-----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, DAmMEv8Yk6ZT7vF/EPUW8xSeDkqclAzrsYaIX07Az2izh9N/TESZWA4ri+Lkuogw KQ4sTaG5c4B+RiZlVP42SQ== 0000950123-04-002395.txt : 20040226 0000950123-04-002395.hdr.sgml : 20040226 20040226163045 ACCESSION NUMBER: 0000950123-04-002395 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040226 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLEGHANY CORP /DE CENTRAL INDEX KEY: 0000775368 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 510283071 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09371 FILM NUMBER: 04631081 BUSINESS ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 3201 CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2127521356 MAIL ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 3201 CITY: NEW YORK STATE: NY ZIP: 10152 FORMER COMPANY: FORMER CONFORMED NAME: ALLEGHANY FINANCIAL CORP DATE OF NAME CHANGE: 19870115 8-K 1 y94663e8vk.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 26, 2004 ----------------- ALLEGHANY CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-9371 51-0283071 - ---------------------------- ----------- ------------- (STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
375 PARK AVENUE, SUITE 3201 NEW YORK, NEW YORK 10152 --------------------- ---------- (ADDRESS OF PRINCIPAL (ZIP CODE) EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 752-1356 -------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits
Exhibit Number Description - -------------- ----------- 99.1 2003 Earnings Release, dated February 26, 2004
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 26, 2004, Alleghany Corporation issued a press release on the subject of its 2003 consolidated earnings. A copy of such release is furnished herewith as Exhibit 99.1. The information hereunder shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. SIGNATURE 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. ALLEGHANY CORPORATION By: /s/ Peter R. Sismondo ------------------------------------ Peter R. Sismondo Vice President, Controller, Treasurer and Assistant Secretary Date: February 26, 2004
INDEX TO EXHIBITS
Exhibit Number Exhibit Description - -------------- ------------------- 99.1 2003 Earnings Release, dated February 26, 2004
EX-99.1 3 y94663exv99w1.txt 2003 EARNINGS RELEASE EXHIBIT 99.1 NEW YORK, NY, February 26, 2004 -- Net earnings of Alleghany Corporation (NYSE-Y) were $162.4 million, or $21.79 basic earnings per share of common stock, in 2003 compared with net earnings of $54.8 million, or $7.36 basic earnings per share of common stock, in 2002, John J. Burns, Jr., President and chief executive officer of Alleghany, announced today. Net earnings include the results of operations of RSUI Group, Inc., acquired on July 1, 2003 from Royal & SunAlliance Group plc, and net gains on investment transactions after taxes of $98.7 million, or $13.24 basic earnings per share, primarily resulting from an after-tax gain of $89.5 million on the disposition of 8.0 million shares of common stock of Burlington Northern Santa Fe Corporation. Such disposition generated $222.9 million of aggregate cash proceeds, $118.6 million of which was generated at Alleghany's insurance operating units for the purpose of diversifying their investment portfolios. Alleghany's 2002 results include net gains on investment transactions after taxes of $23.6 million, or approximately $3.18 basic earnings per share, primarily resulting from an after-tax gain of $23.3 million on the disposition of 1.9 million shares of common stock of Burlington Northern Santa Fe. In addition, 2002 results include a net credit of $18.1 million in the provision for income taxes reflecting an adjustment of Alleghany's estimated state and federal tax liabilities. In the fourth quarter of 2003, Alleghany's net earnings were $73.8 million, or $9.85 basic earnings per share, compared with