Delaware | 0-15886 | 13-3138397 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
6 International Drive, Rye Brook, New York |
10573 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | First Quarter Earnings Press Release dated May 9, 2011. |
2
THE NAVIGATORS GROUP, INC. |
||||
By: | /s/ Bruce J. Byrnes | |||
Name: | Bruce J. Byrnes | |||
Title: | Senior Vice President and General Counsel |
3
Exhibit No. | Exhibit | |||
99.1 | First Quarter Earnings Press Release dated May 9, 2011. |
4
| Large current accident year losses from a North Sea drilling operation and an onshore
industrial site. The North Sea drilling operation losses resulted in an $8.9 million first
quarter charge including $5 million of net loss and $3.9 million of reinstatement premiums.
The onshore drilling site generated gross and net losses of $12.0 million and $2.4
million, respectively. |
||
| Sliding scale commission adjustments of $2.6 million related to large loss activity that
has reduced our ceding commission benefit on a large quota share treaty. |
||
| An increase in our reinsurance reinstatement premium accrual by $7.5 million. This
accrual was driven by the recognition of the effect of a shift in our marine reinsurance
protections to an excess of loss program from a quota share program. As a result of this
shift and the increased frequency of severity losses in recent periods, a greater portion
of our IBNR was attributable to marine and energy losses that are or will be ceded to
Marine Excess of Loss Reinsurance program and such cession will trigger additional
reinstatement premiums. |
||
| Adverse loss development in our Lloyds Professional Liability business of $4.2 million
related mostly to Errors and Omissions (E&O) lines for underwriting years 2006 and 2007. |
6 International Drive | Rye Brook, NY 10573 | |
TEL (914) 933-6000 | FAX (914) 934-2355 |
(1) | Operating earnings, or net income excluding after-tax net realized gains (losses) and net
other-than-temporary impairment losses recognized in earnings, is a non-GAAP financial measure
that is a common performance measurement for insurance companies. We believe this
presentation enhances the understanding of our results of operations by highlighting the
underlying profitability of our insurance business. |
Contact: | Francis W. McDonnell Senior Vice President and Chief Financial Officer (914) 933-6270 fmcdonnell@navg.com www.navg.com |
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
Results of Operations | 2011 | 2010 | Change | |||||||||
Gross written premiums |
$ | 296,283 | $ | 270,145 | 10 | % | ||||||
Net written premiums |
193,076 | 189,317 | 2 | % | ||||||||
Revenues: |
||||||||||||
Net earned premiums |
152,478 | 164,069 | -7 | % | ||||||||
Net investment income |
17,384 | 17,972 | -3 | % | ||||||||
Total other-than-temporary impairment losses |
(263 | ) | (251 | ) | 5 | % | ||||||
Portion of loss recognized in other comprehensive
income (before tax) |
22 | 170 | -87 | % | ||||||||
Net other-than-temporary impairment losses
recognized in earnings |
(241 | ) | (81 | ) | NM | |||||||
Net realized gains (losses) |
(1,389 | ) | 6,113 | -123 | % | |||||||
Other income |
991 | 1,070 | -7 | % | ||||||||
Total revenues |
