| |
|
| Consolidated Balance Sheets |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
ASSETS |
|
At
December 31, 2007 |
|
|
At
December 31, 2006 |
|
|
|
| |
|
Fixed-maturity
securities, at market value |
|
$ 34,115,243 |
|
|
$28,774,240 |
|
|
|
| |
|
Equity
investments, at market value |
|
31,957,443 |
|
|
30,354,669 |
|
|
|
| |
|
Cash and cash equivalents |
|
5,108,332 |
|
|
9,764,899 |
|
|
|
| |
|
Accrued investment income |
|
393,798 |
|
|
351,499 |
|
|
|
| |
|
Premiums receivable |
|
346,991 |
|
|
1,017,752 |
|
|
|
| |
|
Reinsurance receivable on paid losses |
|
764,490 |
|
|
439,037 |
|
|
|
| |
|
Reinsurance recoverable on case reserves |
|
13,442,526 |
|
|
3,800,000 |
|
|
|
| |
|
Reinsurance recoverable on IBNR reserves |
|
14,100,754 |
|
|
10,756,990 |
|
|
|
| |
|
Prepaid reinsurance premium |
|
3,404,688 |
|
|
3,600,345 |
|
|
|
| |
|
Deferred policy acquisition costs |
|
223,779 |
|
|
232,161 |
|
|
|
| |
|
Other assets |
|
602,374 |
|
|
376,663 |
|
|
|
| |
|
TOTAL ASSETS |
|
$104,460,418 |
|
|
$89,468,255 |
|
|
|
|
| |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
$ 72,307,661 |
|
|
$42,142,906 |
|
|
|
| |
|
Unearned premiums |
|
7,677,971 |
|
|
7,947,782 |
|
|
|
| |
|
Reinsurance payable |
|
356,297 |
|
|
338,086 |
|
|
|
| |
|
Premium taxes payable |
|
247,832 |
|
|
186,758 |
|
|
|
| |
|
Unearned ceding commissions |
|
320,925 |
|
|
338,776 |
|
|
|
| |
|
Other liabilities |
|
102,078 |
|
|
61,830 |
|
|
|
| |
|
Total Liabilities |
|
81,012,764 |
|
|
51,016,138 |
|
|
|
|
|
| |
|
 Class
A ($20 par value, 200 shares authorized,
67
shares issued and outstanding) |
|
1,340 |
|
|
1,340 |
|
|
|
| |
|
Class
B ($13.33 par value, 90,000 shares authorized,
22,396.65 shares issued and outstanding) |
|
298,622 |
|
|
298,622 |
|
|
|
| |
|
Additional paid-in capital - original
requirements |
|
484,001 |
|
|
484,001 |
|
|
|
| |
|
Additional paid-in capital - policyholder
dividends |
|
8,862,640 |
|
|
8,862,640 |
|
|
|
| |
|
Accumulated other comprehensive income |
|
10,437,997 |
|
|
8,956,581 |
|
|
|
| |
|
Retained earnings |
|
3,363,054 |
|
|
19,848,933 |
|
|
|
| |
|
Total Shareholders' Equity |
|
23,447,654 |
|
|
38,452,117 |
|
|
|
|
| |
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
$104,460,418 |
|
|
$89,468,255 |
|
|
|
|
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, 2007 and 2006 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 7, 2008. 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, 2007 and 2006 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. |
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