net losses of $1.6 million, or $0.22 basic earnings per share, in the fourth quarter of 2002. The 2003 fourth quarter results include net gains on investment transactions after taxes of $44.9 million, or $6.00 basic earnings per share, compared with a net loss on investment transactions after taxes of $4.7 million, or $0.64 basic earnings per share, in the corresponding 2002 period. Alleghany common stockholders' equity per share at December 31, 2003 was $208.53, an increase from common stockholders' equity per share of $186.16 as of December 31, 2002 (both as adjusted for the stock dividend declared in March 2003). Highlights are as follows (in millions, except for shares and per share amounts):
Three Months Ended Years Ended December 31 December 31 ----------- ----------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Revenues .............................. $ 380.4 $ 133.7 $ 1,018.2 $ 576.9 Earnings (loss) before income taxes ... $ 112.3 $ (0.4) $ 240.4 $ 57.4 Net earnings (loss) ................ $ 73.8 $ (1.6) $ 162.4 $ 54.8 Basic earnings per share of common stock * ........... $ 9.85 $ 0.22 $ 21.79 $ 7.36 Diluted earnings per share of common stock* ............ $ 9.85 $ 0.21 $ 21.72 $ 7.30 Average number of outstanding shares of common stock* ............. 7,491,735 7,401,759 7,450,625 7,448,058
* Adjusted to reflect the dividend of common stock declared in March 2003. The comparative contributions to earnings before taxes made by Alleghany's operating units Alleghany Insurance Holdings (a holding company for Alleghany's property and casualty insurance businesses, consisting of RSUI Group, Inc. ("RSUI"), Capitol Transamerica Corporation ("CATA") and Darwin Professional Underwriters, Inc. ("Darwin")), and World Minerals (industrial minerals business), as well as by Alleghany's parent company and other operations, were as follows (in millions):
Three Months Ended Year Ended December 31 December 31 ----------- ----------- 2003 2002 2003 2002 ------- ------- ------- ------- Alleghany Insurance Holdings $ 52.2 $ (8.8) $ 134.8 $ (20.1) World Minerals 7.4 5.5 25.7 23.5 Parent Company and Other 52.7 2.9 79.9 54.0 ------- ------- ------- ------- Total $ 112.3 $ (0.4) $ 240.4 $ 57.4 ======= ======= ======= =======
On a basic per-share, after-tax basis, the foregoing earnings contributions may be broken down as follows: THREE MONTHS ENDED DECEMBER 31
2003 Parent World Company AIHL Minerals and Other Total Operating income (loss)* ........ $ 4.20 $ 0.54 $ (0.89) $ 3.85 Net gain on investment transactions .................. 0.68 -- 5.32 6.00 -------- -------- -------- -------- Net earnings per share .......... $ 4.88 $ 0.54 $ 4.43 $ 9.85 ======== ======== ======== ======== 2002 Operating (loss) income* ........ $ (0.45) $ 0.35 $ 0.52 $ 0.42 Net (loss) on investment transactions .................. (0.40) -- (0.24) (0.64) -------- -------- -------- -------- Net (loss) earnings per share ... $ (0.85) $ 0.35 $ 0.28 $ (0.22) ======== ======== ======== ========
YEARS ENDED DECEMBER 31
2003 Parent World Company AIHL Minerals and Other Total Operating income (loss)* $ 7.52 $ 1.79 $ (0.76) $ 8.55 Net gain on investment transactions 4.79 -- 8.45 13.24 -------- -------- -------- -------- Net (loss) earnings per share $ 12.31 $ 1.79 $ 7.69 $ 21.79 ======== ======== ======== ======== 2002 Operating (loss) income* $ (0.60) $ 1.63 $ 3.16 $ 4.19 Net (loss) gain on investment transactions (0.96) -- 4.13 3.17 - ----------------------------- -------- -------- -------- -------- Net (loss) earnings per share $ (1.56) $ 1.63 $ 7.29 $ 7.36 ======== ======== ======== ========