169,223 | 189,143 | -11 | % | ||||||||
Expenses: |
||||||||||||
Net losses and loss adjustment expenses |
116,788 | 103,807 | 13 | % | ||||||||
Commission expenses |
26,200 | 25,316 | 3 | % | ||||||||
Other operating expenses |
36,575 | 34,586 | 6 | % | ||||||||
Interest expense |
2,046 | 2,044 | 0 | % | ||||||||
Total expenses |
181,609 | 165,753 | 10 | % | ||||||||
Income before income taxes |
(12,386 | ) | 23,390 | -153 | % | |||||||
Income tax expense (benefit) |
(4,493 | ) | 6,345 | -171 | % | |||||||
Net income (loss) |
$ | (7,893 | ) | $ | 17,045 | -146 | % | |||||
Per Share Data |
||||||||||||
Net income per common share: |
||||||||||||
Basic |
$ | (0.50 | ) | $ | 1.02 | -149 | % | |||||
Diluted |
$ | (0.50 | ) | $ | 1.00 | -150 | % | |||||
Average common shares outstanding: |
||||||||||||
Basic |
15,739 | 16,641 | ||||||||||
Diluted |
15,739 | 16,979 | ||||||||||
Underwriting Ratios |
||||||||||||
Loss Ratio |
76.6 | % | 63.3 | % | ||||||||
Expense Ratio |
40.5 | % | 35.8 | % | ||||||||
Combined Ratio |
117.1 | % | 99.1 | % |
March 31, | Dec. 31, | |||||||||||
Balance Sheet Data | 2011 | 2010 | ||||||||||
Stockholders equity |
$ | 815,172 | $ | 829,354 | -2 | % | ||||||
Book value per share |
$ | 52.29 | $ | 52.68 | -1 | % |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Investments and cash: |
||||||||
Fixed maturities, available-for-sale, at fair value
(amortized cost: 2011, $1,821,971; 2010, $1,855,598) |
$ | 1,844,978 | $ | 1,882,245 | ||||
Equity securities, available-for-sale, at fair value (cost: 2011, $64,586;
2010, $64,793) |
90,912 | 87,258 | ||||||
Short-term investments, at cost which approximates fair value |
169,510 | 153,057 | ||||||
Cash |
39,284 | 31,768 | ||||||
Total investments and cash |
2,144,684 | 2,154,328 | ||||||
Premiums receivable |
251,577 | 188,368 | ||||||
Prepaid reinsurance premiums |
163,564 | 156,869 | ||||||
Reinsurance recoverable on paid losses |
57,920 | 56,658 | ||||||
Reinsurance recoverable on unpaid losses and loss adjustment expenses |
865,212 | 843,296 | ||||||
Deferred policy acquisition costs |
63,992 | 55,201 | ||||||
Accrued investment income |
16,055 | 15,590 | ||||||
Goodwill and other intangible assets |
7,009 | 6,925 | ||||||
Current income tax receivable, net |
6,205 | 1,054 | ||||||
Deferred income tax, net |
15,852 | 15,141 | ||||||
Other assets |
45,040 | 38,029 | ||||||
Total assets |
$ | 3,637,110 | $ | 3,531,459 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Liabilities: |
||||||||
Reserves for losses and loss adjustment expenses |
$ | 2,034,263 | $ | 1,985,838 | ||||
Unearned premiums |
511,294 | 463,515 | ||||||
Reinsurance balances payable |
131,803 | 105,904 | ||||||
Senior notes |
114,171 | 114,138 | ||||||
Accounts payable and other liabilities |
30,407 | 32,710 | ||||||
Total liabilities |
2,821,938 | 2,702,105 | ||||||
Stockholders equity: |
||||||||
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued |
| | ||||||
Common stock, $.10 par value, authorized 50,000,000 shares, issued
17,377,022 shares
for 2011 and 17,274,440 shares for 2010 |
1,829 | 1,728 | ||||||
Additional paid-in capital |
318,281 | 312,588 | ||||||
Treasury stock, at cost (1,788,367 shares for 2011 and 1,532,273 shares
