-----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, GD2jH5UAzwcL4FnvuhougEPGjG1Ce+nRmTB7g9FlUBuyUpTfIpieahbs8wssD0zv +V3juE52FECuGzJwd7nhNA== 0000792854-96-000013.txt : 19960918 0000792854-96-000013.hdr.sgml : 19960918 ACCESSION NUMBER: 0000792854-96-000013 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960917 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHANDLER INSURANCE CO LTD CENTRAL INDEX KEY: 0000792854 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-15286 FILM NUMBER: 96631109 BUSINESS ADDRESS: STREET 1: 5TH FLR ANDERSON SQUARE STREET 2: PO BOX 1854 CITY: GRAND CAYMAN CAYMAN STATE: E9 ZIP: 00000 BUSINESS PHONE: 8099498177 MAIL ADDRESS: STREET 1: 5TH FLOOR ANDERSON SQUARE STREET 2: P O BOX 1854 CITY: GRAND CAYMAN STATE: E9 10-Q/A 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-Q/A /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 1996 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ________ to ________ Commission File Number: 0-15286 CHANDLER INSURANCE COMPANY, LTD. (Exact name of registrant as specified in its charter) Cayman Islands None (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 5th Floor Anderson Square N/A P.O. Box 1854 (Zip Code) Grand Cayman, Cayman Islands B.W.I. (Address of principal executive offices) Registrant's telephone number, including area code: 809-949-8177 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- The number of Common Shares, $1.67 par value, of the registrant outstanding on July 31, 1996 was 6,941,708. This excludes 567,350 Common Shares owned by Chandler (U.S.A.), Inc., a subsidiary of registrant, which are eligible to vote. ================================================================================ AMENDMENT NO. 1 Chandler Insurance Company, Ltd. hereby amends the following financial statements of its Quarterly Report on Form 10-Q for the quarter ended June 30, 1996 as set forth below: Part I, Item 1. Financial Statements Consolidated Balance Sheets - June 30, 1996 and December 31, 1995. Amended to correct a amount of Covenants Not to Compete, Net. CHANDLER INSURANCE COMPANY, LTD. PAGE 5 Consolidated Balance Sheets (Unaudited) (Dollars in thousands except per share amounts)
June 30, December 31, 1996 1995 ------------ ------------ ASSETS Investments Fixed maturities available for sale, at estimated fair value........................$ 96,679 $ 108,096 Fixed maturities held to maturity, at amortized cost (estimated fair value $3,751 and $6,147 in 1996 and 1995, respectively)..... 3,664 5,941 ------------ ------------ Total investments.............................. 100,343 114,037 Cash and cash equivalents............................ 11,771 8,524 Premiums receivable, less allowance for non-collection of $197 and $177 at 1996 and 1995, respectively.................... 32,235 35,058 Reinsurance recoverable on paid losses, less allowance for non-collection of $390 and $307 at 1996 and 1995, respectively............... 3,980 4,485 Reinsurance recoverable on unpaid losses, less allowance for non-collection of $0 and $307 at 1996 and 1995, respectively............... 42,063 46,777 Prepaid reinsurance premiums......................... 4,488 5,170 Deferred policy acquisition costs.................... 3,986 3,800 Property and equipment, net.......................... 6,057 6,188 Other assets......................................... 10,460 10,617 Licenses, net........................................ 4,568 4,643 Excess of cost over net assets acquired, net......... 6,224 6,517 Covenants not to compete, net........................ 933 1,133 ------------ ------------ Total assets.........................................$ 227,108 $ 246,949 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Unpaid losses and loss adjustment expenses........$ 117,427 $ 128,794 Unearned premiums................................. 27,552 31,280 Policyholder deposits............................. 4,248 4,484 Accrued taxes and other payables.................. 4,261 5,969 Premiums payable.................................. 2,183 2,972 ------------ ------------ Total liabilities.............................. 155,671 173,499 ------------ ------------ Shareholders' equity Common stock, $1.67 par value, 10,000,000 shares authorized, 7,509,058 shares issued............ 12,540 12,540 Paid-in surplus................................... 36,143 36,143 Retained earnings................................. 26,856 25,926 Unrealized gain (loss) on investments available for sale, net of tax................. (1,954) 989 Less: Stock held by subsidiary, at cost (567,350 shares)............................... (2,148) (2,148) ------------ ------------ Total shareholders' equity..................... 71,437 73,450 ------------ ------------ Total liabilities and shareholders' equity...........$ 227,108 $ 246,949 ============ ============
See accompanying Notes to Interim Consolidated Financial Statements. PAGE 13 SIGNATURES 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. Date: September 17, 1996 CHANDLER INSURANCE COMPANY, LTD. By: /s/ Brent LaGere -------------------------------- Brent LaGere Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer) By: /s/ Mark T. Paden -------------------------------- Mark T. Paden Vice President - Finance and Chief Financial Officer (Principal Accounting and Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----