SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended Commission File
December 31, 1995 No. 1-7361
AMERICAN FINANCIAL CORPORATION
Incorporated under IRS Employer I.D.
the Laws of Ohio No. 31-0624874
One East Fourth Street, Cincinnati, Ohio 45202
(513) 579-2121
Securities Registered Pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class on which Registered
Voting Cumulative Preferred Stock:
Series F and G Pacific
9-3/4% Debentures due April 20, 2004 Pacific
Securities Registered Pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months,
and (2) has been subject to such filing requirements for the past
90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and need not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
As of March 1, 1996, there were 53,000,000 shares of the
Registrant's Common Stock outstanding, all of which were owned by
American Financial Group, Inc. At that date there were
13,744,754 shares of Series F Voting Preferred Stock and 364,158
shares of Series G Voting Preferred Stock outstanding (all of
which were owned by non-affiliates). All shares of Common and
Preferred Stock are entitled to one vote per share and generally
vote as a single class. The aggregate market value of Preferred
Stock at that date was $275 million (based on a market price of
$19.75 per share for Series F and $10.625 per share for Series G.)
________________
Documents Incorporated by Reference:
Proxy Statement for the 1996 Annual Meeting of Shareholders
(portions of which are incorporated by reference into Part III
hereof).
<PAGE>
AMERICAN FINANCIAL CORPORATION
INDEX TO ANNUAL REPORT
ON FORM 10-K
Part I Page
Item 1 - Business:
Introduction 1
Great American Insurance Group 3
American Annuity Group and Great American
Life Insurance Company 14
Equity Investments in Affiliates 17
Other Companies 22
Investment Portfolio 23
Regulation 25
Item 2 - Properties 26
Item 3 - Legal Proceedings 27
Item 4 - Submission of Matters to a Vote of Security
Holders *
Part II
Item 5 - Market for Registrant's Common Equity and Related
Stockholder Matters 28
Item 6 - Selected Financial Data 28
Item 7 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 29
Item 8 - Financial Statements and Supplementary Data 38
Item 9 - Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure 38
Part III
Item 10 - Directors and Executive Officers of the Registrant 38
Item 11 - Executive Compensation 38
Item 12 - Security Ownership of Certain Beneficial Owners
and Management 38
Item 13 - Certain Relationships and Related Transactions 38
Part IV
Item 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K S-1
* The response to this Item is "none".
<PAGE>
PART I
ITEM 1
Business
Introduction
American Financial Corporation ("AFC") was incorporated as an
Ohio Corporation in 1955. Its address is One East Fourth Street,
Cincinnati, Ohio, 45202; its phone number is (513) 579-2121. At
December 31, 1995, American Financial Group, Inc. ("AFG") owned
all of the outstanding Common Stock of AFC (See "Mergers" below).
AFC is a holding company operating through wholly-owned and
majority-owned subsidiaries and other companies in which it holds
significant minority ownership interests. These companies
operate in a variety of financial businesses, including property
and casualty insurance, annuities, and portfolio investing. In
non-financial areas, these companies have substantial operations
in the food products industry and radio and television station
operations.
Mergers
On April 3, 1995, AFC merged with a newly formed subsidiary
of American Premier Group, Inc., a new company formed to own 100%
of the common stock of both AFC and American Premier
Underwriters, Inc. ("American Premier"). Subsequently, American
Premier Group changed its name to American Financial Group, Inc.
to reflect its core property and casualty insurance and annuity
businesses. In the transaction, Carl H. Lindner and members of
his family, who owned 100% of the Common Stock of AFC, exchanged
their AFC Common Stock for approximately 55% of AFG voting common
stock. Former shareholders of American Premier, including AFC
and its subsidiaries, received shares of AFG stock on a one-for-
one basis. AFC receives dividends paid on AFG common stock;
however, its shares generally will not be eligible to be voted as
long as AFC is owned by AFG. No gain or loss was recorded on the
exchange of shares.
AFC continues to be a separate SEC reporting company with
publicly traded debentures and preferred stock. Holders of AFC
Series F and G Preferred Stock were granted voting rights equal
to approximately 21% of the total voting power of AFC
shareholders immediately prior to the Mergers.
1
<PAGE>
General
Generally, companies have been included in AFC's
consolidated financial statements when AFC's ownership of voting
securities has exceeded 50%; for investments below that level but
above 20%, AFC has accounted for the investments as investees.
(See Note F to AFC's financial statements.) The following table
shows AFC's percentage ownership of voting securities of its
significant affiliates over the past several years:
<TABLE>
<CAPTION>
Ownership at December 31,
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Great American Insurance Group 100% 100% 100% 100% 100%
American Annuity Group 80% 80% 80% 82% 39%
Great American Life Insurance Company (a) (a) (a) (a) 100%
American Financial Enterprises 83% 83% 83% 83% 82%
American Financial Group 24% n/a n/a n/a n/a
American Premier Underwriters (b) 42% 41% 51% 50%
Chiquita Brands International 38% 46% 46% 46% 48%
Citicasters 38% 37% 20% 40% 40%
General Cable - (c) 45% 45% -
<FN>
(a) Sold to American Annuity Group in December 1992.
(b) Exchanged for shares of American Financial Group in April
1995.
(c) Sold in June 1994. 100%-owned by American Premier prior to
spin-off in July 1992. Ownership percentage excludes shares
held by American Premier for future distribution aggregating
12%.
</FN>
</TABLE>
The following summarizes the more significant changes in
ownership percentages shown in the above table.
American Annuity Group On December 31, 1992, American
Annuity purchased Great American Life Insurance Company ("GALIC")
from Great American Insurance Company ("GAI"). In connection
with the acquisition, GAI purchased 5.1 million shares of
American Annuity's common stock pursuant to a cash tender offer
and 17.1 million additional shares directly from American
Annuity.
American Premier Underwriters In 1993, American Financial
Enterprises, Inc. ("AFEI") sold 4.5 million shares of American
Premier common stock in a secondary public offering. In April
1995, American Premier became a subsidiary of AFG as a result of
the Mergers.
Chiquita Brands International In 1995, AFC sold 3.2 million
shares of Chiquita common stock to American Premier.
<PAGE>
Citicasters In December 1993, Great American Communications
Company ("GACC") completed a prepackaged plan of reorganization.
In the restructuring, AFC's previous holdings of GACC stock and
debt were exchanged for 20% of the new common stock. GACC
changed its name to Citicasters to reflect the nature of its
business. In June 1994, AFEI purchased approximately 10% of
Citicasters common stock. In the second half of 1994,
Citicasters repurchased and retired approximately 21% of its
common stock.
In February 1996, Citicasters entered into a merger agreement
with Jacor Communications, Inc. Under the agreement, each
Citicasters shareholder, including AFC and its subsidiaries, will
receive cash and warrants to purchase Jacor common stock.
Consummation of the transaction is subject to regulatory
approvals, and certain adjustments to the price will be made if
the transaction does not close by September 30, 1996.
2
<PAGE>
General Cable In 1992, American Premier distributed to its
shareholders approximately 88% of the stock of General Cable,
which was formed to own certain of American Premier's
manufacturing businesses. AFC and its subsidiaries received
approximately 45% of General Cable in the spin-off. In 1994, an
unaffiliated company acquired all of the common stock of General
Cable including AFC's and the 12% which had been retained by
American Premier.
The following discussion concerning AFC's businesses is
organized along the lines of the major company investments as shown
in the table above. Reference to the table and to AFC's
consolidated financial statements is recommended for a better
understanding of this section and Item 6 - "Selected Financial
Data".
Great American Insurance Group
AFC's primary insurance business is multi-line property and
casualty insurance, headed by GAI. Hereafter, GAI and its property
and casualty insurance subsidiaries will be referred to collectively
as "Great American". They employ approximately 3,900 persons.
According to the most recent ranking published in "Best's
Review", Great American was the 37th largest among all property and
casualty insurance groups operating in the United States on the
basis of total net premiums written in 1994. GAI is rated "A"
(Excellent) by A.M. Best Company, Inc. This rating is given to
companies that "have a strong ability to meet their obligations to
policyholders over a long period of time".
Great American manages and operates its property and casualty
business in two major business segments: Specialty Lines and
Commercial and Personal Lines. Each segment is comprised of
multiple business units which operate autonomously but with strong
central financial controls and full accountability. Decentralized
control allows each unit the autonomy necessary to respond to local
and specialty market conditions while capitalizing on the
efficiencies of centralized investment, actuarial, financial and
legal support functions.
The primary objective of the property and casualty insurance
operations is to achieve underwriting profitability. Underwriting
profitability is measured by the combined ratio which is a sum of
the ratios of underwriting expenses, losses and loss adjustment
expenses to premiums. When the combined ratio is under 100%,
underwriting results are generally considered profitable; when the
ratio is over 100%, underwriting results are generally considered
unprofitable. The combined ratio does not reflect investment
income, other income or federal income taxes.
<PAGE>
Management's focus on underwriting performance has resulted in a
statutory combined ratio averaging 102.9% for the period 1991 to
1995, as compared to 109.3% for the property and casualty industry
over the same period (Source: "Best's Review - Property/Casualty"
January 1996 Edition). Management's philosophy is to refrain from
writing business that is not expected to produce an underwriting
profit even if it is necessary to limit premium growth to do so.
For 1995, net written premiums were $1.6 billion, compared to
$1.5 billion in 1994. The increase in net written premiums was due
to increases in specialty niche lines, workers' compensation and
commercial umbrella insurance.
3
<PAGE>
The following table shows (in millions) the performance of Great
American in various categories. While financial data is reported on
a statutory basis for insurance regulatory purposes, it is reported
in accordance with generally accepted accounting principles ("GAAP")
for shareholder and other investment purposes. In general,
statutory accounting results in lower capital surplus and net
earnings than result from application of GAAP. Major differences
include charging policy acquisition costs to expense as incurred
rather than spreading the costs over the periods covered by the
policies; netting of reinsurance recoverables and prepaid
reinsurance premiums against the corresponding liability; requiring
additional loss reserves; and charging to surplus certain assets,
such as furniture and fixtures and agents' balances over 90 days
old.
Unless indicated otherwise, the financial information presented for
Great American is presented on a GAAP basis.
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Statutory Basis
Premiums Earned $1,533 $1,376 $1,243 $1,220 $1,214
Admitted Assets 4,441 4,139 3,884 3,760 3,893
Unearned Premiums 737 668 562 517 514
Loss and Loss Adjustment
Expense ("LAE") Reserves 2,278 2,206 2,144 2,151 2,194
Capital and Surplus 966 943 887 851 840
GAAP Basis
Premiums Earned $1,535 $1,379 $1,241 $1,220 $1,197
Total Assets(*) 6,150 5,819 5,385 5,299 4,518
Unearned Premiums(*) 921 825 675 595 506
Loss and LAE Reserves(*) 2,966 2,917 2,724 2,670 2,129
Shareholder's Equity 1,730 1,548 1,464 1,439 1,261
<FN>
(*) Data for periods subsequent to 1991 has been grossed up for reinsurance
recoverables in accordance with a change in accounting rules.
</FN>
</TABLE>
The following table presents certain information with respect to
Great American's property and casualty insurance operations (dollars
in millions).
1995 1994 1993
Net written premiums $1,600 $1,489 $1,288
Net earned premiums $1,535 $1,387 $1,243
Loss and LAE 1,066 987 877
Underwriting expenses 461 424 407
Policyholder dividends(a) 13 8 2
Underwriting loss ($ 5) ($ 32) ($ 43)
<PAGE>
GAAP ratios:
Loss and LAE ratio 69.4% 71.2% 70.6%
Underwriting expense ratio 30.0 30.6 32.8
Policyholder dividend ratio .8 .6 .1
Combined ratio 100.2% 102.4% 103.5%
Statutory ratios:
Loss and LAE ratio 69.7% 72.2% 70.8%
Underwriting expense ratio 29.7 30.8 33.1
Policyholder dividend ratio .3 .6 -
Combined ratio 99.7% 103.6% 103.9%
Industry statutory combined ratio(b) 107.2% 108.5% 106.9%
(a) Policyholder dividends may be treated as a reduction of earned
premiums elsewhere in this document.
(b) Ratios are derived from "Best's Review - Property/Casualty"
(January 1996 Edition).
4
<PAGE>
As shown in the table above, Great American's underwriting
results have been significantly better than the industry's. Great
American's results reflect an emphasis on writing commercial lines
coverages of specialized niche products where company personnel are
experts in particular lines of business.
Great American operates in a highly competitive industry that is
affected by many factors which can cause significant fluctuations in
their results of operations. The property and casualty insurance
industry has historically been subject to pricing cycles
characterized by periods of intense competition and lower premium
rates (a "downcycle") followed by periods of reduced competition,
reduced underwriting capacity due to lower policyholders' surplus
and higher premium rates (an "upcycle"). The property and casualty
insurance industry is currently in an extended downcycle, which has
lasted approximately eight years. Great American's underwriting
results have been adversely affected by this downcycle, particularly
in unfavorable pricing in certain standard commercial lines of
business.
As with other property and casualty insurers, Great American's
operating results can be adversely affected by unpredictable
catastrophe losses. Certain natural disasters (hurricanes, torna
does, floods, forest fires, etc.) and other incidents of major loss
(explosions, civil disorder, fires, etc.) are classified as
catastrophes by industry associations. Losses from these incidents
are usually tracked separately from other business of insurers
because of their sizable effects on overall operations. Great
American generally seeks to reduce its exposure to such events
through individual risk selection and the purchase of reinsurance.
Major catastrophes in recent years included the Texas hailstorms in
1995; the Northridge, California earthquake and winter storms in
1994; flooding in the Midwest in 1993; Hurricanes Andrew and Iniki,
Chicago flooding, and Los Angeles civil disorder in 1992 and Oakland
fires in 1991. Total net losses to AFC's insurance operations from
catastrophes were $48 million in 1995; $51 million in 1994;
$26 million in 1993; $42 million in 1992; and $22 million in 1991.
These amounts are included in the tables herein.
Specialty Lines
General. The Specialty Lines segment emphasizes the writing of
specialized insurance coverage where Great American personnel are
experts in particular lines of business or customer groups including
workers' compensation, executive liability, ocean and inland marine,
agricultural-related coverages (allied lines), non-profit liability,
umbrella and excess and surplus lines. The Specialty Lines workers'
compensation operations write coverage for statutorily prescribed
benefits payable to employees who are injured on the job. The
executive and professional liability divisions market liability
coverage for lawyers and corporate directors and officers. Ocean
and inland marine businesses provide such coverage as marine cargo,
boat dealers, marina operators/dealers, excursion vessels, builder's
risk, contractor's equipment, excess property and transportation
cargo. The agricultural-related businesses provide multi-peril crop
<PAGE>
insurance covering all weather and disease perils as well as
coverage for full-time operating farms/ranches and agribusiness
operations on a nationwide basis through independent agents who
specialize in the rural market. The non-profit liability business
provides property, general/professional liability, automobile,
trustee liability, umbrella and crime coverage for a wide range of
non-profit organizations. These operations also provide excess and
surplus commercial property and casualty insurance in a variety of
industries.
Specialization is the key element to the underwriting success of
these business units. Each unit has independent management with
significant operating autonomy to oversee the important operational
functions of its business such as underwriting, pricing, marketing,
policy processing and claims service. These specialty lines are
opportunistic and their premium volume will vary based on current
market conditions. Great American continually evaluates new
specialty markets.
5
<PAGE>
The U.S. geographic distribution of the Specialty Lines
statutory direct written premiums in 1995 compared to 1991, was as
follows:
State 1995 1991 State 1995 1991
Texas(a) 19.7% 6.1% Oklahoma 3.7% 11.7%
California 13.8 19.6 New Jersey 2.9 3.4
Pennsylvania 6.4 3.9 Ohio 2.3 3.3
New York 5.8 7.6 Michigan 2.2 3.1
Massachusetts 4.7 3.1 Kentucky * 2.6
Florida 4.2 3.3 Other 30.5 27.6
Illinois 3.8 4.7 100.0% 100.0%
______________
* less than 2%
(a) Approximately half of the Texas business in 1995 was ceded to
the NSA Group in American Premier.
The following table sets forth a distribution of statutory net
written premiums for Great American's Specialty Lines by NAIC annual
statement line for 1995 compared to 1991:
1995 1991
Other liability 25.3% 27.2%
Auto liability 15.3 16.4
Commercial multi-peril 10.6 5.4
Allied lines 10.5 7.6
Inland marine 9.9 10.4
Ocean marine 5.6 5.6
Auto physical damage 5.2 5.1
Workers' compensation 4.5 8.9
Surety 3.7 4.8
Fire 3.1 2.7
Other 6.3 5.9
100.0% 100.0%
The following table presents certain information with respect to
Great American's Specialty Lines insurance operations (dollars in
millions):
1995 1994 1993
Net written premiums $882 $801 $616
Net earned premiums $836 $724 $574
Loss and LAE 568 528 392
Underwriting expenses 245 211 167
Policyholder dividends 2 - -
Underwriting profit (loss) $ 21 ($ 15) $ 15
GAAP ratios:
Loss and LAE ratio 67.9% 72.9% 68.2%
Underwriting expense ratio 29.4 29.2 29.1
Policyholder dividend ratio .2 - -
Combined ratio 97.5% 102.1% 97.3%
<PAGE>
Statutory ratios:
Loss and LAE ratio 68.1% 73.5% 68.7%
Underwriting expense ratio 29.4 29.5 29.8
Policyholder dividend ratio .1 .2 (.1)
Combined ratio 97.6% 103.2% 98.4%
Industry statutory combined ratio (a) 107.2% 108.5% 106.9%
(a) Ratios are derived from "Best's Review - Property/Casualty"
(January 1996 Edition).
6
<PAGE>
Marketing. The Specialty Lines operations direct their sales
efforts primarily toward independent property and casualty insurance
agents and brokers. These businesses write insurance through more
than 7,500 agents and have more than 250,000 policies in force.
Competition. Because of the specialty nature of these
coverages, competition is based primarily on service to
policyholders and agents, specific characteristics of products
offered and reputation for claims handling. Price, commissions and
profit sharing terms are also important factors. Competitors
include individual insurers and insurance groups of varying sizes,
some of which are mutual insurance companies possessing competitive
advantages in that all their profits inure to their policyholders.
Management believes that sophisticated data analysis for refinement
of risk profiles, extensive specialized knowledge and loss
prevention service have helped these businesses compete
successfully.
Commercial and Personal Lines
General. Major commercial lines of business are workers'
compensation, commercial multi-peril, umbrella (including primary
and excess layers) and general liability insurance. The workers'
compensation business has experienced solid growth and profitability
due to improved rate structures and favorable trends in medical care
costs and the success of its Drug-Free Workplace program.
Great American's Drug-Free Workplace program for workers'
compensation customers assists insureds in setting up drug testing
programs (as permitted by law), drug and alcohol education programs
and work safety programs. At December 31, 1995, there were more
than 650 insureds in 16 states with such programs producing
approximately $55 million in annual net written premiums.
Commercial business is written in 25 states where management
believes adequate rates can be obtained and where assigned risk
costs are not excessive. Great American's approach focuses on
specific customer groups, such as fine restaurants, light
manufacturers, high rise living units, hotels/motels and insureds
with large umbrella coverages. The approach also emphasizes site
visits at prospective customers to ensure underwriter familiarity
with risk factors relating to each insured and to avoid those risks
which have unacceptable frequency or severity exposures.
Personal lines of business consist primarily of standard
private passenger auto and homeowners' insurance and are written in
38 states. Great American's approach is to develop tailored rates
for its personal automobile customers based on a wide variety of
factors, including make and model of the insured automobile and the
driving record of the insureds. The approach to homeowners business
is to limit writings in locations with catastrophic exposures such
as windstorms, earthquakes and hurricanes.
7
<PAGE>
The U.S. geographic distribution of the Commercial and Personal
Lines statutory direct written premiums in 1995 compared to 1991,
was as follows:
State 1995 1991 State 1995 1991
Connecticut 14.1% 12.0% Florida 3.2% 2.8%
New York 11.9 7.7 California 2.3 9.1
North Carolina 10.6 11.7 Massachusetts 2.2 2.6
New Jersey 9.7 7.6 Illinois 2.2 3.2
Pennsylvania 6.5 2.5 Washington * 2.7
Texas 5.0 * Oregon * 2.5
Michigan 4.0 3.5 Virginia * 2.3
Maryland 3.8 3.5 Minnesota * 2.1
Ohio 3.8 4.5 Other 20.7 19.7
100.0% 100.0%
______________
* less than 2%
The following table sets forth a distribution of statutory net
written premiums for Great American's Commercial and Personal Lines
by NAIC annual statement line for 1995 compared to 1991:
1995 1991
Auto liability 28.8% 23.9%
Workers' compensation 18.0 13.3
Commercial multi-peril 17.2 24.7
Auto physical damage 12.3 12.0
Homeowners 11.1 12.1
Other liability 7.3 9.1
Inland marine 1.7 1.8
Other 3.6 3.1
100.0% 100.0%
The following table presents certain information with respect
to Great American's Commercial and Personal Lines insurance
operations (dollars in millions):
1995 1994 1993
Net written premiums $717 $683 $666
Net earned premiums $698 $656 $664
Loss and LAE 468 430 430
Underwriting expenses 214 211 238
Policyholder dividends 11 8 2
Underwriting profit (loss) $ 5 $ 7 ($ 6)
GAAP ratios:
Loss and LAE ratio 66.9% 65.5% 64.8%
Underwriting expense ratio 30.6 32.2 35.9
Policyholder dividend ratio 1.6 1.2 .3
Combined ratio 99.1% 98.9% 101.0%
<PAGE>
Statutory ratios:
Loss and LAE ratio 67.2% 67.0% 65.0%
Underwriting expense ratio 29.9 32.4 36.0
Policyholder dividend ratio .6 1.0 -
Combined ratio 97.7% 100.4% 101.0%
Industry statutory combined ratio (a) 107.2% 108.5% 106.9%
(a) Ratios are derived from "Best's Review - Property/Casualty"
(January 1996 Edition).
8
<PAGE>
Marketing. The Commercial and Personal Lines business units
direct their sales efforts primarily toward independent agents and
brokers. These businesses write insurance through more than 4,000
agents and have more than 515,000 policies in force.
Competition. These businesses compete with other insurers,
primarily on the basis of price (including differentiation on policy
limits, coverages offered and deductibles), agent commissions and
profit sharing terms. Customer service, loss prevention and
reputation for claims handling are also important factors.
Competitors include individual insurers and insurance groups of
varying sizes, some of which are mutual insurance companies
possessing competitive advantages in that all their profits inure to
their policyholders. Management believes that sophisticated data
analysis for refinement of risk profiles, disciplined underwriting
practices and aggressive loss prevention procedures have enabled
these businesses to compete successfully on the basis of price
without negatively affecting underwriting profitability.
Reinsurance
Consistent with standard practice of most insurance companies,
Great American reinsures a portion of its business with other
reinsurance companies and assumes a relatively small amount of
business from other insurers. Ceding reinsurance permits
diversification of risks and limits the maximum loss arising from
large or unusually hazardous risks or catastrophic events. AFC's
insurance companies enter into separate reinsurance programs due to
their differing exposures. The availability and cost of reinsurance
are subject to prevailing market conditions which may affect the
volume and profitability of business that is written. Although
reinsurance does not legally discharge the original insurer from
primary liability, risks that are reinsured are, in practice,
treated as though they were transferred to the reinsurers.
Reinsurance is provided on one of two bases: the facultative
basis or the treaty basis. Facultative reinsurance is generally
provided on a risk by risk basis. Individual risks are ceded and
assumed based on an offer and acceptance of risk by each party to
the transaction. Treaty reinsurance provides for risks to be
automatically ceded and assumed according to contract provisions.
GAI currently has treaty reinsurance programs which generally
provide reinsurance coverage above specified retention maximums.
For workers' compensation policies, the retention maximum is
$1 million per loss occurrence with reinsurance coverage for the
next $49 million. For all other casualty policies, the retention
maximum is $5 million per loss occurrence with reinsurance coverage
for the next $15 million. For property coverages, a property per
risk excess of loss treaty is maintained with a retention maximum of
$5 million per risk and reinsurance coverage for the next
$25 million; for catastrophe coverage on property risks, the
retention is $20 million with reinsurance covering 95% of the next
$130 million in losses with an additional layer of reinsurance
providing coverage for 76% of the next $50 million for the peril of
wind only. Contracts relating to reinsurance are subject to
periodic renegotiation.
9
<PAGE>
Included in the balance sheet caption "recoverables from
reinsurers and prepaid reinsurance premiums" were $82 million on
paid losses and LAE and $709 million on unpaid losses and LAE at
December 31, 1995. The collectibility of a reinsurance balance
is based upon the financial condition of a reinsurer as well as
individual claim considerations. Market conditions over the
past few years have forced many reinsurers into financial
difficulties or liquidation proceedings. At December 31, 1995,
Great American had an allowance of approximately $79 million for
doubtful collection of reinsurance recoverables. Great American
regularly monitors the financial strength of its reinsurers.
This process periodically results in the transfer of risks to
more financially secure reinsurers. Great American's major
reinsurers include American Re-Insurance Company, Employers
Reinsurance Corporation, NAC Reinsurance Corporation, Mitsui
Marine and Fire Insurance Company, Ltd. and Taisho Marine & Fire
Insurance Company. Management believes that this present group
of reinsurers is financially sound.
Premiums written for reinsurance ceded and assumed are
presented in the following table (in millions):
1995 1994 1993
Reinsurance ceded to:
Non-affiliates $466 $402 $333
Affiliates 144 161 89
Reinsurance assumed - including
involuntary pools and associations 75 83 61
Loss and Loss Adjustment Expense Reserves
The consolidated financial statements include the estimated
liability for unpaid losses and LAE of Great American. This
liability represents estimates of the ultimate net cost of all
unpaid losses and LAE and is determined by using case-basis
evaluations and actuarial projections. These estimates are subject
to the effects of changes in claim amounts and frequency and are
periodically reviewed and adjusted as additional information becomes
known. In accordance with industry practices, such adjustments are
reflected in current year operations.
Future costs of claims are projected based on historical trends
adjusted for changes in underwriting standards, policy provisions,
the anticipated effect of inflation and general economic trends.
These anticipated trends are monitored based on actual development
and are reflected in estimates of ultimate claim costs.
Generally, reserves for reinsurance and involuntary pools and
associations are reflected in Great American's results at the
amounts reported by those entities.
See Note S to the Financial Statements for an analysis of changes
in Great American's estimated liability for losses and LAE, net of
reinsurance (and grossed up), over the past three years on a GAAP
basis.
10
<PAGE>
The following table presents the development of Great American's
liability for losses and LAE, net of reinsurance, on a GAAP basis
for the last ten years. The top line of the table shows the
estimated liability (in millions) for unpaid losses and LAE recorded
at the balance sheet date for the indicated years. The second line
shows the re-estimated liability as of December 31, 1995. The
remainder of the table presents development as percentages of the
estimated liability. The development results from additional
information and experience in subsequent years. The middle line
shows a cumulative deficiency (redundancy) which represents the
aggregate percentage increase (decrease) in the liability initially
estimated. The lower portion of the table indicates the cumulative
amounts paid as of successive periods as a percentage of the
original loss reserve liability.