for 2010) |
(77,987 | ) | (64,935 | ) | ||||
Retained earnings |
531,619 | 539,512 | ||||||
Accumulated other comprehensive income |
41,430 | 40,461 | ||||||
Total stockholders equity |
815,172 | 829,354 | ||||||
Total liabilities and stockholders equity |
$ | 3,637,110 | $ | 3,531,459 | ||||
Three Months | ||||||||||||
2011 | 2010 | Change | ||||||||||
Gross Written Premiums: |
||||||||||||
Insurance Companies: |
||||||||||||
Marine |
$ | 70,348 | $ | 67,526 | 4 | % | ||||||
Property Casualty |
112,888 | 79,346 | 42 | % | ||||||||
Professional Liability |
23,540 | 30,966 | -24 | % | ||||||||
206,776 | 177,838 | 16 | % | |||||||||
Lloyds Operations: |
||||||||||||
Marine |
61,155 | 59,141 | 3 | % | ||||||||
Property Casualty |
19,302 | 19,959 | -3 | % | ||||||||
Professional Liability |
9,050 | 13,207 | -31 | % | ||||||||
89,507 | 92,307 | -3 | % | |||||||||
Total |
$ | 296,283 | $ | 270,145 | 10 | % | ||||||
Three Months | ||||||||||||
2011 | 2010 | Change | ||||||||||
Net Written Premiums: |
||||||||||||
Insurance Companies: |
||||||||||||
Marine |
$ | 54,218 | $ | 51,003 | 6 | % | ||||||
Property Casualty |
62,907 | 49,697 | 27 | % | ||||||||
Professional Liability |
13,615 | 20,640 | -34 | % | ||||||||
130,740 | 121,340 | 8 | % | |||||||||
Lloyds Operations: |
||||||||||||
Marine |
49,671 | 49,642 | 0 | % | ||||||||
Property Casualty |
8,386 | 11,711 | -28 | % | ||||||||
Professional Liability |
4,279 | 6,624 | -35 | % | ||||||||
62,336 | 67,977 | -8 | % | |||||||||
Total |
$ | 193,076 | $ | 189,317 | 2 | % | ||||||
Three Months | ||||||||||||
2011 | 2010 | Change | ||||||||||
Net Earned Premiums: |
||||||||||||
Insurance Companies: |
||||||||||||
Marine |
$ | 40,559 | $ | 41,094 | -1 | % | ||||||
Property Casualty |
42,935 | 51,081 | -16 | % | ||||||||
Professional Liability |
15,326 | 19,036 | -19 | % | ||||||||
98,820 | 111,211 | -11 | % | |||||||||
Lloyds Operations: |
||||||||||||
Marine |
36,978 | 35,560 | 4 | % | ||||||||
Property Casualty |
11,894 | 11,915 | 0 | % | ||||||||
Professional Liability |
4,786 | 5,383 | -11 | % | ||||||||
53,658 | 52,858 | 2 | % | |||||||||
Total |
$ | 152,478 | $ | 164,069 | -7 | % | ||||||
Insurance | Lloyds | |||||||||||||||
Companies | Operations | Corporate (1) | Total | |||||||||||||
Gross written premiums |
$ | 206,776 | $ | 89,507 | $ | | $ | 296,283 | ||||||||
Net written premiums |
130,740 | 62,336 | | 193,076 | ||||||||||||
Net earned premiums |
98,820 | 53,658 | | 152,478 | ||||||||||||
Net losses and loss adjustment expenses |
(74,797 | ) | (41,991 | ) | | (116,788 | ) | |||||||||
Commission expenses |
(12,340 | ) | (14,407 | ) | 547 | (26,200 | ) | |||||||||
Other operating expenses |
(26,799 | ) | (9,776 | ) | | (36,575 | ) | |||||||||
Other income (expense) |
1,691 | (153 | ) | (547 | ) | 991 | ||||||||||
Underwriting profit (loss) |
(13,425 | ) | (12,669 | ) | 0 | (26,094 | ) | |||||||||
Net investment income |
14,983 | 2,255 | 146 | 17,384 | ||||||||||||
Net realized gains (losses) |
(245 | ) | (1,385 | ) | 0 | (1,630 | ) | |||||||||
Interest expense |
| | (2,046 | ) | (2,046 | ) | ||||||||||
Income (loss) before income taxes |
1,313 | (11,799 | ) | (1,900 | ) | (12,386 | ) | |||||||||
