------- ----------- Balance, September 30, 1997 $0 ($1,921) ($1,921) ====== ======== =========== See notes to financial statements. STONEVILLE INSURANCE COMPANY Statements of Cash Flows Nine Months Ended September 30, 1997 and 1996 September 30, September 30, 1997 1996 ------------ ------------- Cash Flows From Operating Activities Excess revenue over expenses ($1,484) $0 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Increase in (1,700) other assets Increase 898 0 (decrease) in accrued liabilities ----------- ------------- Net Cash Provided by Operating (2,286) 0 Activities ----------- ------------- Cash Flows From Investing Activities 0 0 ----------- ------------- Cash Flows From Financing Activities Net proceeds from borrowing 0 20,000 ----------- ------------- Net Cash Provided by Financing 0 20,000 Activities ----------- ------------- Net Increase (Decrease) in Cash and Cash Equivalents (2,286) 20,000 Cash and Cash Equivalents, beginning of 19,970 0 period ----------- ------------- Cash and Cash Equivalents, end of $17,684 $20,000 period =========== ============= See notes to financial statements. Stoneville Insurance Company Notes to Financial Statements Quarters Ended September 30, 1997 and 1996 1. Basis of Presentation These interim financial statements have been prepared on the basis of accounting principles used in the annual financial statements ended December 31, 1996, and must be read in conjunction with the 1996 statements. In the opinion of management, the accompanying interim unaudited financial statements contain all adjustments necessary for a fair statement of financial position and results of operations of the Company for the interim periods. 2. Plan of Reorganization and Conversion A Plan and Agreement of Reorganization and Conversion was entered into March 20, 1997 and amended September 11, 1997 by and between Stoneville Insurance Company and Delta Agricultural and Industrial Trust whereby the Trust will transfer all of its existing assets and liabilities (except insurance liabilities) to Stoneville in exchange for stock in Stoneville. The Trust will then be liquidated and dissolved with the stock of Stoneville being distributed to the former members of the Trust in accordance with the terms outlined in the Plan. The effective date of the Plan will be the close of the last business day in the month in which all of the conditions precedent have been satisfied. The conditions to be satisfied are: (i) Reinsurance Agreement is in effect in which the Trust and its successors or assigns are relieved of any and all claims obligations of the Trust and (ii) dissenters rights under the plan shall not have been perfected by holders of more than 20% of Trust Units. If either of these two conditions are not met, the Plan will not proceed. For additional information see "Part II, Item 5." 3. Operations of the Company Stoneville Insurance Company was formed in 1996 to become the successor to the Delta Agricultural and Industrial Trust, a Mississippi self-funded workers compensation trust. The Company has been inactive in anticipation of the effective date of the Plan and Agreement of Reorganization and Conversion described in Note 2. Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Stoneville Insurance Company Financial Condition - September 30, 1997 Compared to December 31, 1996 Total stockholders' equity decreased by $1,484 from $(437) at December 31, 1996 to $(1,921) at September 30, 1997. This decrease was caused by a net loss from operations of $1,484 for the first nine months of 1997. Stoneville Insurance Company has been virtually inactive since its inception. The Company was formed to be the successor to Delta Agricultural and Industrial Trust in a reorganization and conversion that is expected to be completed by the end of 1997. Results of Operations - Third Quarter 1997 Compared to Third Quarter 1996 Except for certain administrative expenditures paid with funds borrowed from Delta Agricultural and Industrial Trust, Stoneville has been inactive since its inception. There was no income or expense during the quarter ended September 30, 1996. Interest expense and general expenses in the amounts of $310 and $586 respectively were incurred during the quarter ended September 30, 1997. A net loss of $896 was sustained for the quarter ended September 30, 1997 with no net income or loss for the same quarter in 1996. Results of Operations - Nine Months ended September 30, 1997 Compared to Nine Months Ended September 30, 1996 Stoneville was formed in the third quarter of 1996 and, except for certain general expenses and interest expense, has had no activity since that time. There was no income or expense for the period ended September 30, 1996. Interest expense in the amount of $898 and general