| |
|
| Consolidated Statements of Cash Flows |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
Year
Ended Dec. 31, 2007 |
|
|
Year
Ended Dec. 31, 2006 |
|
|
|
| |
|
Net (loss) income |
|
$ (16,485,878) |
|
|
$ 993,486 |
|
|
|
| |
|
Add (deduct) items not affecting cash |
|
|
|
|
|
|
|
|
| |
|
 Net
realized (gains) of investments |
|
(20,297) |
|
|
(2,738) |
|
|
|
| |
|
Net
amortization of bond premiums and discounts |
|
224,276 |
|
|
259,430 |
|
|
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
Accrued
investment income |
|
(42,299) |
|
|
106,465 |
|
|
|
| |
|
Premiums
receivable |
|
670,761 |
|
|
(665,858) |
|
|
|
| |
|
Reinsurance
receivable on paid losses |
|
(325,453) |
|
|
3,056,976 |
|
|
|
| |
|
Reinsurance
recoverable on case reserves |
|
(9,642,526) |
|
|
5,417,764 |
|
|
|
| |
|
Reinsurance
recoverable on IBNR reserves |
|
(3,343,764) |
|
|
(1,079,770) |
|
|
|
| |
|
Prepaid
reinsurance program |
|
195,657 |
|
|
1,841,422 |
|
|
|
| |
|
Deferred
policy acquisition costs |
|
8,382 |
|
|
56,682 |
|
|
|
| |
|
Other
assets |
|
(225,711) |
|
|
(244,544) |
|
|
|
| |
|
Losses
and loss adjustment expense |
|
30,164,755 |
|
|
(5,033,934) |
|
|
|
| |
|
Unearned
premiums |
|
(269,811) |
|
|
(2,141,407) |
|
|
|
| |
|
Reinsurance
payable |
|
18,211 |
|
|
(312,751) |
|
|
|
| |
|
Premium
taxes payable |
|
61,074 |
|
|
(86,015) |
|
|
|
| |
|
Unearned
ceding commissions |
|
(17,851) |
|
|
(174,917) |
|
|
|
| |
|
Other
liabilities |
|
40,248 |
|
|
(56,575) |
|
|
|
| |
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
1,009,774 |
|
|
1,933,716 |
|
|
|
| |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Purchased
investments |
|
(11,657,831) |
|
|
(19,000,341) |
|
|
|
| |
|
Proceeds
from sales and maturities of investments |
|
5,991,490 |
|
|
16,492,649 |
|
|
|
| |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(5,666,341) |
|
|
(2,507,692) |
|
|
|
| |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Net (redemption) issuance of common
stock |
|
- |
|
|
(142) |
|
|
|
| |
|
Capital contributions |
|
- |
|
|
9,266 |
|
|
|
| |
|
NET CASH PROVIDED BY FINANCING
ACTIVITIES |
|
- |
|
|
9,124 |
|
|
|
|
| |
|
NET CHANGE IN CASH AND CASH
EQUIVALENTS |
|
(4,656,567) |
|
|
(564,852) |
|
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR |
|
9,764,899 |
|
|
10,329,751 |
|
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, END
OF YEAR |
|
$ 5,108,332 |
|
|
$ 9,764,899 |
|
|
|
| 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. |
|
|
|
