-----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, PDBcqZ+sLzp14zJW/VzCnKrevQfTArzSrMcoJTxppQOne00SyK4BlncWptxrS3Tw azUUB2SeOco7fVKS9uuMUg== 0001047469-98-041221.txt : 19981118 0001047469-98-041221.hdr.sgml : 19981118 ACCESSION NUMBER: 0001047469-98-041221 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN RE CORP CENTRAL INDEX KEY: 0000889217 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 133672116 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-11688 FILM NUMBER: 98752309 BUSINESS ADDRESS: STREET 1: 555 COLLEGE RD EAST CITY: PRINCETON STATE: NJ ZIP: 08543-5241 BUSINESS PHONE: 6092438819 10-Q/A 1 FORM 10-Q/A SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ------------- FORM 10-QA ------------- (X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 for the quarterly period ended September 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 _______. For the Quarter Ended September 30, 1998 Commission file number 1-11688 ------------- American Re Corporation (Exact name of registrant as specified in its charter) ------------- Delaware 13-3672116 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 555 College Road East Princeton, New Jersey 08543-5241 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (609) 243-4200 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 practicable date. Common Stock -$.01 par value 149.49712 - ---------------------------- ---------- Description of Class Shares Outstanding as of November 12, 1998 AMERICAN RE CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Dollars in millions) (unaudited)
Three-month period Nine-month period ended September 30, ended September 30, 1998 1997 1998 1997 ----------------------------------------------------------------- Revenue: Premiums written.............................................$ 557.6 $ 550.0 $ 1,803.9 $ 2,026.6 Change in unearned premium reserve........................... 24.2 2.8 (53.1) (139.7) ------------ ---------- ---------- ---------- Premiums earned........................................ 581.8 552.8 1,750.8 1,886.9 Net investment income......................................... 103.3 107.6 319.4 317.5 Net realized capital gains.................................... 20.1 26.3 79.9 70.1 Other income.................................................. 7.9 11.5 26.2 34.8 ------------ ---------- ---------- ---------- Total revenue........................................... 713.1 698.2 2,176.3 2,309.3 ------------ ---------- ---------- ---------- Losses and expenses: Losses and loss adjustment expenses........................... 441.4 398.4 1,231.6 1,317.7 Commission expense............................................ 136.5 148.7 413.8 464.3 Operating expense............................................. 53.4 49.5 164.0 158.6 Interest expense.............................................. 10.5 10.6 31.6 32.2 Other expense................................................. 28.1 20.3 77.2 187.4 ------------ ---------- ---------- ---------- Total losses and expenses............................... 669.9 627.5 1,918.2 2,160.2 ------------ ---------- ---------- ---------- Income before income taxes, minority interest, and distributions on preferred securities of subsidiary trust............ 43.2 70.7 258.1 149.1 Federal and foreign income taxes.............................. 7.3 16.5 68.6 9.3 ------------ ---------- ---------- ---------- Income before minority interest and distributions on preferred securities of subsidiary trust.................................... 35.9 54.2 189.5 139.8 Minority interest............................................. --- -- -- 6.8 Distributions on preferred securities of subsidiary trust, net of applicable income tax of $1.7 and $5.3, respectively.................. (3.3) (3.3) (9.8) (9.8) ------------ ---------- ---------- ---------- Net income to common stockholders......................$ 32.6 $ 50.9 $ 179.7 $ 136.8 ------------ ---------- ---------- ---------- ------------ ---------- ---------- ----------
See accompanying notes to consolidated interim financial statements. 2 AMERICAN RE CORPORATION Notes to Consolidated Interim Financial Statements September 30, 1998 (Dollars in millions) (unaudited) AMERICAN RE CORPORATION 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. AMERICAN RE CORPORATION (Registrant) /S/ ROBERT K. BURGESS -------------------------------------------------- Robert K. Burgess Duly Authorized Officer, Executive Vice President, General Counsel, and Secretary /S/ GEORGE T. O'SHAUGHNESSY, JR. ---------------------------------------------------- George T. O'Shaughnessy, Jr. Executive Vice President and Chief Financial and Accounting Officer Dated: November 13, 1998 3 -----END PRIVACY-ENHANCED MESSAGE-----