expenses of $586 were incurred during the period ended September 30, 1997, creating a net loss of $1,484 for the nine months ended September 30, 1997 compared to no net income or loss for the period ended September 30, 1996. Delta Agricultural and Industrial Trust (the "Trust") Financial Condition - September 30, 1997 Compared to December 31, 1996 Total Trust equity decreased by $107,667 or 4.4% from $2,453,894 at December 31, 1996 to $2,346,227 at September 30, 1997. This decrease was caused by a net loss from operations of $123,120 for the first nine months of 1997 and an increase in unrealized gain on securities available-for-sale of $15,453. Unrealized gain or loss on securities available-for-sale increased from $(9,236) at December 31, 1996 to $6,217 at September 30, 1997. Total assets decreased by $1,304,858 or 22.8% at September 30, 1997 compared to December 31, 1996. Cash and investments decreased a total of $1,244,317 during the nine months ended September 30, 1997 due primarily to the payment of workers' compensation claims incurred in earlier periods and the absence of collected premiums during the nine months ended September 30, 1997. Total liabilities decreased by $1,197,191 or 36.5% at September 30, 1997 compared to December 31, 1996. A decrease in the reserve for losses and loss adjustment expenses in the amount of $1,126,467 accounted for most of the decrease in liabilities. This was due to the payment of claims incurred in prior years, the absence of new claims and limited adverse development of old claims. The Trust plans to fund an assumption reinsurance agreement executed in September, 1997 with a commercial insurance carrier which will relieve the Trust and any of its successors or assigns from any and all workers' compensation claim obligations. It is anticipated that the agreement will be funded at the end of December, 1997. The funding of such agreement will eliminate the liability for losses and loss adjustment expenses and decrease cash and investments. The transaction will also decrease Trust equity by approximately $500,000. It is anticipated that the Trust will transfer all of its assets and liabilities (except insurance liabilities) to Stoneville Insurance Company in late December, 1997 in exchange for stock in Stoneville. The Trust will then be liquidated and dissolved by distributing the Stoneville Stock to its former members in accordance with the Plan and Agreement of Reorganization and Conversion. Results of Operations - Third Quarter 1997 Compared to Third Quarter 1996 The Trust experienced a net loss of $50,676 for the third quarter of 1997 compared to a net loss of $408,445 in the third quarter of 1996. Investment income of the Trust decreased from $76,601 in the third quarter of 1996 to $48,005 in the third quarter of 1997. This decrease was a result of having less cash to invest due to the elimination of premium revenue effective July 1, 1996 as discussed below, and the continued payment of existing claims and administrative expenses. In the third quarter of 1996 the Trust realized a loss in the value of trading securities in the amount of $412,703 compared to a loss of $9,958 for the same period in 1997. General expenses increased from $67,723 in the third quarter of 1996 to $109,017 in 1997. This increase is due primarily to the cost of the reorganization and conversion of the Trust which is expected to be completed by the end of 1997. The Trust recognized an income tax benefit for the quarter ended September 30, 1997 in the amount of $26,045 compared to a tax provision for the same quarter in 1996 of $3,099. The Trust was unable to reduce its taxable income as of September 30, 1996 by the amount of its net capital losses and the possibility of recognizing a future benefit from such losses appears remote. Results of Operations - Nine Months ended September 30, 1997 Compared to Nine Months Ended September 30, 1996 The Trust experienced a net loss of $123,120 in the nine months ended September 30, 1997 compared to a net loss of $191,325 in the nine months ended September 30, 1996. The loss in 1997 is attributable to the elimination of premium revenue coupled with a decrease in investment income and the continued costs of reorganization and conversion. Premium revenue was eliminated effective July 1, 1996 when Trust management determined that interests of the members of the Trust would best be served by entering into an arrangement with a commercial insurance carrier whereby the commercial carrier would begin writing the workers compensation coverage for Trust members. Investment income decreased as a result of having less cash available for investment. Less cash was available as a result of the elimination of premium revenue and the continued payment of existing claims and