-----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, UGnDLMyXbFFhdfn069jjIB/YETcwXlsiUxkaIFbLJ6Bh79ImGCc9yntTpiUk3l4t ncc2vWrNkcInW0ZEoguhiw== 0000818155-98-000012.txt : 19980817 0000818155-98-000012.hdr.sgml : 19980817 ACCESSION NUMBER: 0000818155-98-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALSHIRE ASSURANCE COMPANY CENTRAL INDEX KEY: 0000818155 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 232023240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16267 FILM NUMBER: 98690024 BUSINESS ADDRESS: STREET 1: 3350 WHITEFORD RD STREET 2: PO BOX 3849 CITY: YORK STATE: PA ZIP: 17402 BUSINESS PHONE: 7177570000 MAIL ADDRESS: STREET 1: 3350 WHITEFORD RD STREET 2: PO BOX 3849 CITY: YORK STATE: PA ZIP: 174020138 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 1998 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 0-16267 WALSHIRE ASSURANCE COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-2023240 (State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification Number) 3350 Whiteford Road, P. O. Box 3849, York, PA 17402-0138 (Address of principal executive offices) (Zip code) (717)757-0000 (Registrant s telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) 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 Indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practical date. Class: Outstanding at August 7, 1998: Common stock - $.01 Par Value 4,443,188 shares WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES INDEX PAGE NUMBER Part I FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets as of June 30, 1998 (unaudited) and December 31, 1997 . . . . . . . . . 2 Consolidated Statements of Income for the three months ended June 30, 1998 and 1997 (unaudited). . . 4 Consolidated Statements of Income for the six months ended June 30, 1998 and 1997 (unaudited). . . 5 Consolidated Statements of Cash Flows for the six months ended June 30, 1998 and 1997 (unaudited). . . 6 Notes to Consolidated Financial Statements (unaudited) . . . . . . . . . . . . . . . . . . . . 7 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . 8 Part II OTHER INFORMATION . . . . . . . . . . . . . . . . . 10 Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . 10 Item 2. Changes in Securities . . . . . . . . . . . . . . . 10 Item 3. Defaults Upon Senior Securities . . . . . . . . . . 10 Item 4. Submission of Matters to a Vote of Security Holders. 10 Item 5. Other Information . . . . . . . . . . . . . . . . . 10 Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . 10 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 1 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) June 30, December 31, Assets 1998 1997 (Unaudited) Investments: Held to maturity: Fixed maturities (fair value $15,262 and $17,754) . . . . . . . . . . . . . . . . $ 14,733 $ 17,228 Available for sale: Fixed maturities (cost $44,437 and $37,722) . . . . . . . . . . . . . . . . 44,943 38,182 Equity securities (cost $8,627 and $8,268). . . . . . . . . . . . . . . . . 8,667 8,205 Short-term investments . . . . . . . . . . . . 5,895 7,531 Other investments. . . . . . . . . . . . . . . 1,508 2,656 Total investments . . . . . . . . . . . . . 75,746 73,802 Cash. . . . . . . . . . . . . . . . . . . . . . . 223 254 Accrued investment income receivable. . . . . . . 842 800 Amounts receivable from reinsurers. . . . . . . . 1,739 3,698 Amounts receivable from reinsured company . . . . 547 542 Agents balances (net of allowance for doubtful accounts of $120). . . . . . . . . . . . . . . 6,049 7,411 Installment premiums receivable . . . . . . . . . 7,586 7,681 Agents balances and installment premiums receivable from related parties. . . . . . . . 1,389 1,897 Premium finance receivables (net of unearned finance charges and allowance for credit losses of $75 and $84) . . . . . . . . . . . . 3,436 4,283 Reinsurance receivable. . . . . . . . . . . . . . 23,983 24,370 Deferred acquisition costs. . . . . . . . . . . . 4,361 4,778 Property and equipment (net of accumulated depreciation of $2,433 and $2,194) . . . . . . 2,818 3,462 Other assets. . . . . . . . . . . . . . . . . . . 2,453 1,464 Total assets. . . . . . . . . . . . . . . . $131,172 $134,442 See accompanying notes to consolidated financial statements. 2 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES Consolidated Balance Sheets, Continued (In thousands, except per share data) June 30, December 31, Liabilities and Shareholders Equity 1998 1997 (Unaudited) Liabilities: Unpaid claims and claim settlement expenses. $ 54,186 $ 48,964 Unearned premiums. . . . . . . . . . . . . . 