<TABLE>
<CAPTION>
1985 1986 1987 1988 1989
<S> <C> <C> <C> <C> <C>
LIABILITY FOR UNPAID LOSSES
AND LOSS ADJUSTMENT EXPENSES:
AS ORIGINALLY ESTIMATED $1,605 $1,843 $2,024 $2,209 $2,246
AS RE-ESTIMATED AT
DECEMBER 31, 1995 2,385 2,258 2,222 2,275 2,271
LIABILITY RE-ESTIMATED AS OF:
ONE YEAR LATER ............. 109.2% 102.7% 102.5% 99.8% 100.4%
TWO YEARS LATER ............ 116.7% 107.3% 103.6% 100.0% 99.3%
THREE YEARS LATER .......... 123.4% 109.7% 103.1% 99.7% 98.4%
FOUR YEARS LATER ........... 129.9% 110.8% 102.5% 98.7% 98.2%
FIVE YEARS LATER ........... 132.3% 111.8% 102.6% 99.1% 101.1%
SIX YEARS LATER ............ 134.8% 112.7% 103.5% 103.0% 101.1%
SEVEN YEARS LATER .......... 136.6% 115.3% 109.4% 103.0%
EIGHT YEARS LATER .......... 140.7% 122.1% 109.8%
NINE YEARS LATER ........... 148.2% 122.5%
TEN YEARS LATER ............ 148.6%
<PAGE>
CUMULATIVE DEFICIENCY
(REDUNDANCY) 48.6% 22.5% 9.8% 3.0% 1.1%
<CAPTION>
1990 1991 1992 1993 1994 1995
<S> <C> <C> <C> <C> <C> <C>
LIABILITY FOR UNPAID LOSSES
AND LOSS ADJUSTMENT EXPENSES:
AS ORIGINALLY ESTIMATED $2,137 $2,129 $2,123 $2,113 $2,187 $2,257
AS RE-ESTIMATED AT
DECEMBER 31, 1995 2,103 2,040 1,985 1,959 2,080 n/a
LIABILITY RE-ESTIMATED AS OF:
ONE YEAR LATER ............. 98.6% 99.3% 99.9% 98.1% 95.1%
TWO YEARS LATER ............ 97.7% 98.7% 98.2% 92.7%
THREE YEARS LATER .......... 97.4% 98.0% 93.5%
FOUR YEARS LATER ........... 99.2% 95.8%
FIVE YEARS LATER ........... 98.4%
SIX YEARS LATER ............
SEVEN YEARS LATER ..........
EIGHT YEARS LATER ..........
NINE YEARS LATER ...........
TEN YEARS LATER ............
CUMULATIVE DEFICIENCY
(REDUNDANCY) (1.6%) (4.2%) (6.5%) (7.3%) (4.9%) n/a
<CAPTION>
1985 1986 1987 1988 1989
<S> <C> <C> <C> <C> <C>
CUMULATIVE PAID AS OF:
ONE YEAR LATER ............. 45.5% 33.0% 29.2% 29.4% 32.3%
TWO YEARS LATER ............ 69.0% 52.5% 49.0% 48.6% 48.2%
THREE YEARS LATER .......... 84.6% 67.7% 63.5% 59.8% 59.2%
FOUR YEARS LATER ........... 96.6% 79.3% 72.2% 67.9% 67.6%
FIVE YEARS LATER ........... 106.4% 86.4% 78.5% 74.0% 74.3%
SIX YEARS LATER ............ 112.4% 91.9% 83.6% 79.5% 78.1%
SEVEN YEARS LATER .......... 117.3% 96.1% 87.7% 82.4%
EIGHT YEARS LATER .......... 121.3% 100.0% 90.3%
NINE YEARS LATER ........... 125.2% 102.7%
TEN YEARS LATER ............ 128.0%
<CAPTION>
1990 1991 1992 1993 1994 1995
<S> <C> <C> <C> <C> <C> <C>
CUMULATIVE PAID AS OF:
ONE YEAR LATER ............. 26.1% 26.4% 26.7% 25.2% 26.5%
TWO YEARS LATER ............ 43.2% 43.0% 43.7% 40.1%
THREE YEARS LATER .......... 55.3% 55.4% 53.6%
FOUR YEARS LATER ........... 64.8% 62.6%
FIVE YEARS LATER ........... 70.4%
SIX YEARS LATER ............
SEVEN YEARS LATER ..........
EIGHT YEARS LATER ..........
NINE YEARS LATER ...........
TEN YEARS LATER ............
</TABLE>
<PAGE>
This table does not present accident or policy year development
data. Furthermore, in evaluating the re-estimated liability and
cumulative deficiency (redundancy), it should be noted that each
percentage includes the effects of changes in amounts for prior
periods. For example, a deficiency (redundancy) related to
losses settled in 1995, but incurred in 1985, would be included
in the re-estimated liability and cumulative deficiency
(redundancy) percentage for each of the years 1985 through 1994.
Conditions and trends that have affected development of the
liability in the past may not necessarily exist in the future.
Accordingly, it may not be appropriate to extrapolate future
redundancies or deficiencies based on this table.
The adverse development in earlier years in the table above was
caused partially by the effect of higher than projected
inflation on medical, hospitalization, material, repair and
replacement costs. Additionally, changes in the legal
environment have influenced the development patterns over the
past ten years. Two significant changes in the early to mid-
1980s were the trend towards an adverse litigious climate and
the change from contributory to comparative negligence.
11
<PAGE>
The adverse litigious climate is evidenced by an increase in
lawsuits and damage awards, changes in judicial interpretation
of legal liability and of the scope of policy coverage, and a
lengthening of time it takes to settle cases. In addition, a
trend has developed in the manner and timeliness of first claim
notices. Historically, the first notification of claim came
directly from the claimant; in recent years, however, there has
been a gradual increase in the number of notifications in the
form of direct legal action. Not only has this notification
been less timely, it has been more adversarial in nature.
The change in rules of negligence governing tort claims has
also influenced the loss development trend. During the early to
mid-1980s, most states changed from contributory to comparative
negligence rules. Under contributory negligence rules, a
plaintiff seeking damages is barred from recovering damages for
a loss if it can be demonstrated that the plaintiff's own
negligence contributed in any way to the cause of the injury.
Under comparative negligence rules, a plaintiff's negligence is
no longer a bar to recovery. Instead, the degree of plaintiff's
negligence is compared to the negligence of any other party.
Generally, if the plaintiff's negligence is 50% or less of the
cause of the injury, the plaintiff can recover damages, but in
an amount reduced by the portion of damage attributable to the
plaintiff's own negligence. Many claims which would have been
successfully defended under contributory negligence rules now
result in an award of damages or a settlement during suit under
the comparative negligence rules.
The differences between the liability for losses and LAE
reported in the annual statements filed with the state insurance
departments in accordance with statutory accounting principles
("SAP") and that reported in the accompanying consolidated
financial statements in accordance with GAAP at December 31,
1995, are as follows (in millions):
Liability reported on a SAP basis $2,278
Additional discounting of GAAP reserves in excess
of the statutory limitation for SAP reserves (21)
Reinsurance recoverables 709
Liability reported on a GAAP basis $2,966
Asbestos and Environmental Reserves The insurance industry
typically includes only claims relating to polluted waste sites
and asbestos in defining environmental exposures. Great
American extends this definition to include claims relating to
breast implants, repetitive stress on keyboards, DES (a drug
used in pregnancies years ago alleged to cause cancer and birth
defects) and other latent injuries ("A&E").
<PAGE>
Establishing reserves for A&E claims is subject to
uncertainties that are greater than those presented by other types
of claims. Factors contributing to those uncertainties include a
lack of sufficiently detailed historical data, long reporting
delays, uncertainty as to the number and identity of insureds with
potential exposure, unresolved legal issues regarding policy
coverage, and the extent and timing of any such contractual
liability. Courts have reached different and sometimes
inconsistent conclusions as to when a loss is deemed to have
occurred, what policies provide coverage, what claims are covered,
whether there is an insured obligation to defend, how policy
limits are determined and other policy provisions. Management
believes these issues are not likely to be resolved in the near
future.
Prior to the fourth quarter of 1994, Great American
maintained reserves only on its reported A&E claims; reserves for
claims incurred but not reported ("IBNR") were not allocated to
A&E claims. Following completion of a detailed analysis in the
fourth quarter, Great American allocated a specific portion of
its IBNR reserves to A&E claims. Based on known facts, current
law, and current industry practices, management believes that its
reserves for such claims are appropriate.
12
<PAGE>
The following table (in millions) is a progression of reserves
for A&E exposures for which Great American has been held liable
under general liability policies written years ago where
environmental coverage was not intended and, in many cases, was
specifically excluded.
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Reserves at beginning of year $226.8 $141.5 $142.6
Incurred losses and LAE (a) 25.6 118.3 36.4
Paid losses and LAE (32.1) (33.0) (37.5)
Reserves at end of year, net of
reinsurance recoverable 220.3 226.8 141.5
Reinsurance recoverable 163.5 155.0 106.9
Gross reserves at end of year $383.8 $381.8 $248.4
<FN>
(a) Amounts in 1994 reflect an allocation of a specific portion of IBNR reserves
to A&E claims as described above.
</FN>
</TABLE>
Since the mid-1980's, Great American has also written certain
environmental coverages (asbestos abatement and underground
storage tank liability) in which the premium charged is intended
to provide coverage for the specific environmental exposures
inherent in these policies. The business has been profitable
since its inception. To date, approximately $174 million of
premiums has been written and reserves for unpaid losses and LAE
aggregated $48 million at December 31, 1995 (not included in the above
table).
Investment Results
The following table, prepared on a GAAP basis, shows the
performance of Great American's investment portfolio, excluding
equity investments in affiliates (dollars in millions):
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Average Cash and Investments at Cost $2,892 $2,614 $2,475 $2,326 $2,220
Investment Income 222 205 202 203 186
Net Realized Gains 39 45 43 58 3
Percentage Earned:
Excluding Net Realized Gains 7.7% 7.8% 8.2% 8.7% 8.4%
Including Net Realized Gains 9.1% 9.6% 9.9% 11.2% 8.5%
Increase (Decrease) in Unrealized
Gains on Marketable Securities
(Net of Realized Gains and Losses) $114 ($105) $84 $61 ($110)
</TABLE>
___________________________________
13
<PAGE>
American Annuity Group and Great American Life Insurance Company
Data in this section relating to the period following the
sale of GALIC to American Annuity generally has been derived
from American Annuity's 1995 Form 10-K.
General
American Annuity Group ("AAG") is a holding company whose
primary asset is the capital stock of GALIC which it acquired
from GAI on December 31, 1992. GALIC sells annuities primarily
to employees of qualified not-for-profit organizations. GALIC
is currently rated "A" (Excellent) by A.M. Best. AAG and its
subsidiaries employ approximately 850 persons.
The following table (in millions) presents information
concerning GALIC.
1995 1994 1993
Statutory Accounting Principles Basis
Total Assets $5,414 $5,057 $4,758
Insurance Reserves:
Annuities $4,974 $4,655 $4,299
Life 22 21 22
Accident and Health - 1 1
$4,996 $4,677 $4,322
Capital and Surplus $ 273 $ 256 $ 251
Asset Valuation Reserve (a) 90 80 70
Interest Maintenance Reserve (a) 32 28 36
Annuity Receipts:
Flexible Premium:
First Year $ 42 $ 39 $ 47
Renewal 196 208 223
238 247 270
Single Premium 219 196 130
Total Annuity Receipts $ 457 $ 443 $ 400
Generally Accepted Accounting Principles Basis
Total Assets $5,631 $5,044 $4,883
Annuity Benefits Accumulated 4,917 4,596 4,257
Stockholder's Equity 645 449 520
(a) Allocation of surplus.
Annuity Products
Annuities are long-term retirement savings plans that
benefit from interest accruing on a tax-deferred basis.
Employees of qualified not-for-profit organizations are eligible
to save for retirement through contributions made on a before
tax basis. Contributions are made at the discretion of the
participants through payroll deductions or through tax-free
"rollovers" of funds. Federal income taxes are not payable on
contributions or earnings until amounts are withdrawn.
14
<PAGE>
GALIC's principal products are "FPDAs" and "SPDAs". FPDAs
are characterized by premium payments that are flexible in
amount and timing as determined by the policyholder. SPDAs are
issued in exchange for a one-time lump-sum premium payment.
Over the last five years, approximately three-fourths of GALIC's
SPDA receipts have resulted from rollovers of tax-deferred funds
previously maintained by policyholders with other insurers.
All annuity products issued by GALIC itself have been fixed
rate annuities. With a fixed rate annuity, an interest
crediting rate is initially set by the issuer, and thereafter
changed from time to time by the issuer based on market
conditions, subject to any guaranteed interest crediting rates
in the policy. At December 31, 1995, approximately 95% of
GALIC's annuity policyholder benefit reserves consisted of fixed
rate annuities which offered a minimum interest rate guarantee
of 4%. The balance of the liabilities had a minimum guaranteed
rate of 3%. In determining the frequency and extent of changes
in the crediting rate, GALIC takes into account the
profitability of its annuity business and the relative
competitive position of its products.
A GALIC subsidiary began marketing variable annuities in the
fourth quarter of 1995. With a variable annuity, the earnings
credited to the policy varies based on the investment results of
the underlying investment options chosen by the policyholder.
Policyholders may also choose to direct all or a portion of
their premiums to various fixed rate options. For these annuity
products, all premiums directed to the variable options are
placed in funds managed by third party investment advisers.
GALIC seeks to maintain a desired spread between the yield
on its investment portfolio and the rate it credits to its
policies. GALIC accomplishes this by (i) offering crediting
rates which it has the option to change, (ii) designing annuity
products that encourage persistency and (iii) maintaining an
appropriate matching of assets and liabilities. GALIC imposes
certain surrender charges and front-end fees during the first
five to ten years of a policy to discourage customers from
surrendering or withdrawing funds in those early years. Partly
due to these features, annuity surrender payments have averaged
approximately 8% of related statutory reserves over the past
five years. At December 31, 1995, GALIC had over 250,000
annuity policies in force, nearly all of which were individual
contracts.
Marketing
GALIC markets its tax-deferred annuities principally to
employees of educational institutions in the kindergarten
through high school segment. GALIC's management believes that
this market segment is attractive because of its size and growth
potential, and the persistency rate it has demonstrated. In
1995, written premiums from this market segment represented
approximately three-fourths of GALIC's total tax-qualified
premiums.
<PAGE>
GALIC distributes its annuity products through over 80
managing general agents ("MGAs") who, in turn, direct
approximately 1,000 actively producing independent agents.
GALIC has developed its business on the basis of its
relationships with MGAs and independent agents primarily through
a consistent marketing approach and responsive service.
15
<PAGE>
GALIC is licensed to sell its products in all states (except
New York) and in the District of Columbia. The following table
reflects the geographical distribution of GALIC's annuity
premiums in 1995 compared to 1991:
<TABLE>
<CAPTION>
State 1995 1991 State 1995 1991
<S> <C> <C> <C> <C> <C>
California 19.4% 20.1% New Jersey 4.1% 6.3%
Florida 7.8 9.8 Minnesota 3.8 *
Massachusetts 6.5 9.1 Connecticut 3.4 6.2
Ohio 6.4 5.1 Illinois 2.9 3.3
Michigan 6.2 9.4 Iowa 2.1 *
Washington 5.4 * Rhode Island * 2.8
North Carolina 4.8 2.9 Other 22.6 20.0
Texas 4.6 5.0 100.0% 100.0%
______________
* less than 2%
</TABLE>
Sales of annuities are affected by many factors, including:
(i) competitive rates and products; (ii) the general level of
interest rates; (iii) the favorable tax treatment of annuities;
(iv) commissions paid to agents; (v) services offered; (vi)
ratings from independent insurance rating agencies; (vii)
alternative investment products and (viii) general economic
conditions.
Acquisition of Laurentian
In November 1995, AAG completed the acquisition of
Laurentian Capital Corporation, a life insurance holding
company, for $151 million. Laurentian's principal insurance
subsidiaries are Loyal American Life Insurance Company and
Prairie States Life Insurance Company.
Loyal offers a variety of life and supplemental health
insurance products through payroll deduction plans and credit
unions. Loyal's products are marketed with the endorsement or
consent of the employer or the credit union management. In 1995
and 1994, Loyal collected $41 million and $43 million,
respectively, in life, accident and health premiums. At
December 31, 1995, Loyal had total statutory assets of
approximately $252 million, reserves for future policy benefits
of approximately $201 million, and capital and surplus of
approximately $35 million.
<PAGE>
Prairie offers a variety of life insurance and annuity
products to finance pre-arranged funerals. Prairie markets its
products with the sponsorship of state associations of funeral
directors as well as individual funeral directors. At year-end
1995, Prairie had relationships with more than 2,000 funeral
homes nationwide. In 1995 and 1994, Prairie collected $80
million and $53 million, respectively, in life and annuity
premiums. At December 31, 1995, Prairie had total statutory
assets of approximately $359 million, reserves for future policy
benefits of approximately $320 million and capital and surplus
of approximately $24 million. In March 1996, AAG changed
Prairie's name to American Memorial Life Insurance Company.
Competition
AAG's insurance companies operate in highly competitive
markets. They compete with other insurers and financial
institutions based on many factors, including (i) ratings, (ii)
financial strength, (iii) reputation, (iv) service to
policyholders, (v) product design (including interest rates
credited), (vi) commissions and (vii) service to agents. Since
policies are marketed and distributed primarily through
independent agents, the insurance companies must also compete
for agents. Management believes that consistently targeting the
same market and emphasizing service to agents and policyholders
provides a competitive advantage.
16
<PAGE>
More than 100 insurance companies offer tax-deferred
annuities. No single insurer dominates the marketplace.
Competitors include (i) individual insurers and insurance
groups, (ii) mutual funds and (iii) other financial institutions
of varying sizes. Some of these are mutual insurance companies
possessing competitive advantages in that all of their profits
inure to their policyholders, and many of which possess
financial resources substantially in excess of those available
to AAG's insurance companies. In a broader sense, AAG's
insurance companies compete for retirement savings with a
variety of financial institutions offering a full range of
financial services. Financial institutions have demonstrated a
growing interest in marketing investment and savings products
other than traditional deposit accounts. In addition, recent
judicial and regulatory decisions have expanded powers of
financial institutions in this regard. It is too early to
predict what impact, if any, these developments will have on
AAG's insurance companies.
Investment Results
AAG's annuity products are structured to generate a stable
flow of investable funds. AAG earns a spread by investing these
funds at an investment earnings rate in excess of the crediting
rate payable to its policyholders.
Investments comprise approximately 90% of AAG's assets and
are the principal source of its income. The following table
shows the performance of AAG's investment portfolio, excluding
equity investments in affiliates (dollars in millions):
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Average Cash and Investments at Cost $5,220 $4,750 $4,455 $4,078 $3,828
Gross Investment Income 411 377 358 334 340
Realized Gains 16 - 35 27 4
Percentage Earned:
Excluding Realized Gains 7.9% 7.9% 8.0% 8.2% 8.9%
Including Realized Gains 8.2% 7.9% 8.8% 8.9% 9.0%
</TABLE>
Equity Investments in Affiliates
American Premier
Data in this section generally has been derived from
American Premier's 1995 Form 10-K.
American Premier's principal operations are conducted by a
group of insurance subsidiaries which write nonstandard
automobile insurance and workers' compensation coverage.
American Premier employs approximately 3,700 persons.
<PAGE>
Insurance
American Premier purchased Great American's nonstandard
automobile insurance companies on December 31, 1990, and Leader
National Insurance Company in May 1993. These companies
(collectively the "NSA Group") write auto insurance coverage for
physical damage and personal liability for
(i) individuals perceived to be higher than normal risks due to
factors such as age, prior driving record, occupation or type of
vehicle driven, or (ii) those who have been cancelled or rejected
by another insurance company. Premium rates for nonstandard risks are
generally higher than for standard risks.
17
<PAGE>
American Premier acquired Republic Indemnity Company of
America in 1989. Republic sells workers' compensation and
employer's liability insurance principally in California. The
workers' compensation portion of the coverage provides for
statutorily prescribed benefits that employers are required to
pay to employees who are injured in the course of employment.
The employer's liability portion of the coverage provides
protection to an employer for its liability for losses suffered
by its employees which are not included within the statutorily
prescribed workers' compensation coverage.
In November 1995, A.M. Best downgraded its rating of
Republic and two of the NSA Group companies from "A+" (Superior)
to "A" (Excellent) and affirmed its ratings for the remaining
NSA Group companies (substantially all "A"). In announcing
these ratings adjustments, A.M. Best expressed its opinion that
each of these ratings reflects primarily the "significant
financial leverage" of AFG. At the time of the Mergers, AFG's
debt to total capital ratio was nearly 60%; at December 31,
1995, the ratio had improved to approximately 30%.
Unless otherwise indicated, data in this section is
presented on a GAAP basis.
The profitability of a property and casualty insurance
company depends on both the underwriting of insurance and
investment of assets. When the combined ratio is under 100%,
underwriting results are generally considered profitable. The
statutory ratios for the major classes of business written by
American Premier's Insurance Group are as follows.
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Nonstandard Automobile
Loss and LAE ratio 83.7% 76.0% 72.5%
Underwriting expense ratio 21.4% 23.7% 24.4%
Combined ratio 105.1% 99.7% 96.9%
Industry combined ratio(a)(b) 102.3% 101.3% 101.7%
Workers' Compensation
Loss and LAE ratio 66.8% 57.2% 59.0%
Underwriting expense ratio 23.1% 18.3% 15.4%
Policyholder dividend ratio 14.8% 20.4% 13.7%
Combined ratio 104.7% 95.9% 88.1%
Industry combined ratio(a) 103.0% 101.4% 109.1%
<FN>
(a) Source: "Best's Review - Property/Casualty" (January 1996 Edition).
(b) The comparison shown is to the private passenger automobile insurance
industry. Although American Premier believes that there is no reliable
regularly published combined ratio data for the nonstandard automobile
industry, it believes such a ratio would be lower than the private
passenger automobile industry average shown above.
</FN>
</TABLE>
<PAGE>
Management believes that the NSA Group's underwriting
success as compared to the automobile insurance industry as a
whole has been due, in part, to the refinement of various risk
profiles, thereby dividing the consumer market into more defined
segments which can be underwritten or priced properly. The NSA
Group also generally writes policies of short duration, which
allow more frequent evaluations of individual risks, providing
management greater flexibility in the ongoing assessment of the
business. In addition, cost control measures have been
implemented in the underwriting and claims handling areas.
18
<PAGE>
Republic's workers' compensation insurance operations are
highly regulated by California state authorities. In 1993,
California enacted significant changes in the workers'
compensation insurance system (the "Reform Legislation"). The
Reform Legislation has had a significant effect on competition
within the California workers' compensation market. Prior to
the repeal of the minimum rate law, competition was based
primarily on an insurer's reputation for paying dividends to
policyholders as a refund of premiums paid when experience with
such policyholders was more favorable than certain specified
levels. Management believes that Republic's record and
reputation for paying relatively high policyholder dividends had
enhanced its competitive position. With the Reform Legislation,
the premium rate levels offered by an insurer, rather than its
reputation for paying policyholder dividends, has become the
most important factor affecting competition. As a result,
Republic has modified its rate levels to reflect a change in its
mix of business toward non-participating policies which are not
subject to payment of policyholder dividends.
The NSA Group writes business in 41 states and holds
licenses to write policies in 48 states and the District of
Columbia. The U.S. geographical distribution of statutory
written premiums in 1995 compared to 1991, is presented below.
All business written in Texas and included in the table below
was assumed from a subsidiary of GAI. In addition, the NSA
Group writes approximately $50 million (4%) of its net premiums
annually in the United Kingdom.
1995 1991
Nonstandard Automobile(*)
Texas 11.6% - %
Florida 11.0 21.5
Georgia 9.9 20.5
California 8.1 -
Connecticut 5.4 5.6
Arizona 4.4 2.7
Tennessee 4.1 5.6
Pennsylvania 3.8 -
Oklahoma 3.8 1.7
Indiana 3.6 4.2
Mississippi 3.4 4.3
Alabama 3.1 4.0
Other 27.8 29.9
100.0% 100.0%
<PAGE>
Workers' Compensation
California 96.4% 100.0%
Arizona 3.6 -
100.0% 100.0%
The NSA Group attributes its premium growth in recent years
primarily to entry into additional states, increased market
penetration in its existing states, overall growth in the
nonstandard market, premium rate increases and its purchase of
Leader National. The nonstandard market has experienced growth
in recent years as standard insurers have become more
restrictive in the types of risks they will write.
19
<PAGE>
Loss and Loss Adjustment Expense Reserves
The following table presents the development of American
Premier's liability for losses and LAE (in millions), net of
reinsurance, on a GAAP basis since 1989 (the year American Premier
acquired its first insurance subsidiary).
<TABLE>
<CAPTION>
1989 1990 1991 1992 1993 1994 1995
<S> <C> <C> <C> <C> <C> <C> <C>
Liability for Unpaid Losses
and Loss Adjustment Expenses:
As originally estimated $369 $602 $664 $764 $916 $1,080 $1,136
As re-estimated at December 31, 1995 $308 $539 $607 $669 $832 $1,030 n/a
Liability Re-estimated as of:
One year later 97.0% 96.5% 97.0% 92.4% 91.4% 95.4%
Two years later 89.7% 93.0% 93.4% 87.9% 90.8%
Three years later 85.7% 91.0% 90.4% 87.6%
Four years later 85.5% 89.6% 91.4%
Five years later 84.7% 89.6%
Six years later 83.5%
Cumulative Redundancy 16.5% 10.4% 8.6% 12.4% 9.2% 4.6% n/a
Cumulative Paid as of:
One year later 19.5% 43.0% 44.1% 40.6% 40.9% 44.5%
Two years later 49.1% 64.4% 64.5% 59.3% 61.3%
Three years later 64.6% 75.2% 74.2% 72.0%
Four years later 71.4% 79.8% 80.7%
Five years later 75.1% 82.3%
Six years later 76.0%
</TABLE>
Other
In 1994, American Premier sold its investment in General
Cable common stock and notes for $177 million. During 1995,
American Premier completed the divestiture of its last
industrial subsidiary for approximately $13 million. In March
1996, American Premier sold its interest in an independent
pipeline common carrier of refined petroleum products for
approximately $63 million.
<PAGE>
Chiquita Brands International
Chiquita is a leading international marketer, producer and
distributor of bananas and other quality fresh and processed food
products. In addition to bananas, these products include tropical
fruit and other fresh produce; fruit and vegetable juices and
beverages; processed fruits and vegetables; salads; and edible oil-
based consumer products. Sales of bananas accounted for
approximately 60% of Chiquita's net sales in each of the last three
years. In 1995, Chiquita sold approximately one-half of its total
banana volumes in Europe and over 40% of its banana volumes in North
America. Chiquita has generally been able to obtain a premium price
for its bananas due to its reputation for quality and its innovative
marketing techniques.
Banana marketing is highly competitive. Selling prices
which importers receive for bananas depend on the available
supplies of bananas and other fresh fruit in each market and on
the relative quality and wholesaler and retailer acceptance of
bananas offered by competing importers. Excess supplies may
result in increased price competition. Although production of
bananas tends to be relatively stable throughout the year,
competition comes not only from bananas sold by others, but also
from other fresh fruit which may be seasonal in nature. The
resulting seasonal variations in demand cause banana pricing to
be seasonal. As a result, quarterly results of Chiquita, and
therefore AFG's equity in Chiquita's earnings, are subject to
significant seasonal variations with stronger quarterly results
occurring in the first six months of the calendar year.
20
<PAGE>
A significant portion of Chiquita's operations are conducted in
foreign countries, and are subject to risks that are inherent in
operating in such foreign countries, including government
regulation, fluctuations in exchange rates, currency restrictions
and other restraints, risks of expropriation and burdensome taxes.
