| |
|
Consolidated Statements
of Operations
and Comprehensive Income |
The National
Catholic Risk Retention Group, Inc. and Subsidiaries
|
|
 |
| REVENUES |
Year Ended December 31, 2008 |
 |
Year Ended December 31, 2007 |
|
|
| Premiums earned |
$ 8,948,212 |
 |
$ 8,855,248 |
|
 |
|
Net investment income |
2,069,262 |
|
2,541,844 |
|
|
| Net realized gains on sales of investments |
6,977,240 |
|
20,297 |
|
|
| VIRTUS® income earned |
105,036 |
|
109,268 |
|
|
| Ceding commission income, net of commission expense
of $304,091 and $431,211, respectively |
370,091 |
|
279,276 |
|
|
| Impairment losses on investments |
(278,209) |
|
— |
|
|
| TOTAL REVENUES |
18,191,632 |
 |
11,805,933 |
|
|
 |
| EXPENSES |
|
|
|
|
|
|
Losses and loss adjustment expenses |
11,120,263 |
|
24,883,428 |
|
|
| Policy acquisition costs |
692,187 |
|
478,164 |
|
|
| Premium deficiency charge |
391,143 |
|
— |
|
|
| Management and professional fees |
526,423 |
|
603,684 |
|
|
| VIRTUS® expenses |
4,172 |
|
31,888 |
|
|
| General and administrative expenses |
2,008,087 |
|
1,801,162 |
|
|
| TOTAL EXPENSES |
14,742,275 |
|
27,798,326 |
|
|
|
| NET INCOME (LOSS) BEFORE |
|
|
|
|
| OPERATING PROFIT DISTRIBUTION |
3,449,357 |
|
(15,992,393) |
|
|
| Operating profit distribution |
— |
|
493,485 |
|
|
| NET INCOME (LOSS) |
3,449,357 |
|
(16,485,878) |
|
|
|
| OTHER COMPREHENSIVE (LOSS) INCOME |
|
|
|
|
|
|
Net unrealized holding (losses) gains arising during the period |
(10,541,648) |
|
1,501,713 |
|
|
| Less: reclassification adjustment for realized gains included
in net income (loss) |
(6,699,031) |
|
(20,297) |
|
|
| OTHER COMPREHENSIVE (LOSS) INCOME |
(17,240,679) |
|
1,481,416 |
|
|
|
|
| COMPREHENSIVE LOSS |
$ (13,791,322) |
 |
$ (15,004,462) |
|
|
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, 2008 and 2007 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 23, 2009. 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, 2008 and 2007 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. |
|
|