* Operating income (loss) represents net earnings (loss) per share less the net gain or loss on investment transactions taxed at the federal income tax rate. Alleghany Insurance Holdings ("AIHL") recorded pre-tax earnings of $134.8 million on revenues of $511.5 million in 2003, compared with a pre-tax loss of $20.1 million on revenues of $128.1 million in 2002. AIHL's 2003 net earnings include pre-tax investment income of $25.7 million and a realized pre-tax net gain on investment transactions of $54.9 million, compared with pre-tax investment income of $13.4 million and a realized pre-tax net loss on investment transactions of $10.9 million in 2002. AIHL's 2003 pre-tax investment income reflects a larger invested asset base, principally due to capital contributions by Alleghany and the acquisition of RSUI. AIHL's 2003 pre-tax net gain on investment transactions primarily reflects the disposition of 4.3 million shares of common stock of Burlington Northern Santa Fe for aggregate cash proceeds of $118.6 million for the purpose of diversifying the investment portfolios of the insurance operating units. The comparative pre-tax contributions to AIHL's results made by its operating units RSUI (since July 1, 2003), CATA and Darwin were as follows (in thousands, except ratios):
Three Months Ended December 31 ------------------------------ 2003 RSUI(1) CATA(2) Darwin(3) Total ------- ------- --------- ----- Gross premiums written $441,453(4) $ 30,629 $24,166 $496,248 Net premiums earned $158,053 $ 33,987 $ 4,115 $196,155 Loss and loss adjustment expenses 68,425 38,997 2,503 109,925 Underwriting expenses 26,543 16,694 2,071 45,308 -------- -------- ------- -------- Underwriting profit (loss) (5) $ 63,085 $(21,704) $ (459) $ 40,922 ======== ======== ======= ======== Loss ratio (6) 43.3% 114.7% 60.8% 56.0% Expense ratio (7) 16.8% 49.1% 50.3% 23.1% Combined ratio (8) 60.1% 163.9% 111.1% 79.1% 2002 Gross premiums written -- $ 35,318 -- $ 35,318 Net premiums earned -- $ 33,279 -- $ 33,279 Loss and loss adjustment expenses -- 27,089 -- 27,089 Underwriting expenses -- 12,844 -- 12,844 -------- -------- ------- -------- Underwriting loss (5) -- $ (6,654) -- $(6,654) ======== ======== ======= ======== Loss ratio (6) -- 81.4% -- 81.4% Expense ratio (7) -- 38.6% -- 38.6% Combined ratio (8) -- 120.0% -- 120.0%
Years Ended December 31 ----------------------- 2003 RSUI(1) CATA(2) Darwin(3) Total ------- ------- --------- ----- Gross premiums written $931,321(4) $ 162,718 $24,166 $1,118,205 Net premiums earned $293,830 $ 132,969 $4,115 $ 430,914 Loss and loss adjustment 150,070 97,629 2,503 250,202 expenses Underwriting expenses 51,982 56,764 4,942 113,688 -------- --------- ------- ---------- Underwriting profit (loss)(5) $91,778 $(21,424) $(3,330) $ 67,024 ======== ========= ======= ========== Loss ratio (6) 51.1% 73.4% 60.8% 58.1% Expense ratio (7) 17.7% 42.7% 120.1% 26.4% Combined ratio (8) 68.8% 116.1% 180.9% 84.5% 2002 Gross premiums written -- $ 148,506 -- $ 148,506 Net premiums earned -- $ 125,649 -- $ 125,649 Loss and loss adjustment -- 100,508 -- 100,508 expenses Underwriting expenses -- 45,349 -- 45,349 -------- --------- ------- ---------- Underwriting loss (5) -- $(20,208) -- $ (20,208) ======== ========= ======= ========== Loss ratio (6) -- 80.0% -- 80.0% Expense ratio (7) -- 36.1% -- 36.1% Combined ratio (8) -- 116.1% -- 116.1%
(1) Since July 1, 2003. (2) Includes the results of Platte River Insurance Company, which was acquired contemporaneously with CATA in January 2002 and operates in conjunction with CATA. (3) Since May 2003. Although Darwin is an underwriting manager for Platte River and certain subsidiaries of CATA, the results of business generated by Darwin have been separated from CATA's results for purposes of this table. (4) Includes $320.8 million of unearned premiums which were acquired with RSUI in July 2003. (5) Represents net premiums earned less loss and loss adjustment expenses and underwriting expenses, all as determined in accordance with generally accepted accounting principles ("GAAP"), and does not include income derived from investments. Underwriting profit (loss) does not replace