In 1993, the European Union ("EU") implemented a new quota
restricting the volume of Latin American bananas imported into the
EU, which had the effect of decreasing Chiquita's volume and market
share in Europe. The quota grants preferred status to producers and
importers within the EU and its former colonies, while imposing
quotas and tariffs on bananas imported from other sources, including
Latin America, which is Chiquita's primary source of fruit. In
March 1994, four of the countries which had previously filed actions
against the EU banana policy (Costa Rica, Colombia, Nicaragua and
Venezuela) reached a settlement with the EU by signing a "Framework
Agreement." The Framework Agreement authorizes the imposition of
additional restrictive and discriminatory quotas and export licenses
on U.S. banana marketing firms, while leaving EU firms exempt.
Costa Rica and Colombia implemented this agreement in 1995,
significantly increasing Chiquita's cost to export bananas from
these sources.
In September 1995, based on a finding by the Office of the U.S.
Trade Representative ("USTR") that the EU regime unfairly
discriminates against U.S. banana marketing firms, the United
States, joined by Guatemala, Honduras and Mexico (and, in February
1996, by Ecuador), commenced an international trade challenge
against the EU regime using the procedures of the World Trade
Organization. In January 1996, the USTR announced that it had found
the Framework Agreement export policies of Costa Rica and Columbia to be
unfair and further announced that it was not imposing sanctions
at that time, pending further consultations with those countries
to eliminate harm to U.S. commerce. There can be no assurance
as to the outcome of these proceedings or their impact, if any,
on the EU quota regime or the Framework Agreement.
Citicasters
Citicasters owns and operates two network-affiliated
television stations, 14 FM radio stations and five AM radio
stations. Substantially all of Citicasters' broadcast revenues
come from the sale of advertising time to local and national
advertisers. Local advertisements are sold by each stations'
sales personnel and national spots are sold by independent
national sales representatives.
<PAGE>
Citicasters' AM radio stations offer their listeners a wide
range of programs including news, music, discussion, commentary
and sports. Citicasters' FM radio stations offer programming
more focused on music. Citicasters' television stations receive
a significant portion of their programming from their respective
networks; the networks sell commercial advertising time within
such programming. The competitive position of the stations is
directly affected by viewer acceptance of network programs.
Citicasters currently has one CBS affiliated television station
and one ABC affiliated station. The ABC affiliate is scheduled
to switch its affiliation to CBS in June 1996. The non-network
programs broadcast by the stations are either produced by the
stations or acquired from other sources. Locally originated
programs include a wide range of show types such as news,
entertainment, sports, public affairs and religious programs.
In February 1996, AFG announced that it had entered into an
agreement to sell its common stock investment in Citicasters to
Jacor Communications, Inc. for $220 million in cash plus
warrants to purchase Jacor common stock.
______________________________________
21
<PAGE>
Other Companies
AFEI is a holding company with assets consisting primarily of
investments in the common stock of American Financial Group,
American Annuity and Citicasters.
Through subsidiaries, AFC is engaged in a variety of other
businesses, including The Golf Center at Kings Island (golf and
tennis facility) and Provident Travel Agency, both in the Greater
Cincinnati area; commercial real estate operations in Cincinnati
(office buildings and The Cincinnatian Hotel), Louisiana (Le
Pavillon Hotel), Massachusetts (Chatham Bars Inn), Texas (Driskill
Hotel) and apartments in Florida, Kentucky, Louisiana, Minnesota,
Oklahoma, Pennsylvania, Texas and Wisconsin. These operations
employ approximately 700 full-time employees.
In June 1994, AFC sold its investment in General Cable common
stock to an unaffiliated company for $27.6 million in cash. General
Cable was formed in 1992 to hold American Premier's wire and cable
and heavy equipment manufacturing businesses.
AFC was engaged in the distribution and production of filmed
entertainment programming through Spelling Entertainment Group. In
1993, AFC sold its common stock investment in Spelling to
Blockbuster Entertainment in exchange for $151 million in
Blockbuster securities.
In 1993, AFC sold its insurance brokerage operation, American
Business Insurance, Inc., to Acordia, Inc., an Indianapolis-based
insurance broker for $82 million in cash and Acordia securities.
22
<PAGE>
Investment Portfolio
General
A breakdown of AFC's December 31, 1995, investment portfolio
by business segment follows (excluding investment in equity
securities of affiliates) (in millions).
<TABLE>
<CAPTION>
Total
Carrying Value Market
P&C Annuity Other Total Value
<S> <C> <C> <C> <C> <C>
Cash and Short-term Investments $ 155 $ 169 $ 8 $ 332 $ 332
Bonds and Redeemable
Preferred Stocks 2,398 5,272 - 7,670 7,799
Other Stocks, Options
and Warrants 216 33 - 249 249
Loans Receivable 122 464 5 591 591(*)
Real Estate and Other Investments 140 40 18 198 198(*)
$3,031 $5,978 $31 $9,040 $9,169
<FN>
(*) Carrying value used since market values are not readily
available.
</FN>
</TABLE>
The following tables present the percentage distribution and
yields of AFC's investment portfolio (excluding investment in
equity securities of affiliates) as reflected in its financial
statements.
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Cash and Short-term Investments 3.7% 2.2% 2.3% 9.3% 15.3%
Bonds and Redeemable Preferred Stocks:
U.S. Government and Agencies 3.7 4.0 2.8 5.7 5.3
State and Municipal .7 .8 .8 .6 .6
Public Utilities 9.4 9.1 9.3 8.5 10.7
Mortgage-Backed Securities 23.7 21.8 24.7 22.9 20.8
Corporate and Other 44.0 48.6 42.0 33.9 31.8
Redeemable Preferred Stocks 1.1 1.4 1.3 .8 .3
82.6 85.7 80.9 72.4 69.5
Net Unrealized Gain (Loss) on
Bonds and Redeemable Preferred
Stock held Available for Sale 2.2 (1.0) 1.8 .8 -
84.8 84.7 82.7 73.2 69.5
Other Stocks, Options and Warrants 2.8 2.7 4.6 2.6 3.2
Loans Receivable 6.5 8.4 8.5 12.9 9.9
Real Estate and Other Investments 2.2 2.0 1.9 2.0 2.1
100.0% 100.0% 100.0% 100.0% 100.0%
Yield on Fixed Income Securities:
Excluding realized gains and losses 8.0% 8.1% 8.0% 8.8% 9.5%
Including realized gains and losses 8.7% 8.1% 8.7% 9.8% 9.0%
<PAGE>
Yield on Stocks:
Excluding realized gains and losses 4.2% 5.1% 4.4% 6.4% 2.2%
Including realized gains and losses 8.7% 35.4% 16.9% 15.5% 29.7%
Yield on Investments (a):
Excluding realized gains and losses 8.0% 8.1% 7.9% 8.7% 9.2%
Including realized gains and losses 8.7% 8.8% 9.0% 10.0% 10.0%
<FN>
(a) Excludes "Real Estate and Other Investments".
</FN>
</TABLE>
23
<PAGE>
Fixed Maturity Investments
Unlike most insurance groups which have portfolios that are
invested heavily in tax-exempt bonds, AFC's bond portfolio is
invested primarily in taxable bonds. The National Association
of Insurance Commissioners ("NAIC") assigns quality ratings
which range from Class 1 (highest quality) to Class 6 (lowest
quality). The following table shows AFC's bonds and mandatory
redeemable preferred stocks, by NAIC designation (and comparable
Standard & Poor's Corporation rating) as of December 31, 1995
(dollars in millions):
<TABLE>
<CAPTION>
NAIC Amortized Market Value
Rating Comparable S&P Rating Cost Amount %
<S> <C> <C> <C> <C>
1 AAA, AA, A $4,889 $5,102 65%
2 BBB 2,138 2,235 29
Total investment grade 7,027 7,337 94
3 BB 263 271 3%
4 B 179 184 2
5 CCC, CC, C - 1 *
6 D - 6 1
Total non-investment grade 442 462 6
Total $7,469 $7,799 100%
<FN>
_______________
(*)less than 1%
</FN>
</TABLE>
Risks inherent in connection with fixed income securities
include loss upon default and market price volatility. Factors
which can affect the market price of securities include:
creditworthiness, changes in interest rates, the number of
market makers and investors, defaults by major issuers of
securities and public concern about concentrations in certain
types of securities by institutions.
<PAGE>
AFC's primary investment objective for bonds and mandatory
redeemable preferred stocks is to receive interest and dividend
income rather than to realize capital gains. AFC invests in
bonds and mandatory redeemable preferred stocks that have
primarily short-term and intermediate-term maturities. This
practice allows flexibility in reacting to fluctuations of
interest rates.
Equity Investments
AFC's equity investment practice permits concentration of
attention on a relatively limited number of companies. Some of
the equity investments, because of their size, may not be as
readily marketable as the typical small investment position.
Alternatively, a large equity position may be attractive to
persons seeking to control or influence the policies of a
company and AFC's concentration in a relatively small number of
companies may permit it to identify investments with above
average potential to increase in value.
24
<PAGE>
Regulation
AFC's insurance companies are regulated under the insurance
and insurance holding company laws of their states of domicile
and other states in which they operate. These laws, in general,
require approval of the particular insurance regulators prior to
certain actions by the insurance companies, such as the payment
of dividends in excess of statutory limitations, continuing
service arrangements with affiliates and certain other
transactions. Regulation and supervision of each insurance
subsidiary is administered by a state insurance commissioner who
has broad statutory powers with respect to the granting and
revoking of licenses, approvals of premium rates, forms of
insurance contracts and types and amounts of business which may
be conducted in light of the policyholders' surplus of the
particular company. AFC's largest insurance subsidiaries, GAI
and GALIC, are Ohio domiciled insurers. State insurance
departments conduct periodic financial examinations of insurance
companies, with GAI's and GALIC's most recent such examinations
being as of December 31, 1993. Insurance departments also
perform market conduct examinations to determine compliance with
rate and form filings and to monitor treatment of policyholders
and claimants. State insurance laws also regulate the character
of each insurance company's investments, reinsurance and
security deposits. The statutes of most states provide for the
filing of premium rate schedules and other information with the
insurance commissioner, either directly or through rating
organizations, and the commissioner generally has powers to
disapprove such filings or make changes to the rates if they are
found to be excessive, inadequate or unfairly discriminatory.
The determination of rates is based on various factors,
including loss and loss adjustment expense experience. The
failure to obtain, or delay in obtaining, the required approvals
could have an adverse impact on the operations of AFC's
insurance subsidiaries.
The NAIC is an organization which is comprised of the chief
insurance regulator for each of the 50 states and the District
of Columbia. In 1990, the NAIC began an accreditation program
to ensure that states have adequate procedures in place for
effective insurance regulation, especially with respect to
financial solvency. The accreditation program requires that a
state meet specific minimum standards in over 15 regulatory
areas to be considered for accreditation. The accreditation
program is an ongoing process and once accredited, a state must
enact any new or modified standards approved by the NAIC within
two years following adoption. As of December 1995, the District
of Columbia and 46 states were accredited including states which
regulate AFC's largest insurance subsidiaries.
The NAIC model law for Risk Based Capital applies to both
life and property and casualty companies. The risk-based
capital formulas determine the amount of capital that an
<PAGE>
insurance company needs to ensure that it has an acceptably low
expectation of becoming financially impaired. The model law
provides for increasing levels of regulatory intervention as the
ratio of an insurer's total adjusted capital and surplus
decreases relative to its risk-based capital, culminating with
mandatory control of the operations of the insurer by the
domiciliary insurance department at the so-called "mandatory
control level". The risk-based capital formulas became
effective in 1993 for life companies and in 1995 for property
and casualty companies. Based on the 1995 results of AFC's
insurance companies, all such companies are adequately
capitalized.
The NAIC's state accreditation criteria require that a state
adopt the NAIC model law governing extraordinary dividends or a
law substantially similar to the model. In Ohio, the maximum
amount of dividends which may be paid without (i) prior approval
or (ii) expiration of a 30 day waiting period
without disapproval is the greater of statutory net income or
10% of policyholders' surplus as of the preceding December 31,
but only to the extent of earned surplus as of the preceding
December 31. The Ohio Insurance Department has broad discretion
to limit the payment of dividends by insurance companies
domiciled in Ohio.
25
<PAGE>
The NAIC has been considering the adoption of a model
investment law for several years. The current projection for a
new model investment law is 1996, at the earliest. It is not
yet determined whether the model investment law would be added
to the NAIC accreditation standards so that adoption of the
model would be required for the achievement or continuation of
any state's accreditation. It is not possible to predict the
impact of these activities on AFC's insurance subsidiaries.
In 1994, the California Supreme Court upheld Proposition 103,
an insurance reform measure passed by California voters in 1988.
In addition to increasing rate regulation, Proposition 103 gives
the California Insurance Commissioner power to mandate rate
rollbacks for most lines of property and casualty insurance. By
its terms, Proposition 103 does not affect workers' compensation
insurance. During 1995, GAI finalized a settlement agreement
setting its refund obligation at $19 million.
<PAGE>
ITEM 2
Properties
AFC and subsidiaries own several buildings in downtown
Cincinnati. AFC and its affiliates occupy about three-fifths of
the aggregate 580,000 square feet of commercial and office
space.
GAI, its subsidiaries, and American Premier's insurance
subsidiaries lease the majority of their office and storage
facilities in numerous cities throughout the United States,
including GAI's and AAG's home offices in Cincinnati. Two of
AAG's subsidiaries own home office buildings in Mobile, Alabama
and Rapid City, South Dakota. These companies occupy
approximately two-thirds of the 133,000 square feet and lease
the remaining space to unaffiliated tenants.
26
<PAGE>
ITEM 3
Legal Proceedings
AFC and its subsidiaries are involved in various litigation,
most of which arose in the ordinary course of business. Except
for the following, management believes that none of the
litigation meets the threshold for disclosure under this Item.
The following information has been summarized from "Legal
Proceedings" of American Premier's 1995 Form 10-K. In May 1994,
lawsuits were filed against American Premier by USX Corporation
("USX") and its former subsidiary, Bessemer and Lake Erie
Railroad Company ("B&LE"), seeking contribution by American
Premier, as the successor to the railroad business conducted by
Penn Central Transportation Company ("PCTC") prior to 1976, for
all or a portion of the approximately $600 million that USX paid
in satisfaction of a judgment against B&LE for its participation
in an unlawful antitrust conspiracy among certain railroads
commencing in the 1950's and continuing through the 1970's. The
lawsuits argue that USX's liability for that payment was
attributable to PCTC's alleged activities in furtherance of the
conspiracy. On October 13, 1994, the U.S. District Court for
the Eastern district of Pennsylvania enjoined USX and B&LE from
continuing their lawsuits against American Premier, ruling that
their claims are barred by the 1978 Consummation Order issued by
that Court in PCTC's bankruptcy reorganization proceedings. USX
and B&LE appealed the District Court's ruling to the U.S. Court
of Appeals for the Third Circuit. On December 12, 1995, the
Court of Appeals reversed the U.S. District Court decision. In
its opinion, the Court of Appeals only addressed American
Premier's procedural argument that the claims of USX could not
proceed because they are barred by the Consummation Order. The
Third Circuit expressly recognized in its opinion that it was
not deciding any of American Premier's defenses on the merits.
On January 8, 1996, American Premier filed a petition for
rehearing en banc, requesting all of the judges of the Third
Circuit to review the three-judge panel's decision. That
petition was denied on February 16, 1996. As a result, American
Premier will petition the U.S. Supreme Court to review the
bankruptcy bar issue. In the event that subsequent reviews do
not reinstate the District Court's injunction and USX's lawsuits
are eventually permitted to go forward, American Premier and its
outside counsel believe that American Premier has substantial
defenses to these lawsuits and should not suffer a material loss
as a result of this litigation.
27
<PAGE>
PART II
ITEM 5
Market for Registrant's Common Equity and Related Stockholder Matt
ers
Not applicable - Registrant's Common Stock is owned by
American Financial Group, Inc. See the Consolidated Financial
Statements for information regarding dividends.
ITEM 6
Selected Financial Data
The following table sets forth certain data for the periods
indicated (dollars in millions).
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Earnings Statement Data:
Total Revenues $ 2,384 $ 2,103 $ 2,721 $ 3,929 $ 5,219
Earnings (Loss) From
Continuing Operations
Before Income Taxes 183 44 262 (145) 119
Earnings (Loss) From:
Continuing Operations 143 19 225 (162) 56
Discontinued Operations - - - - 16
Extraordinary Items (5) (17) (5) - -
Cumulative Effect of
Accounting Change - - - 85 -
Net Earnings (Loss) 138 2 220 (77) 72
Ratio of Earnings to
Fixed Charges (a) 2.23 1.69 2.62 2.15 1.54
Ratio of Earnings to
Fixed Charges and
Preferred Dividends (a) 1.90 1.40 2.26 1.94 1.42
Balance Sheet Data:
Total Assets $12,414 $10,593 $10,077 $12,389 $12,057
Long-term Debt:
Parent Company 311 490 572 557 559
American Premier (parent only) - - - 650 650
Great American Holding Corp. - 359 199 299 448
Other Subsidiaries 224 258 283 503 451
Capital Subject to
Mandatory Redemption - 3 49 28 82
Other Capital 700 396 537 280 262
<PAGE>
<FN>
(a) Fixed charges are computed on a "total enterprise" basis.
For purposes of calculating the ratios, "earnings" have been
computed by adding to pretax earnings (excluding
discontinued operations) fixed charges and the minority
interest in earnings of subsidiaries having fixed charges
and deducting (adding) the undistributed equity in earnings
(losses) of investees. Fixed charges include interest
(excluding interest on annuity benefits), amortization of
debt discount and expense, preferred dividend requirements
of subsidiaries and a portion of rental expense deemed to be
representative of the interest factor.
</FN>
</TABLE>
28
<PAGE>
ITEM 7
Management's Discussion and Analysis
of Financial Condition and Results of Operations
GENERAL
Following is a discussion and analysis of the financial
statements and other statistical data that management believes
will enhance the understanding of AFC's financial condition and
results of operations. This discussion should be read in
conjunction with the financial statements beginning on page F-1.
AFC is organized as a holding company with almost all of its
operations being conducted by subsidiaries and affiliates. The
parent corporation, however, has continuing cash needs for
administrative expenses, the payment of principal and interest
on borrowings and dividends on AFC Preferred Stock. Therefore,
certain analyses are best done on a parent only basis while
others are best done on a total enterprise basis. In addition,
since many of its businesses are financial in nature, AFC does
not prepare its balance sheet using a current-concurrent format.
Consequently, certain traditional ratios and financial analysis
tests are not meaningful.
As discussed in Note A to the financial statements, on April 3,
1995, AFC merged with a newly formed subsidiary of American
Financial Group, Inc., another new company formed to own both
AFC and American Premier.
LIQUIDITY AND CAPITAL RESOURCES
Ratios The following ratios may be considered relevant
indicators of AFC's liquidity and are typically presented by AFC
in its prospectuses and similar documents. Management believes
that balance sheet ratios (debt to total capital) are more
meaningful on a parent only basis. On the other hand, earnings
statement ratios (fixed charges) are more meaningful on a total
enterprise basis since the parent only ratio is dependent, to a
great degree, on the discretionary nature of dividend payments
from subsidiaries.
AFC's ratio of debt to total capital at the holding company
level (excluding amounts due to affiliates) was .31, .68 and .57
at December 31, 1995, 1994 and 1993, respectively. Including
the note payable to American Premier, the ratio changes to .57.
at December 31, 1995. Ratios of earnings to fixed charges,
excluding and including preferred dividends, for the three
years ended December 31, 1995, are shown below.
1995 1994 1993
Earnings to fixed charges 2.23 1.69 2.62
Earnings to fixed charges plus preferred
dividends 1.90 1.40 2.26
The National Association of Insurance Commissioners' model law
for risk based capital ("RBC") applies to both life and property
and casualty companies. RBC formulas determine the amount of
capital that an insurance company needs to ensure that it has an
acceptable expectation of not becoming financially impaired. At
December 31, 1995, the capital ratios of all AFC insurance
companies substantially exceeded the RBC requirements.
29
<PAGE>
Sources of Funds Management believes AFC has sufficient resources
to meet its liquidity requirements through operations in the short-
term and long-term future. If funds generated from operations,
including dividends from subsidiaries, are insufficient to meet
fixed charges in any period, AFC would be required to generate
cash through borrowings, sales of securities or other assets, or
similar transactions.
Bank credit lines at several subsidiary holding companies
provide ample liquidity which can be used to obtain funds for the
operating subsidiaries or, if necessary, for the parent company.
Agreements with the banks generally run for three to seven years
and are renewed before maturity. While it is highly unlikely that
all such amounts would ever be borrowed at one time, up to $395
million is available under these bank facilities.
In the past, funds have been borrowed under certain of these
bank facilities and used for working capital, capital infusions
into subsidiaries, and to retire other issues of short-term or
high-rate debt. Also, while little was drawn on the bank lines at
December 31, 1995, AFC believes it may be prudent and advisable to
borrow up to $200 million of bank debt in the normal course and
use the proceeds to retire additional amounts of public or
privately held fixed rate debt over the next year or two.
In April 1995, AFC entered into a subordinated credit
agreement with American Premier under which it can borrow up to
$675 million. The credit line bears interest at 11-5/8% and
converts to a four-year term loan in March 2005 with scheduled
principal payments to begin in April 2005. During 1995, AFC
borrowed $623 million under the agreement using the proceeds for
debt retirements, capital contributions to subsidiaries and
other corporate purposes. Borrowings, repayments and interest
payments on the line are included in "net advances from (to)
affiliates" in the following table.
30
<PAGE>
Funds to meet the parent company's expenditures have been
provided from a variety of sources within the holding company,
from subsidiaries and directly from outside sources, as detailed
in the following table (in millions):
<TABLE>
<CAPTION>
Cash provided by: 1995 1994 1993
<S> <C> <C> <C>
Operations:
Dividends from subsidiaries $165.3 $ 17.3 $128.2
Tax allocation payments from subsidiaries 73.9 65.9 72.2
Interest and dividends from others 7.1 4.4 5.4
Federal income tax refunds 9.5 0.3 -
From operations 255.8 87.9 205.8
Other transactions:
Net advances from affiliates 162.0 135.8 -
Sales of assets to non-affiliates 3.1 15.0 107.1
Sales of assets to affiliates 43.7 - 17.3
Sales of affiliates - 6.0 1.8
Exercise of stock options 8.7 - -
Additional borrowings 98.8 0.7 10.0
Other 8.6 10.7 21.8
Total cash provided 580.7 256.1 363.8
Cash utilized for:
Operations:
Interest payments 47.9 61.8 66.7
Dividend payments 25.3 29.5 28.0
Federal income tax payments 23.0 28.6 48.3
BVIP payments 48.9 0.7 0.6
Other holding company costs 29.3 35.3 41.1
For operations 174.4 155.9 184.7
Other transactions:
Net advances to affiliates - - 138.6
Purchases of affiliates and other investments 149.4 - 29.5
Principal payments on debt 252.9 89.9 9.1
Repurchases of Preferred Stock 2.9 6.7 2.6
Other 0.9 1.4 5.4
Total cash utilized 580.5 253.9 369.9
Net increase (decrease) in cash and
short-term investments 0.2 2.2 (6.1)
Cash and short-term investments at beginning
of period 4.9 2.7 8.8
Cash and short-term investments at end
of period $ 5.1 $ 4.9 $ 2.7
</TABLE>
Generally, over 90% of the dividends (including non-cash
dividends) received from subsidiaries have been from GAI.
Payments of dividends by GAI are subject to various laws and
regulations which limit the amount of dividends that can be paid
without regulatory approval. Under Ohio law, the maximum amount
of dividends which may be paid without (i) prior approval or
(ii) expiration of a 30 day waiting period without disapproval
<PAGE>
is the greater of statutory net income or 10% of policyholders'
surplus as of the preceding December 31, but only to the extent
of earned surplus as of the preceding December 31. The maximum
amount of dividends payable (without prior approval) in 1996
from GAI based on its 1995 statutory net income is approximately
$129 million.
For statutory accounting purposes, equity securities are
generally carried at market value. At December 31, 1995, AFC's
insurance companies owned publicly traded equity securities with
a market value of $1.2 billion, including equity securities of
AFC affiliates (including subsidiaries) of $960 million. Since
significant amounts of these are concentrated in a relatively
small number of companies, decreases in the market prices could
adversely affect the insurance group's capital, potentially
impacting the amount of dividends available or necessitating a
capital contribution. Conversely, increases in the market
prices could have a favorable impact on the group's dividend-
paying capability.
31
<PAGE>
Under tax allocation agreements with AFC, its 80%-owned U.S.
subsidiaries generally compute tax provisions as if filing
separate returns based on book taxable income computed in
accordance with generally accepted accounting principles. The
resulting provision (or credit) is currently payable to (or
receivable from) AFC. Following the Mergers, AFC and American
Premier will each continue to file separate consolidated tax
returns.
Uncertainties Great American's liability for unpaid losses and
loss adjustment expenses includes amounts for various liability
coverages related to environmental and hazardous product claims.
The insurance industry typically includes only claims relating
to polluted waste sites and asbestos in defining environmental
exposures, whereas Great American extends this definition to
include claims relating to breast implants, repetitive stress on
keyboards, DES (a drug used in pregnancies years ago alleged to
cause cancer and birth defects), and other latent injuries. At
December 31, 1995, Great American had recorded $220 million (net
of reinsurance recoverables of $164 million) for environmental
pollution and hazardous products claims on policies written many
years ago where, in most cases, coverage was never intended.
Due to inconsistent court decisions on many coverage issues and
the difficulty in determining standards acceptable for cleaning
up pollution sites, significant uncertainties exist which are
not likely to be resolved in the near future.
In exchange for $5 million, AFC has agreed to indemnify a
former subsidiary for up to $35 million in excess of a threshold
amount of $25 million of the costs it may incur in the 12 years
beginning April 1, 1993 to resolve environmental matters,
bankruptcy claims and certain other matters. Additionally,
another AFC subsidiary has accrued $10.3 million at December 31,
1995 for environmental costs associated with the sales of former
manufacturing properties.
While the results of all such uncertainties cannot be
predicted, based upon its knowledge of the facts, circumstances
and applicable laws, management believes that sufficient
reserves have been provided.
Investments Approximately two-thirds of AFC's consolidated
assets are invested in marketable securities. A diverse
portfolio of bonds and redeemable preferred stocks accounts for
over 95% of these securities. AFC attempts to optimize
investment income while building the value of its portfolio,
placing emphasis upon long-term performance. AFC's goal is to
maximize return on an ongoing basis rather than focusing on
short-term performance.
Fixed income investment funds are generally invested in
securities with short-term and intermediate-term maturities with
an objective of optimizing total return while allowing
flexibility to react to changes in market conditions. At
December 31, 1995, the average life of AFC's bonds and
redeemable preferred stocks was approximately 6 years.
<PAGE>
Approximately 94% of the bonds and redeemable preferred
stocks held by AFC were rated "investment grade" (credit rating
of AAA to BBB) by nationally recognized rating agencies at
December 31, 1995. Investment grade securities generally bear
lower yields and lower degrees of risk than those that are
unrated and non-investment grade. Management believes that the
high quality investment portfolio should generate a stable and
predictable investment return.
32
<PAGE>
Investments in mortgage-backed securities ("MBSs")
represented approximately 30% of AFC's bonds and redeemable
preferred stocks at
December 31, 1995. AFC invests primarily in MBSs which have a
reduced risk of prepayment. Interest only (I/Os), principal
only (P/Os) and other "high risk" MBSs represented approximately
two percent of AFC's total mortgage-backed securities portfolio.
