| |
|
 |
| Consolidated Statements of Cash Flows |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
Year
Ended Dec. 31, 2006 |
|
|
Year
Ended Dec. 31, 2005 |
|
|
|
| |
|
Net Income (Loss) |
|
$ 993,486 |
|
|
$ (4,133,703) |
|
|
|
| |
|
Add (deduct) items not affecting cash |
|
|
|
|
|
|
|
|
| |
|
 Net
realized (gains) losses of investments |
|
(2,738) |
|
|
132,958 |
|
|
|
| |
|
Net
amortization of bond premiums and discounts |
|
259,430 |
|
|
338,301 |
|
|
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
Accrued
investment income |
|
106,465 |
|
|
(57,216) |
|
|
|
| |
|
Premiums
receivable |
|
(665,858) |
|
|
493 |
|
|
|
| |
|
Reinsurance
receivable on paid losses |
|
3,056,976 |
|
|
(2,011,045) |
|
|
|
| |
|
Reinsurance
recoverable on case reserves |
|
5,417,764 |
|
|
(4,043,031) |
|
|
|
| |
|
Reinsurance
recoverable on IBNR reserves |
|
(1,079,770) |
|
|
(777,887) |
|
|
|
| |
|
Prepaid
reinsurance program |
|
1,841,422 |
|
|
(958,821) |
|
|
|
| |
|
Deferred
policy acquisition costs |
|
56,682 |
|
|
(10,312) |
|
|
|
| |
|
Other
assets |
|
(244,544) |
|
|
(5,690) |
|
|
|
| |
|
Losses
and loss adjustment expense |
|
(5,033,934) |
|
|
14,476,372 |
|
|
|
| |
|
Unearned
premiums |
|
(2,141,407) |
|
|
974,259 |
|
|
|
| |
|
Reinsurance
payable |
|
(312,751) |
|
|
(1,454,692) |
|
|
|
| |
|
Premium
taxes payable |
|
(86,015) |
|
|
(5,498) |
|
|
|
| |
|
Unearned
ceding commissions |
|
(174,917) |
|
|
77,158 |
|
|
|
| |
|
Other
liabilities |
|
(56,575) |
|
|
29,275 |
|
|
|
| |
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
1,933,716 |
|
|
2,570,921 |
|
|
|
| |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Purchased
investments |
|
(19,000,341) |
|
|
(14,710,680) |
|
|
|
| |
|
Proceeds
from sales and maturities of investments |
|
16,492,649 |
|
|
13,772,164 |
|
|
|
| |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(2,507,692) |
|
|
(938,516) |
|
|
|
| |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Net (redemption) issuance of common
stock |
|
(142) |
|
|
42 |
|
|
|
| |
|
Capital contributions |
|
9,266 |
|
|
2,738 |
|
|
|
| |
|
NET CASH PROVIDED BY FINANCING
ACTIVITIES |
|
9,124 |
|
|
2,780 |
|
|
|
|
| |
|
NET CHANGE IN CASH AND CASH
EQUIVALENTS |
|
(564,852) |
|
|
1,635,185 |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR |
|
10,329,751 |
|
|
8,694,566 |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, END
OF YEAR |
|
$9,764,899 |
|
|
$10,329,751 |
|
|
|
| Note: Johnson Lambert & Co., Certified Public
Accountants has audited the financial statements of The National Catholic
Risk Retention Group, Inc. and Subsidiaries for the years ended December
31, 2006 and 2005 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 April 5, 2007. 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. and Subsidiaries
for the years ended December 31, 2006 and 2005 were derived
from the audited financial statements. The complete audited
financial statements may be obtained from The National
Catholic Risk Retention Group, Inc. and Subsidiaries
at 801 Warrenville Road, Suite 175, Lisle, IL 60532-4334. |
|
|
|
