| |
|
Consolidated Statements of Operations
and Comprehensive Income (Loss) |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
REVENUES |
|
Year
Ended December 31, 2009 |
|
|
Year
Ended December 31, 2008 |
|
|
|
| |
|
Premiums earned |
|
$ 9,641,094 |
|
|
$ 8,948,212 |
|
|
|
| |
|
Net investment gains |
|
1,154,998 |
|
|
8,768,293 |
|
|
|
| |
|
VIRTUS® income earned |
|
115,749 |
|
|
105,036 |
|
|
|
| |
|
Ceding commission income, net of commission
expense
 of
$311,221 and $304,091, respectively
|
|
418,690 |
|
|
370,091 |
|
|
|
| |
|
TOTAL REVENUES |
|
11,330,531 |
|
|
18,191,632 |
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
7,574,831 |
|
|
11,120,263 |
|
|
|
| |
|
Policy acquisition costs |
|
309,580 |
|
|
692,187 |
|
|
|
| |
|
Premium deficiency charges |
|
(391,143) |
|
|
391,143 |
|
|
|
| |
|
Management and professional fees |
|
834,013 |
|
|
526,463 |
|
|
|
| |
|
VIRTUS® expenses |
|
3,704 |
|
|
4,172 |
|
|
|
| |
|
General and administrative expenses |
|
1,880,085 |
|
|
2,008,087 |
|
|
|
| |
|
TOTAL EXPENSES |
|
10,211,070 |
|
|
14,742,275 |
|
|
|
| |
|
NET INCOME |
|
1,119,461 |
|
|
3,449,357 |
|
|
|
|
| |
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
| |
|
Net unrealized holding gains (losses) arising
during the year |
|
4,936,099 |
|
|
(10,541,648) |
|
|
|
| |
|
Less: reclassification adjustment for
realized losses (gains)
and impairments included
in net income |
|
689,894 |
|
|
(6,699,031) |
|
|
|
|
| |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
5,625,993 |
|
|
(17,240,679) |
|
|
|
| |
|
COMPREHENSIVE INCOME (LOSS) |
|
$6,745,454 |
|
|
$ (13,791,322) |
|
|
|
| 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. |
|
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