In addition, the majority of MBSs held by AFC were purchased at
a discount. Management believes that the structure and
discounted nature of the MBSs will minimize the effect of
prepayments on earnings over the anticipated life of the MBSs
portfolio. More than 90% of AFC's MBSs are rated "AAA" with
substantially all being of investment grade quality. The
majority are collateralized by GNMA, FNMA and FHLMC single-
family residential pass-through certificates. The market in
which these securities trade is highly liquid. Aside from
interest rate risk, AFC does not believe a material risk
(relative to earnings and liquidity) is inherent in holding such
investments.
Because most income of the property and casualty insurance
subsidiaries is currently sheltered from income taxes, non-
taxable municipal bonds represent only a small portion (less
than 1%) of the portfolio.
AFC's equity securities are concentrated in a relatively
limited number of major positions. This approach allows
management to more closely monitor the companies and industries
in which they operate.
The realization of capital gains, primarily through sales of
equity securities, was an integral part of AFC's investment
program. Individual securities are sold creating gains or
losses as market opportunities exist. Pretax capital gains
recognized upon disposition of securities, including affiliates,
during the past five years have been: 1995 - $57 million; 1994
- - $50 million; 1993 - $165 million; 1992 - $104 million and 1991
- - $38 million. At December 31, 1995, the net unrealized gain on
AFC's bonds and redeemable preferred stocks was $330 million;
the net unrealized gain on equity securities was $115 million.
33
<PAGE>
RESULTS OF OPERATIONS - THREE YEARS ENDED DECEMBER 31, 1995
General AFC had accounted for American Premier as a subsidiary
in 1992 and the first quarter of 1993 and as an investee from
the second quarter of 1993 through the first quarter of 1995.
AFC began accounting for American Financial Group as an investee
in April 1995. As a result of these changes, current year
income statement components are not comparable to prior years
and are not indicative of future years.
Pretax earnings were $183 million in 1995 compared to
$44 million in 1994 and $262 million in 1993.
Results for 1995 include an improvement of $32 million in
underwriting results of the property and casualty insurance
segment, a $50 million increase in investment income and the
absence of nonrecurring charges recorded in 1994. These
items were partially offset by increases of $13 million in
annuity benefits and $23 million in interest on borrowed
money.
Results for 1994 include AFC's share ($28 million) of
American Premier's loss on the sale of General Cable
securities, GAI's $19 million charge relating to a rate
rollback liability in California and a $35 million charge
related to payments under AFC's Book Value Incentive Plan.
These items were partially offset by a $42 million decrease
in interest expense.
Results for 1993 include (i) $155 million in gains from the
sales of AFC's insurance agency operations, Spelling
Entertainment Group and 4.5 million shares of American
Premier and additional proceeds received on the 1990 sale of
the NSA Group to American Premier, and (ii) AFC's share
($52 million) of a tax benefit recorded by American Premier
in the second, third and fourth quarters of 1993. These
items were partially offset by a write-off of debt discount
and expenses of $24 million.
Property and Casualty Insurance - Underwriting Great American
(GAI and its property and casualty insurance subsidiaries)
manages and operates its property and casualty business as two
major sectors. The specialty lines are a diversified group of
over twenty-five business lines that offer a wide variety of
specialty insurance products. Some of the more significant
areas are executive liability, inland and ocean marine, U.S.-
based operations of Japanese companies, agricultural-related
coverages, excess and surplus lines and fidelity and surety
bonds. The commercial and personal lines provide coverages in
commercial multi-peril, workers' compensation, umbrella and
commercial automobile, standard private passenger automobile and
homeowners insurance.
<PAGE>
To understand the overall profitability of particular lines,
timing of claims payments and the related impact of investment
income must be considered. Certain "short-tail" lines of
business (primarily property coverages) have quick loss payouts
which reduce the time funds are held, thereby limiting
investment income earned thereon. On the other hand, "long-
tail" lines of business (primarily liability coverages and
workers' compensation) have payouts that are either structured
over many years or take many years to settle, thereby
significantly increasing investment income earned on related
premiums received.
34
<PAGE>
Underwriting profitability is measured by the combined ratio
which is a sum of the ratio of underwriting expenses, losses,
and loss adjustment expenses to premiums. When the combined
ratio is under 100%, underwriting results are generally
considered profitable; when the ratio is over 100%, underwriting
results are generally considered unprofitable. The combined
ratio does not reflect investment income, other income or
federal income taxes.
While Great American desires and seeks to earn an
underwriting profit on all of its business, it is not always
possible to do so. As a result, the company attempts to expand
in the most profitable areas and control growth or even reduce
its involvement in the least profitable ones.
Results for Great American's property and casualty insurance
subsidiaries are as follows (dollars in millions):
1995 1994 1993
Net Written Premiums (GAAP)
Specialty Operations $ 882 $ 801 $ 616
Commercial and Personal Operations 717 683 666
Other Lines 1 5 6
Aggregate $1,600 $1,489 $1,288
Combined Ratios (GAAP)
Specialty Operations 97.5% 102.1% 97.3%
Commercial and Personal Operations 99.1 98.9 101.0
Aggregate 100.2 102.4 103.5
In 1995, Great American's underwriting results significantly
outperformed the industry average for the tenth consecutive
year. Great American has been able to exceed the industry's
results by focusing on highly specialized niche products,
supplemented by commercial lines coverages and personal
automobile products.
Specialty Operations Net written premiums for the specialty
operations increased 10% during 1995 over 1994 due to increases
in specialty niche lines (primarily crop hail, excess and
surplus and executive liability). The combined ratio of the
specialty operations in 1995 reflects improved results
experienced in the crop hail and farm lines as well as coverages
of U.S. operations of Japanese companies. The 1995 combined
ratio also includes losses resulting from participation in a
voluntary pool from which Great American withdrew in 1995.
<PAGE>
Commercial and Personal Operations Net written premiums for
the commercial and personal operations increased 5% in 1995 due
primarily to increased writing of workers' compensation and
commercial umbrella insurance. The profitability of both of
these lines improved in 1995. Workers' compensation improved
due to favorable rate action by rating bureaus, health care cost
containment programs, marketing emphasis on profitable states
and implementation of a Drug-Free Workplace program. Commercial
umbrella results improved due to a focus on low hazard risks and
more favorable pricing in the higher umbrella layers. In
addition, cost control measures reduced the underwriting expense
ratio. These improved results were offset by an increase in the
combined ratio of the personal lines operations due primarily to
weather-related losses, start-up costs from its direct-to-
consumer operation and deteriorating automobile loss experience
for accident years 1994 and 1995.
35
<PAGE>
Investment Income Changes in investment income reflect
fluctuations in market rates and changes in average invested
assets.
1995 compared to 1994 Investment income increased $50
million (9%) in 1995 due to an increase in average investments
held.
1994 compared to 1993 Excluding American Premier, which was
included as a subsidiary for the first three months of 1993,
investment income increased $20 million (4%) due to an increase
in average investments held.
Investee Corporations Equity in net earnings of investee
corporations (companies in which AFC owns a significant portion
of the voting stock) represents AFC's proportionate share of the
investees' earnings and losses.
1995 compared to 1994 AFC's equity in net earnings of
investee corporations increased $53 million in 1995. Chiquita
reported a $105 million improvement in operating income due
primarily to the absence on certain nonrecurring charges, net
gains from the sale of non-core assets, cost reductions in its
core business and higher banana prices outside the European
Union.
1994 compared to 1993 AFC's equity in net earnings (losses)
of investee corporations in 1994 includes its share ($28
million) of American Premier's loss on the sale of securities of
General Cable and its share ($52 million) of American Premier's
tax benefit in 1993. Chiquita's loss before extraordinary items
was comparable in 1994 and 1993 as improvements in Meat Division
operations and banana pricing were offset by charges and losses
relating to farm closings and banana cultivation write-downs in
Honduras and a substantial reduction of Chiquita's Japanese
banana trading operations.
Gains (Losses) on Sales of Investees The loss on sale of
investees in 1995 primarily represents a pretax loss on the sale
of Chiquita to American Premier.
The gain on sale of investees in 1994 represents a pretax
gain on the sale of General Cable common stock.
The gains on sales of investees in 1993 include (i) a pretax
gain of $52 million on the sale of Spelling Entertainment and
(ii) a pretax gain of $28 million on the public sale by AFEI of
4.5 million shares of American Premier common stock.
Gains on Sales of Subsidiaries The gains on sales of
subsidiaries in 1993 include pretax gains of (i) $44 million
from the sale of American Business Insurance, Inc. and (ii) $31
million representing an adjustment on AFC's 1990 sale of the
nonstandard automobile insurance group to American Premier.
<PAGE>
Sales of Other Products and Services Sales of other products
and services represent American Premier's revenues from systems
and software engineering services and the manufacture and supply
of industrial products and services during the first quarter of
1993.
Annuity Benefits For GAAP financial reporting purposes,
annuity receipts are generally accounted for as interest-bearing
deposits ("annuity benefits accumulated") rather than as
revenues. Under these contracts, policyholders' funds are
credited with interest on a tax-deferred basis until withdrawn
by the policyholder. Annuity benefits represent primarily
interest related to annuity policyholders' funds held. The rate
at which GALIC credits interest on annuity policyholders' funds
is subject to change based on management's judgment of market
conditions.
36
<PAGE>
Annuity receipts totaled approximately $460 million in 1995,
$440 million in 1994 and $400 million in 1993. Annuity receipts
have increased in 1995, 1994 and 1993 due primarily to sales of
newly introduced single premium products and, in 1995, the
development of new single premium distribution channels.
Annuity surrender payments have averaged approximately 8% of
statutory reserves over the past three years.
Annuity benefits increased $13 million (5%) in 1995 and $13
million (6%) in 1994 due primarily to an increase in average
annuity benefits accumulated.
Interest on Borrowed Money Changes in interest expense result
from fluctuations in market rates as well as changes in
borrowings. AFC has generally financed its borrowings on a long-
term basis which has resulted in higher current costs.
Interest expense included in AFC's consolidated Statement of
Earnings was comprised of (in millions):
1995 1994 1993
AFC Parent $ 86.7 $ 56.9 $ 71.1
Great American Holding 20.2 24.7 23.4
American Annuity 17.3 20.9 21.2
Great American Insurance 13.0 11.9 14.0
American Premier - - 17.2
Other Companies 1.0 .8 10.3
$138.2 $115.2 $157.2
AFC Parent's interest expense increased in 1995 due to an
increase in average borrowings. In the second quarter of 1995,
AFC borrowed $549 million under its new credit agreement with
American Premier using the proceeds to retire $372 million of
debt and for other corporate purposes. AFC Parent's interest
expense decreased in 1994 due to (i) the issuance of $204
million of 9-3/4% debentures in exchange for higher rate debt
and (ii) the repurchase of $79 million principal amount of
debentures. GAHC's interest expense decreased in 1995 due to a
decrease in bank borrowings and the retirement of its floating
rate notes and 11% notes in the third and fourth quarters,
respectively. The decrease in other companies' interest expense
in 1994 is due primarily to the repayments of borrowings in
1993.
<PAGE>
Other Operating and General Expenses Operating and general
expenses included the following charges (in millions):
1995 1994 1993
Minority interest $15 $ 9 $35
Proposition 103 - 19 -
Allowance for bad debts - 18 10
Writeoff of debt discount
and issue costs - - 24
Relocation expenses - - 8
Allowance for bad debts includes charges for possible losses
on agents' balances, reinsurance recoverables and other
receivables. Relocation expenses represent the estimated costs
of moving GALIC's operations from Los Angeles to Cincinnati.
Income Taxes See Note M to the Financial Statements for an
analysis of items affecting AFC's effective tax rate.
37
<PAGE>
ITEM 8
Financial Statements and Supplementary Data
Page
Reports of Independent Auditors F-1
Consolidated Balance Sheet:
December 31, 1995 and 1994 F-4
Consolidated Statement of Earnings:
Years ended December 31, 1995, 1994 and 1993 F-5
Consolidated Statement of Changes in Capital Accounts:
Years ended December 31, 1995, 1994 and 1993 F-6
Consolidated Statement of Cash Flows:
Years ended December 31, 1995, 1994 and 1993 F-7
Notes to Consolidated Financial Statements F-8
"Selected Quarterly Financial Data" has been included in Note Q
to the Consolidated Financial Statements.
ITEM 9
Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
AFC filed a report on Form 8-K on August 29, 1995, reporting
a change in independent accountants of American Premier
Underwriters, Inc., an AFC investee. The report is incorporated
herein by reference.
PART III
The information required by the following Items will be included
in AFC's definitive Proxy Statement which will be filed with the
Securities and Exchange Commission in connection with the 1996
Annual Meeting of Shareholders and is incorporated herein by
reference.
<PAGE>
ITEM 10 Directors and Executive Officers of the Registrant
ITEM 11 Executive Compensation
ITEM 12 Security Ownership of Certain Beneficial Owners and
Management
ITEM 13 Certain Relationships and Related Transactions
38
REPORTS OF INDEPENDENT AUDITORS
Board of Directors
American Financial Corporation
We have audited the accompanying consolidated balance sheets of
American Financial Corporation and subsidiaries as of December 31,
1995 and 1994, and the related consolidated statements of earnings,
changes in capital accounts, and cash flows for each of the three
years in the period ended December 31, 1995. Our audits also
included the financial statement schedules listed in the Index at
Item 14(a). These financial statements and schedules are the
responsibility of the Corporation's management. Our responsibility
is to express an opinion on these financial statements and schedules
based on our audits. The financial statements of American Premier
Underwriters, Inc. (1994 and 1993) and General Cable Corporation
(1993) have been audited by other auditors whose reports have been
furnished to us; insofar as our opinion on the consolidated
financial statements and schedules relates to data included for
those corporations, it is based solely on the reports of other
auditors.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other
auditors, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of American Financial Corporation and subsidiaries at
December 31, 1995 and 1994, and the consolidated results of their
operations and their cash flows for each of the three years in the
period ended December 31, 1995, in conformity with generally
accepted accounting principles. Also, in our opinion, the related
financial statement schedules, when considered in relation to the
basic financial statements taken as a whole, present fairly in all
material respects the information set forth therein.
ERNST & YOUNG LLP
Cincinnati, Ohio
March 15, 1996
F-1
<PAGE>
REPORT OF AMERICAN PREMIER'S INDEPENDENT AUDITORS
American Premier Underwriters, Inc.
We have audited the financial statements and the financial
statement schedules of American Premier Underwriters, Inc.
and Consolidated Subsidiaries listed in the Index to
Financial Statements and Financial Statement Schedules of
American Premier Underwriters, Inc.'s Form 10-K for the year
ended December 31, 1994 (not presented separately herein).
These financial statements and the financial statement
schedules are the responsibility of the Company's
management. Our responsibility is to express an opinion on
the financial statements and financial statement schedules
based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in
all material respects, the financial position of American
Premier Underwriters, Inc. and Consolidated Subsidiaries at
December 31, 1994 and the results of its operations and its
cash flows for each of the two years in the period ended
December 31, 1994 in conformity with generally accepted
accounting principles. Also, in our opinion, such financial
statement schedules, when considered in relation to the
basic financial statements taken as a whole, present fairly
in all material respects the information shown therein.
DELOITTE & TOUCHE LLP
Cincinnati, Ohio
February 15, 1995
(March 23, 1995 with respect to the
acquisition of American Financial
Corporation as discussed in Note B to
American Premier's financial statements)
F-2
<PAGE>
REPORT OF GENERAL CABLE'S INDEPENDENT AUDITORS
General Cable Corporation:
We have audited the consolidated financial statements and
related schedules of General Cable Corporation and
subsidiaries listed in Item 14(a) of the Annual Report on
Form 10-K of General Cable Corporation for the year ended
December 31, 1993 (not presented separately herein). These
consolidated financial statements and related schedules are
the responsibility of the Company's management. Our
responsibility is to express an opinion on these
consolidated financial statements and related schedules
based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such consolidated financial statements
present fairly, in all material respects, the financial
position of General Cable Corporation and subsidiaries at
December 31, 1993 and the results of their operations and
their cash flows for the year then ended in conformity with
generally accepted accounting principles. Also, in our
opinion, such consolidated financial statement schedules,
when considered in relation to the basic consolidated
financial statements taken as a whole, present fairly in all
material respects the information shown therein.
DELOITTE & TOUCHE
Cincinnati, Ohio
February 18, 1994
F-3
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In Thousands)
<TABLE>
<CAPTION>
December 31,
1995 1994
<S> <C> <C>
Assets
Cash and short-term investments $ 331,825 $ 171,335
Investments:
Bonds and redeemable preferred stocks:
Held to maturity - at amortized cost
(market - $3,386,600 and $4,336,700) 3,257,204 4,629,633
Available for sale - at market
(amortized cost - $4,211,883 and $1,938,853) 4,412,483 1,862,653
Other stocks - principally at market
(cost - $133,665 and $137,106) 248,665 208,706
Investment in investees 833,886 832,637
Loans receivable 591,105 641,964
Real estate and other investments 198,120 154,262
9,541,463 8,329,855
Recoverables from reinsurers and prepaid
reinsurance premiums 984,500 902,063
Agents' balances and premiums receivable 376,330 363,156
Deferred acquisition costs 330,353 231,343
Other receivables 202,099 197,119
Assets held in separate accounts 238,524 -
Prepaid expenses, deferred charges and other assets 224,858 221,914
Cost in excess of net assets acquired 183,639 175,866
$12,413,591 $10,592,651
Liabilities and Capital
Unpaid losses and loss adjustment expenses $ 2,965,700 $ 2,916,985
Unearned premiums 920,641 824,691
Annuity benefits accumulated 5,051,959 4,618,108
Life, accident and health benefit reserves 538,274 19,879
Payable to American Premier Underwriters, Inc. 639,455 -
Other long-term debt:
Direct obligations of AFC Parent Company 311,202 490,065
Obligations of AFC subsidiaries:
Great American Holding Corporation - 359,185
American Annuity Group 167,734 183,242
Other subsidiaries 56,705 74,255
Liabilities related to separate accounts 238,524 -
Accounts payable, accrued expenses and other
liabilities 675,052 601,872
Minority interest 148,338 105,506
11,713,584 10,193,788
Mandatory Redeemable Preferred Stock
(at redemption value) - 2,880
Other Preferred Stock (redemption value - $278,719) 168,484 168,484
Common Stock without par value 9,625 904
Retained earnings 335,798 223,095
Net unrealized gain on marketable securities,
net of deferred income taxes 186,100 3,500
$12,413,591 $10,592,651
</TABLE>
See notes to consolidated financial statements.
F-4
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(In Thousands)
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Income:
Property and casualty insurance premiums $1,535,249 $1,378,628 $1,494,796
Investment income 632,597 582,931 601,900
Realized gains on sales of securities 56,611 48,342 82,265
Equity in net earnings (losses) of
investees 36,924 (16,573) 69,862
Gains (losses) on sales of investees (107) 1,694 83,211
Gains on sales of subsidiaries - - 75,309
Sales of other products and services - - 152,100
Other income 122,259 107,758 161,260
2,383,533 2,102,780 2,720,703
Costs and Expenses:
Property and casualty insurance:
Losses and loss adjustment expenses 1,065,945 986,996 1,064,108
Commissions and other underwriting
expenses 474,249 428,590 467,293
Annuity benefits 254,650 241,811 228,609
Interest charges on borrowed money 138,240 115,162 157,219
Cost of sales - - 134,900
Book Value Incentive Plan - 34,740 991
Other operating and general expenses 267,169 251,913 405,598
2,200,253 2,059,212 2,458,718
Earnings before income taxes and
extraordinary items 183,280 43,568 261,985
Provision for income taxes 40,121 24,650 37,296
Earnings before extraordinary items 143,159 18,918 224,689
Extraordinary items, net of income taxes (5,059) (16,818) (4,559)
Net Earnings $ 138,100 $ 2,100 $ 220,130
</TABLE>
See notes to consolidated financial statements.
F-5
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL ACCOUNTS
(In Thousands)
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Capital Subject to Mandatory Redemption, Including
Mandatory Redeemable Preferred Stock:
Balance at beginning of period $ 2,880 $ 49,232 $ 27,683
Purchases and redemptions (2,880) (6,625 (2,103)
Increase (decrease) in capital subject
to put option - (7,225) 23,652
Transfer to Retained Earnings - (32,502) -
Balance at End of Period $ - $ 2,880 $ 49,232
Other Preferred Stock:
Balance at beginning of period $168,484 $168,588 $168,588
Purchase - (104) -
Balance at End of Period $168,484 $168,484 $168,588
Common Stock:
Balance at beginning of period $ 904 $ 904 $ 904
Exercise of stock options 8,721 - -
Balance at End of Period $ 9,625 $ 904 $ 904
Retained Earnings:
Balance at beginning of period $223,095 $210,846 $ 42,402
Net earnings 138,100 2,100 220,130
Purchase of Preferred Stock - (56) -
Deduct cash dividends paid or declared on:
Preferred Stock (25,397) (25,728) (26,137)
Common Stock - (3,794) (1,897)
Decrease (increase) in capital subject
to put option - 7,225 (23,652)
Transfer from Capital Subject to
Mandatory Redemption - 32,502 -
Balance at End of Period $335,798 $223,095 $210,846
Net Unrealized Gain on Marketable Securities,
Net of Deferred Income Taxes:
Balance at beginning of period $ 3,500 $156,900 $ 68,100
Change during period 182,600 (153,400) 88,800
Balance at End of Period $186,100 $ 3,500 $156,900
</TABLE>
See notes to consolidated financial statements.
F-6
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands)
<TABLE>
<CAPTION>
Year ended December 31
1995 1994 1993
<S> <C> <C> <C>
Operating Activities:
Net earnings $ 138,100 $ 2,100 $ 220,130
Adjustments:
Extraordinary losses from retirement of debt 5,059 16,818 4,559
Depreciation and amortization 36,523 30,729 52,117
Annuity benefits 254,650 241,811 228,609
Equity in net (earnings) losses of
investees (36,924) 16,573 (69,862)
Changes in reserves on assets 1,908 17,094 11,440
Realized gains on investing activities (54,522) (59,609) (242,529)
Writeoff of debt discount and issue costs - - 30,054
Increase in reinsurance and other
receivables (29,018) (223,113) (238,166)
Increase in other assets (60,145) (96,596) (90,022)
Increase in insurance claims and reserves 142,792 345,542 241,704
Increase (decrease) in other liabilities (97,645) 67,799 50,479
Increase in minority interest 19,889 6,773 37,057
Dividends from investees 18,415 21,567 25,575
Other, net (720) (1,488) (37,062)
338,362 386,000 224,083
Investing Activities:
Purchases of and additional investments in:
Fixed maturity investments (1,964,992) (1,726,318) (3,062,435)
Equity securities (1,034) (7,315) (20,224)
Investees and subsidiaries (68,563) (29,306) (27,578)
Real estate, property and equipment (48,794) (27,185) (41,762)
Maturities and redemptions of fixed maturity
investments 253,885 420,945 757,473
Sales of:
Fixed maturity investments 1,482,613 694,947 1,498,432
Equity securities 15,319 127,181 221,467
Investees and subsidiaries 43,697 27,621 255,517
Real estate, property and equipment 5,327 6,151 65,782
Cash and short-term investments of former
subsidiaries - - (310,225)
Decrease (increase) in other investments (6,711) (5,571) 1,435
(289,253) (518,850) (662,118)
<PAGE>
Financing Activities:
Annuity receipts 457,525 442,703 400,141
Annuity payments (412,854) (321,038) (337,878)
Additional long-term borrowings 337,076 244,311 338,010
Reductions of long-term debt (873,489) (193,481) (601,040)
Borrowings from American Premier 716,876 - -
Repayments of borrowings from American
Premier (94,197) - -
Repurchases of preferred stock (2,880) (6,738) (2,643)
Exercise of stock options 8,721 - -
Cash dividends paid (25,397) (29,522) (28,034)
111,381 136,235 (231,444)
Net Increase (Decrease) in Cash
and Short-term Investments 160,490 3,385 (669,479)
Cash and short-term investments at beginning
of period 171,335 167,950 837,429
Cash and short-term investments at end of
period $ 331,825 $ 171,335 $ 167,950
</TABLE>
See notes to consolidated financial statements.
F-7
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____________________________________________________________________________
INDEX TO NOTES
A. Mergers J. Capital Subject to Mandatory
B. Accounting Policies Redemptions
C. Acquisitions and Sales of Subsidiaries K. Other Preferred Stock
and Investees L. Common Stock
D. Segments of Operations M. Income Taxes
E. Investments N. Extraordinary Items
F. Investment in Investees O. Pending Legal Proceedings
G. Cost in Excess of Net Assets Acquired P. Benefit Plans
H. Payable to American Premier Q. Transactions with Affiliates
Underwriters, Inc. R. Quarterly Operating Results
I. Other Long-Term Debt S. Insurance
T. Additional Information
____________________________________________________________________________
A. Mergers On April 3, 1995, American Financial Corporation
("AFC") merged with a newly formed subsidiary of American
Premier Group, Inc., another new company formed to own 100%
of the common stock of both AFC and American Premier
Underwriters, Inc. ("American Premier"). Subsequently,
American Premier Group changed its name to American Financial
Group, Inc. In the transaction, Carl H. Lindner and members
of his family, who owned 100% of the Common Stock of AFC,
exchanged their AFC Common Stock for approximately 55% of
American Financial Group voting common stock. Former
shareholders of American Premier, including AFC and its
subsidiaries, received shares of American Financial Group
stock on a one-for-one basis. No gain or loss was recorded
on the exchange of shares.
AFC continues to be a separate SEC reporting company with
publicly traded debentures and preferred stock. Holders of
AFC Series F and G Preferred Stock were granted voting rights
equal to approximately 21% of the total voting power of AFC
shareholders immediately prior to the Mergers.
<PAGE>
B. Accounting Policies
Basis of Presentation The consolidated financial statements
include the accounts of AFC and its subsidiaries. Changes in
ownership levels of subsidiaries and affiliates have resulted
in certain differences in the financial statements and have
affected comparability between years. Certain
reclassifications have been made to prior years to conform to
the current year's presentation. All significant
intercompany balances and transactions have been eliminated.
All acquisitions have been treated as purchases. The results
of operations of companies since their formation or
acquisition are included in the consolidated financial
statements.
The preparation of the financial statements in conformity wi
th generally accepted accounting principles requires
management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying
notes. Changes in circumstances could cause actual results
to differ materially from those estimates.
F-8
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
AFC's ownership of subsidiaries and significant affiliates
with publicly traded shares at December 31, was as follows:
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
American Annuity Group, Inc. ("AAG") 80% 80% 80%
American Financial Enterprises, Inc. ("AFEI") 83% 83% 83%
American Financial Group, Inc. ("AFG") 24% - -
American Premier Underwriters, Inc. (a) 42% 41%
Chiquita Brands International, Inc. 38% 46% 46%
Citicasters Inc. (formerly GACC) 38% 37% 20%
General Cable Corporation - (b) 45%
<FN>
(a) Exchanged for shares of American Financial Group in April 1995.
(b) Sold in June 1994.
</FN>
</TABLE>
Investments Debt securities are classified as "held to
maturity" and reported at amortized cost if AFC has the
positive intent and ability to hold them to maturity. Debt
and equity securities are classified as "available for sale"
and reported at fair value with unrealized gains and losses
reported as a separate component of shareholders' equity if
the debt or equity securities are not classified as held to
maturity or bought and held principally for selling in the
near term. Only in certain limited circumstances, such as
significant issuer credit deterioration or if required by
insurance or other regulators, may a company change its
intent to hold a certain security to maturity without calling
into question its intent to hold other debt securities to
maturity in the future.
