10-K/A 1 f10ka1.txt FORM 10-K/A PARENT CO. FIN. STMTS. & SCHEDULE P As in effect 3/1/61 FORM 10-K/A1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 AMENDMENT TO APPLICATION OR REPORT Filed Pursuant to Sections 12, 13, or 15 (d) of THE SECURITIES EXCHANGE ACT OF 1934 OLD REPUBLIC INTERNATIONAL CORPORATION ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) AMENDMENT NO. 1 --- The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its ANNUAL REPORT FOR 2005 ------------------------- on Form 10-K as set forth in the pages attached hereto: (List all such --------- items, financial statements, exhibits or other portions amended) SEE INDEX Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. OLD REPUBLIC INTERNATIONAL CORPORATION -------------------------------------- (Registrant) Date: April 14, 2006 By: /s/ Karl W. Mueller -------------- ----------------------------------- (Signature) Karl W. Mueller Senior Vice President and Chief Financial Officer Total Pages: 13 ---- INDEX FINANCIAL STATEMENT SCHEDULES ----------------------------- Report of Independent Registered Public Accounting Firm OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES Schedule I - Summary of Investments - Other than Investments in Related Parties as of December 31, 2005 Schedule II - Condensed Financial Information of Registrant as of December 31, 2005 and 2004 and for the years ended December 31, 2005, 2004, and 2003 Schedule III - Supplementary Insurance Information for the years ended December 31, 2005, 2004 and 2003 Schedule IV - Reinsurance for the years ended December 31, 2005, 2004 and 2003 Schedule V - Valuation and Qualifying Accounts for the years ended December 31, 2005, 2004 and 2003 Schedule VI - Supplemental Information Concerning Property - Casualty Insurance Operations for the years ended December 31, 2005, 2004 and 2003 Schedules other than those listed are omitted for the reason that they are not required, are not applicable or that equivalent information has been included in the financial statements, notes thereto, or elsewhere herein. EXHIBITS -------- (23) Consent of Independent Registered Public Accounting Firm (28) Consolidated Schedule P. (*) * Not covered by the Report of Independent Registered Public Accounting Firm. -2- REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON ---------------------------------------------------------- FINANCIAL STATEMENT SCHEDULES ----------------------------- To the Board of Directors and Shareholders of Old Republic International Corporation Our audits of the consolidated financial statements, of management's assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated February 28, 2006 appearing in the 2005 Annual Report to Shareholders of Old Republic International Corporation (which report, consolidated financial statements and assessment appear in the Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in the accompanying index of this Form 10-K/A. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. /s/ PricewaterhouseCoopers Chicago, Illinois February 28, 2006 -3- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES As of December 31, 2005 ($ in Thousands) ---------------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D -------------------- ------------------ ------------------ ------------------ Amount at Fair which shown Type of investment Cost (1) Value in balance sheet ------------------ ------------------ ------------------ ------------------ Available for sale: Fixed maturity securities: United States Government and government agencies and authorities $ 1,114,824 $ 1,127,148 $ 1,127,148 States, municipalities and political subdivisions 1,976,463 1,975,209 1,975,209 Foreign government 130,222 132,116 132,116 Public utilities 924,285 923,061 923,061 Corporate, industrial and all other 2,723,710 2,719,895 2,719,895 ------------------ ------------------ ------------------ 6,869,504 $ 6,877,432 6,877,432 ------------------ ================== ------------------ Equity securities: Non-redeemable preferred stocks 961 $ 1,008 1,008 Common stocks: Public utilities 12,984 12,986 12,986 Banks, trusts and insurance companies 79,638 104,841 104,841 Industrial, miscellaneous and all other 407,327 433,657 433,657 ------------------ ------------------ ------------------ 500,910 $ 552,492 552,492 ------------------ ================== ------------------ Short-term investments 275,364 275,364 Miscellaneous investments 62,744 62,744 ------------------ ------------------ Total 7,708,522 7,768,034 ------------------ ------------------ Held to maturity: Other investments 8,035 8,035 ------------------ ------------------ Total 8,035 8,035 ------------------ ------------------ Total Investments $ 7,716,557 $ 7,776,070 ================== ==================
