| |
|
 |
| Consolidated Balance Sheets |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiary |
| |
|
ASSETS |
|
At
December 31, 2005 |
|
|
At
December 31, 2004 |
|
|
|
|
| |
|
 Fixed-maturity
securities, at market value |
|
$24,579,309 |
|
|
$25,042,679 |
|
|
|
| |
|
Equity
investments, at market value |
|
28,623,210 |
|
|
26,902,772 |
|
|
|
| |
|
Total
Investments |
|
53,202,519 |
|
|
51,945,451 |
|
|
|
| |
|
Cash and cash equivalents |
|
10,329,751 |
|
|
8,694,566 |
|
|
|
| |
|
Accrued investment income |
|
457,964 |
|
|
400,748 |
|
|
|
| |
|
Premiums receivable |
|
351,894 |
|
|
352,387 |
|
|
|
| |
|
Reinsurance receivable on paid losses |
|
3,496,013 |
|
|
1,484,968 |
|
|
|
| |
|
Reinsurance recoverable on case reserves |
|
9,217,764 |
|
|
5,174,733 |
|
|
|
| |
|
Reinsurance recoverable on IBNR reserves |
|
9,677,220 |
|
|
8,899,333 |
|
|
|
| |
|
Prepaid reinsurance program |
|
5,441,767 |
|
|
4,482,946 |
|
|
|
| |
|
Deferred policy acquisition costs |
|
288,843 |
|
|
278,531 |
|
|
|
| |
|
Other assets |
|
132,119 |
|
|
126,431 |
|
|
|
| |
|
TOTAL ASSETS |
|
$92,595,854 |
|
|
$81,840,094 |
|
|
|
| |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
$47,176,840 |
|
|
$32,700,468 |
|
|
|
| |
|
Unearned premiums |
|
10,089,189 |
|
|
9,114,930 |
|
|
|
| |
|
Reinsurance balances payable |
|
650,837 |
|
|
2,105,529 |
|
|
|
| |
|
Premium taxes payable |
|
272,773 |
|
|
278,271 |
|
|
|
| |
|
Unearned ceding commissions |
|
513,693 |
|
|
436,535 |
|
|
|
| |
|
Other liabilities |
|
118,405 |
|
|
89,130 |
|
|
|
| |
|
Total Liabilities |
|
$58,821,737 |
|
|
$44,724,863 |
|
|
|
|
|
| |
|
Class
A ($20 par value, 200 shares authorized,
65
and 64 shares issued and outstanding) |
|
1,300 |
|
|
1,280 |
|
|
|
| |
|
Class
B ($40 par value, 30,000 shares authorized,
7,470.07
and 7,469.51 shares issued and outstanding) |
|
298,804 |
|
|
298,782 |
|
|
|
| |
|
Additional paid-in capital - original
requirements |
|
474,375 |
|
|
471,997 |
|
|
|
| |
|
Additional paid-in capital - policyholder
dividends |
|
8,862,640 |
|
|
8,862,640 |
|
|
|
| |
|
Accumulated other comprehensive income |
|
5,281,192 |
|
|
4,491,383 |
|
|
|
| |
|
Retained earnings |
|
18,855,446 |
|
|
22,989,149 |
|
|
|
| |
|
Total Shareholders' Equity |
|
$33,774,117 |
|
|
$37,115,231 |
|
|
|
|
| |
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
$92,595,854 |
|
|
$81,840,094 |
|
|
|
|
Note: Johnson Lambert & Co., Certified
Public Accountants has audited the financial statements
of The National Catholic Risk Retention Group, Inc. for
the years ended December 31, 2005 and 2004 prepared in
conformity with generally accepted accounting principles
in the United States, and issued an unqualified opinion
on such financial statements in their report dated February
8, 2006. The auditor's report applies to the complete
financial statements which are not presented.
These consolidated balance sheets, consolidated
statements of operations and comprehensive income, consolidated
statements of changes in shareholders’ equity and
consolidated statements of cash flows of The National
Catholic Risk Retention Group, Inc. for the years ended
December 31, 2005 and 2004 were derived from the audited
financial statements. The complete audited financial statements
may be obtained from The National Catholic Risk Retention
Group, Inc. at 801 Warrenville Road, Suite 175, Lisle,
IL 60532-4334.
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