Income tax expense (benefit) |
228 | (4,056 | ) | (665 | ) | (4,493 | ) | |||||||||
Net income (loss) |
$ | 1,085 | $ | (7,743 | ) | $ | (1,235 | ) | $ | (7,893 | ) | |||||
Losses and loss adjustment expenses ratio |
75.7 | % | 78.3 | % | 76.6 | % | ||||||||||
Commission expense ratio |
12.5 | % | 26.8 | % | 17.2 | % | ||||||||||
Other operating expense ratio (2) |
25.4 | % | 18.5 | % | 23.3 | % | ||||||||||
Combined ratio |
113.6 | % | 123.6 | % | 117.1 | % | ||||||||||
(1) | The Corporate segment includes intercompany eliminations. |
|
(2) | The Other operating expense ratio includes Other income (expense). |
Insurance | Lloyds | |||||||||||||||
Companies | Operations | Corporate (1) | Total | |||||||||||||
Gross written premiums |
$ | 177,838 | $ | 92,307 | $ | | $ | 270,145 | ||||||||
Net written premiums |
121,340 | 67,977 | | 189,317 | ||||||||||||
Net earned premiums |
111,211 | 52,858 | | 164,069 | ||||||||||||
Net losses and loss adjustment expenses |
(68,403 | ) | (35,404 | ) | | (103,807 | ) | |||||||||
Commission expenses |
(14,362 | ) | (10,966 | ) | 12 | (25,316 | ) | |||||||||
Other operating expenses |
(27,353 | ) | (7,243 | ) | | (34,596 | ) | |||||||||
Other income (expense) |
(977 | ) | 2,069 | (12 | ) | 1,080 | ||||||||||
Underwriting profit |
116 | 1,314 | | 1,430 | ||||||||||||
Net investment income |
15,748 | 2,069 | 155 | 17,972 | ||||||||||||
Net realized gains (losses) |
5,205 | 713 | 114 | 6,032 | ||||||||||||
Interest expense |
| | (2,044 | ) | (2,044 | ) | ||||||||||
Income (loss) before income taxes |
21,069 | 4,096 | (1,775 | ) | 23,390 | |||||||||||
Income tax expense (benefit) |
5,463 | 1,503 | (621 | ) | 6,345 | |||||||||||
Net income (loss) |
$ | 15,606 | $ | 2,593 | $ | (1,154 | ) | $ | 17,045 | |||||||
Losses and loss adjustment expenses ratio |
61.5 | % | 67.0 | % | 63.3 | % | ||||||||||
Commission expense ratio |
12.9 | % | 20.7 | % | 15.4 | % | ||||||||||
Other operating expense ratio (2) |
25.5 | % | 9.8 | % | 20.4 | % | ||||||||||
Combined ratio |
99.9 | % | 97.5 | % | 99.1 | % | ||||||||||
(1) | The Corporate segment includes intercompany eliminations. |
|
(2) | The Other operating expense ratio includes Other income (expense). |
Three Months Ended March 31, 2011 | ||||||||||||||||||||||||||||
Net | Losses | |||||||||||||||||||||||||||
Earned | and LAE | Underwriting | Underwriting | Loss | Expense | Combined | ||||||||||||||||||||||
Premiums | Incurred | Expenses | Profit (Loss) | Ratio | Ratio | Ratio | ||||||||||||||||||||||
Insurance Companies: |
||||||||||||||||||||||||||||
Marine |
$ | 40,559 | $ | 27,998 | $ | 13,798 | $ | (1,237 | ) | 69.0 | % | 34.0 | % | 103.0 | % | |||||||||||||
Property Casualty |
42,935 | 35,934 | 17,598 | (10,597 | ) | 83.7 | % | 41.0 | % | 124.7 | % | |||||||||||||||||
Professional Liability |
15,326 | 10,865 | 6,052 | (1,591 | ) | 70.9 | % | 39.5 | % | 110.4 | % | |||||||||||||||||
98,820 | 74,797 | 37,448 | (13,425 | ) | 75.7 | % | 37.9 | % | 113.6 | % | ||||||||||||||||||
Lloyds Operations |
53,658 | 41,991 | 24,336 | (12,669 | ) | 78.3 | % | 45.3 | % | 123.6 | % | |||||||||||||||||
Total |
$ | 152,478 | $ | 116,788 | $ | 61,784 | $ | (26,094 | ) | 76.6 | % | 40.5 | % | 117.1 | % | |||||||||||||