In accordance with guidance issued by the Financial
Accounting Standards Board in November 1995, AFC reassessed
the classifications of its investments and transferred fixed
maturity securities with an amortized cost of approximately
$2.0 billion to "available for sale." This "one-time"
reclassification resulted in an increase of $104 million in
the carrying value of fixed maturity investments and an
increase of $67 million in shareholders' equity. The
transfer had no effect on net earnings.
Premiums and discounts on mortgage-backed securities are
amortized over their expected average lives using the
interest method. Gains or losses on sales of securities are
recognized at the time of disposition with the amount of gain
or loss determined on the specific identification basis.
When a decline in the value of a specific investment is
considered to be other than temporary, a provision for
impairment is charged to earnings and the carrying value of
that investment is reduced.
<PAGE>
Short-term investments are carried at cost; loans receivable
are stated primarily at the aggregate unpaid balance.
Investment in Investees Investments in securities of 20%- to
50%-owned companies are carried at cost, adjusted for AFC's
proportionate share of their undistributed earnings or
losses. Investments in less than 20%-owned companies are
accounted for by the equity method when, in the opinion of
management, AFC can exercise significant influence over
operating and financial policies of the investee.
F-9
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Cost in Excess of Net Assets Acquired The excess of cost of
subsidiaries and investees over AFC's equity in the
underlying net assets ("goodwill") is being amortized over 40
years. The excess of AFC's equity in the net assets of other
subsidiaries and investees over its cost of acquiring these
companies ("negative goodwill") is allocated to AFC's basis
in these companies' fixed assets, goodwill and other
long-term assets and is amortized on a 10- to 40-year basis.
Insurance As discussed under "Reinsurance" below, unpaid
losses and loss adjustment expenses and unearned premiums
have not been reduced for reinsurance recoverable.
Reinsurance In the normal course of business, AFC's
insurance subsidiaries cede reinsurance to other companies to
diversify risk and limit maximum loss arising from large
claims. To the extent that any reinsuring companies are
unable to meet obligations under the agreements covering
reinsurance ceded, AFC's insurance subsidiaries would remain
liable. Amounts recoverable from reinsurers are estimated in
a manner consistent with the claim liability associated with
the reinsurance policies. AFC's insurance subsidiaries
report as assets (a) the estimated reinsurance recoverable on
unpaid losses, including an estimate for losses incurred but
not reported, and (b) amounts paid to reinsurers applicable
to the unexpired terms of policies in force. AFC's insurance
subsidiaries also assume reinsurance from other companies.
Income on reinsurance assumed is recognized based on reports
received from ceding reinsurers.
Deferred Acquisition Costs Policy acquisition costs
(principally commissions, premium taxes and other
underwriting expenses) related to the production of new
business are deferred ("DPAC"). For the property and
casualty companies, the deferral of acquisition costs is
limited based upon their recoverability without any
consideration for anticipated investment income. DPAC is
charged against income ratably over the terms of the related
policies. For the annuity companies, DPAC is amortized, with
interest, in relation to the present value of expected gross
profits on the policies.
Unpaid Losses and Loss Adjustment Expenses The net
liabilities stated for unpaid claims and for expenses of
investigation and adjustment of unpaid claims are based upon
(a) the accumulation of case estimates for losses reported
prior to the close of the accounting period on the direct
business written; (b) estimates received from ceding
<PAGE>
reinsurers and insurance pools and associations; (c)
estimates of unreported losses based on past experience; (d)
estimates based on experience of expenses for investigating
and adjusting claims and (e) the current state of the law and
coverage litigation. These liabilities are subject to the
impact of changes in claim amounts and frequency and other
factors. In spite of the variability inherent in such
estimates, management believes that the liabilities for
unpaid losses and loss adjustment expenses are adequate.
Changes in estimates of the liabilities for losses and loss
adjustment expenses are reflected in the Statement of
Earnings in the period in which determined.
Premium Recognition Premiums are earned over the terms of
the policies on a pro rata basis. Unearned premiums
represent that portion of premiums written which is
applicable to the unexpired terms of policies in force. On
reinsurance assumed from other insurance companies or written
through various underwriting organizations, unearned premiums
are based on reports received from such companies and
organizations.
F-10
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Annuity Benefits Accumulated Annuity receipts and benefit
payments are generally recorded as increases or decreases in
"annuity benefits accumulated" rather than as revenue and
expense. Increases in this liability for interest credited
are charged to expense and decreases for surrender charges
are credited to other income.
Life, Accident and Health Benefits Reserves Liabilities for
future policy benefits under traditional ordinary life,
accident and health policies are computed using a net level
premium method. Computations are based on anticipated
investment yields (primarily 7%), mortality, morbidity and
surrenders and include provisions for unfavorable deviations.
Reserves are modified as necessary to reflect actual
experience and developing trends.
Assets Held In and Liabilities Related to Separate Accounts
Investment annuity deposits and related liabilities represent
deposits maintained by several banks under a previously
offered tax deferred annuity program. AAG receives an annual
fee from each bank for sponsoring the program; depositors can
elect to purchase an annuity from AAG with funds in their
account.
Income Taxes AFC files consolidated federal income tax
returns which include all 80%-owned U.S. subsidiaries, except
for certain life insurance subsidiaries. Deferred income
taxes are calculated using the liability method. Under this
method, deferred income tax assets and liabilities are
determined based on differences between financial reporting
and tax bases and are measured using enacted tax rates.
Deferred tax assets are recognized if it is more likely than
not that a benefit will be realized.
Benefit Plans AFC provides retirement benefits, through
contributory and noncontributory defined contribution plans,
to qualified employees of participating companies.
Contributions to benefit plans are charged against earnings
in the year for which they are declared. AFC's Employee
Stock Ownership Retirement Plan ("ESORP") is a
noncontributory, qualified plan which invests in securities
of AFG and affiliates for the benefit of their employees.
AFC and many of its subsidiaries provide health care and life
insurance benefits to eligible retirees. AFC also provides
postemployment benefits to former or inactive employees
(primarily those on disability) who were not deemed retired
under other company plans. The projected future cost of
providing these benefits is expensed over the period the
employees qualify for such benefits.
<PAGE>
In connection with the Mergers, full vesting was granted to
holders of units under AFC's Book Value Incentive Plan and
the plan was terminated. Cash payments, which were made in
April to holders of the units, were accrued at December 31,
1994.
Debt Discount Debt discount and expenses are being amortized
over the lives of respective borrowings, generally on the
interest method.
Statement of Cash Flows For cash flow purposes, "investing
activities" are defined as making and collecting loans and
acquiring and disposing of debt or equity instruments and
property and equipment. "Financing activities" include
obtaining resources from owners and providing them with a
return on their investments, borrowing money and repaying
amounts borrowed. Annuity receipts, benefits and withdrawals
are also reflected as financing
F-11
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
activities. All other activities are considered
"operating". Short-term investments having original
maturities of three months or less when purchased are
considered to be cash equivalents for purposes of the
financial statements.
Fair Value of Financial Instruments Methods and assumptions
used in estimating fair values are described in Note T to the
financial statements. These fair values represent point-in-
time estimates of value that might not be particularly
relevant in predicting AFC's future earnings or cash flows.
C. Acquisitions and Sales of Subsidiaries and Investees
Chiquita In April 1995, AFC sold 3.2 million shares of
Chiquita common stock to American Premier for $43.7 million
in cash. AFC realized a pretax loss of $442,000 on the sale.
General Cable In June 1994, AFC sold its investment in
General Cable common stock to an unaffiliated company for
$27.6 million in cash. AFC realized a $1.7 million pretax
gain on the sale (excluding its share of American Premier's
loss on its sale of General Cable securities).
American Business Insurance In 1993, AFC sold its insurance
brokerage operation, American Business Insurance, Inc., to
Acordia, Inc., an Indianapolis-based insurance broker, for
cash and Acordia common stock and warrants. AFC recognized a
pretax gain of approximately $44 million on the sale.
American Premier In 1993, AFEI, whose assets consisted
primarily of investments in American Premier, General Cable
and AAG, sold 4.5 million shares of American Premier common
stock in a secondary public offering. AFC recognized a
pretax gain of $28.3 million, before minority interest, on
the sale, including recognition of a portion of previously
deferred gains related to sales of assets to American Premier
from AFC subsidiaries. In anticipation of the reduction of
AFC's ownership of American Premier below 50%, AFC ceased
accounting for it as a subsidiary and began accounting for it
as an investee in April 1993.
In 1993, American Premier paid AFC $52.8 million (including
$12.8 million in interest) representing an adjustment on the
1990 sale of AFC's non-standard automobile group to American
Premier. AFC recorded an additional pretax gain of
$31.4 million on this transaction after deferring
$21.4 million based on its then current ownership of American
Premier.
<PAGE>
Citicasters In December 1993, GACC completed a plan of
reorganization under which AFC received approximately 20% of
new common stock in exchange for its previous holdings of
GACC stock and debt. In connection with the plan, AFC also
invested an additional $7.5 million in GACC common stock and
debt securities.
In June 1994, AFEI purchased approximately 10% of Citicasters
common stock from a third party for $23.9 million in cash.
In February 1996, Citicasters entered into a merger agreement
with Jacor Communications, Inc. providing for the acquisition
of Citicasters by Jacor. Under the agreement, AFC and its
subsidiaries would receive approximately $220 million in cash
plus warrants to buy approximately 1.5 million shares of
Jacor common stock at $28 per share. AFC expects to
F-12
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
realize a pretax gain of approximately $150 million on the
sale. Consummation of the transaction is subject to
regulatory approvals, and certain adjustments to the price
will be made if the transaction does not close by September
30, 1996.
Spelling In 1993, AFC sold its common stock investment in
Spelling to Blockbuster Entertainment in exchange for
Blockbuster common stock and warrants. AFC realized a
$52 million pretax gain on the sale.
D. Segments of Operations AFC operates its property and
casualty insurance business in two major segments: specialty
lines and commercial and personal lines. AFC's annuity
business sells tax-deferred annuities principally to
employees of primary and secondary educational institutions
and hospitals. These insurance businesses operate throughout
the United States. AFC also owns significant portions of the
voting equity securities of certain companies (investee
corporations - see Note F).
The following tables (in thousands) show AFC's assets, revenues
and operating profit (loss) by significant business segment.
Capital expenditures, depreciation and amortization are not
significant. Operating profit (loss) represents total revenues
less operating expenses. Goodwill and its amortization have
been allocated to the various segments to which they apply.
General corporate assets and expenses have not been identified
or allocated by segment.
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Assets
Property and casualty insurance (a) $ 4,919,505 $ 4,576,591 $ 4,192,908
Annuities 6,600,377 5,078,928 4,898,419
Other 59,823 104,495 86,361
11,579,705 9,760,014 9,177,688
Investment in investee corporations 833,886 832,637 899,800
<PAGE>
$12,413,591 $10,592,651 $10,077,488
Revenues (b)(c)
Property and casualty insurance:
Premiums earned:
Specialty lines $ 836,284 $ 723,339 $ 826,882
Commercial and personal lines 697,512 648,222 661,910
Other lines (d) 1,453 7,067 6,004
1,535,249 1,378,628 1,494,796
Investment and other income 324,368 314,731 481,548
1,859,617 1,693,359 1,976,344
Annuities (e) 444,082 378,010 395,871
Other 42,910 47,984 278,626
2,346,609 2,119,353 2,650,841
Equity in net earnings (losses)
of investee corporations 36,924 (16,573) 69,862
$ 2,383,533 $ 2,102,780 $ 2,720,703
</TABLE>
F-13
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Operating Profit (Loss) (c)
Property and casualty insurance:
Underwriting:
Specialty lines $ 21,461 ($ 15,678) $ 23,492
Commercial and personal lines 5,315 7,087 (6,493)
Other lines (d) (31,721) (24,914) (51,100)
(4,945) (33,505) (34,101)
Investment and other income 247,494 199,292 321,701
242,549 165,787 287,600
Annuities 79,387 58,748 63,388
Other (f) (175,580) (164,394) (158,865)
146,356 60,141 192,123
Equity in net earnings (losses) of
investee corporations 36,924 (16,573) 69,862
$183,280 $ 43,568 $261,985
<FN>
(a) Not allocable to segments.
(b) Revenues include sales of products and services as well as other income
earned by the respective segments.
(c) Includes American Premier's results of operations for the three months
ended March 31, 1993.
(d) Includes discontinued insurance lines.
(e) Represents primarily investment income and realized gains.
(f) Includes holding company expenses.
</FN>
</TABLE>
<PAGE>
E. Investments Bonds, redeemable preferred stocks and other stocks
at December 31, consisted of the following (in millions):
<TABLE>
<CAPTION>
1995
Held to Maturity
Amortized Market Gross Unrealized
Cost Value Gains Losses
<S> <C> <C> <C> <C>
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ - $ - $ - $ -
States, municipalities and
political subdivisions 46.1 47.6 1.6 (.1)
Foreign government 13.1 12.8 1.0 (1.3)
Public utilities 510.3 526.2 17.0 (1.1)
Mortgage-backed securities 865.3 897.4 32.8 (.7)
All other corporate 1,819.2 1,899.2 80.0 -
Redeemable preferred stocks 3.2 3.4 .2 -
$3,257.2 $3,386.6 $132.6 ($ 3.2)
</TABLE>
<TABLE>
<CAPTION>
1995
Available for Sale
Amortized Market Gross Unrealized
Cost Value Gains Losses
<S> <C> <C> <C> <C>
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ 331.5 $ 344.8 $ 13.3 $ -
States, municipalities and
political subdivisions 18.1 17.7 .2 (.6)
Foreign government 45.1 46.5 1.4 -
Public utilities 341.1 355.2 16.7 (2.6)
Mortgage-backed securities 1,277.7 1,307.4 35.7 (6.0)
All other corporate 2,099.0 2,241.4 144.0 (1.6)
Redeemable preferred stocks 99.4 99.5 1.8 (1.7)
$4,211.9 $4,412.5 $213.1 ($12.5)
Other stocks $ 133.7 $ 248.7 $115.6 ($ .6)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1994
Held to Maturity
Amortized Market Gross Unrealized
Cost Value Gains Losses
<S> <C> <C> <C> <C>
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ - $ - $ - $ -
States, municipalities and
political subdivisions 23.4 23.2 .7 (.9)
Foreign government 16.0 14.0 - (2.0)
Public utilities 614.9 566.4 .8 (49.3)
Mortgage-backed securities 952.7 872.3 .1 (80.5)
All other corporate 2,917.7 2,761.6 5.7 (161.8)
Redeemable preferred stocks 104.9 99.2 .4 (6.1)
$4,629.6 $4,336.7 $ 7.7 ($300.6)
</TABLE>
<TABLE>
<CAPTION>
1994
Available for Sale
Amortized Market Gross Unrealized
Cost Value Gains Losses
<S> <C> <C> <C> <C>
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ 306.9 $ 293.0 $ .4 ($14.3)
States, municipalities and
political subdivisions 36.8 36.3 1.4 (1.9)
Foreign government 44.0 42.4 .1 (1.7)
Public utilities 84.1 79.3 .2 (5.0)
Mortgage-backed securities 721.4 671.5 .6 (50.5)
All other corporate 745.7 740.2 2.9 (8.4)
Redeemable preferred stocks - - - -
$1,938.9 $1,862.7 $ 5.6 ($81.8)
Other stocks $ 137.1 $ 208.7 $ 72.0 ($ .4)
</TABLE>
F-14
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
The table below sets forth the scheduled maturities of bonds and
redeemable preferred stocks based on carrying value as of
December 31, 1995. Data based on market value is generally the
same. Mortgage-backed securities had an average life of
approximately 7 years at December 31, 1995.
<TABLE>
<CAPTION>
Held to Available
Maturity Matutity for Sale
<S> <C> <C>
One year or less 2% 1%
After one year through five years 30 17
After five years through ten years 37 39
After ten years 4 13
73 70
Mortgage-backed securities 27 30
100% 100%
</TABLE>
Certain risks are inherent in connection with fixed maturity
securities, including loss upon default, price volatility in
reaction to changes in interest rates and general market
factors and risks associated with reinvestment of proceeds
due to prepayments or redemptions in a period of declining
interest rates.
Realized gains (losses) and changes in unrealized appreciation
(depreciation) on fixed maturity and equity security investments
are summarized as follows (in thousands):
<TABLE>
<CAPTION>
Fixed Equity Tax
Maturities Securities Effects Total
<S> <C> <C> <C> <C>
1995
Realized $ 50,591 $ 6,020 ($ 5,510) $ 51,101
Change in Unrealized 699,129 43,400 (259,885) 482,644
1994
Realized (1,107) 49,449 30 48,372
Change in Unrealized (673,001) (60,500) 256,725 (476,776)
1993
Realized 52,915 29,350 (12,348) 69,917
Change in Unrealized 125,112 83,700 (73,084) 135,728
</TABLE>
<PAGE>
Transactions in fixed maturity investments included in the
Statement of Cash Flows consisted of the following (in millions):
<TABLE>
<CAPTION>
1995 1994
Held to Available Held to Available
Maturity for Sale Total Maturity for Sale Total
<S> <C> <C> <C> <C> <C> <C>
Purchases $575.6 $1,389.4 $ 1,965.0 $1,090.0 $636.3 $1,726.3
Maturities and redemptions 143.2 110.7 253.9 216.0 204.9 420.9
Sales 12.9 1,469.7 1,482.6 8.0 686.9 694.9
Gross Gains 1.3 61.0 62.3 3.3 9.4 12.7
Gross Losses (2.3) (9.4) (11.7) (2.5) (11.3) (13.8)
</TABLE>
Securities classified as "held to maturity" having an amortized
cost of $14.7 million and $8.7 million were sold for a loss of $1.8
million and $712,000 in 1995 and 1994, respectively, due to
significant deterioration in the issuers' creditworthiness.
Gross gains of $69.4 million and gross losses of $16.5 were
realized on sales of fixed maturity investments during 1993.
F-15
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
F. Investment in Investees Investment in investees represents
AFC's ownership of securities of certain companies. All of
the companies named in the following table are subject to the
rules and regulations of the SEC. Market value of the
investments was approximately $1.0 billion and $890 million
at December 31, 1995 and 1994, respectively.
AFC's investment (and common stock ownership percentage) and
equity in net earnings and losses of investees are stated
below (dollars in thousands):
<TABLE>
<CAPTION>
Investment (Ownership %) Equity in Net Earnings (Losses)
12/31/95 12/31/94 1995 1994 1993
<S> <C> <C> <C> <C> <C>
American Financial
Group (a) $568,781 (24%) $ - $19,895 $ - $ -
American Premier(a) - 525,927 (42%) 6,907 1,147 91,700
Chiquita (b) 191,026 (38%) 237,015 (46%) 5,420 (26,670) (24,038)
Citicasters (c) 74,079 (38%) 69,695 (37%) 4,702 8,950 -
Other - - - - 2,200
$833,886 $832,637 $36,924 ($16,573) $69,862
<FN>
(a) As discussed in Note A, AFC received shares of American Financial
Group in exchange for its American Premier stock on a one-for-one
basis in April 1995; accordingly, AFC began accounting for AFG as an
investee in the second quarter of 1995. AFC's earnings are excluded
from AFG's in calculating AFC's equity in AFG's earnings.
(b) Excludes AFC's share of Chiquita's extraordinary losses on prepayment
of debt in 1995 and 1994.
(c) AFC resumed equity accounting for its investment in GACC following
GACC's reorganization at the end of 1993. See Note C concerning
agreement to sell Citicasters.
</FN>
</TABLE>
In addition to owning the common stock of AFC, American
Financial Group owns all the common stock of American Premier,
a specialty property and casualty insurance company. Chiquita
is a leading international marketer, processor and producer of
quality food products. Citicasters owns and operates radio
and television stations in major markets throughout the
country.
Included in AFC's consolidated retained earnings at
December 31, 1995, was approximately $290 million applicable
to equity in undistributed net earnings of investees.
Unamortized goodwill in investees totaled $187 million at
December 31, 1995.
<PAGE>
Summarized financial information for AFC's investees at
December 31, 1995, is shown below (in millions). See
"Investee Corporations" in Management's Discussion and
Analysis.
<TABLE>
<CAPTION>
American Financial Group, Inc.
Nine
months
ended
12/31/95
<S> <C>
Cash and Investments $11,493
Other Assets 3,461
Insurance Claims and Reserves 10,981
Debt 882
Minority Interest 314
Shareholders' Equity 1,440
Revenues $ 3,076
Income before Extraordinary Items 160
Extraordinary Items 1
Net Earnings 161
</TABLE>
F-16
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
American Premier Underwriters, Inc.
1995
1st Qtr 1994 1993
<S> <C> <C> <C>
Cash and Investments $2,751
Other Assets 1,446
Insurance Claims and Reserves 1,674
Debt 510
Minority Interest 6
Shareholders' Equity 1,549
Revenues $ 433 $1,759 $1,736
Income from Continuing Operations 16 1 243
Discontinued Operations - (1) (11)
Net Income 16 - 232
</TABLE>
<TABLE>
<CAPTION>
Chiquita Brands International, Inc. (*)
1995 1994 1993
<S> <C> <C> <C>
Current Assets $ 877 $ 804
Non-current Assets 1,747 1,970
Current Liabilities 510 574
Non-current Liabilities 1,442 1,555
Shareholders' Equity 672 645
Net Sales of Continuing Operations $2,566 $2,506 $2,533
Operating Income 176 71 104
Income (Loss) from Continuing Operations 28 (84) (51)
Discontinued Operations (11) 35 -
Extraordinary Item (8) (23) -
Net Income (Loss) 9 (72) (51)
<FN>
(*) Amounts for 1994 and 1993 were reclassified by Chiquita in 1995
to reflect discontinued operations.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Citicasters
Inc.
1995 1994 1993
<S> <C> <C> <C>
Contracts, Broadcasting Licenses
and Other Intangibles $313 $275
Other Assets 103 128
Long-term Debt 132 122
Shareholders' Equity 160 151
Net Revenues $136 $197 $205
Operating Income 37 52 40
Earnings (Loss) before Extraordinary Items 14 63 (67)
Extraordinary Items - - 408(**)
Net Earnings 14 63 341
<FN>
(**) Extraordinary items include a $414 million gain on debt discharged
in the reorganization of Citicasters' predecessor.
</FN>
</TABLE>
F-17
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
G. Cost in Excess of Net Assets Acquired At December 31, 1995 and
1994, accumulated amortization of the excess of cost over net
assets of purchased subsidiaries amounted to approximately
$107 million and $100 million, respectively. Amortization expense
was $6.2 million in 1995, $6.1 million in 1994 and $15.0 million
in 1993.
H. Payable to American Premier Underwriters, Inc. Following the
Mergers, American Premier agreed to lend up to $675 million
to AFC under a line of credit, and subsequently advanced
funds which, along with other funds available, were used by
AFC to redeem $279 million of its various debentures, repay
$187 million of Great American Holding Corporation's
("GAHC's") bank debt, and redeem $200 million of GAHC's
Notes. Borrowings under the credit line bear interest at 11-
5/8% and convert to a four-year term loan in March 2005. At
December 31, 1995, AFC had borrowed $623.2 million under the
credit agreement. Accrued interest of $16.2 million at
December 31, 1995, was paid in January 1996.
I. Long-Term Debt Long-term debt consisted of the following at
December 31, (in thousands):
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
American Financial Corporation (Parent Company):
9-3/4% Debentures due April 2004, less discount of
$1,249 and $0 (imputed interest rate - 9.8%) $302,510 $203,759
12% Debentures due September 1999 - 120,463
10% Debentures due October 1999 - 89,620
12-1/4% Debentures due September 2003 - 51,556
Other, less discount of $0 and $456 8,692 24,667
$311,202 $490,065
Great American Holding Corporation:
Notes payable to banks $ - $160,000
11% Notes due 1998, less discount of $737 - 149,263
Floating Rate Notes due 1995, less discount of $78 - 49,922
$ - $359,185
<PAGE>
American Annuity Group, Inc.:
11-1/8% Senior Subordinated Notes due February 2003 $101,443 $103,868
9-1/2% Senior Notes due August 2001 41,490 43,990
Notes payable to banks due September 1999 20,500 30,000
Other 4,301 5,384
$167,734 $183,242
Other Subsidiaries:
Notes payable secured by real estate $ 53,066 $ 45,354
Notes payable to banks due December 1997 - 16,000
Other 3,639 12,901
$ 56,705 $ 74,255
</TABLE>
F-18
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
At December 31, 1995, sinking fund and other scheduled principal
payments on debt for the subsequent five years were as follows (in
thousands):
<TABLE>
<CAPTION>
Parent
Company Other Total
<S> <C> <C> <C>
1996 $ - $ 1,788 $ 1,788
1997 5,910 1,678 7,588
1998 - 1,867 1,867
1999 - 22,452 22,452
2000 - 7,073 7,073
</TABLE>
Debentures purchased in excess of scheduled payments may be
applied to satisfy any sinking fund requirement. The
scheduled principal payments shown above assume that
debentures purchased are applied to the earliest scheduled
retirements.
GAHC, a wholly-owned subsidiary of AFC, has a revolving loan
agreement with groups of banks under which it can borrow up
to $300 million. Borrowings bear interest at floating rates
based on prime or LIBOR and are collateralized by stock of an
operating subsidiary. The facility is guaranteed by AFC.
AAG and AFEI have revolving credit agreements with banks
under which they can borrow up to $75 million and $20
million, respectively. Borrowings bear interest at floating
rates based on prime or LIBOR and are collateralized.
During 1995, AFC sold an aggregate of $100 million of its 9-
3/4% debentures due in 2004 for cash. In a 1994 exchange
offer, AFC issued $204 million of its 9-3/4% debentures for a
like amount of its various other debenture issues. The
related unamortized original issue discount and debt issue
costs ($24.3 million) were written off in 1993. In
connection with the offer, all of AFC's 13-1/2% debentures
not tendered for exchange were redeemed for $63.2 million in
cash.
In connection with its acquisition of GALIC in 1992, AAG
borrowed $230 million from several banks. In 1993, AAG sold
$225 million of Notes to the public and repaid the bank
loans. During 1994, AAG repurchased $77.1 million of the
Notes in exchange for $69 million in cash plus 810,000 shares
of its common stock. During 1995, AAG repurchased $4.9
million of the Notes for $5.0 million in cash.
<PAGE>
In the first two months of 1996, AFC repurchased $48.3
million of its debentures for $52.4 million; and AAG
repurchased $22.1 million of its Notes for $24.1 million.
Cash interest payments of $98 million, $115 million and $133
million were made on long-term debt in 1995, 1994 and 1993,
respectively.
J. Capital Subject to Mandatory Redemption Capital subject to
mandatory redemption includes AFC's Mandatory Redeemable
Preferred Stock at December 31, 1994 and 1993 and, at
December 31, 1993, capital subject to a put option.
Mandatory Redeemable Preferred Stock At December 31, 1994,
there were 274,242 shares of $10.50 par value Series E
Preferred Stock outstanding. These shares were retired, at
par, in December 1995. During 1994, AFC redeemed all 150,212
outstanding shares of Series I Preferred Stock and 230,469
shares of Series E Preferred Stock for approximately
$6.6 million. During 1993, AFC purchased 75,106 shares of
Series I Preferred Stock for approximately $2.1 million.
F-19
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Capital Subject to Put Option Under a 1983 agreement,
certain members of the Lindner family (the "Group") had the
right to "put" to AFC their shares of AFC Common Stock or
options at a defined value. In anticipation of the
extinguishment of the Group's rights due to the Mergers, the
allocation of capital equal to that value ($32.5 million) was
reclassified to Retained Earnings at December 31, 1994.