general expenses. There were no loss and loss adjustment expenses or service company fees incurred during the nine months ended September 30, 1997 since there was no coverage provided to members by the Trust during this period. Regulatory fees decreased from $21,411 in the nine months ended September 30, 1996 to $17,253 in the same period in 1997. These fees decreased due to the decreased activity of the Trust in the workers' compensation market during the last half of 1996. An income tax benefit is provided for the nine months ended September 30, 1997 in the amount of $66,534 as a result of a net taxable loss during the period. For the same period in 1996, there is a tax provision of $125,615 due primarily to the Trust's inability to use the capital loss on the sale of trading securities to reduce its taxable income. The net loss for the nine months ended September 30, 1996 was attributable primarily to the decline in value of trading securities in the amount of $455,722. PART II: OTHER INFORMATION Item 1 - Legal Proceedings There have been no material changes to the legal proceedings described in the Company's Registration Statement on Form S-4 (File Number 333-24739). Item 2 - Changes in Securities None Item 3 - Defaults Upon Senior Securities None Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information The Company and the Trust entered into a Plan and Agreement of Reorganization and Conversion of the Trust (the "Plan"), which was adopted and approved by the Trust's Board of Trustees on March 20, 1997 and amended September 11, 1997. Pursuant to the Plan: (i) the Trust will transfer substantially all its assets and liabilities (other than insurance liabilities) to Stoneville Insurance Company (the "Company"); (ii) in exchange for the contribution of such assets and liabilities by the Trust to the Company, the Company will issue shares of its common stock, $1.00 par value to the Trust; and (iii) the Trust will dissolve and distribute its assets (common stock of the Company) in a liquidating distribution to former members of the Trust. The Plan provided dissenters' rights to members of the Trust. The time for the exercise of dissenters' rights has elapsed and no Trust member has exercised dissenters' rights. It is anticipated that the Plan will be consummated effective December 31, 1997. Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits Exhibit Number Description - -------------- ----------- 2 Plan and Agreement of Reorganization and Conversion of the Trust, as amended September 11, 1997. This document was filed as Exhibit 2.1 to the Company's Registration Statement on Form S-4 (File No. 333-24739)and is incorporated by reference herein. 3.1 Articles of Incorporation of the Company. This document was filed as Exhibit 3.1 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 3.2 Bylaws of the Company. This document was filed as Exhibit 3.2 to the Company's Registration Statement on Form S-4 (File No. 333-24739)and is incorporated by reference herein. 10.1 Assumption Reinsurance Agreement, dated March 20, 1997 between the Trust, Continental, and the Company. This document was filed as Exhibit 10.1 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 10.2 Insurance Placement Agreement dated as of June 10, 1996 between the Trust, TIG and TIG Reinsurance Company. This document was filed as Exhibit 10.2 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 10.3 Representative Agreement dated as of July 1, 1996 between Mississippi Risk Management, Inc. and the Trust. This document was filed as Exhibit 10.3 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 10.4 Assignment and Assumption Agreement dated as of March 20, 1997 between the Trust and the Company. This document was filed as Exhibit 10.4 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 10.5 Amendment Number One, dated September 5, 1997, to Assumption Reinsurance Agreement between the Trust, Continental, and the Company. This document was filed as Exhibit 10.5 to the Company's Registration Statement on Form S-4 (File No. 333-24739) and is incorporated by reference herein. 27 Stoneville Insurance Company Financial Data Schedule for Nine Months Ended 9/30/97. (b) No reports on Form 8-K were filed during the quarter ended September 30, 1997. STONEVILLE INSURANCE COMPANY Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. STONEVILLE INSURANCE COMPANY (Registrant) DATE: December 23, 1997 /s/ Harry E. Vickery -------------------------------------- President and Chief Accounting Officer EX-27 2 STONEVILLE INSURANCE COMPANY FDS 9/30/97
7 9-MOS DEC-31-1997 SEP-30-1997 0 0 0 0 0 0 0 17,684 0 0 19,384 0 0 0 0 20,000 0 0 0 (1,921) 19,384 0 0 0 0 0 0 0 (1,484) 0 (1,484) 0 0 0 (1,484) 0 0 0 0 0 0 0 0 0
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