Three Months Ended March 31, 2010 | ||||||||||||||||||||||||||||
Net | Losses | |||||||||||||||||||||||||||
Earned | and LAE | Underwriting | Underwriting | Loss | Expense | Combined | ||||||||||||||||||||||
Premiums | Incurred | Expenses | Profit (Loss) | Ratio | Ratio | Ratio | ||||||||||||||||||||||
Insurance Companies: |
||||||||||||||||||||||||||||
Marine |
$ | 41,094 | $ | 26,133 | $ | 14,928 | $ | 33 | 63.6 | % | 36.3 | % | 99.9 | % | ||||||||||||||
Property Casualty |
51,081 | 32,126 | 20,316 | (1,361 | ) | 62.9 | % | 39.8 | % | 102.7 | % | |||||||||||||||||
Professional Liability |
19,036 | 10,144 | 7,448 | 1,444 | 53.3 | % | 39.1 | % | 92.4 | % | ||||||||||||||||||
111,211 | 68,403 | 42,692 | 116 | 61.5 | % | 38.4 | % | 99.9 | % | |||||||||||||||||||
Lloyds Operations |
52,858 | 35,404 | 16,140 | 1,314 | 67.0 | % | 30.5 | % | 97.5 | % | ||||||||||||||||||
Total |
$ | 164,069 | $ | 103,807 | $ | 58,832 | $ | 1,430 | 63.3 | % | 35.8 | % | 99.1 | % | ||||||||||||||
Amounts | Loss Ratio | |||||||||||||||
Mar. 31, | Mar. 31, | Mar. 31, | Mar. 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Incurred Loss Activity
|
||||||||||||||||
For the Three Months Ended: |
||||||||||||||||
Insurance Companies: |
||||||||||||||||
Loss and LAE payments |
$ | 66,693 | $ | 72,673 | 67.5 | % | 65.3 | % | ||||||||
Change in reserves |
8,104 | (4,270 | ) | 8.2 | % | -3.8 | % | |||||||||
Net incurred loss and LAE |
74,797 | 68,403 | 75.7 | % | 61.5 | % | ||||||||||
Lloyds Operations: |
||||||||||||||||
Loss and LAE payments |
23,587 | 26,222 | 44.0 | % | 49.6 | % | ||||||||||
Change in reserves |
18,404 | 9,182 | 34.3 | % | 17.4 | % | ||||||||||
Net incurred loss and LAE |
41,991 | 35,404 | 78.3 | % | 67.0 | % | ||||||||||
Total
Loss and LAE payments |
90,280 | 98,895 | 59.2 | % | 60.3 | % | ||||||||||
Change in reserves |
26,508 | 4,912 | 17.4 | % | 3.0 | % | ||||||||||
Net incurred loss and LAE |
$ | 116,788 | $ | 103,807 | 76.6 | % | 63.3 | % | ||||||||
Amounts | Loss Ratio Impact | |||||||||||||||
Mar. 31, | Mar. 31, | Mar. 31, | Mar. 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Impact of Prior Years Reserves
Favorable / (Unfavorable) Development
|
||||||||||||||||
For the Three Months Ended: |
||||||||||||||||
Insurance Companies |
$ | (1,222 | ) | $ | 653 | -1.2 | % | 0.6 | % | |||||||
Lloyds Operations |
(2,211 | ) | 593 | -4.1 | % | 1.1 | % | |||||||||
Total |
$ | (3,433 | ) | $ | 1,246 | -2.3 | % | 0.8 | % | |||||||
Case | IBNR | |||||||||||
Reserves | Reserves | Total | ||||||||||
Net Loss Reserves, March 31, 2011: |
||||||||||||
Insurance Companies: |
||||||||||||
Marine |
$ | 106,894 | $ | 115,173 | $ | 222,067 | ||||||
Property Casualty |
159,135 | 311,470 | 470,605 | |||||||||
Professional Liability |
56,372 | 67,487 | 123,859 | |||||||||
Total Insurance Companies |
322,401 | 494,130 | 816,531 | |||||||||
Lloyds Operations: |
||||||||||||
Marine |
110,905 | 120,781 | 231,686 | |||||||||
Property Casualty |
33,613 | 31,707 | 65,320 | |||||||||
Professional Liability |
10,985 | 44,529 | 55,514 | |||||||||
Total Lloyds Operations |
155,503 | 197,017 | 352,520 | |||||||||
Total Net Loss Reserves |
$ | 477,904 | $ | 691,147 | $ | 1,169,051 | ||||||