K. Other Preferred Stock Under provisions of both the Nonvoting
(21.1 million shares authorized, including the Mandatory
Redeemable Preferred Stock) and Voting (17.0 million shares
authorized, 14.1 million shares outstanding) Cumulative
Preferred Stock, the Board of Directors may divide the
authorized stock into series and set specific terms and
conditions of each series. The outstanding shares of
preferred stock consisted of the following:
Series F, $1 par value - authorized 15,000,000
shares; annual dividends per share $1.80; 10% may be
retired at AFC's option at $20 per share in 1996;
13,744,754 shares (stated value - $167.9 million)
outstanding at December 31, 1995 and 1994.
Series G, $1 par value - authorized 2,000,000
shares; annual dividends per share $1.05; may be retired
at AFC's option at $10.50 per share; 364,158 shares
(stated value - $600,000) outstanding at December 31,
1995 and 1994.
In 1994, AFC purchased 8,500 shares of Series F Preferred
Stock from a subsidiary's profit sharing plan for $159,000.
L. Common Stock At December 31, 1994, there were 18,971,217
shares of AFC Common Stock outstanding. Prior to the Mergers
discussed in Note A, AFC issued 762,500 common shares upon
exercise of stock options. In connection with the Mergers,
the number of authorized common shares was increased to 53.5
million and the number of outstanding shares was increased to
53.0 million. At December 31, 1995, American Financial Group
owned all 53.0 million outstanding shares of AFC's Common
Stock.
F-20
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
M. Income Taxes The following is a reconciliation of income
taxes at the statutory rate of 35% and income taxes as shown
in the Statement of Earnings (in thousands):
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Earnings before income taxes and
extraordinary items $183,280 $ 43,568 $261,985
Extraordinary items before income taxes (5,180) (17,192) (4,559)
Adjusted earnings before income taxes $178,100 $ 26,376 $257,426
Income taxes at statutory rate $ 62,335 $ 9,232 $ 90,099
Effect of:
Losses (utilized) not utilized (22,129) 19,267 (59,141)
Dividends received deduction (7,533) (8,528) (8,336)
Minority interest 5,166 2,998 12,082
Amortization of intangibles 2,048 1,987 2,658
Tax exempt interest (640) (689) (659)
Foreign income taxes 359 6 76
State income taxes 81 149 820
Other 313 (146) (303)
Total provision 40,000 24,276 37,296
Amounts applicable to
extraordinary items 121 374 -
Provision for income taxes as shown
on the Statement of Earnings $ 40,121 $ 24,650 $ 37,296
</TABLE>
Adjusted earnings (loss) before income taxes consisted of the following
(in thousands):
1995 1994 1993
Subject to tax in:
United States $178,100 $ 28,422 $255,682
Foreign jurisdictions - (2,046) 1,744
$178,100 $ 26,376 $257,426
<PAGE>
The total income tax provision consists of (in thousands):
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Current taxes:
Federal $ 38,704 $ 21,028 $ 43,592
Foreign - - 503
State 124 226 1,843
Deferred taxes (credits):
Federal 620 3,012 (8,256)
Foreign 552 10 (386)
$ 40,000 $ 24,276 $ 37,296
</TABLE>
For income tax purposes, certain members of the AFC
consolidated tax group had approximately $268 million of
operating loss carryforwards available at December 31, 1995.
The carryforwards are scheduled to expire as follows: $1 million
in 1996, $21 million in 1997 through 2001, $143 million
in 2002 through 2006 and $103 million in 2007 through 2010.
F-21
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Deferred income taxes reflect the impact of temporary
differences between the carrying amounts of assets and
liabilities recognized for financial reporting purposes and
the amounts recognized for tax purposes. The significant
components of deferred tax assets and liabilities for AFC's
tax group included in the Balance Sheet at December 31, were
as follows (in millions):
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Deferred tax assets:
Net operating loss carryforwards $ 93.8 $ 80.0
Insurance claims and reserves 195.9 202.1
Other, net 41.2 53.5
330.9 335.6
Valuation allowance for deferred
tax assets (91.9) (111.1)
239.0 224.5
Deferred tax liabilities:
Deferred acquisition costs (89.8) (78.3)
Investment securities (210.8) (103.6)
(300.6) (181.9)
Net deferred tax asset (liability) ($ 61.6) $ 42.6
</TABLE>
The gross deferred tax asset has been reduced by a valuation
allowance based on an analysis of the likelihood of
realization. Factors considered in assessing the need for a
valuation allowance include: (i) recent tax returns, which
show neither a history of large amounts of taxable income nor
cumulative losses in recent years, (ii) opportunities to
generate taxable income from sales of appreciated assets, and
(iii) the likelihood of generating larger amounts of taxable
income in the future. The likelihood of realizing this asset
will be reviewed periodically; any adjustments required to
the valuation allowance will be made in the period in which
the developments on which they are based become known.
Cash payments for income taxes, net of refunds, were
$12.9 million, $30.0 million and $49.6 million for 1995, 1994
and 1993, respectively.
<PAGE>
N. Extraordinary Items Extraordinary items represent AFC's
proportionate share of losses recorded by the following
companies from their debt retirements. Amounts shown are net
of minority interest and income tax benefits (in thousands):
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
AFC (parent) ($1,713) ($ 6,454) $ -
Subsidiaries:
GAHC (611) - -
AAG (201) (1,328) (4,559)
Investee:
Chiquita (2,534) (9,036) -
($5,059) ($16,818) ($4,559)
</TABLE>
O. Pending Legal Proceedings Counsel has advised AFC that there
is little likelihood of any substantial liability being
incurred from any litigation pending against AFC and
subsidiaries.
P. Benefit Plans AFC expensed ESORP contributions of
$11.0 million in 1995, $6.2 million in 1994 and $9.4 million
in 1993. AFC expensed postretirement benefits of $2.9
million in 1995, $2.4 million in 1994 and $3.1 million in
1993.
F-22
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Q. Transactions With Affiliates In 1993, AFC sold stock of
an affiliate to certain of its officers and employees for
$1.8 million in cash and $270,000 in 5.25% unsecured notes
due in five equal annual installments beginning in 1996.
At December 31, 1993, an AFC real estate subsidiary owed
$452,000 to The Provident Bank under a loan purchased by
Provident in 1991 from an unrelated bank. The loan was
repaid in 1994. Members of the Lindner family are majority
owners of Provident's parent. In 1995, a subsidiary of AFC
sold a house to its Chairman for $1.8 million. Also during
1995, AFC purchased from American Premier (i) certain
properties for $15.9 million; (ii) a small reinsurance
subsidiary for $13.7 million; and (iii) shares of AAG for
$553,000. All of the above transactions have taken place at
approximate market rates or values and, in the opinion of
management, all amounts receivable are fully collectible.
R. Quarterly Operating Results (Unaudited) The operations of
certain of AFC's business segments are seasonal in nature.
While insurance premiums are recognized on a relatively level
basis, claim losses related to adverse weather (snow, hail,
hurricanes, tornadoes, etc.) may be seasonal. Quarterly
results necessarily rely heavily on estimates. These
estimates and certain other factors, such as the nature of
affiliates' operations and discretionary sales of assets,
cause the quarterly results not to be necessarily indicative
of results for longer periods of time. See Notes A and C for
changes in ownership of companies whose revenues are included
in the consolidated operating results and for the effects of
gains on sales of subsidiaries and affiliates in individual
quarters. The following are quarterly results of
consolidated operations for the two years ended December 31,
1995 (in millions).
<TABLE>
<CAPTION>
1st 2nd 3rd 4th Total
Quarter Quarter Quarter Quarter Year
<S> <C> <C> <C> <C> <C>
1995
Revenues $553.2 $581.2 $588.4 $660.7 $2,383.5
Earnings before
extraordinary items 29.9 17.3 35.8 60.2 143.2
Extraordinary items - (3.1) - (2.0) (5.1)
Net earnings 29.9 14.2 35.8 58.2 138.1
<PAGE>
1994
Revenues $523.6 $508.0 $537.5 $533.7 $2,102.8
Earnings (loss) before
extraordinary items 26.7 23.2 7.5 (38.5) 18.9
Extraordinary items (15.7) (.7) (.5) .1 (16.8)
Net earnings (loss) 11.0 22.5 7.0 (38.4) 2.1
</TABLE>
Results for 1994 included credits of $3.9 million and
$5.3 million in the second and third quarters and a fourth
quarter charge of $43.9 million for units outstanding under
AFC's Book Value Incentive Plan.
Realized gains on sales of securities amounted to (in millions):
<TABLE>
<CAPTION>
1st 2nd 3rd 4th Total
Quarter Quarter Quarter Quarter Year
<S> <C> <C> <C> <C> <C>
1995 $ 3.5 $ .9 $17.8 $34.4 $56.6
1994 14.9 8.2 20.0 5.2 48.3
</TABLE>
F-23
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
S. Insurance Securities owned by insurance subsidiaries having
a carrying value of approximately $808 million at
December 31, 1995, were on deposit as required by regulatory
authorities.
Other income includes life, accident and health premiums of
$15.7 million in 1995, $2.2 million in 1994 and $2.4 million
in 1993.
During the third quarter of 1994, the California Supreme
Court upheld Proposition 103, an insurance reform measure
passed by California voters in 1988. In addition to
increasing rate regulation, Proposition 103 gives the
California insurance commissioner power to mandate rate
rollbacks for most lines of property and casualty insurance.
GAI recorded a charge of $26 million (included in "Other
operating and general expenses") in the third quarter of 1994
in response to the California court decision. This charge
was revised at December 31, 1994 to reflect a settlement
agreement signed in March 1995 setting GAI's refund
obligation at $19 million. The agreement was finalized in
1995 following a required waiting period.
Several proposals have been made in recent years to change
the federal income tax system. Some proposals included
changes in the method of treating investment income and tax
deferred income. To the extent a new tax law reduces or
eliminates the tax deferred status of AFC's annuity products,
that segment could be materially affected.
Insurance Reserves The liability for losses and loss
adjustment expenses for certain long-term scheduled payments
under workers' compensation, auto liability and other
liability insurance has been discounted at rates ranging from
4% to 8%. As a result, the total liability for losses and
loss adjustment expenses at December 31, 1995, has been
reduced by $67 million.
<PAGE>
The following table provides an analysis of changes in the
liability for losses and loss adjustment expenses, net of
reinsurance (and grossed up), over the past three years on a
GAAP basis (in millions):
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Balance at beginning of period $2,187 $2,113 $2,886
Reserves of American Premier at date
of deconsolidation - - (785)
Provision for losses and loss adjustment
expenses occurring in the current year 1,174 1,027 1,103
Net decrease in provision for claims
occurring in prior years (108) (40) (39)
1,066 987 1,064
Payments for losses and loss adjustment
expenses occurring during:
Current year (416) (381) (363)
Prior years (580) (532) (689)
(996) (913) (1,052)
Balance at end of period $2,257 $2,187 $2,113
Add back reinsurance recoverables 709 730 611
Unpaid losses and LAE included in
Balance Sheet, gross of reinsurance $2,966 $2,917 $2,724
</TABLE>
F-24
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Net Investment Income The following table shows (in millions)
investment income earned and investment expenses incurred by
AFC's insurance companies.
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Insurance group investment income:
Fixed maturities $614.1 $560.6 $566.2
Equity securities 5.5 8.3 9.9
Other 7.9 6.7 4.7
627.5 575.6 580.8
Insurance group investment expenses (*) (31.3) (32.0) (38.9)
$596.2 $543.6 $541.9
<FN>
(*)Included primarily in "Other operating and general
expenses" in the Statement of Earnings.
</FN>
</TABLE>
Statutory Information AFC's insurance subsidiaries are required
to file financial statements with state insurance regulatory
authorities prepared on an accounting basis prescribed or
permitted by such authorities (statutory basis). Net earnings and
policyholders' surplus on a statutory basis for the insurance
subsidiaries were as follows (in millions):
<TABLE>
<CAPTION>
Policyholders'
Net Earnings Surplus
1995 1994 1993 1995 1994
<S> <C> <C> <C> <C> <C>
Property and casualty
companies $139 $63 $179 $966 $943
Life insurance companies 76 54 44 273 256
</TABLE>
<PAGE>
Reinsurance In the normal course of business, AFC's
insurance subsidiaries assume and cede reinsurance with other
insurance companies. The following table shows (in millions)
(i) amounts deducted from property and casualty premium
income accounts in connection with reinsurance ceded, (ii)
amounts included in income for reinsurance assumed and (iii)
reinsurance recoveries deducted from losses and loss
adjustment expenses.
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Reinsurance ceded to:
Non-affiliates $466 $402 $333
Affiliates 144 161 89
Reinsurance assumed - including
involuntary pools and associations 75 83 61
Reinsurance recoveries 259 429 343
</TABLE>
T. Additional Information Total rental expense for various
leases of railroad rolling stock, office space and data
processing equipment was $25 million, $22 million and
$24 million for 1995, 1994 and 1993, respectively. Sublease
rental income related to these leases totaled $6.2 million in
1995, $6.4 million in 1994 and $6.6 million in 1993.
Future minimum rentals, related principally to office space
and railroad rolling stock, required under operating leases
having initial or remaining noncancelable lease terms in
excess of one year at December 31, 1995, were as follows:
1996 - $32 million, 1997 - $25 million, 1998 - $18 million,
1999 - $11 million, 2000 - $5 million and $7 million
thereafter. At December 31, 1995, minimum sublease rentals
to be received through the expiration of the leases
aggregated $27 million.
F-25
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Other operating and general expenses included charges for
possible losses on agents' balances, reinsurance recoverables
and other receivables in the following amounts: 1995 - $0,
1994 - $18 million and 1993 - $10 million. The aggregate
allowance for such losses amounted to approximately
$125 million and $109 million at December 31, 1995 and 1994,
respectively.
Fair Value of Financial Instruments The following table
presents (in millions) the carrying value and estimated fair
value of AFC's financial instruments at December 31.
<TABLE>
<CAPTION>
1995 1994
Carrying Fair Carrying Fair
Value Value Value Value
<S> <C> <C> <C> <C>
Assets:
Bonds and redeemable
preferred stocks $7,670 $7,799 $6,492 $6,199
Other stocks 249 249 209 209
Liabilities:
Annuity benefits
accumulated $5,052 $4,887 $4,618 $4,510
Long-term debt:
Parent company 311 325 490 473
Subsidiaries 224 234 617 618
</TABLE>
When available, fair values are based on prices quoted in the
most active market for each security. If quoted prices are
not available, fair value is estimated based on present
values, discounted cash flows, fair value of comparable
securities, or similar methods. The fair value of the
liability for annuities in the payout phase is assumed to be
the present value of the anticipated cash flows, discounted
at current interest rates. Fair value of annuities in the
accumulation phase is assumed to be the policyholders' cash
surrender amount.
Financial Instruments with Off-Balance-Sheet Risk On
occasion, AFC and its subsidiaries have entered into
financial instrument transactions which may present off-
balance-sheet risks of both credit and market risk nature.
These transactions include commitments to fund loans, loan
guarantees and commitments to purchase and sell securities or
loans. At December 31, 1995, AFC and its subsidiaries had
commitments to fund credit facilities and contribute limited
partnership capital totaling $17 million.
<PAGE>
Restrictions on Transfer of Funds and Assets of Subsidiaries
Payments of dividends, loans and advances by AFC's
subsidiaries are subject to various state laws, federal
regulations and debt covenants which limit the amount of
dividends, loans and advances that can be paid. The maximum
amount of dividends payable (without prior approval from
state insurance regulators) in 1996 from GAI based on net
income is approximately $129 million. Total "restrictions"
on intercompany transfers from AFC's subsidiaries cannot be
quantified due to the discretionary nature of the
restrictions.
F-26
<PAGE> PART IV
ITEM 14
Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Documents filed as part of this Report:
1. Financial Statements are included in Part II, Item 8.
2. Financial Statement Schedules:
A. Selected Quarterly Financial Data is included in Note R to
the Consolidated Financial Statements.
B. Schedules filed herewith for 1995, 1994 and 1993:
Page
I - Condensed Financial Information of Registrant S-2
V - Supplemental Information Concerning
Property-Casualty Insurance Operations S-4
All other schedules for which provisions are made in the
applicable regulation of the Securities and Exchange
Commission have been omitted as they are not applicable,
not required, or the information required thereby is set
forth in the Financial Statements or the notes thereto.
3. Exhibits - see Exhibit Index on page E-1.
(b) Reports on Form 8-K:
Date of Reports Items Reported
December 13, 1995 Court of Appeals Ruling - USX
Litigation
February 14, 1996 Agreement to sell Citicasters
Common Stock
S-1
<PAGE>
AMERICAN FINANCIAL CORPORATION - PARENT ONLY
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(In Thousands)
Condensed Balance Sheet
<TABLE>
<CAPTION>
December 31,
1995 1994
<S> <C> <C>
Assets:
Cash and short-term investments $ 5,098 $ 4,896
Investment in securities 417 1,786
Receivables from affiliates 679,659 288,271
Investment in subsidiaries 1,259,304 976,151
Investment in investees 298,634 233,908
Other assets 10,622 49,747
$2,253,734 $1,554,759
Liabilities and Capital:
Accounts payable, accrued expenses and
other liabilities $ 60,899 $ 83,783
Payable to affiliates 1,181,626 582,048
Long-term debt 311,202 490,065
Mandatory redeemable preferred stock - 2,880
Other capital 700,007 395,983
$2,253,734 $1,554,759
</TABLE>
<PAGE>
Condensed Statement of Earnings
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Income:
Dividends from:
Subsidiaries $165,723 $ 25,571 $248,168
Investees 5,368 3,514 4,035
171,091 29,085 252,203
Equity in undistributed earnings
of subsidiaries and investees 111,227 113,631 65,435
Realized gains (losses) on sales of:
Securities 2,389 7,477 (1,743)
Investees (5,034) (5,555) 59,182
Investment and other income 35,226 26,546 21,370
314,899 171,184 396,447
Costs and Expenses:
Interest charges on intercompany borrowings 4,198 3,494 3,736
Interest charges on other borrowings 86,655 56,945 71,057
Book Value Incentive Plan - 44,166 596
Other operating and general expenses 40,766 23,011 59,073
131,619 127,616 134,462
Earnings before income taxes and
extraordinary items 183,280 43,568 261,985
Provision for income taxes 40,121 24,650 37,296
Earnings before extraordinary items 143,159 18,918 224,689
Extraordinary items, net of income taxes (5,059) (16,818) (4,559)
Net Earnings $138,100 $ 2,100 $220,130
</TABLE>
S-2
<PAGE>
AMERICAN FINANCIAL CORPORATION - PARENT ONLY
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED
(In Thousands)
Condensed Statement of Cash Flows
<TABLE>
<CAPTION>
Year ended December 31
1995 1994 1993
<S> <C> <C> <C>
Operating Activities:
Net earnings $138,100 $ 2,100 $220,130
Adjustments:
Extraordinary losses from retirement
of debt 5,059 16,818 4,559
Equity in earnings of subsidiaries (172,079) (88,060) (172,803)
Equity in net earnings of investees (15,331) (2,872) (1,963)
Depreciation and amortization 492 612 3,778
Realized losses (gains) on sales of
subsidiaries and investments 2,797 (1,929) (57,421)
Writeoff of debt discount and issue costs - - 24,814
Change in receivables from and payables
to affiliates (463,634) 125,427 (196,338)
Increase (decrease) in payables (50,797) 37,051 (13,146)
Dividends from subsidiaries and investees 170,693 20,504 131,914
Other 38,421 (2,194) (16,943)
(346,279) 107,457 (73,419)
Investing Activities:
Purchases of subsidiaries and other
investments (149,427) - (29,501)
Sales of subsidiaries and other investments 46,831 20,975 126,196
Other, net (73) (788) 344
(102,669) 20,187 97,039
Financing Activities:
Additional long-term borrowings 98,828 732 9,984
Reductions of long-term debt (252,880) (89,901) (9,062)
Borrowings from American Premier 716,876 - -
Repayments of borrowings from American
Premier (94,197) - -
Repurchases of preferred stock (2,880) (6,738) (2,643)
Exercise of stock options 8,721 - -
Cash dividends paid (25,318) (29,522) (28,034)
449,150 (125,429) (29,755)
Net Increase (Decrease) in Cash
and Short-term Investments 202 2,215 (6,135)
Cash and short-term investments at beginning
of period 4,896 2,681 8,816
Cash and short-term investments at end
of period $ 5,098 $ 4,896 $ 2,681
</TABLE>
S-3
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
SCHEDULE V - SUPPLEMENTAL INFORMATION CONCERNING
PROPERTY-CASUALTY INSURANCE OPERATIONS
THREE YEARS ENDED DECEMBER 31, 1995
(IN MILLIONS)
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F
(a)
AFFILIATION DEFERRED RESERVES FOR
WITH POLICY UNPAID CLAIMS (b)
REGISTRANT ACQUISITION AND CLAIM DISCOUNT (c)
COSTS ADJUSTMENT DEDUCTED IN UNEARNED EARNED
EXPENSES COLUMN C PREMIUMS PREMIUMS
CONSOLIDATED PROPERTY-CASUALTY ENTITIES
1995 $181 $2,966 $67 $921 $1,535
1994 $166 $2,917 $71 $825 $1,379
1993(d) $1,495
COLUMN G COLUMN H COLUMN I COLUMN J COLUMN K
CLAIMS AND CLAIM AMORTIZATION PAID
NET ADJUSTMENT EXPENSES OF DEFERRED CLAIMS PREMIUMS
INVESTMENT CURRENT PRIOR POLICY AND CLAIM WRITTEN
INCOME YEAR YEARS ACQUISITION ADJUSTMENT
COSTS EXPENSES
CONSOLIDATED PROPERTY-CASUALTY ENTITIES
1995 $197 $1,174 ($108) $356 $ 996 $1,600
1994 $177 $1,027 ($ 40) $329 $ 913 $1,481
1993(d) $206 $1,103 ($ 39) $345 $1,052 $1,587
(a) Grossed up for reinsurance recoverables of $709 and $730 at
December 31, 1995 and 1994, respectively.
(b) Discounted at rates ranging from 4% to 8%.
(c) Grossed up for prepaid reinsurance premiums of $201 and $172 at
December 31, 1995 and 1994, respectively.
(d) Includes American Premier's Insurance Group through March 31, 1993.
AMERICAN FINANCIAL GROUP, INC.
Information for American Financial Group is not included since that company
files such information with the Commission as a registrant in its own right.
S-4
<PAGE>
INDEX TO EXHIBITS
AMERICAN FINANCIAL CORPORATION
<TABLE>
<CAPTION>
Number Exhibit Description
<S> <C> <C>
3 Articles of Incorporation and Code
of Regulations, filed as Exhibit 3
to AFC's Form 10-K for 1994. (*)
4 Instruments defining the The rights of holders of
rights of security holders. Registrant's Preferred Stock are
defined in the Articles of Incor-
poration. Registrant has no out-
standing debt issues exceeding
10% of the assets of Registrant
and consolidated subsidiaries.
10(a) Nonqualified ESORP Plan, filed as
Exhibit 10(c) to AFC's Form 10-K
for 1994. (*)
10(b) Bonus Plan for 1996. ____
12 Computation of ratios of earnings
to fixed charges and fixed charges
and preferred dividends. ____
16 Letter from Deloitte & Touche LLP
included in AFC's Form 8-K filed
on August 29, 1995. (*)
21 Subsidiaries of the Registrant. ____
23 Consents of independent auditors ____
27 Financial data schedule (**)
28 Information from reports furnished to
state insurance regulatory authorities. ____
<FN>
(*) Incorporated herein by reference
(**) Copy included in Report filed electronically with the Securities
and Exchange Commission.
</FN>
</TABLE>
E-1
<PAGE>
AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES
EXHIBIT 12 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in Thousands)
<TABLE>
<CAPTION>
Year Ended December 31,
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Pretax income (loss) excluding
discontinued operations $178,100 $ 26,376 $257,426 ($144,854) $118,710
Minority interest in
subsidiaries having
fixed charges(*) 14,757 8,565 34,800 37,685 44,369
Less undistributed equity in
losses (earnings) of investee (14,820) 49,010 (25,067) 376,020 5,817
Fixed charges:
Interest expense 137,953 114,803 153,836 212,150 245,757
Debt discount and expense 1,078 1,240 5,273 4,698 6,961
One-third of rentals 6,162 5,119 5,801 16,341 45,286
EARNINGS $323,230 $205,113 $432,069 $502,040 $466,900
Fixed charges:
Interest expense $137,953 $114,803 $153,836 $212,150 $245,757
Debt discount and expense 1,078 1,240 5,273 4,698 6,961
One-third of rentals 6,162 5,119 5,801 16,341 45,286
Pretax preferred dividend
requirements of subsidiaries - - - - 598
Capitalized interest - - - - 5,495
FIXED CHARGES $145,193 $121,162 $164,910 $233,189 $304,097
Fixed charges and
preferred dividends:
Fixed charges - per above $145,193 $121,162 $164,910 $233,189 $304,097
Preferred dividends 25,376 25,709 26,122 26,218 24,899
FIXED CHARGES AND
PREFERRED DIVIDENDS $170,569 $146,871 $191,032 $259,407 $328,996
Ratio of Earnings to
Fixed Charges 2.23 1.69 2.62 2.15 1.54
Earnings in excess of
Fixed Charges $178,037 $ 83,951 $267,159 $268,851 $162,803
Ratio of Earnings to Fixed
Charges and Preferred Dividends 1.90 1.40 2.26 1.94 1.42
Earnings in excess of Fixed
Charges and Preferred Dividends $152,661 $ 58,242 $241,037 $242,633 $137,904
<FN>
(*) Amounts include preferred dividends of subsidiaries.
</FN>
</TABLE>
E-2
<PAGE>
AMERICAN FINANCIAL CORPORATION
EXHIBIT 21 - SUBSIDIARIES OF THE REGISTRANT
The following is a list of subsidiaries of AFC at December 31, 1995.
All corporations are subsidiaries of AFC and, if indented, subsidiaries
of the company under which they are listed.
<TABLE>
<CAPTION>
Percentage of
State of Common Equity
Name of Company Incorporation Ownership
<S> <C> <C>
American Financial Enterprises, Inc. Connecticut 83%
Great American Holding Corporation Ohio 100
Great American Insurance Company Ohio 100
American Annuity Group, Inc. Delaware 80
Great American Life Insurance Company Ohio 100
American Empire Surplus Lines Insurance
Company Delaware 100
American National Fire Insurance Company New York 100
Great American Management Services, Inc. Ohio 100
Mid-Continent Casualty Company Oklahoma 100
Stonewall Insurance Company Alabama 100
Transport Insurance Company Ohio 100
</TABLE>
The names of certain subsidiaries are omitted, as such subsidiaries
in the aggregate would not constitute a significant subsidiary.
See Part I, Item 1 of this Report for a description of certain
companies in which AFC owns a significant portion and accounts for
under the equity method.
E-3
<PAGE>
AMERICAN FINANCIAL CORPORATION
EXHIBIT 28 - INFORMATION FROM REPORTS FURNISHED
TO STATE INSURANCE REGULATORY AUTHORITIES
Schedule P of Annual Statements
A. CONSOLIDATED PROPERTY AND CASUALTY ENTITIES - See Attached
Schedules
Schedule P (prepared in accordance with the rules prescribed by
the National Association of Insurance Commissioners) includes the
reserves of AFC's consolidated property and casualty subsidiaries.
The following is a summary of Schedule P reserves (in millions):
Schedule P - Part 1 Summary - col. 33 $1,912
- col. 34 366
Statutory Loss and Loss Adjustment Expense Reserves $2,278
B. UNCONSOLIDATED SUBSIDIARIES None
C. 50% OR LESS OWNED PROPERTY AND CASUALTY AFFILIATES
Not Included
Information for American Financial Group, Inc. for 1995 is not
included since that company files such information with the
Commission as a registrant in its own right.