Note: (1) Represents original cost of equity securities, and as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premium or accrual of discount. -4- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------ December 31, ---------------------------------------- 2005 2004 ----------------- ----------------- Assets: Bonds and notes $ 10,500 $ 11,633 Cash 3,357 2,356 Short-term investments 20,366 7,202 Investments in, and indebtedness of related parties: Subsidiaries and affiliates, at equity 3,914,199 3,759,060 Indebtedness of affiliates 217,084 227,470 Other assets 32,726 30,330 ----------------- ----------------- Total Assets $ 4,198,234 $ 4,038,054 ================= ================= Liabilities, Preferred Stock and Common Shareholders' Equity: Liabilities: Accounts payable and accrued expenses $ 40,050 $ 38,248 Debt and debt equivalents 114,990 114,984 Indebtedness to affiliates and subsidiaries 19,137 19,147 Commitments and contingent liabilities ----------------- ----------------- Total Liabilities 174,178 172,381 ----------------- ----------------- Common Shareholders' Equity: Common stock 229,575 185,429 Additional paid-in capital 288,660 270,484 Retained earnings 3,444,975 3,240,182 Accumulated other comprehensive income 60,844 179,577 Treasury stock (at cost) --- (10,000) ----------------- ----------------- Total Common Shareholders' Equity 4,024,055 3,865,673 ----------------- ----------------- Total Liabilities, Preferred Stock and and Common Shareholders' Equity $ 4,198,234 $ 4,038,054 ================= =================
-5- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ----------------------------------------------------------------------------------------------------------------------------- Years Ended December 31, ----------------------------------------------------------- 2005 2004 2003 ---------------- --------------- --------------- Revenues: Investment income from subsidiaries $ 11,378 $ 5,833 $ 6,336 Real estate and other income 3,865 4,000 3,561 Realized investment gains 3 --- 1,378 Other investment income 981 582 576 ---------------- --------------- --------------- Total Revenues 16,228 10,416 11,852 ---------------- --------------- --------------- Expenses: Interest -- subsidiaries 712 352 318 Interest -- other 8,155 8,155 8,155 Real estate and other expenses 3,269 2,872 2,360 General expenses, taxes and fees 10,916 11,622 9,045 ---------------- --------------- --------------- Total Expenses 23,054 23,002 19,881 ---------------- --------------- --------------- Revenues, net of expenses (6,826) (12,586) (8,028) Federal income tax credits (2,376) (4,473) (171) ---------------- --------------- --------------- Loss before equity in earnings of subsidiaries (4,449) (8,113) (7,856) Equity in Earnings of Subsidiaries: Dividends received 287,275 186,380 174,615 Earnings in excess of dividends 268,595 256,743 293,043 ---------------- --------------- --------------- Net Income $ 551,420 $ 435,010 $ 459,801 ================ =============== ===============
-6- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ----------------------------------------------------------------------------------------------------------------------------- Years Ended December 31, ----------------------------------------------------------- 2005 2004 2003 --------------- --------------- ---------------- Cash flows from operating activities: Net income $ 551,420 $ 435,010 $ 459,801 Adjustments to reconcile net income to net cash provided by operating activities: Accounts receivable 146 (1,350) 136 Income taxes - net (3,461) 9,992 (1,912) Excess of equity in net income of subsidiaries over dividends received (268,595) (256,743) (293,043) Realized investment gains (3) --- (1,378) Accounts payable, accrued expenses and other (2,846) 1,443 1,990 --------------- --------------- ---------------- Total 276,660 188,352 165,594 --------------- --------------- ---------------- Cash flows from investing activities: Sales of fixed maturity securities 1,103 --- --- Sales of other investments 473 10 10 Purchases of fixed assets for company use (1,670) (503) (889) Net decrease (increase) in short-term investments (13,164) 5,644 (4,757) --------------- --------------- ---------------- Total (13,257) 5,152 (5,637) --------------- --------------- ---------------- Cash flows from