net income (loss) determined in accordance with GAAP as a measure of profitability; rather, it provides a basis for management to evaluate the underwriting performance of its insurance operating units. (6) Loss and loss adjustment expenses divided by net premiums earned, all as determined in accordance with GAAP. (7) Underwriting expenses divided by net premiums earned, all as determined in accordance with GAAP. RSUI's 2003 gross premiums written include $320.8 million of unearned premiums which were acquired with RSUI in July 2003, as well as $610.5 million of gross premiums written since acquisition, reflecting continued strong markets in its lines of business. In addition, RSUI's 2003 results reflect aggregate pre-tax net catastrophe losses of approximately $16.6 million due to the East Coast blackout in August 2003, Hurricane Isabel in September 2003 and the California wildfires in October 2003. Although RSUI's 2003 results reflect its continued ability to achieve rate increases across its casualty lines of business, rates have increased at a slower pace. In addition, rates have declined in RSUI's property lines of business. CATA's 2003 results primarily reflect $21.9 million of loss reserve strengthening related to assumed reinsurance treaties written by its subsidiary Capitol Indemnity between 1969 and 1976. Such assumed reinsurance treaties primarily relate to asbestos and environmental exposures. Promptly after its acquisition by Alleghany in January 2002, CATA's management commenced a program to settle, or position for commutation, Capitol Indemnity's assumed reinsurance treaties and make appropriate payments on a timely basis when deemed necessary. Since January 2002, Capitol Indemnity has experienced an increase in paid losses on this assumed reinsurance, which was initially attributed to a change in CATA's settlement philosophy. Upon completion in 2003 of an actuarial study undertaken by management, it was determined that the increase in paid losses related to the treaties reflected developments in the underlying claims environment, particularly with respect to asbestos related claims, and, accordingly, CATA strengthened its reserves related to such assumed reinsurance coverages in the amount of $21.9 million. CATA's 2002 results primarily reflect $17.3 million of loss reserve strengthening for 2001 and prior years following independent actuarial reviews, and $10.0 million in pre-tax net losses on investment transactions resulting from the restructuring of CATA's investment portfolio. Darwin, a specialty liability insurance underwriting operation established in May 2003 by Alleghany, together with Stephen J. Sills, former Chief Executive Officer of Executive Risk, Inc., recorded gross premiums written of $24.2 million for the period from May 2003 through year end. Darwin is 80% owned by AIHL and 20% owned by certain members of Darwin's management through participation in a restricted stock plan. Pending the establishment of a separate insurance carrier for Darwin's business, Darwin underwrites specialty liability insurance as an underwriting manager for Platte River and certain subsidiaries of CATA. World Minerals recorded pre-tax earnings of $25.7 million on revenues of $266.3 million in 2003, compared with $23.5 million on revenues of $251.2 million in 2002. The 2003 results primarily reflect the favorable impact of the strengthening of the euro against the U.S. dollar (had foreign exchange rates remained constant with those of 2002, World Minerals' revenues would have been approximately flat) and a modest increase in net sales, offset by lower margins due to competitive pricing pressures and increased labor and benefit costs. An impairment charge in connection with an announced closing of a plant in the United Kingdom and expenses related to staff reductions negatively impacted results by approximately $2.0 