-----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, PtzBI0GhuRoYaibPf7EUW4/FL7KCDC5wEV/QmzWZ3nHjFvp8I9DLuaynZViib/pB uyc8aV1QorRRF4+giK6auA== 0000893220-98-001278.txt : 19980803 0000893220-98-001278.hdr.sgml : 19980803 ACCESSION NUMBER: 0000893220-98-001278 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980730 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA ENERGY GROUP CENTRAL INDEX KEY: 0000022099 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 131594808 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: SEC FILE NUMBER: 070-08905 FILM NUMBER: 98673760 BUSINESS ADDRESS: STREET 1: 12355 SUNRISE VALLEY DR STREET 2: SUITE 300 CITY: RESTON STATE: VA ZIP: 20191-3458 BUSINESS PHONE: 7032950394 MAIL ADDRESS: STREET 1: 12355 SUNRISE VALLEY DRIVE STREET 2: SUITE 300 CITY: RESTON STATE: VA ZIP: 20191-3458 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA GAS SYSTEM INC DATE OF NAME CHANGE: 19920703 35-CERT 1 COLUMBIA INSURANCE CORPORATION, LTD 1 July 30, 1998 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, NW Washington, DC 20549 Interim Report Under Rule 24 of the Public Utility Holding Company Act of 1935 Columbia Insurance Corporation, Ltd 12355 Sunrise Valley Drive Suite 300 Reston, VA 20191-3458 File No. 70-8905 Gentlemen: In compliance with the terms and conditions of Rule 24 under the Public Utility Holding Company Act of 1935, and the Order of the Commission dated October 25, 1996 authorizing the financing transactions and business activities as more fully described in the Joint Application/Declaration, as amended (the "application"), the undersigned hereby submits the following information applicable to Columbia Insurance Corporation, Ltd ("CICL") for the January 1, 1998 through June 30, 1998 period. 1. Provide a general description of loss exposure / experience for automobile, "all-risk" property, and general liability insurance coverage. Effective July 1, 1997, CICL entered into a new reinsurance arrangement with a United States insurer with respect to General Liability coverage provided by that insurer to Columbia Energy Group ("Columbia"), its subsidiaries and associates. CICL s exposure under the General Liability reinsurance arrangement is limited to US$800,000 per occurrence excess of a Self Insured Retention of US$200,000 per occurrence and subject to an aggregate limit of exposure of US$3,000,000 and to a further US$1,000,000 per occurrence excess of US$800,000 per occurrence excess of a Self Insured Retention of US$200,000 per occurrence and subject to a separate aggregate limit of exposure of US$1,000,000. Effective June 30, 1997, CICL entered into a new reinsurance agreement with a United States insurer with respect to All Risk coverage provided by that insurer to Columbia, its subsidiaries and associates. CICL's exposure under the All Risk reinsurance agreement is limited depending on the type of loss, to between US$500,000 and US$650,000 per occurrence excess of applicable deductibles and is also subject to an aggregate limit of exposure of US$3,000,000. Only four loss reserves have been reported to CICL by the end of this reporting period. 2 2. Provide an analysis by subsidiary or associate company of auto liability, general liability, and property losses and expenses incurred during the six-month period as compared to premiums paid. As noted above, CICL has had four losses reported to it but has paid no claims in the period under review. 3. Provide an analysis by subsidiary or associate company of claims paid by CICL on behalf of such subsidiary or associate company and include the lead-in reserve available to CICL and end-of-period reserve balance. As noted above, no claims have been paid in the period under review. 4. Provide a listing that illustrates the increases and decreases to premiums for each subsidiary or associate company as a result of the operations of CICL and loss experience of each subsidiary as a result of operations of CICL. At this very early stage in the development of each loss program reinsured, only four losses have been reported to CICL and it has paid no claims and therefore, premium payments have been unaffected by actual loss experience. 5. Provide a statement of actual savings achieved by Columbia as a result of the operations of CICL. A comparison of the estimated cost of purchasing guaranteed cost coverage for the layers of insurance reinsured to CICL for 1996/97 and 1997/98 to the actual costs of CICL for the period from its incorporation to June 30, 1998 reveals that Columbia has made pre-tax savings of $2,635,328 by reinsuring certain of the risks to CICL in the period from incorporation to June 30, 1998. 6. Provide a copy of CICL's income statement and balance sheet, including any notes thereto. CICL's income statement and balance sheet including any notes are attached. Very truly yours, COLUMBIA INSURANCE CORPORATION, LTD By: //s// N. A. Parillo ----------------------------------------------- N. A. Parillo, President 3 Columbia Insurance Corporation, LTD Income Statement Quarter Ending, June 30, 1998 ($000) Operating Revenues 1,217 Operating Expenses Products purchased - Operation 1,304 Other taxes - ---------- Total Operating Expenses 1,304 ---------- Operating Income (Loss) (87) ---------- Other Income (Deductions) Interest income and other, net 197 Interest expense and related charges - ---------- Total Other Income (Deductions) 197 ---------- Income (Loss) Before Income Taxes 110 Income Taxes 38 ---------- Net Income 72 ==========
4 Columbia Insurance Corporation, LTD Balance Sheet As of June 30, 1998 ($000) ASSETS Investment and other assets 7,701 ------------- Current Assets Cash and temporary cash investments 1,825 Accounts receivable, net Customers - Intercompany 453 Other 27 Prepayments 33 Other - ------------- Total Current Assets 2,338 ------------- Deferred Charges 664 ------------- TOTAL ASSETS 10,703 =============
5 Columbia Insurance Corporation, LTD Balance Sheet As of June 30 ,1998 ($000) CAPITALIZATION AND LIABILITIES Capitalization Common Stock Equity Common stock, $25 par value (4,800 shares outstanding) 120 Additional paid in capital 880 Retained earnings 431 ------------ Total common stock equity 1,431 Long term debt - Total Capitalization 1,431 ------------ Current Liabilities Accounts and drafts payable 34 Intercompany accounts payable 201 Accrued taxes - Other - ------------ Total Current Liabilities 235 ------------ Other Liabilities and Deferred Credits Income taxes, noncurrent - Other 9,037 ============ Total Other Liabilities and Deferred Credits 9,037 ------------ TOTAL CAPITALIZATION AND LIABILITIES 10,703 ============
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