financing activities: Repayment of notes receivable from related parties 19,869 --- 28,599 Repayment of notes and loans to related parties (42) (67) (1,019) Issuance of notes receivable to related parties --- (115,116) --- Issuance of preferred and common stock 18,493 14,600 9,741 Dividends on common shares (300,723) (91,690) (201,973) Dividends on preferred shares --- --- (1) Purchase of treasury stock --- --- --- --------------- --------------- ---------------- Total (262,402) (192,275) (164,654) --------------- --------------- ---------------- Increase (decrease) in cash 1,000 1,229 (4,697) Cash, beginning of year 2,356 1,126 5,824 --------------- --------------- ---------------- Cash, end of year $ 3,357 $ 2,356 $ 1,126 =============== =============== ================
-7- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D Column E Column F Column G ---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Deferred Losses, Other Policy Claims and Policyholders' Net Acquisition Settlement Unearned Benefits and Premium Investment Segment Costs Expenses Premiums Funds Revenue Income ---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Year Ended December 31, 2005: ---------------------------------- Insurance Underwriting: General Insurance Group $141,575 $2,507,076 $825,799 $86,129 $1,805,209 $197,076 Mortgage Insurance Group 50,341 214,844 45,508 --- 429,567 70,120 Title Insurance Group --- 295,808 --- 1,748 757,203 26,024 Corporate & Other (1) 48,111 19,937 --- 63,282 70,325 16,918 Reinsurance Recoverable (2) --- 1,902,193 167,999 37,665 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $240,028 $4,939,860 $1,039,306 $188,825 $3,062,305 $310,139 ============ ============ ============ ============ ============ ============ Year Ended December 31, 2004: ---------------------------------- Insurance Underwriting: General Insurance Group $129,368 $2,269,763 $743,343 $75,076 $1,623,030 $183,495 Mortgage Insurance Group 55,130 200,070 42,517 --- 403,207 67,764 Title Insurance Group --- 277,086 --- 1,903 714,016 25,578 Corporate & Other (1) 47,846 16,979 --- 62,656 64,612 14,036 Reinsurance Recoverable (2) --- 1,639,627 117,278 36,349 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $232,345 $4,403,527 $903,140 $175,985 $2,804,866 $290,875 ============ ============ ============ ============ ============ ============ Year Ended December 31, 2003: ---------------------------------- Insurance Underwriting: General Insurance Group $107,998 $2,047,828 $663,779 $68,723 $1,379,565 $175,008 Mortgage Insurance Group 63,710 180,610 47,482 --- 400,927 65,703 Title Insurance Group --- 259,092 --- 2,389 749,987 23,599 Corporate & Other (1) 50,211 12,611 --- 59,486 51,623 14,923 Reinsurance Recoverable (2) --- 1,522,568 103,559 41,707 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $221,920 $4,022,712 $814,822 $172,306 $2,582,103 $279,234 ============ ============ ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor internal services subisidiares and a small life & health insurance operation. (2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" eliminates the reporting of assets and liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as assets. Assets and liabilities were, as a result, increased by corresponding amounts of approximately $2.1 billion at December 31, 2005, $1.7 billion at December 31, 2004 and $1.6 billion at December 31, 2003. FAS No. 113 does not have any effect on the Company's results of operations. -8- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) ----------------------------------------------------------------------------------------------- Column A Column H Column I Column J Column K ---------------------------------- ------------ ------------ ------------ ------------ Benefits, Amortization Claims, of Deferred Losses and Policy Other Settlement Acquisition Operating Premiums Segment Expenses Costs Expenses Written ---------------------------------- ------------ ------------ ------------ ------------ Year Ended December 31, 2005: ---------------------------------- Insurance Underwriting: General Insurance Group $1,206,859 $319,504 $141,223 $1,889,361 Mortgage Insurance Group 159,708 41,486 71,104 432,557 Title Insurance Group 64,863 --- 955,003 757,203 Corporate & Other (1) 34,063 18,908 45,804 71,249 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $1,465,494 $379,898 $1,213,135 $3,150,371 ============ ============ ============ ============ Year Ended December 31, 2004: ---------------------------------- Insurance Underwriting: General