24,868 27,384 Short-term notes payable . . . . . . . . . . 5,623 5,015 Long-term notes payable. . . . . . . . . . . 299 558 Deposits by insureds . . . . . . . . . . . . 2,306 2,445 Commissions payable to agents. . . . . . . . 1,381 1,442 Commissions payable to related parties . . . 132 163 Other liabilities. . . . . . . . . . . . . . _ 464 980 Total liabilities . . . . . . . . . . . . 89,259 86,951 Shareholders equity: Preferred stock, par value $.01 per share; 2,000 shares authorized; 128 and 123 shares issued and outstanding . . . . . . 1 1 Common stock, par value $.01 per share; 10,000 shares authorized; 4,692 and 4,710 shares issued; 4,442 and 4,710 shares outstanding. . . . . . . . . . . . 47 47 Additional paid-in capital . . . . . . . . . 38,831 38,812 Unrealized gains on investments available for sale (net of deferred taxes of $185 and $135) . . . . . . . . . . . . . . . . 361 262 Retained earnings. . . . . . . . . . . . . . 4,667 8,369 43,907 47,491 Treasury stock (250 shares in 1998). . . . . ( 1,994) - __ Shareholders equity. . . . . . . . . . . 41,913 47,491 Total liabilities and shareholders equity . $ 131,172 $134,442 See accompanying notes to consolidated financial statements. 3 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data) Three Months Ended June 30, _____ 1998 1997 (Unaudited)(Unaudited) Revenues: Premiums earned . . . . . . . . . . . . . . . . . $ 13,118 $ 15,904 Premiums ceded. . . . . . . . . . . . . . . . . . ( 2,201) ( 4,726) Net premiums earned . . . . . . . . . . . . . . . 10,917 11,178 Net investment income . . . . . . . . . . . . . . 1,095 1,069 Net realized gains on investments . . . . . . . . 313 757 Other . . . . . . . . . . . . . . . . . . . . . . 97 169 Total revenues . . . . . . . . . . . . . . . . 12,422 13,173 Expenses: Claims and claim settlement expenses. . . . . . . 15,229 11,879 Reinsurance recoveries. . . . . . . . . . . . . . ( 2,731) ( 3,279) Net claims and claim settlement expenses. . . . . 12,498 8,600 Amortization of deferred acquisition costs. . . . 1,973 1,728 Underwriting, general and administrative expenses. . . . . . . . . . . . . . . . . . . . 1,631 2,121 Interest. . . . . . . . . . . . . . . . . . . . . 104 175 Total expenses . . . . . . . . . . . . . . . . 16,206 12,624 Income (loss) before income taxes. . . . . . . . . . ( 3,784) 549 Provision for income taxes (benefit) . . . . . . . . ( 1,305) 92 Net income (loss). . . . . . . . . . . . . . . . . . ( 2,479) 457 Dividends on convertible preferred stock . . . . . . 112 104 Net income (loss) applicable for common stock. . . . $( 2,591) $ 353 Net income (loss) per common share: Basic and diluted: Net income (loss). . . . . . . . . . . . . . . $( .57) $ .07 Weighted average shares outstanding. . . . . . 4,553 4,780 See accompanying notes to consolidated financial statements. 4 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data) Six Months Ended June 30, _____ 1998 1997 (Unaudited)(Unaudited) Revenues: Premiums earned . . . . . . . . . . . . . . . . . $ 26,657 $ 31,550 Premiums ceded. . . . . . . . . . . . . . . . . . ( 4,548) ( 8,225) Net premiums earned . . . . . . . . . . . . . . . 22,109 23,325 Net investment income . . . . . . . . . . . . . . 2,161 2,051 Net realized gains on investments . . . . . . . . 540 1,393 Other . . . . . . . . . . . . . . . . . . . . . . 215 332 Total revenues . . . . . . . . . . . . . . . . 25,025 27,101 Expenses: Claims and claim settlement expenses. . . . . . . 26,791 22,692 Reinsurance recoveries. . . . . . . . . . . . . . ( 4,650) ( 4,999) Net claims and claim settlement expenses. . . . . 22,141 17,693 Amortization of deferred acquisition costs. . . . 3,991 3,328 Underwriting, general and administrative expenses. . . . . . . . . . . . . . . . . . . . 3,169 4,357 Interest. . . . . . . . . . . . . . . . . . . . . 200 365 Total expenses . . . . . . . . . . . . . . . . 29,501 25,743 Income (loss) before income taxes. . . . . . . . . . ( 4,476) 1,358 Provision for income taxes (benefit) . . . . . . . . ( 1,581) 234 Net income (loss). . . . . . . . . . . . . . . . . . ( 2,895) 1,124 Dividends on convertible preferred stock . . . . . . 212 208 Net income (loss) applicable for common stock. . . . $( 3,107) $ 916 Net income (loss) per common share: Basic and diluted: Net income (loss). . . . . . . . . . . . . . . $( .67) $ .19 Weighted average shares outstanding. . . . . . 4,620 4,811 See accompanying notes to consolidated financial statements. 