| |
|
| Consolidated Statements of Cash Flows |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
Year
Ended December 31, 2009 |
|
|
Year
Ended December 31, 2008 |
|
|
|
| |
|
Net income |
|
$ 1,119,461 |
|
|
$ 3,449,357 |
|
|
|
| |
|
Add (deduct) items not affecting cash: |
|
|
|
|
|
|
|
|
| |
|
 Net
realized losses (gains) on sales of investments |
|
617,955 |
|
|
(6,977,240) |
|
|
|
| |
|
Premium deficiency reserve |
|
(391,143) |
|
|
391,143 |
|
|
|
| |
|
Net
amortization of bond premium and discount |
|
285,755 |
|
|
239,906 |
|
|
|
| |
|
Impairment losses on investments |
|
71,939 |
|
|
278,209 |
|
|
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
Accrued
investment income |
|
(30,766) |
|
|
(49,027) |
|
|
|
| |
|
Premiums
receivable |
|
(369,774) |
|
|
(3,861) |
|
|
|
| |
|
Reinsurance
receivable on paid losses |
|
(918,206) |
|
|
(1,085,069) |
|
|
|
| |
|
Reinsurance
recoverable on case reserves |
|
6,593,677 |
|
|
(3,511,345) |
|
|
|
| |
|
Reinsurance
recoverable on IBNR reserves |
|
733,592 |
|
|
(774,634) |
|
|
|
| |
|
Prepaid
reinsurance premiums |
|
(990,476) |
|
|
438,962 |
|
|
|
| |
|
Deferred
policy acquisition costs |
|
(292,312) |
|
|
223,779 |
|
|
|
| |
|
Other
assets |
|
(149,973) |
|
|
42,230 |
|
|
|
| |
|
Losses
and loss adjustment expenses |
|
(10,589,649) |
|
|
2,940,756 |
|
|
|
| |
|
Unearned
premiums |
|
1,526,880 |
|
|
(250,151) |
|
|
|
| |
|
Reinsurance
payable |
|
48,021 |
|
|
(197,188) |
|
|
|
| |
|
Premium
taxes payable |
|
94,868 |
|
|
(17,385) |
|
|
|
| |
|
Unearned
ceding commissions |
|
75,521 |
|
|
(40,787) |
|
|
|
| |
|
Other
liabilities |
|
(14,384) |
|
|
2,953 |
|
|
|
| |
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
(2,579,014) |
|
|
(4,899,392) |
|
|
|
| |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Purchased
investments |
|
(14,349,770) |
|
|
(40,264,045) |
|
|
|
| |
|
Proceeds
from sales and maturities of investments |
|
15,906,711 |
|
|
44,408,115 |
|
|
|
| |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
1,556,941 |
|
|
4,144,070 |
|
|
|
| |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
| |
|
NET CHANGE IN CASH AND CASH
EQUIVALENTS |
|
(1,022,093) |
|
|
(755,322) |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR |
|
4,353,010 |
|
|
5,108,332 |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, END
OF YEAR |
|
$ 3,330,917 |
|
|
$ 4,353,010 |
|
|
|
| Note: Johnson Lambert & Co. LLP, Certified Public Accountants has audited the financial statements of The National Catholic Risk Retention Group, Inc. and Subsidiaries for the years ended December 31, 2009 and 2008 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 12, 2010. 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, 2009 and 2008 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. |
|
|
|