Insurance Group $1,069,599 $290,888 $129,047 $1,701,149 Mortgage Insurance Group 143,187 47,883 74,253 398,242 Title Insurance Group 59,752 --- 929,514 714,016 Corporate & Other (1) 35,431 21,747 39,423 66,961 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $1,307,969 $360,519 $1,172,239 $2,880,370 ============ ============ ============ ============ Year Ended December 31, 2003: ---------------------------------- Insurance Underwriting: General Insurance Group $932,945 $251,874 $129,026 $1,460,323 Mortgage Insurance Group 90,902 51,042 80,303 406,037 Title Insurance Group 63,801 --- 934,579 749,987 Corporate & Other (1) 25,178 12,360 34,014 49,275 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $1,112,828 $315,277 $1,177,923 $2,665,623 ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor internal services subisidiares and a small life & health insurance operation. (2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" eliminates the reporting of assets and liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as assets. Assets and liabilities were, as a result, increased by corresponding amounts of approximately $2.1 billion at December 31, 2005, $1.7 billion at December 31, 2004 and $1.6 billion at December 31, 2003. FAS No. 113 does not have any effect on the Company's results of operations. -8- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE IV - REINSURANCE For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------------ Column A Column B Column C Column D Column E Column F ------------------------------------ ---------------- ---------------- ----------------- ----------------- ---------------- Percentage Ceded Assumed of amount Gross to other from other Net assumed amount companies companies amount to net ---------------- ---------------- ----------------- ----------------- ---------------- Year Ended December 31, 2005: ------------------------------------ Life insurance in force $ 15,226,144 $ 7,937,659 $ --- $ 7,288,485 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 2,291,915 $ 522,680 $ 35,974 $ 1,805,209 2.0 % Mortgage Insurance 508,093 79,336 809 429,567 0.2 Title Insurance 753,732 101 3,572 757,203 0.5 Life and Health Insurance: Life insurance 36,357 15,943 --- 20,413 --- Accident and health insurance 62,688 12,777 1 49,912 --- ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 99,045 28,721 1 70,325 --- ---------------- ---------------- ----------------- ----------------- ---------------- Consolidating adjustments --- (1) (1) --- --- ---------------- ---------------- ----------------- ----------------- ---------------- Consolidated $ 3,652,787 $ 630,837 $ 40,356 $ 3,062,305 1.3 % ================ ================ ================= ================= ================ Year Ended December 31, 2004: ------------------------------------ Life insurance in force $ 15,624,497 $ 8,189,223 $ --- $ 7,435,274 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 2,140,930 $ 548,128 $ 30,227 $ 1,623,030 1.9 % Mortgage Insurance 483,619 81,456 1,044 403,207 0.3 Title Insurance 711,735 (64) 2,216 714,016 0.3 Life and Health Insurance: Life insurance 39,286 19,453 --- 19,833 --- Accident and health insurance 57,929 13,223 74 44,779 0.2 ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 97,215 32,677 74 64,612 0.1 ---------------- ---------------- ----------------- ----------------- ---------------- Consolidating adjustments --- (74) (74) --- --- ---------------- ---------------- ----------------- ----------------- ---------------- Consolidated $ 3,433,501 $ 662,123 $ 33,488 $ 2,804,866 1.2 % ================ ================ ================= ================= ================ Year Ended December 31, 2003: ------------------------------------ Life insurance in force $ 14,502,127 $ 7,070,922 $ --- $ 7,431,205 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 1,837,689 $ 491,522 $ 33,397 $ 1,379,565 2.4 % Mortgage Insurance 467,349 67,705 1,283 400,927 0.3 Title Insurance 748,287 96 1,796 749,987 0.2 Life and Health Insurance: Life insurance 34,265 12,833 --- 21,431 --- Accident and health insurance 55,199 25,081 73 30,191 0.2 ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 89,464 37,914 73 51,623 0.1 ---------------- ---------------- ----------------- ----------------- ---------------- Consolidating adjustments --- (73) (73) --- --- ---------------- ---------------- ----------------- ----------------- ---------------- Consolidated $ 3,142,790 $ 597,164 $ 36,476 $ 2,582,103 1.4 % ================ ================ ================= ================= ================