million in 2003. World Minerals' 2002 results reflect the impact of businesses acquired in 2001 and 2002, increases in net sales from World Minerals' operations in Europe, Latin America and Asia, including China, higher profit margins due to net reductions of approximately $5.0 million in energy costs, primarily natural gas, at U.S. and Latin American plants, cost control efforts, and net reductions of $1.7 million in interest expense and $1.7 million in amortization expense. Such positive factors more than offset a decline in net sales in the United States and in the European and Asian export markets for World Minerals' U.S.-produced products due to continued sluggish demand and competitive pressures and charges of approximately $2.6 million, primarily reflecting impairment charges taken with respect to United Kingdom operations, a write-off of certain product development costs and expenses incurred in connection with staff reductions. As of December 31, 2003 Alleghany beneficially owned 8.0 million shares, or approximately 2.1 percent, of the outstanding common stock of Burlington Northern Santa Fe Corporation, which had an aggregate market value on that date of approximately $258.8 million, or $32.35 per share. The aggregate cost of such shares is approximately $96.6 million, or $12.07 per share. Alleghany has previously announced that it may purchase shares of its common stock in open market transactions from time to time. In the fourth quarter of 2003, Alleghany purchased an aggregate of 1,326 shares of its common stock for approximately $0.3 million, at an average cost of $222.24 per share. As of December 31, 2003, Alleghany had 7,494,345 shares of common stock outstanding (which includes the stock dividend declared in March 2003). As previously stated, Alleghany common stockholders' equity per share at December 31, 2003 was $208.53, an increase from common stockholders' equity per share of $186.16 as of December 31, 2002 (both as adjusted for the stock dividend declared in March 2003). Additional information regarding the 2003 results of Alleghany and its operating units is contained in Alleghany's Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the U.S. Securities and Exchange Commission on February 26, 2004. # # # ALLEGHANY CORPORATION COMBINING STATEMENTS OF EARNINGS (dollars in thousands) (unaudited)
THREE MONTHS ENDED DECEMBER 31, 2003 THREE MONTHS ENDED DECEMBER 31, 2002 ------------------------------------ ------------------------------------ ALLEGHANY ALLEGHANY INSURANCE WORLD CORPORATE INSURANCE WORLD CORPORATE HOLDINGS MINERALS ACTIVITIES COMBINED HOLDINGS MINERALS ACTIVITIES COMBINED -------- -------- ---------- -------- -------- -------- ---------- -------- REVENUES Net fastener sales $ 0 $ 0 $27,473 $ 27,473 $ 0 $ 0 $25,373 $ 25,373 Interest, dividend and other income 9,103 (31) 10,805 19,877 2,889 (318) 17,569 20,140 Net premiums earned 196,155 0 0 196,155 33,279 0 0 33,279 Net mineral and filtration sales 0 67,726 0 67,726 0 62,051 0 62,051 Net gain (loss) on investment transactions 7,798 0 61,328 69,126 (4,506) 0 (2,683) (7,189) -------- -------- ------- -------- -------- ------- ------- -------- Total revenues 213,056 67,695 99,606 380,357 31,662 61,733 40,259 133,654 COSTS AND EXPENSES Underwriting expenses 45,308 0 0 45,308 12,844 0 0 12,844 Salaries, administrative and other operating expenses 5,590 10,972 9,413 25,975 483 10,940 8,711 20,134 Loss and loss adjustment expenses 109,925 0 0 109,925 27,089 0 0 27,089 Cost of goods sold - fasteners 0 0 22,981 22,981 0 0 17,991 17,991 Cost of mineral and filtration sales 0 48,853 0 48,853 0 44,835 0 44,835 Interest expense 0 493 894 1,387 0 447 957 1,404 Corporate administration 0 0 13,677 13,677 0 0 9,746 9,746 -------- -------- ------- -------- -------- ------- ------- -------- Total costs and expenses 160,823 60,318 46,965 268,106 40,416 56,222 37,405 134,043 -------- -------- ------- -------- -------- ------- ------- -------- EARNINGS BEFORE INCOME TAXES $ 52,233 $ 7,377 $52,641 112,251 $ (8,754) $ 5,511 $ 2,854 (389) ======== ======== ======= ======== ======== ======= ======= ======== INCOME TAXES 38,463 1,222 -------- -------- NET EARNINGS $ 73,788 $ (1,611) ======== ========