5 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) Six Months Ended June 30, _______ 1998 1997 (Unaudited) (Unaudited) Cash flows from operating activities: Net income (loss). . . . . . . . . . . . . . . . . $( 2,895) $ 1,124 Adjustments to reconcile net income (loss) to net cash provided by operating activities Net realized gains on investments. . . . . . . ( 540) ( 1,393) Decrease (increase) in assets: Accrued investment income receivable. . . . . ( 42) 1 Amounts receivable from reinsurers. . . . . . 1,959 1,837 Amounts receivable from reinsured company . . ( 5) 2 Agents balances and installment premiums receivable . . . . . . . . . . . . . . . . . 1,457 515 Agents balances and installment premiums receivable from related parties. . . . . . . 508 800 Premium finance receivables . . . . . . . . . 847 178 Reinsurance receivables . . . . . . . . . . . 387 ( 6,677) Deferred acquisition costs. . . . . . . . . . 417 ( 64) Other, net. . . . . . . . . . . . . . . . . . ( 725) 760 (Decrease) increase in liabilities: Unpaid claims and claim settlement expenses . 5,222 4,805 Unearned premiums . . . . . . . . . . . . . . ( 2,516) ( 1,436) Amounts payable to reinsurers . . . . . . . . --- 3,743 Deposits by insureds. . . . . . . . . . . . . ( 139) 2 Other, net. . . . . . . . . . . . . . . . . . ( 570) ( 739) Net cash provided by operating activities. . . . . 3,365 3,458 Cash flows from investing activities: Purchase of investments: Held to maturity . . . . . . . . . . . . . . . . --- ( 2,340) Available for sale . . . . . . . . . . . . . . . (19,988) (15,750) Sale of investments: Available for sale . . . . . . . . . . . . . . . 11,836 17,451 Maturity of investments. . . . . . . . . . . . . . 3,978 1,781 Net sale (purchase) of short term and other investments . . . . . . . . . . . . . . . . . . . 2,858 ( 4,120) Purchase of property and equipment . . . . . . . . ( 43) ( 155) Sale of property and equipment . . . . . . . . . . 421 12 Other, net . . . . . . . . . . . . . . . . . . . . ( 27) 88 Net cash (used in) investing activities. . . . . ( 965) ( 3,033) Cash flows from financing activities: Cash dividends paid. . . . . . . . . . . . . . . . ( 805) ( 815) Issuance of common stock . . . . . . . . . . . . . 19 116 Purchase of treasury stock . . . . . . . . . . . . ( 1,994) --- Proceeds from notes payable . . . . . . . . . . . 608 700 Payment of notes payable . . . . . . . . . . . . . ( 259) ( 299) Net cash (used in) financing activities. . . . . ( 2,431) ( 298) Net increase (decrease) in cash. . . . . . . . . . . ( 31) 127 Cash at beginning of the period. . . . . . . . . . . 254 637 Cash at end of the period. . . . . . . . . . . . . . $ 223 $ 764 See accompanying notes to consolidated financial statements. 6 WALSHIRE ASSURANCE COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. The consolidated balance sheet as of June 30, 1998, the consolidated statements of income for the three and six months ended June 30, 1998 and 1997, and the consolidated statements of cash flows for the six months then ended have been prepared by Walshire Assurance Company ( the Company ) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 1998 and for all periods presented, have been made. 2. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. It is suggested that these unaudited consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company s 1997 Annual Report. The results of operations for the period ended June 30, 1998 are not necessarily indicative of the results of operations for the full year. 3. Basic net income per share is computed by dividing net income applicable for common stock by the weighted average number of common shares outstanding during the year. Diluted earnings per share includes the additional shares that would have been outstanding had the 6 1/2% Convertible Preferred Stock been converted to common, if dilutive, as well as the diluted effect of the Company's stock option and stock purchase plans. 4. Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income", was issued by the Financial Accounting Standards Board (FASB) in 1997. As defined in SFAS 130, comprehensive income is composed of net income, as well as other revenues, expenses, gains and losses that are currently excluded from net income, but are accounted for separately in the shareholders' equity section of the balance sheet. SFAS 130 requires that all items of comprehensive income be reported in a financial statement. Total comprehensive income (loss) is as follows: (In thousands) Six Months Ended June 30, _______ 1998 1997 (Unaudited) (Unaudited) Net income (loss) . . . . . . . . . . . . . . . . . $(2,895) $ 1,124 Other comprehensive income (loss): Unrealized gain (loss) on securities, net of tax: Unrealized holding gains arising during period. 