-9- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------------ Column A Column B Column C Column D Column E -------------------------------------------- ---------------- --------------------------------- ---------------- --------------- Charged Balance Charged to to Other Balance Beginning of Costs Accounts - Deductions - at End of Description Period Expenses Describe Describe Period ------------------------------------------- ---------------- ---------------- --------------- ---------------- --------------- Year Ended December 31, 2005: Deducted from Asset Accounts: Reserve for unrecoverable reinsurance $ 45,652 $ (8,838) $ --- $ --- $ 36,813 =============== ================ =============== ================ =============== Year Ended December 31, 2004: Deducted from Asset Accounts: Reserve for unrecoverable reinsurance $ 27,300 $ 18,352 $ --- $ --- $ 45,652 =============== ================ =============== ================ =============== Year Ended December 31, 2003: Included in Claim Liability Accounts: Reserve for unrecoverable reinsurance $ 10,550 $ 16,750 $ --- $ --- $ 27,300 =============== ================ =============== ================ ===============
-10- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) --------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D Column E Column F Column G -------------------------------- ----------- ------------ ----------- ------------ ------------ ----------- Reserves for Deferred Unpaid Claims Discount, Policy and Claim If Any, Net Acquisition Adjustment Deducted in Unearned Earned Investment Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income -------------------------------- ----------- ------------ ----------- ------------ ------------ ----------- Year Ended December 31, 2005: -------------------------------- (a)Consolidated property-casualty entities (1) $141,575 $2,507,076 $138,301 $825,799 $1,805,209 $197,076 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $141,575 $2,507,076 $138,301 $825,799 $1,805,209 $197,076 =========== ============ =========== ============ ============ =========== Year Ended December 31, 2004: -------------------------------- (a)Consolidated property-casualty entities (1) $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495 =========== ============ =========== ============ ============ =========== Year Ended December 31, 2003: -------------------------------- (a)Consolidated property-casualty entities (1) $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008 =========== ============ =========== ============ ============ ===========
Note: (1) See note (2) to Schedule III. (2) These amounts are immaterial and have, therefore, been omitted from this schedule. -11- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS For the years ended December 31, 2005, 2004 and 2003 ($ in Thousands) --------------------------------------------------------------------------------------------------------- Column A Column H Column I Column J Column K -------------------------------- ------------------------- ------------ ----------- ------------ Claims and Claim Adjustment Expenses Amortization Paid Incurred Related to of Deferred Claims ------------------------- Policy and Claim Current Prior Acquisition Adjustment Premiums Affiliation With Registrant Year Years Costs Expenses Written -------------------------------- ------------ ----------- ------------ ----------- ------------ Year Ended December 31, 2005: -------------------------------- (a)Consolidated property-casualty entities (1) $1,254,488 ($52,969) $319,504 $964,205 $1,889,361 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $1,254,488 ($52,969) $319,504 $964,205 $1,889,361 ============ =========== ============ =========== ============ Year Ended December 31, 2004: -------------------------------- (a)Consolidated property-casualty entities (1) $1,122,998 ($55,695) $290,888 $845,368 $1,701,149 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $1,122,998 ($55,695) $290,888 $845,368 $1,701,149 ============ =========== ============ =========== ============ Year Ended December 31, 2003: -------------------------------- (a)Consolidated property-casualty entities (1) $943,610 ($25,804) $251,874 $751,090 $1,460,323 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $943,610 ($25,804) $251,874 $751,090 $1,460,323 ============ =========== ============ =========== ============
Note: (1) See note (2) to Schedule III. (2) These amounts are immaterial and have, therefore, been omitted from this schedule. -11-