E-4
<PAGE>
AMERICAN FINANCIAL CORPORATION
EXHIBIT 23 - CONSENTS OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration
Statement
No. 33-59989 on Form S-3 and Registration Statement No. 33-
63441 on Form S-3 of our report dated March 15, 1996, with
respect to the consolidated financial statements and
schedules of American Financial Corporation included in the
Annual Report on Form 10-K for the year ended December 31,
1995.
ERNST & YOUNG LLP
Cincinnati, Ohio
March 27, 1996
____________________________________________________________
We consent to the incorporation by reference in Registration
Statement
No. 33-59989 on Form S-3 and Registration Statement No. 33-
63441 on Form S-3 of our report dated February 15, 1996
(March 23, 1995 with respect to the acquisition of American
Financial Corporation as discussed in Note B to the
financial statements), appearing in the Annual Report on
Form 10-K of American Financial Corporation for the year
ended December 31, 1995.
DELOITTE & TOUCHE LLP
Cincinnati, Ohio
March 27, 1996
E-5
<PAGE>
Signatures
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, American Financial Corporation has duly caused
this Report to be signed on its behalf by the undersigned, duly
authorized.
American Financial Corporation
Signed: March 27, 1996 BY:s/CARL H. LINDNER
Carl H. Lindner
Chairman of the Board and
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated:
<TABLE>
<CAPTION>
Signature Capacity Date
<S> <C> <C>
s/CARL H. LINDNER Chairman of the Board March 27, 1996
Carl H. Lindner of Directors
s/THEODORE H. EMMERICH Director (*) March 27, 1996
Theodore H. Emmerich
s/JAMES E. EVANS Director March 27, 1996
James E. Evans
s/CARL H. LINDNER III Director March 27, 1996
Carl H. Lindner III
s/WILLIAM R. MARTIN Director (*) March 27, 1996
William R. Martin
s/FRED J. RUNK Vice President and March 27, 1996
Fred J. Runk Treasurer (principal
financial and accounting
officer)
(*) Member of the Audit Committee
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
American Financial Corporation 10-K for December 31, 1995 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> $331,825
<SECURITIES> 8,752,238<F1>
<RECEIVABLES> 376,330
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,413,591
<CURRENT-LIABILITIES> 0
<BONDS> 535,641
0
168,484
<COMMON> 9,625
<OTHER-SE> 521,898
<TOTAL-LIABILITY-AND-EQUITY> 12,413,591
<SALES> 0
<TOTAL-REVENUES> 2,383,533
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 267,169
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 138,240
<INCOME-PRETAX> 183,280
<INCOME-TAX> 40,121
<INCOME-CONTINUING> 143,159
<DISCONTINUED> 0
<EXTRAORDINARY> (5,059)
<CHANGES> 0
<NET-INCOME> $138,100
<EPS-PRIMARY> 0<F2>
<EPS-DILUTED> 0<F2>
<FN>
<F1>Includes an investment in affiliates of $834 million.
<F2>Not applicable since all common shares are owned by American Financial
Group.
</FN>
</TABLE>
AMERICAN FINANCIAL CORPORATION
ANNUAL BONUS PLAN
Adopted on January 17, 1996
<PAGE>
AMERICAN FINANCIAL CORPORATION
ANNUAL BONUS PLAN
1. PURPOSE
The purpose of the Annual Bonus Plan (the "Plan") is to
further the profitability of American Financial Corporation,
its subsidiaries and affiliates (the "Company") to the
benefit of the shareholders of the Company by providing
incentive to the Plan participants.
2. ADMINISTRATION
Except as otherwise expressly provided herein, the Plan
shall be administered by the Compensation Committee or a
successor committee or subcommittee (the "Committee") of the
Board of Directors of the Company (the "Board") composed
solely of two or more "outside directors" as defined
pursuant to Section 162(m) of the Internal Revenue Code. No
member of the Committee while serving as such shall be
eligible to be granted a bonus under the Plan. Subject to
the provisions of the Plan (and to the approval of the Board
where specified in the Plan), the Committee shall have
exclusive power to determine the conditions (including
performance requirements) to which the payment of the
bonuses may be subject and to certify that performance goals
are attained. Subject to the provisions of the Plan, the
Committee shall have the authority to interpret the Plan and
establish, adopt or revise such rules and regulations and to
make all determinations relating to the Plan as it may deem
necessary or advisable for the administration of the Plan.
The Committee's interpretation of the Plan and all of its
actions and decisions with respect to the Plan shall be
final, binding and conclusive on all parties.
3. PLAN TERM AND BONUS YEARS
The term of the Plan is one year, commencing January 1,
1996, which term shall be renewed from year to year unless
and until the Plan shall be terminated or suspended as
provided in Section 9. As used in the Plan the term "Bonus
Year" shall mean a calendar year.
4. PARTICIPATION
Subject to the approval of the Committee and the Board
of Directors (based on the recommendation of the Committee),
management of the Company shall suggest those persons who
are deemed to be key employees of the Company for
participation in the Plan (the "Participants").
<PAGE>
5. ESTABLISHMENT OF INDIVIDUAL BONUS TARGETS AND
PERFORMANCE CRITERIA
The Committee shall establish the individual target
amount of bonus (the "Bonus Target") that may be awarded to
each Participant and recommend that the Board adopt such
action. In no event shall the establishment of any
Participant's Bonus Target give a Participant any right to
be paid all or any part of such amount unless and until a
bonus is actually awarded pursuant to Section 6.
The Committee shall establish the performance criteria
(the "Performance Criteria") that will apply to the
determination of each Participant's bonus for that Bonus
Year and recommend that the Board adopt such action. The
individuals, their Bonus Targets and Performance Criteria
set forth on Schedules I and II have been recommended by the
Committee and approved by the Board.
6. DETERMINATION OF BONUSES AND TIME OF PAYMENT
As soon as practicable after the end of 1996, the
Committee shall certify whether or not the performance
criteria of each Participant has been attained and shall
recommend to the Board, and the Board shall determine, the
amount of the bonus, if any, to be awarded to each
Participant for 1996 according to the terms of this Plan.
Such bonus determinations shall be based on achievement of
the Performance Criteria for 1996.
Once the bonus is so determined for a Participant, it
shall be paid seventy-five percent in cash and twenty-five
percent in Company Common Stock to the Participant (less any
applicable withholding and employment taxes) as soon as
practicable. The number of shares of Company Common Stock
to be issued to a Participant shall be determined by
dividing twenty-five percent of the bonus payable (before
applicable taxes and deductions) by the average of the per
share Fair Market Value of the Common Stock for the last
twenty trading days of 1996; the resulting number shall then
be rounded to the nearest hundred.
"Fair Market Value" means the last sale price reported
on any stock exchange or over-the-counter trading system on
which Company Common Stock is trading on the last trading
day prior to a specified date or, if no last sales price is
reported, the average of the closing bid and asked prices
for a share of Common Stock on a specified date.
-2-
<PAGE>
If no sale has been made on any date, then prices on the
last preceding day on which any such sale shall have been
made be used in determining Fair Market Value under either
method prescribed in the previous sentence.
7. TERMINATION OF EMPLOYMENT
If a Participant's employment with the Company or a
subsidiary, as the case may be, is terminated for any reason
other than discharge for cause, he may be entitled to such
bonus, if any, as the Committee, in its sole discretion, may
determine.
In the event of a Participant's discharge for cause
from the employ of the Company or a Subsidiary, as the case
may be, he shall not be entitled to any amount of bonus
unless the Committee, in its sole discretion, determines
otherwise.
8. MISCELLANEOUS
A. Government and Other Regulations. The
obligation of the Company to make payment of bonuses
shall be subject to all applicable laws, rules and
regulations and to such approvals by governmental
agencies as may be required.
B. Tax Withholding. The Company or a
Subsidiary, as appropriate, shall have the right to
deduct from all bonuses paid in cash any federal, state
or local taxes required by law to be withheld with
respect to such cash payments.
C. Claim to Bonuses and Employment Rights. The
designation of persons to participate in the Plan shall
be wholly at the discretion of the Board. Neither this
Plan nor any action taken hereunder shall be construed
as giving any Participant any right to be retained in
the employ of the Company or a Subsidiary.
D. Beneficiaries. Any bonuses awarded under
this Plan to a Participant who dies prior to payment
shall be paid to the beneficiary designated by the
Participant on a form filed with the Company. If no
such beneficiary has been designated or survives the
Participant, payment shall be made to the Participant's
legal representative. A beneficiary designation may be
changed or revoked by a Participant at any time
provided the change or revocation is filed with the
Company.
E. Nontransferability. A person's rights and
interests under the Plan may not be assigned, pledged
or transferred except, in the event of a Participant's
death, to his designated beneficiary as provided in the
Plan or, in the absence of such designation, by will or
the laws of descent and distribution.
-3-
<PAGE>
F. Indemnification. Each person who is or shall
have been a member of the Committee or of the Board
shall be indemnified and held harmless by the Company
(to the extent permitted by the Articles of
Incorporation and Code of Regulations of the Company
and applicable law) against and from any loss, cost,
liability or expense that may be imposed upon or
reasonably incurred by him in connection with or
resulting from any claim, action, suit or proceeding to
which he may be a party or in which they may be
involved by reason of any action taken or failure to
act under the Plan and against and from any and all
amounts paid by him in settlement thereof, with the
Company's approval, or paid by him, in satisfaction of
judgment in any such action, suit or proceeding against
him. He shall give the Company an opportunity, at its
own expense, to handle and defend the same before he
undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to
which such person may be entitled under the Company's
Articles of Incorporation or Code of Regulations, as a
matter of law or otherwise or of any power that the
Company may have to indemnify him or hold him harmless.
G. Reliance on Reports. Each member of the
Committee and each member of the Board shall be fully
justified in relying or acting in good faith upon any
report made by the independent certified public
accountants of the Company or of its Subsidiaries or
upon any other information furnished in connection with
the Plan by any officer or director of the Company or
any of its Subsidiaries. In no event shall any person
who is or shall have been a member of the Committee or
of the Board be liable for any determination made or
other action taken or any omission to act in reliance
upon any such report or information or for any action
taken, including the furnishing of information, or
failure to act, if in good faith.
H. Expenses. The expenses of administering the
Plan shall be borne by the Company and its Subsidiaries
in such proportions as shall be agreed upon by them
from time to time.
I. Pronouns. Masculine pronouns and other words
of masculine gender shall refer to both men and women.
J. Titles and Headings. The titles and headings
of the sections in the Plan are for convenience of
reference only, and, in the event of any conflict
between any such title or heading and the text of the
Plan, such text shall control.
-4-
<PAGE>
9. AMENDMENT AND TERMINATION
The Board may at any time terminate the Plan. The
Board may at any time, or from time to time, amend or
suspend and, if suspended, reinstate the Plan in whole or in
part. Notwithstanding the foregoing, the Plan shall
continue in effect to the extent necessary to settle all
matters relating to the payment of bonuses awarded prior to
any such termination or suspension.
GREAT AMERICAN INSURANCE COMPANY AND AFFILIATES
SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES
NOTES TO SCHEDULE P
1. THE PARTS OF SCHEDULE P:
PART 1 - DETAILED INFORMATION ON LOSSES AND LOSS EXPENSES.
PART 2 - HISTORY OF INCURRED LOSSES AND ALLOCATED EXPENSES.
PART 3 - HISTORY OF LOSS AND ALLOCATED EXPENSE PAYMENTS.
PART 4 - HISTORY OF BULK AND INCURRED-BUT-NOT-REPORTED RESERVES.
PART 5 - HISTORY OF CLAIMS.
PART 6 - HISTORY OF PREMIUMS EARNED.
PART 7 - HISTORY OF LOSS SENSITIVE CONTRACTS.
SCHEDULE P INTERROGATORIES.
2. LINES OF BUSINESS A THROUGH M, R & S ARE GROUPINGS OF THE LINES OF BUSINESS
USED ON THE STATE PAGE.
3. REINSURANCE A, B, C, AND D (LINES N TO Q) ARE:
REINSURANCE A = NONPROPORTIONAL PROPERTY (1988 AND SUBSEQUENT)
REINSURANCE B = NONPROPORTIONAL LIABILITY (1988 AND SUBSEQUENT)
REINSURANCE C = FINANCIAL LINES (1988 AND SUBSEQUENT)
REINSURANCE D = OLD SCHEDULE O LINE 30 (1987 AND PRIOR)
SCHEDULE P - PART 1 - SUMMARY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 67,032 32,720 17,365
02 1986 1,888,343 378,876 1,509,468 860,190 156,786 80,042
03 1987 1,768,580 331,484 1,437,096 795,395 149,398 79,255
04 1988 1,656,831 275,788 1,381,043 828,878 139,581 69,382
05 1989 1,500,633 230,749 1,269,893 834,111 127,675 65,904
06 1990 1,575,067 236,376 1,338,691 885,070 160,922 70,142
07 1991 1,526,792 298,155 1,228,637 730,104 141,042 61,185
08 1992 1,580,184 359,695 1,220,489 775,877 197,882 58,640
09 1993 1,729,301 486,863 1,242,438 708,577 199,107 53,309
10 1994 2,080,910 704,623 1,376,287 902,129 337,236 47,205
11 1995 2,397,493 865,876 1,531,617 668,680 301,330 20,008
12 TOTAL XXX XXX XXX 8,056,043 1,943,664 622,438
SCHEDULE P - PART 1 - SUMMARY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 8,147 1,872 2,750 46,288 XXX 321,602
02 1986 18,361 24,996 68,336 833,422 XXX 19,312
03 1987 22,324 25,099 64,518 767,438 XXX 40,213
04 1988 8,999 27,710 64,507 814,188 XXX 65,409
05 1989 7,901 24,799 68,084 832,523 XXX 30,548
06 1990 7,929 25,483 65,171 851,540 XXX 32,892
07 1991 9,758 19,760 55,565 696,064 XXX 48,928
08 1992 13,571 20,700 57,245 680,309 XXX 69,033
09 1993 14,168 19,495 52,153 600,766 XXX 116,494
10 1994 18,044 16,289 50,902 644,955 XXX 252,319
11 1995 7,869 11,496 37,429 416,918 XXX 404,460
12 TOTAL 137,055 217,706 586,653 7,184,417 XXX 1,401,207
SCHEDULE P - PART 1 - SUMMARY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 128,146 249,156 129,470 16,868 7,344 33,396
02 1986 5,807 18,480 4,741 2,203 558 2,807
03 1987 20,792 24,147 16,337 3,610 1,568 2,414
04 1988 27,709 16,425 1,997 9,047 3,633 3,416
05 1989 2,911 43,276 16,433 3,132 327 10,773
06 1990 4,784 53,338 16,986 5,170 529 12,843
07 1991 7,921 66,575 18,401 8,876 1,259 12,351
08 1992 13,533 91,777 32,060 11,395 1,235 16,110
09 1993 25,029 183,064 51,416 22,253 4,417 20,477
10 1994 77,077 188,879 40,626 36,296 8,271 24,879
11 1995 124,586 442,596 84,940 55,148 18,145 52,972
12 TOTAL 438,305 1,377,720 413,398 173,998 47,272 192,451
SCHEDULE P - PART 1 - SUMMARY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 11,758 0 16,936 361,239 XXX XXX
02 1986 1,018 0 2,282 32,960 XXX 1,056,505
03 1987 1,161 0 1,396 31,931 XXX 1,013,292
04 1988 621 619 1,259 61,587 XXX 1,059,742
05 1989 5,079 1,083 2,304 65,290 XXX 1,061,959
06 1990 4,552 1,764 4,558 81,943 XXX 1,133,771
07 1991 4,750 2,622 5,138 109,538 XXX 993,696
08 1992 6,391 4,389 6,889 141,985 XXX 1,093,374
09 1993 8,198 4,872 10,684 263,911 XXX 1,174,632
10 1994 6,847 8,695 17,408 386,968 XXX 1,528,088
11 1995 11,967 18,608 40,061 755,601 XXX 1,730,676
12 TOTAL 62,337 42,644 108,907 2,292,959 XXX XXX
SCHEDULE P - PART 1 - SUMMARY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 14,965
02 1986 190,124 866,381 55.949 50.181 57.396 0
03 1987 213,914 799,378 57.294 64.532 55.625 0
04 1988 183,960 875,782 63.962 66.703 63.415 0
05 1989 164,147 897,812 70.767 71.137 70.700 0
06 1990 200,289 933,482 71.982 84.733 69.731 0
07 1991 188,097 805,599 65.084 63.087 65.569 0
08 1992 271,079 822,295 69.193 75.364 67.374 0
09 1993 309,955 864,677 67.925 63.664 69.595 0
10 1994 496,166 1,031,922 73.434 70.416 74.979 0
11 1995 558,148 1,172,528 72.187 64.461 76.555 0
12 TOTAL XXX XXX XXX XXX XXX 14,965
SCHEDULE P - PART 1 - SUMMARY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 298,177 48,106
02 1986 0 .000 27,243 5,717
03 1987 0 .000 27,231 4,700
04 1988 0 .000 52,119 9,468
05 1989 0 .000 54,487 10,802
06 1990 0 .000 64,459 17,483
07 1991 0 .000 89,180 20,358
08 1992 0 .000 115,216 26,776
09 1993 0 .000 223,121 40,790
10 1994 0 .000 323,496 63,464
11 1995 0 .000 637,531 118,071
12 TOTAL 0 XXX 1,912,260 365,735
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 146 2 73
02 1986 97,549 4,075 93,474 51,293 867 1,586
03 1987 82,482 3,757 78,732 41,047 1,097 1,152
04 1988 81,108 3,460 77,648 44,916 1,125 973
05 1989 85,239 3,337 81,902 65,850 6,352 2,004
06 1990 94,463 3,379 91,084 54,059 1,484 3,233
07 1991 101,629 4,040 97,581 62,352 1,763 3,166
08 1992 96,387 5,042 91,345 51,812 2,017 2,414
09 1993 91,769 6,577 85,201 55,429 3,030 2,272
10 1994 98,865 14,070 84,794 61,389 5,697 1,339
11 1995 106,813 16,636 90,184 52,096 7,938 678
12 TOTAL XXX XXX XXX 540,390 31,372 18,896
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 130 3 220 XXX 1,201
02 1986 54 1,024 4,494 56,452 30,366 0
03 1987 34 660 4,114 45,183 21,691 33
04 1988 15 606 3,178 47,927 20,535 15
05 1989 23 685 4,080 65,559 28,587 118
06 1990 0 1,363 3,042 58,850 23,072 378
07 1991 0 922 3,234 66,996 26,554 703
08 1992 5 431 3,852 56,058 20,593 1,451
09 1993 51 409 5,099 59,718 22,188 2,449
10 1994 104 623 4,813 61,748 27,441 2,249
11 1995 66 251 3,498 48,267 22,479 8,652
12 TOTAL 351 7,103 39,416 566,979 XXX 17,257
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 253 5 13 0 0
02 1986 0 12 0 0 0 0
03 1987 0 0 0 1 0 0
04 1988 0 -1 0 0 0 0
05 1989 0 -11 -1 14 0 0
06 1990 0 -54 -3 41 0 0
07 1991 0 -33 -5 80 0 0
08 1992 55 -79 -6 152 0 0
09 1993 2 -114 -14 283 0 0
10 1994 156 1,079 64 275 18 110
11 1995 399 8,297 568 1,097 53 1,109
12 TOTAL 612 9,346 607 1,964 71 1,219
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 15 1,478 20 XXX
02 1986 0 0 0 12 0 57,473
03 1987 0 0 5 40 0 46,429
04 1988 0 2 3 18 0 49,137
05 1989 0 12 7 128 5 72,159
06 1990 0 52 25 394 10 60,884
07 1991 0 85 45 800 25 69,700
08 1992 0 96 80 1,564 49 59,855
09 1993 0 202 141 2,778 82 65,791
10 1994 7 278 201 3,676 155 71,818
11 1995 74 585 1,217 19,277 1,809 76,920
12 TOTAL 81 1,312 1,750 30,165 2,171 XXX
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 540
02 1986 1,010 56,463 58.917 24.785 60.405 0
03 1987 1,206 45,223 56.290 32.100 57.439 0
04 1988 1,192 47,945 60.582 34.451 61.747 0
05 1989 6,470 65,689 84.655 193.887 80.204 0
06 1990 1,639 59,245 64.453 48.505 65.044 0
07 1991 1,904 67,796 68.583 47.129 69.477 0
08 1992 2,234 57,621 62.099 44.308 63.081 0
09 1993 3,294 62,497 71.692 50.084 73.352 0
10 1994 6,402 65,416 72.642 45.501 77.147 0
11 1995 9,376 67,544 72.014 56.360 74.896 0
12 TOTAL XXX XXX XXX XXX XXX 540
SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 910 28
02 1986 0 .000 12 0
03 1987 0 .000 33 6
04 1988 0 .000 14 3
05 1989 0 .000 106 22
06 1990 0 .000 328 66
07 1991 0 .000 674 126
08 1992 0 .000 1,323 233
09 1993 0 .000 2,346 424
10 1994 0 .000 3,107 569
11 1995 0 .000 15,981 3,296
12 TOTAL 0 XXX 24,834 4,773
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 1,254 610 29
02 1986 173,992 8,428 165,564 130,385 6,903 5,928
03 1987 148,109 13,393 134,716 103,569 5,835 4,206
04 1988 157,205 13,338 143,868 116,566 14,020 4,584
05 1989 163,451 6,208 157,242 118,864 6,055 5,303
06 1990 195,604 6,178 189,427 141,239 6,300 8,343
07 1991 175,298 41,974 133,324 108,513 22,225 4,583
08 1992 209,845 45,451 164,402 118,932 20,757 4,255
09 1993 256,547 75,493 181,054 136,263 38,088 4,874
10 1994 366,877 170,599 196,277 197,148 101,492 6,525
11 1995 462,930 250,215 212,714 130,353 79,286 2,157
12 TOTAL XXX XXX XXX 1,303,077 301,565 50,796
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 7 5 26 691 XXX 4,031
02 1986 244 2,002 9,643 138,816 76,955 6
03 1987 90 1,759 9,904 111,762 70,372 227
04 1988 343 2,148 10,285 117,080 50,620 83
05 1989 78 2,387 11,137 129,172 48,495 836
06 1990 473 2,660 12,818 155,616 53,223 1,698
07 1991 1,305 2,214 6,561 96,126 37,227 2,138
08 1992 1,447 2,758 7,949 108,932 37,539 4,903
09 1993 2,345 2,693 10,641 111,351 50,563 10,954
10 1994 4,953 1,826 10,424 107,646 80,926 33,740
11 1995 1,773 955 7,111 58,561 99,955 108,181
12 TOTAL 13,069 21,396 96,498 1,135,738 XXX 166,786
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 556 838 0 96 87 0
02 1986 0 271 211 2 0 0
03 1987 0 -541 0 41 0 0
04 1988 0 -156 0 2 0 0
05 1989 0 -73 0 47 0 2
06 1990 8 282 -1 120 4 2
07 1991 238 5 -2 149 37 2
08 1992 111 4,657 402 291 12 194
09 1993 1,339 8,658 722 875 283 528
10 1994 12,227 18,023 6,448 3,717 2,529 1,007
11 1995 54,443 62,566 20,285 11,609 8,535 2,803
12 TOTAL 68,920 94,538 28,064 16,949 11,489 4,547
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 25 4,348 90 XXX
02 1986 0 0 1 69 0 146,968
03 1987 0 0 6 -268 3 118,075
04 1988 0 5 1 -69 4 132,003
05 1989 0 12 36 849 17 136,995
06 1990 0 57 74 2,165 38 165,337
07 1991 0 102 79 2,101 93 122,789
08 1992 12 291 423 9,936 179 142,060
09 1993 55 658 1,020 19,634 580 174,315
10 1994 144 1,473 2,336 37,484 2,845 273,869
11 1995 420 2,461 7,265 108,750 21,825 333,114
12 TOTAL 631 5,067 11,275 184,990 25,690 XXX
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 1,088
02 1986 8,083 138,885 84.468 95.907 83.886 0
03 1987 6,582 111,493 79.722 49.145 82.762 0
04 1988 14,991 117,012 83.969 112.393 81.333 0
05 1989 6,981 130,014 83.814 112.452 82.684 0
06 1990 7,548 157,789 84.526 122.175 83.298 0
07 1991 24,564 98,225 70.046 58.522 73.674 0
08 1992 23,191 118,869 67.698 51.024 72.304 0
09 1993 43,339 130,976 67.947 57.408 72.341 0
10 1994 128,741 145,128 74.649 75.464 73.940 0
11 1995 165,811 167,303 71.958 66.267 78.652 0
12 TOTAL XXX XXX XXX XXX XXX 1,088
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 3,227 34
02 1986 0 .000 66 3
03 1987 0 .000 -314 47
04 1988 0 .000 -72 3
05 1989 0 .000 764 86
06 1990 0 .000 1,973 192
07 1991 0 .000 1,908 193
08 1992 0 .000 9,047 890
09 1993 0 .000 17,551 2,083
10 1994 0 .000 33,096 4,388
11 1995 0 .000 96,020 12,730
12 TOTAL 0 XXX 163,266 20,649
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 382 379 500
02 1986 195,936 44,712 151,217 101,345 14,276 8,736
03 1987 184,857 32,154 152,703 94,139 8,743 6,529
04 1988 168,551 17,644 150,900 101,258 11,579 11,799
05 1989 162,200 14,008 148,192 112,994 16,433 13,155
06 1990 160,762 25,728 135,025 102,368 19,792 13,124