455 915 Less: reclassification adjustment for gains realized in net income. . . . . . . . . . . . 356 919 Net unrealized gain (loss). . . . . . . . . . . 99 ( 4) Other comprehensive income (loss) . . . . . . . . . 99 ( 4) Total comprehensive income (loss) . . . . . . . . . $(2,796) $ 1,120 5. Forward Looking Statements. The information contained in this Quarterly Report contains forward looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder), including without limitation, statements as to the allowances for doubtful accounts and 7 credit losses, reserves for unpaid claims and claim settlement expenses, the classification of the Company's investment portfolio and other statements as to management's beliefs, expectations or opinions. Such forward looking statements are subject to risks and uncertainties and may be affected by various factors which may cause actual results to differ materially from those in the forward looking statements. Certain of these risks, uncertainties and other factors are discussed in this Quarterly Report or in the Company's Annual Report on Form 10-K for the year ended December 31, 1997, a copy of which may be obtained from the Company upon request and without charge (except for the exhibits thereto). 6. Investment Considerations. In analyzing whether to make, or to continue, an investment in the Company, investors should consider, among other factors, certain investment considerations more particularly described in the Company's Annual Report on Form 10-K for the year ended December 31, 1997. 7. Subsequent Event. On August 12, 1998, the Company announced that it had entered into a definitive Merger Agreement, pursuant to which Kingsway Financial Services Inc. will acquire all outstanding shares of Walshire common stock for $8.25 per share in cash and all outstanding shares of Walshire preferred stock for $50.00 per share, plus all accrued and unpaid dividends through the Effective Date of the Merger (an amount equal to the redemption price for such shares). The closing of the transaction is subject to obtaining all necessary shareholder and regulatory approvals and the satisfaction of certain other closing conditions. Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations Revenues for the three month period ended June 30, 1998 decreased $.8 million, or 5.7%, from revenues for the three month period ended June 30, 1997. This decrease was primarily the result of decreases in net premiums earned and net realized gains on investments. The decrease in net premiums earned was the result of a decrease in direct premiums written over the past twelve months, offset, in part by a decrease in premiums ceded. Direct premiums written decreased $3.5 million, or 23.8%, in the three month period ended June 30, 1998 when compared to the same period in 1997. The decreases in direct premiums written resulted from additional competition, re-underwriting of existing business and rate reductions. The following table sets forth the direct premiums written by the Company for the three month periods ended June 30, 1998 and 1997 by line of business. (In thousands) Three months ended June 30, 1998 1997 %Change Auto liability $ 4,898 $ 6,632 (26.1)% Auto physical damage 3,162 4,637 (31.8)% Inland marine 707 735 ( 3.8)% Homeowners 690 749 ( 7.8)% Workers compensation 587 777 (24.4)% Other 1,185 1,201 ( 1.3)% Total $11,229 $14,731 (23.8)% Expenses for the three month period ended June 30, 1998 increased $3.6 million, or 28.4%, over expenses for the three month period ended June 30, 1997. The increase was primary the result of increases in net claims and claim settlement expenses offset, in part, by a decrease in underwriting, general and administrative expenses. Increases in net claims and claim 8 settlement expenses were the result of an increase in the statutory loss ratio from 78.4% in 1997 to 115.6% in 1998. The increase in the loss ratio was due primarily to adverse loss development in prior year loss reserves totaling approximately $4.8 million. Decreases in underwriting, general and administrative expenses were primarily the result of the reduction in operating expenses due to decreases in direct premiums written. The statutory combined ratio for the three month period ended June 30, 1998 was 148.2%, an increase from 117.5% for the three month period ended June 30, 1997. Revenues for the six month period ended June 30, 1998 decreased $2.1 million, or 7.7%, from revenues for the six month period ended June 30, 1997. This decrease was primarily the result of decreases in net premiums earned and net realized gains on investments. The