ALLEGHANY CORPORATION COMBINING STATEMENTS OF EARNINGS (dollars in thousands) (unaudited)
YEAR ENDED DECEMBER 31, 2003 YEAR ENDED DECEMBER 31, 2002 ---------------------------- ---------------------------- ALLEGHANY ALLEGHANY INSURANCE WORLD CORPORATE INSURANCE WORLD CORPORATE HOLDINGS MINERALS ACTIVITIES COMBINED HOLDINGS MINERALS ACTIVITIES COMBINED -------- -------- ---------- -------- -------- -------- ---------- -------- REVENUES Net fastener sales $ 0 $ 0 $113,277 $ 113,277 $ 0 $ 0 $110,408 $110,408 Interest, dividend and other income 25,672 134 30,258 56,064 13,395 (188) 39,857 53,064 Net premiums earned 430,914 0 0 430,914 125,649 0 0 125,649 Net mineral and filtration sales 0 266,136 0 266,136 0 251,361 0 251,361 Net gain (loss) on investment transactions 54,945 0 96,897 151,842 (10,953) 0 47,328 36,375 -------- -------- -------- ---------- -------- -------- -------- -------- Total revenues 511,531 266,270 240,432 1,018,233 128,091 251,173 197,593 576,857 COSTS AND EXPENSES Underwriting expenses 113,688 0 0 113,688 45,349 0 0 45,349 Salaries, administrative and other operating expenses 12,847 39,628 33,998 86,473 2,357 41,060 31,087 74,504 Loss and loss adjustment expenses 250,202 0 0 250,202 100,508 0 0 100,508 Cost of goods sold - fasteners 0 0 88,163 88,163 0 0 82,162 82,162 Cost of mineral and filtration sales 0 199,148 0 199,148 0 184,685 0 184,685 Interest expense 0 1,815 3,699 5,514 0 1,916 4,629 6,545 Corporate administration 0 0 34,678 34,678 0 0 25,700 25,700 -------- -------- -------- ---------- -------- -------- -------- -------- Total costs and expenses 376,737 240,591 160,538 777,866 148,214 227,661 143,578 519,453 -------- -------- -------- ---------- -------- -------- -------- -------- EARNINGS BEFORE INCOME TAXES $134,794 $ 25,679 $ 79,894 240,367 $(20,123) $ 23,512 $ 54,015 57,404 ======== ======== ======== ========== ======== ======== ======== ======== INCOME TAXES 77,989 2,591 ---------- -------- NET EARNINGS $ 162,378 $ 54,813 ========== ========
ALLEGHANY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share amounts)
DECEMBER 31, DECEMBER 31, 2003 2002 ---- ---- ASSETS Available for sale securities at fair value: Equity securities $ 620,754 $ 486,353 Debt securities 917,270 580,606 Short-term investments 135,079 237,698 ---------- ---------- 1,673,103 1,304,657 Cash 231,583 27,423 Notes receivable 92,082 92,358 Accounts receivable, net 112,808 60,431 Premium balances receivable 279,682 25,279 Reinsurance receivables 190,769 147,479 Ceded unearned premium reserves 264,038 2,775 Deferred acquisition costs 47,282 22,547 Property and equipment - at cost, net of accumulated depreciation 177,708 173,539 Inventory 84,612 81,978 Goodwill and other intangibles, net of amortization 233,739 112,858 Deferred tax assets 85,736 81,653 Other assets 94,898 83,058 ---------- ---------- $3,568,040 $2,216,035 ========== ========== LIABILITIES AND COMMON STOCKHOLDERS' EQUITY Current taxes payable $ 49,605 $ 28,372 Losses and loss adjustment expenses 454,664 258,471 Other liabilities 211,000 145,715 Reinsurance payable 255,117 1,696 Unearned premiums 676,940 64,115 Parent company debt 0 0 Subsidiaries' debt 167,050 152,507 Deferred tax liabilities 190,842 185,817 ---------- ---------- Total liabilities 2,005,218 836,693 Common stockholders' equity 1,562,822 1,379,342 ---------- ---------- $3,568,040 $2,216,035 ========== ========== COMMON SHARES OUTSTANDING (adjusted for dividends) 7,494,345 7,409,282 ========== ==========
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