Case | IBNR | |||||||||||
Reserves | Reserves | Total | ||||||||||
Net Loss Reserves, December 31, 2010: |
||||||||||||
Insurance Companies: |
||||||||||||
Marine |
$ | 107,147 | $ | 109,361 | $ | 216,508 | ||||||
Property Casualty |
158,740 | 308,613 | 467,353 | |||||||||
Professional Liability |
46,096 | 78,469 | 124,565 | |||||||||
Total Insurance Companies |
311,983 | 496,443 | 808,426 | |||||||||
Lloyds Operations: |
||||||||||||
Marine |
111,914 | 112,708 | 224,622 | |||||||||
Property Casualty |
30,327 | 29,792 | 60,119 | |||||||||
Professional Liability |
9,904 | 39,471 | 49,375 | |||||||||
Total Lloyds Operations |
152,145 | 181,971 | 334,116 | |||||||||
Total Net Loss Reserves |
$ | 464,128 | $ | 678,414 | $ | 1,142,542 | ||||||
Gross | Gross | Cost or | OTTI | |||||||||||||||||
Fair | Unrealized | Unrealized | Amortized | Recognized | ||||||||||||||||
March 31, 2011 | Value | Gains | (Losses) | Cost | in OCI | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Fixed maturities: |
||||||||||||||||||||
U.S. Government Treasury bonds,
agency bonds and foreign government
bonds |
$ | 288,734 | $ | 4,475 | $ | (2,839 | ) | $ | 287,098 | $ | | |||||||||
States, municipalities and political
subdivisions |
373,352 | 10,312 | (2,915 | ) | 365,955 | | ||||||||||||||
Mortgage- and asset-backed securities: |
||||||||||||||||||||
Agency mortgage-backed securities |
359,610 | 9,254 | (3,430 | ) | 353,786 | | ||||||||||||||
Residential mortgage obligations |
21,235 | 77 | (2,051 | ) | 23,209 | (1,260 | ) | |||||||||||||
Asset-backed securities |
42,914 | 230 | (226 | ) | 42,910 | | ||||||||||||||
Commercial mortgage-backed
securities |
207,018 | 4,896 | (1,991 | ) | 204,113 | | ||||||||||||||
Subtotal |
630,777 | 14,457 | (7,698 | ) | 624,018 | (1,260 | ) | |||||||||||||
Corporate bonds |
552,115 | 13,718 | (6,503 | ) | 544,900 | | ||||||||||||||
Total fixed maturities |
1,844,978 | 42,962 | (19,955 | ) | 1,821,971 | (1,260 | ) | |||||||||||||
Equity securities common stocks |
90,912 | 26,366 | (40 | ) | 64,586 | | ||||||||||||||
Cash |
39,284 | | | 39,284 | | |||||||||||||||
Short-term investments |
169,510 | | | 169,510 | | |||||||||||||||
Total |
$ | 2,144,684 | $ | 69,328 | $ | (19,995 | ) | $ | 2,095,351 | $ | (1,260 | ) | ||||||||
Gross | Gross | Cost or | ||||||||||||||
Fair | Unrealized | Unrealized | Amortized | |||||||||||||
Value | Gains | (Losses) | Cost | |||||||||||||
Agency mortgage-backed securities: |
||||||||||||||||
GNMA |
$ | 125,351 | $ | 3,155 | $ | (1,202 | ) | $ | 123,398 | |||||||
FNMA |
189,807 | 4,978 | (1,663 | ) | 186,492 | |||||||||||
FHLMC |
44,452 | 1,121 | (565 | ) | 43,896 | |||||||||||
Total |
$ | 359,610 | $ | 9,254 | $ | (3,430 | ) | $ | 353,786 | |||||||
Gross | Gross | Cost or | ||||||||||||||
Fair | Unrealized | Unrealized | Amortized | |||||||||||||
Value | Gains | (Losses) | Cost | |||||||||||||
Residential mortgage obligations: |
||||||||||||||||
Prime |
$ | 16,214 | $ | 77 | $ | (1,661 | ) | $ | 17,798 | |||||||
Alt-A |
2,390 | | (373 | ) | 2,763 | |||||||||||
Subprime |
| | | | ||||||||||||
Non-US RMBS |
2,631 | | (17 | ) | 2,648 | |||||||||||
Total |
$ | 21,235 | $ | 77 | $ | (2,051 | ) | $ | 23,209 | |||||||