decrease in net premiums earned was the result of a decrease in direct premiums written over the past twelve months, offset, in part by a decrease in premiums ceded. Direct premiums written decreased $7.0 million, or 22.5%, in the six month period ended June 30, 1998 when compared to the same period in 1997. The decrease in direct premiums written resulted from additional competition, re-underwriting of existing business and rate reductions. The following table sets forth the direct premiums written by the Company for the six month periods ended June 30, 1998 and 1997 by line of business. (In thousands) Six months ended June 30, 1998 1997 %Change Auto liability $11,273 $14,258 (20.9)% Auto physical damage 6,610 9,535 (30.7)% Inland marine 1,511 1,759 (14.1)% Homeowners 1,190 1,339 (11.1)% Workers compensation 1,167 1,955 (40.3)% Other 2,376 2,265 4.9 % Total $24,127 $31,111 (22.5)% Expenses for the six month period ended June 30, 1998 increased $3.8 million, or 14.6%, over expenses for the six month period ended June 30, 1997. The increase was primarily the result of increases in net claims and claim settlement expenses, offset, in part, by a decrease in underwriting, general and administrative expenses. Increases in net claims and claim settlement expenses were the result of an increase in the statutory loss ratio from 77.4% in 1997 to 101.2% in 1998. The increase in the loss ratio was due primarily to adverse development in prior year loss reserves totaling $5.4 million. Decreases in underwriting, general and administrative expenses were primarily the result of the reduction in operating expenses due to decreases in direct premium written. The statutory combined ratio for the six month period ended June 30, 1998 was 132.7%, an increase from 111.1% for the six month period ended June 30, 1997. Liquidity and Capital Resources Historically, the Company has generated funds sufficient to support its operations and has maintained a high degree of liquidity in its investment portfolio. The primary sources of funds to meet the demands of claim settlements and operating expenses are premiums, ceding commissions, investment income and existing lines of credit. The Company s funds generally are invested in securities with maturities intended to provide adequate funds to pay claims and expenses without the forced sale of investments. The Company believes that its current cash and short term investments, together with funds generated from operations, will be sufficient to meet its operating and capital requirements for the foreseeable future. 9 Part II OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matter to a Vote of Security Holders The Annual Meeting of Shareholders was held on June 2, 1998. Two matters were voted upon at the meeting. The first matter was the election of three directors for a term of three years. The results of the election were as follows: Richard S. L. Edward William R. Kahlbaugh Sausman Tierney, Jr. Voting For 2,898,852 3,848,630 2,970,414 Voting against or withheld 1,451,257 501,479 1,379,695 The terms of the following directors will expire in: (a) 1999 1. Peter D. Bennett 2. John J. Buchan, Jr. 3. Gary J. Orndorff (b) 2000 1. Kenneth R. Taylor 2. Charles W. Hash, Jr. The second matter was for the approval of the Company's 1997 Equity Incentive Plan. The results of the election were as follows: Voting For Voting Against Abstentions 2,366,055 513,875 73,464 Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K Exhibits (a) Exhibit 27.1 Financial data schedule Reports on Form 8-K None 10 SIGNATURES Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WALSHIRE ASSURANCE COMPANY (Registrant) DATE: August 13, 1998 /s/ Kenneth R. Taylor Kenneth R. Taylor Chairman, President and Chief Executive Officer DATE: August 13, 1998 /s/ Gary J. Orndorff Gary J. Orndorff Vice President/Treasurer and Chief Financial Officer 11 SIGNATURES Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WALSHIRE ASSURANCE COMPANY (Registrant) DATE: August 13, 1998 __________________________ Kenneth R. Taylor Chairman, President and Chief Executive Officer DATE: August 13, 1998 __________________________ Gary J. Orndorff Vice President/Treasurer and Chief Financial Officer 11 EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
7 06-MOS DEC-31-1998 JUN-30-1998 44,943 14,733 15,262 8,667 93 0 75,746 223 2,286 4,361 131,172 54,186 24,868 0 2,306 5,922 47 0 1 43,859 131,172 22,109 2,161 540 215 22,141 3,991 3,169 (4,476) (1,581) 0 0 0 0 (2,895) (.67) (.67) 48,964 17,039 5,101 6,174 10,018 54,186 0
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