07 1991 144,347 27,913 116,435 69,258 11,998 7,542
08 1992 168,696 58,675 110,020 76,696 27,276 10,440
09 1993 180,225 62,670 117,554 75,873 24,849 11,173
10 1994 190,522 67,646 122,877 62,024 28,436 8,539
11 1995 170,318 50,245 120,073 22,333 3,582 1,812
12 TOTAL XXX XXX XXX 818,666 167,335 93,337
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 329 751 -1 172 XXX 11,359
02 1986 1,080 568 8,752 103,477 20,280 57
03 1987 779 555 9,536 100,689 19,227 119
04 1988 1,976 1,283 10,213 109,706 20,426 1,755
05 1989 2,457 794 10,682 117,941 20,496 1,115
06 1990 4,173 1,102 9,636 101,164 17,698 2,432
07 1991 1,449 552 7,280 70,631 15,236 7,739
08 1992 4,520 542 6,885 62,217 15,083 12,319
09 1993 4,673 466 5,735 63,265 19,375 21,673
10 1994 5,194 540 4,469 41,400 23,185 42,392
11 1995 558 186 3,236 23,239 17,613 43,902
12 TOTAL 27,198 7,363 76,422 793,900 XXX 144,863
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 1,914 4,016 3,242 29 17 47
02 1986 0 3,281 524 1 0 102
03 1987 21 1,270 345 4 0 172
04 1988 857 506 583 74 12 233
05 1989 534 947 469 75 46 402
06 1990 918 3,270 1,526 253 107 301
07 1991 3,915 8,682 3,053 1,373 707 1,190
08 1992 5,604 12,821 5,341 1,333 414 1,474
09 1993 7,715 19,410 8,341 3,454 872 2,270
10 1994 16,740 23,812 8,083 4,199 1,202 2,796
11 1995 15,559 33,928 8,635 4,142 1,217 3,891
12 TOTAL 53,777 111,950 40,136 14,936 4,596 12,879
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR -3 0 103 10,393 78 XXX
02 1986 73 0 8 2,852 1 122,416
03 1987 102 0 2 1,099 4 111,960
04 1988 179 1 47 985 16 126,095
05 1989 345 5 39 1,183 25 139,739
06 1990 238 65 117 3,589 65 131,873
07 1991 750 78 338 10,897 105 103,773
08 1992 687 109 523 16,424 280 123,030
09 1993 1,263 179 994 29,618 736 141,133
10 1994 1,020 284 2,200 48,354 1,719 150,965
11 1995 1,169 500 3,450 62,732 4,381 117,237
12 TOTAL 5,830 1,230 7,828 188,111 7,427 XXX
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 4,858
02 1986 16,086 106,330 62.478 35.977 70.316 0
03 1987 10,171 101,789 60.566 31.632 66.658 0
04 1988 15,409 110,686 74.811 87.333 73.351 0
05 1989 20,616 119,123 86.152 147.173 80.384 0
06 1990 27,120 104,753 82.030 105.410 77.580 0
07 1991 22,247 81,526 71.891 79.701 70.018 0
08 1992 44,390 78,640 72.930 75.654 71.478 0
09 1993 48,249 92,884 78.309 76.989 79.014 0
10 1994 61,211 89,754 79.238 90.487 73.044 0
11 1995 31,263 85,974 68.834 62.221 71.601 0
12 TOTAL XXX XXX XXX XXX XXX 4,858
SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 5,370 165
02 1986 0 .000 2,814 38
03 1987 0 .000 1,023 76
04 1988 0 .000 822 163
05 1989 0 .000 1,059 124
06 1990 0 .000 3,263 326
07 1991 0 .000 9,453 1,444
08 1992 0 .000 14,195 2,229
09 1993 0 .000 25,028 4,591
10 1994 0 .000 41,382 6,974
11 1995 0 .000 53,636 9,097
12 TOTAL 0 XXX 158,045 25,227
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 22,891 9,272 2,497
02 1986 237,729 16,309 221,419 161,992 6,614 5,968
03 1987 199,228 15,758 183,463 146,576 7,107 5,213
04 1988 248,334 30,466 217,868 167,663 9,622 6,490
05 1989 198,860 14,017 184,836 148,336 10,172 6,256
06 1990 178,732 17,916 160,816 134,508 14,477 5,971
07 1991 181,466 34,576 146,889 105,888 15,463 5,665
08 1992 176,694 42,914 133,779 89,290 20,368 5,238
09 1993 154,386 43,650 110,736 56,753 15,335 3,061
10 1994 151,189 30,794 120,395 40,161 9,297 1,399
11 1995 169,354 21,394 147,960 19,232 3,594 546
12 TOTAL XXX XXX XXX 1,093,292 121,328 48,287
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 719 375 1,410 16,800 XXX 147,444
02 1986 496 3,288 15,204 176,054 48,928 9,094
03 1987 405 3,404 13,198 157,461 44,031 7,552
04 1988 439 3,552 14,359 178,443 43,908 57,110
05 1989 652 3,018 12,960 156,726 32,705 18,874
06 1990 929 2,938 11,340 136,413 28,317 13,213
07 1991 1,559 1,602 12,087 106,618 23,401 15,212
08 1992 1,989 960 11,070 83,242 21,335 16,306
09 1993 1,131 431 8,191 51,530 16,639 16,998
10 1994 256 37 5,661 37,669 14,573 18,783
11 1995 56 29 4,351 20,479 14,461 22,844
12 TOTAL 8,638 19,635 109,829 1,121,433 XXX 343,423
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 65,988 21,521 7,340 4,892 2,398 5
02 1986 970 1,342 35 352 44 12
03 1987 278 2,263 1 380 18 0
04 1988 25,590 2,086 -2 7,304 3,518 5
05 1989 667 3,905 567 677 47 118
06 1990 1,641 5,674 773 717 107 463
07 1991 2,465 7,254 1,785 785 177 652
08 1992 4,014 9,211 3,458 841 307 871
09 1993 3,959 20,548 5,071 797 304 1,321
10 1994 3,061 37,605 6,286 922 234 2,514
11 1995 3,109 65,182 5,793 1,448 207 4,011
12 TOTAL 111,743 176,610 31,107 19,113 7,376 9,980
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 4 0 3,866 101,997 1,640 XXX
02 1986 12 0 682 10,428 100 195,059
03 1987 0 0 354 10,260 116 175,868
04 1988 3 207 406 37,795 183 255,797
05 1989 17 576 750 23,026 183 192,260
06 1990 57 845 1,231 18,719 270 173,572
07 1991 178 1,001 1,352 20,650 338 149,646
08 1992 327 1,428 1,486 20,608 447 135,486
09 1993 460 1,223 2,466 32,328 545 111,527
10 1994 550 1,543 3,954 53,653 777 112,344
11 1995 504 2,159 7,103 90,975 1,588 125,948
12 TOTAL 2,119 8,984 23,657 420,425 6,228 XXX
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 538
02 1986 8,583 186,476 82.051 52.627 84.219 0
03 1987 8,150 167,718 88.275 51.720 91.418 0
04 1988 39,558 216,239 103.005 129.843 99.252 0
05 1989 12,513 179,747 96.681 89.270 97.247 0
06 1990 18,448 155,124 97.113 102.969 96.461 0
07 1991 22,378 127,268 82.465 64.721 86.642 0
08 1992 31,634 103,852 76.678 73.715 77.630 0
09 1993 27,669 83,858 72.239 63.388 75.728 0
10 1994 21,030 91,314 74.307 68.293 75.845 0
11 1995 14,486 111,462 74.370 67.711 75.333 0
12 TOTAL XXX XXX XXX XXX XXX 538
SCHEDULE P - PART 1D - WORKERS' COMPENSATION
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 95,108 6,352
02 1986 0 .000 9,430 998
03 1987 0 .000 9,537 724
04 1988 0 .000 33,609 4,195
05 1989 0 .000 21,545 1,473
06 1990 0 .000 16,464 2,254
07 1991 0 .000 18,216 2,427
08 1992 0 .000 18,044 2,556
09 1993 0 .000 28,516 3,812
10 1994 0 .000 47,042 6,612
11 1995 0 .000 79,124 11,850
12 TOTAL 0 XXX 376,635 43,253
SCHEDULE P - PART 2 - SUMMARY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 1,060,664 1,143,858 1,243,854 1,323,221 1,359,781 1,368,775
02 1986 996,962 940,712 914,288 855,986 839,789 821,391
03 1987 XXX 897,816 865,404 834,348 807,816 779,165
04 1988 XXX XXX 888,741 871,868 882,353 879,166
05 1989 XXX XXX XXX 847,694 866,127 851,275
06 1990 XXX XXX XXX XXX 902,268 901,393
07 1991 XXX XXX XXX XXX XXX 823,181
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2 - SUMMARY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 1,425,407 1,488,949 1,611,181 1,610,898 -283 121,949
02 1986 807,885 790,558 796,576 796,956 381 6,399
03 1987 767,030 737,698 733,648 734,752 1,106 -2,947
04 1988 861,281 850,662 822,822 810,647 -12,177 -40,007
05 1989 858,972 847,130 828,408 829,377 969 -17,761
06 1990 907,738 907,856 883,688 864,946 -18,750 -42,918
07 1991 826,474 820,667 772,148 745,636 -26,510 -75,031
08 1992 824,910 825,226 811,569 758,812 -52,759 -66,423
09 1993 XXX 825,818 815,305 802,036 -13,270 -23,782
10 1994 XXX XXX 950,572 963,922 13,350 XXX
11 1995 XXX XXX XXX 1,095,114 XXX XXX
12 TOTAL -107,941 -140,521
SCHEDULE P - PART 3 - SUMMARY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 353,942 589,342 764,770 913,713 1,008,234
02 1986 267,214 457,608 555,832 634,900 685,281 717,476
03 1987 XXX 229,841 419,665 527,118 595,829 637,924
04 1988 XXX XXX 243,546 444,703 548,694 619,236
05 1989 XXX XXX XXX 265,956 489,753 594,766
06 1990 XXX XXX XXX XXX 328,235 517,117
07 1991 XXX XXX XXX XXX XXX 260,835
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3 - SUMMARY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 1,082,205 1,143,486 1,202,400 1,245,935 XXX XXX
02 1986 736,633 749,728 759,647 765,093 XXX XXX
03 1987 665,567 689,389 701,207 702,920 XXX XXX
04 1988 670,784 703,145 740,140 749,688 XXX XXX
05 1989 664,598 716,366 747,126 764,447 XXX XXX
06 1990 636,891 702,627 753,817 786,369 XXX XXX
07 1991 454,134 545,441 606,897 640,499 XXX XXX
08 1992 273,002 473,953 570,337 623,064 XXX XXX
09 1993 XXX 280,972 448,652 548,612 XXX XXX
10 1994 XXX XXX 340,423 594,053 XXX XXX
11 1995 XXX XXX XXX 379,490 XXX XXX
SCHEDULE P - PART 4 - SUMMARY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 248,729 175,370 146,996 166,364 112,341 97,366
02 1986 481,350 312,557 227,854 132,033 92,240 60,397
03 1987 XXX 439,424 271,087 190,614 128,189 84,316
04 1988 XXX XXX 372,277 221,777 172,155 139,160
05 1989 XXX XXX XXX 315,444 170,998 115,873
06 1990 XXX XXX XXX XXX 321,720 182,771
07 1991 XXX XXX XXX XXX XXX 362,757
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4 - SUMMARY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 83,952 79,464 141,542 141,323
02 1986 37,335 16,337 17,156 15,537
03 1987 56,338 22,498 10,328 9,070
04 1988 95,471 72,856 29,864 17,222
05 1989 85,161 62,292 35,062 32,545
06 1990 132,268 96,345 66,124 44,642
07 1991 210,175 162,514 91,542 55,776
08 1992 334,504 190,542 140,815 69,437
09 1993 XXX 363,746 208,361 143,927
10 1994 XXX XXX 332,760 166,288
11 1995 XXX XXX XXX 398,661
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 970 189 2,191
02 1986 240,615 29,957 210,665 77,222 6,393 17,540
03 1987 245,686 27,957 217,737 87,815 9,002 14,960
04 1988 244,676 22,602 222,066 103,672 7,417 17,154
05 1989 227,933 21,826 206,114 110,880 12,861 17,034
06 1990 242,666 20,707 221,951 113,721 8,001 18,761
07 1991 234,914 21,561 213,353 117,059 11,585 17,613
08 1992 211,142 23,520 187,628 112,300 15,752 15,128
09 1993 196,490 25,469 171,021 68,751 9,485 10,286
10 1994 223,459 37,281 186,176 90,718 12,561 7,761
11 1995 261,227 52,570 208,657 53,074 12,979 3,272
12 TOTAL XXX XXX XXX 936,180 106,216 141,698
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 3 60 28 2,997 XXX 5,099
02 1986 1,744 2,403 7,624 94,249 14,278 1,117
03 1987 989 1,903 7,571 100,348 12,964 2,002
04 1988 867 6,415 7,901 120,444 14,427 2,732
05 1989 1,366 3,699 7,691 121,377 16,047 4,581
06 1990 1,101 2,828 8,245 131,632 16,552 7,318
07 1991 1,478 2,445 9,898 131,498 16,044 9,509
08 1992 1,103 3,794 9,758 120,330 14,717 17,232
09 1993 952 931 7,680 76,272 14,532 16,077
10 1994 894 661 6,095 91,127 16,704 26,818
11 1995 544 2,767 4,942 47,757 12,843 48,158
12 TOTAL 11,034 27,906 77,418 1,038,038 XXX 140,644
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 85 9,724 460 1,303 28 2,344
02 1986 11 915 34 364 4 160
03 1987 0 384 20 661 0 107
04 1988 -378 -328 -125 898 0 28
05 1989 70 697 45 1,508 23 370
06 1990 124 9,223 1,309 2,400 45 3,224
07 1991 343 7,353 855 3,124 113 2,731
08 1992 845 11,136 1,371 5,604 256 4,281
09 1993 956 13,604 1,795 5,212 275 4,849
10 1994 2,443 14,623 1,138 8,347 595 5,496
11 1995 10,450 34,701 3,118 14,045 2,123 12,341
12 TOTAL 14,958 102,033 10,022 43,474 3,462 35,936
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 146 0 1,061 18,814 151 XXX
02 1986 11 0 125 2,628 36 105,302
03 1987 7 0 161 3,288 37 113,571
04 1988 2 332 176 4,005 56 131,794
05 1989 53 358 393 7,349 96 142,879
06 1990 472 457 1,444 21,668 180 164,451
07 1991 353 725 1,434 22,487 281 168,704
08 1992 618 1,399 2,352 37,522 499 178,117
09 1993 677 922 2,455 38,493 777 129,510
10 1994 430 1,934 3,456 54,142 1,607 164,821
11 1995 1,045 3,426 6,873 99,391 3,133 179,089
12 TOTAL 3,815 9,567 19,955 309,785 6,886 XXX
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 444
02 1986 8,423 96,879 43.764 28.117 45.987 0
03 1987 9,935 103,636 46.226 35.537 47.597 0
04 1988 7,347 124,447 53.865 32.506 56.041 0
05 1989 14,153 128,726 62.685 64.845 62.454 0
06 1990 11,153 153,298 67.768 53.861 69.068 0
07 1991 14,710 153,994 71.815 68.225 72.178 0
08 1992 20,274 157,843 84.359 86.199 84.126 0
09 1993 14,737 114,773 65.912 57.862 67.110 0
10 1994 19,560 145,261 73.759 52.466 78.023 0
11 1995 31,941 147,148 68.557 60.759 70.521 0
12 TOTAL XXX XXX XXX XXX XXX 444
SCHEDULE P - PART 1E - COMMERICAL MULTIPLE PERIL
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 13,827 4,543
02 1986 0 .000 1,987 641
03 1987 0 .000 2,366 922
04 1988 0 .000 2,906 1,098
05 1989 0 .000 5,155 2,194
06 1990 0 .000 15,109 6,559
07 1991 0 .000 15,671 6,824
08 1992 0 .000 26,143 11,370
09 1993 0 .000 26,928 11,573
10 1994 0 .000 37,868 16,275
11 1995 0 .000 69,292 30,099
12 TOTAL 0 XXX 217,252 92,098
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 2,122 1,416 7
02 1986 8 0 8 0 0 0
03 1987 0 0 0 0 -1 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 1 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 2,122 1,417 7
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 6 0 -2 705 XXX 2,163
02 1986 0 0 0 0 0 0
03 1987 0 0 0 1 0 0
04 1988 0 0 1 0 0 0
05 1989 0 0 5 5 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 -1 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 -4 -4 0 0
11 1995 0 0 -2 -2 0 0
12 TOTAL 6 0 -1 705 XXX 2,163
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 31 1,384 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 31 1,384 0 0 0 0
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 1 3,525 107 XXX
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 1
05 1989 0 0 0 0 0 5
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 1 3,525 107 XXX
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 0 0 .000 .000 .000 0
03 1987 -1 1 .000 .000 .000 0
04 1988 0 1 .000 .000 .000 0
05 1989 0 5 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 1 -1 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 4 -4 .000 .000 .000 0
11 1995 2 -2 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 3,524 1
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 3,524 1
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 775 177 598 0 20 100
11 1995 1,764 435 1,320 177 21 48
12 TOTAL XXX XXX XXX 177 40 148
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 0 0 XXX 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 191 270 6 668
11 1995 0 0 200 405 10 473
12 TOTAL 0 0 391 683 XXX 1,141
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 99 0 0 109 5 0
11 1995 0 0 0 146 5 0
12 TOTAL 99 0 0 256 10 0
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 XXX
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 673 5 1,067
11 1995 0 0 0 624 7 1,069
12 TOTAL 0 0 0 1,289 13 XXX
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 123 944 137.677 69.492 157.860 0
11 1995 40 1,029 60.601 9.195 77.955 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 569 104
11 1995 0 .000 473 142
12 TOTAL 0 XXX 1,042 246
SCHEDULE P - PART 1G - SPECIAL LIABILITY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 213 25 111
02 1986 26,847 9,796 17,050 10,877 2,971 1,192
03 1987 27,165 10,333 16,832 14,638 5,997 1,216
04 1988 26,953 9,997 16,956 13,999 4,045 1,373
05 1989 26,822 9,543 17,280 18,323 6,943 1,550
06 1990 32,949 10,990 21,957 26,419 10,704 2,142
07 1991 40,572 13,499 27,073 25,775 8,812 2,278
08 1992 55,685 17,701 37,983 48,655 24,888 2,859
09 1993 73,083 24,753 48,330 40,243 13,218 3,121
10 1994 78,393 25,099 53,285 30,485 4,798 1,858
11 1995 76,959 21,275 55,682 15,229 3,559 933
12 TOTAL XXX XXX XXX 244,853 85,958 18,632
SCHEDULE P - PART 1G - SPECIAL LIABILITY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 69 8 2 233 XXX 1,944
02 1986 169 1,477 564 9,484 XXX 142
03 1987 312 1,850 675 10,212 XXX 121
04 1988 385 1,086 907 11,848 XXX 241
05 1989 286 1,797 960 13,603 XXX 368
06 1990 461 1,686 1,004 18,400 XXX 429
07 1991 418 1,417 948 19,764 XXX 1,053
08 1992 749 2,235 1,450 27,334 XXX 1,349
09 1993 641 3,734 2,060 31,565 XXX 4,840
10 1994 199 1,372 1,824 29,170 XXX 10,220
11 1995 140 167 1,218 13,674 XXX 13,557
12 TOTAL 3,836 16,837 11,603 185,296 XXX 34,280
SCHEDULE P - PART 1G - SPECIAL LIABILITY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 228 1,361 85 23 1 0
02 1986 3 10 0 6 0 0
03 1987 10 36 0 4 0 1
04 1988 9 65 -4 13 0 2
05 1989 10 60 -9 23 1 4
06 1990 33 118 -9 30 1 5
07 1991 205 180 -19 134 11 6
08 1992 89 -250 -64 222 11 5
09 1993 1,322 -1,003 -183 734 217 2
10 1994 1,958 -1,299 17 1,053 140 75
11 1995 2,214 7,009 969 1,940 272 1,536
12 TOTAL 6,082 6,295 785 4,182 662 1,636
SCHEDULE P - PART 1G - SPECIAL LIABILITY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 33 3,048 41 XXX
02 1986 0 0 2 158 0 12,827
03 1987 0 0 2 154 0 16,715
04 1988 0 15 4 321 0 16,649
05 1989 0 46 8 462 2 21,349
06 1990 0 72 11 575 5 30,227
07 1991 0 140 37 1,211 30 30,481
08 1992 0 291 45 1,336 30 54,468
09 1993 0 831 122 3,340 152 50,329
10 1994 45 1,470 204 8,100 427 44,672
11 1995 231 3,048 945 21,299 871 42,608
12 TOTAL 276 5,924 1,415 40,018 1,577 XXX
SCHEDULE P - PART 1G - SPECIAL LIABILITY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 176
02 1986 3,177 9,650 47.778 32.432 56.598 0
03 1987 6,342 10,373 61.531 61.376 61.627 0
04 1988 4,473 12,176 61.770 44.743 71.809 0
05 1989 7,277 14,072 79.595 76.255 81.435 0
06 1990 11,252 18,975 91.739 102.384 86.419 0
07 1991 9,507 20,974 75.128 70.427 77.472 0
08 1992 25,790 28,678 97.814 145.698 75.502 0
09 1993 15,425 34,904 68.866 62.316 72.220 0
10 1994 7,402 37,270 56.985 29.491 69.945 0
11 1995 7,627 34,981 55.365 35.850 62.823 0
12 TOTAL XXX XXX XXX XXX XXX 176
SCHEDULE P - PART 1G - SPECIAL LIABILITY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 2,816 56
02 1986 0 .000 150 8
03 1987 0 .000 145 7
04 1988 0 .000 301 20
05 1989 0 .000 428 34
06 1990 0 .000 531 44
07 1991 0 .000 1,045 166
08 1992 0 .000 1,074 262
09 1993 0 .000 2,706 641
10 1994 0 .000 6,953 1,147
11 1995 0 .000 17,383 3,916
12 TOTAL 0 XXX 33,532 6,301
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 30,701 12,471 8,847
02 1986 394,860 141,140 253,720 132,146 64,167 26,920
03 1987 330,279 101,879 228,401 97,254 33,962 17,972
04 1988 248,864 76,379 172,485 90,157 27,374 15,263
05 1989 191,025 69,810 121,215 45,893 9,862 7,969
06 1990 195,495 61,526 133,967 43,066 15,878 7,399
07 1991 186,528 49,655 136,873 47,025 11,986 7,894
08 1992 181,618 61,783 119,835 37,860 12,949 6,502
09 1993 219,054 103,713 115,349 35,244 18,308 7,284
10 1994 240,443 115,501 124,941 26,878 12,121 4,816
11 1995 298,327 140,253 158,074 10,435 -474 1,846
12 TOTAL XXX XXX XXX 596,645 218,602 112,724
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 5,021 351 1,032 23,088 XXX 106,654
02 1986 10,196 644 5,477 90,179 11,538 4,781
03 1987 2,964 576 5,261 83,569 8,617 4,815
04 1988 1,697 1,883 6,976 83,326 6,650 2,218
05 1989 -920 143 6,085 51,014 5,399 1,978
06 1990 -1,801 798 4,204 40,602 4,821 2,814
07 1991 959 210 4,034 45,997 4,560 7,052
08 1992 1,239 109 3,295 33,468 5,876 6,373
09 1993 1,923 34 3,304 25,600 6,843 23,139
10 1994 936 19 3,341 21,978 8,340 29,672
11 1995 673 9 2,973 15,057 3,445 27,479
12 TOTAL 22,880 4,786 45,984 513,875 XXX 216,975
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 33,630 126,253 58,409 5,306 2,436 19,414
02 1986 2,111 8,698 2,969 900 273 1,931
03 1987 1,940 7,241 3,327 1,147 467 1,726
04 1988 642 12,778 991 643 62 2,761
05 1989 387 30,465 13,273 382 87 7,736
06 1990 181 27,181 11,834 750 20 7,250
07 1991 630 33,138 10,666 2,142 166 6,463
08 1992 780 42,617 18,529 1,638 177 7,837
09 1993 6,019 75,781 31,799 6,122 1,526 9,690
10 1994 8,420 65,951 14,162 6,777 1,470 10,828
11 1995 9,198 108,219 31,363 6,979 2,606 17,256
12 TOTAL 63,946 538,315 197,320 32,787 9,304 92,896
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 6,255 0 8,505 165,404 3,325 XXX
02 1986 762 0 1,021 11,226 138 182,711
03 1987 857 0 740 9,079 82 136,723
04 1988 269 13 355 16,805 74 131,600
05 1989 4,051 38 816 23,573 88 102,198
06 1990 3,363 22 1,093 23,682 125 94,847
07 1991 2,889 72 1,479 35,917 163 110,337
08 1992 3,923 26 1,470 36,527 315 108,909
09 1993 4,865 8 2,441 72,964 1,496 165,037
10 1994 3,814 9 2,870 88,231 3,306 152,455
11 1995 6,937 17 6,143 115,956 1,585 183,442
12 TOTAL 37,977 204 26,932 599,364 10,726 XXX
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 7,221
02 1986 81,299 101,412 46.272 57.602 39.970 0
03 1987 44,064 92,659 41.396 43.251 40.569 0
04 1988 31,468 100,132 52.880 41.200 58.053 0
05 1989 27,610 74,588 53.500 39.550 61.534 0
06 1990 30,572 64,275 48.516 49.690 47.978 0
07 1991 28,423 81,914 59.153 57.241 59.847 0
08 1992 38,918 69,991 59.966 62.991 58.406 0
09 1993 66,481 98,556 75.341 64.101 85.442 0
10 1994 42,246 110,209 63.406 36.576 88.209 0
11 1995 52,428 131,014 61.490 37.381 82.881 0
12 TOTAL XXX XXX XXX XXX XXX 7,221
SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 133,647 24,528
02 1986 0 .000 8,400 2,825
03 1987 0 .000 6,789 2,290
04 1988 0 .000 13,370 3,436
05 1989 0 .000 18,776 4,796
06 1990 0 .000 17,971 5,701
07 1991 0 .000 28,887 7,030
08 1992 0 .000 29,673 6,845
09 1993 0 .000 61,102 11,862
10 1994 0 .000 73,048 15,192
11 1995 0 .000 95,121 20,828
12 TOTAL 0 XXX 486,784 105,333
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 28,619 13,637 14,982 2,093 1,006 606
03 1987 78,100 26,911 51,189 13,660 9,729 2,266
04 1988 78,766 22,134 56,631 8,305 2,162 1,876
05 1989 65,766 13,191 52,575 20,531 8,727 3,892
06 1990 73,175 15,049 58,118 50,066 10,259 2,177
07 1991 78,659 10,224 68,435 7,441 139 2,073
08 1992 93,711 11,248 82,463 20,582 3,327 2,069
09 1993 109,153 9,590 99,563 6,423 736 3,026
10 1994 129,444 12,185 117,259 31,432 3,718 2,358
11 1995 134,567 24,153 110,413 2,230 6,834 833
12 TOTAL XXX XXX XXX 162,763 46,637 21,173
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 0 0 XXX 0
02 1986 246 1 0 1,447 104 0
03 1987 769 20 668 6,096 446 11
04 1988 489 3 388 7,927 282 0
05 1989 1,726 4 1,021 14,991 263 1,210
06 1990 436 4 2,255 43,794 347 4,039
07 1991 202 0 1,301 10,474 476 5,076
08 1992 472 0 1,979 20,822 440 3,769
09 1993 105 72 1,369 9,986 571 16,525
10 1994 17 0 1,450 31,512 680 27,699
11 1995 35 0 608 -3,198 833 27,017
12 TOTAL 4,504 105 11,047 143,841 XXX 85,346
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 1 0 0 13 1 0
04 1988 28 0 0 0 7 0
05 1989 404 0 0 298 100 0
06 1990 480 37 5 776 119 4
07 1991 139 2,451 47 1,018 34 36
08 1992 15 4,841 127 701 3 90
09 1993 1,793 36,186 365 3,960 433 154
10 1994 144 19,133 570 6,696 4 301
11 1995 2,807 62,383 1,469 6,616 198 3,645
12 TOTAL 5,819 125,030 2,582 20,069 907 4,231
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 XXX
02 1986 0 0 0 0 0 2,699
03 1987 0 0 2 24 2 16,568
04 1988 0 0 -1 -36 1 10,586
05 1989 0 0 49 1,054 7 27,044
06 1990 1 0 189 4,433 36 59,726
07 1991 14 0 255 8,602 58 19,695
08 1992 35 0 141 9,360 86 34,218
09 1993 61 0 792 54,964 146 68,553
10 1994 92 0 1,286 54,306 273 90,877
11 1995 376 0 1,564 96,376 799 105,424
12 TOTAL 579 0 4,286 229,084 1,425 XXX
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 1,252 1,447 9.431 9.181 9.658 0
03 1987 10,448 6,120 21.214 38.824 11.956 0
04 1988 2,695 7,891 13.440 12.176 13.934 0
05 1989 11,007 16,037 41.122 83.443 30.503 0
06 1990 11,498 48,228 81.621 76.404 82.983 0
07 1991 619 19,076 25.038 6.054 27.875 0
08 1992 4,036 30,182 36.514 35.882 36.601 0
09 1993 3,604 64,949 62.805 37.581 65.234 0
10 1994 5,051 85,826 70.206 41.453 73.194 0
11 1995 12,246 93,178 78.343 50.702 84.390 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 10 14
04 1988 0 .000 -28 -8
05 1989 0 .000 806 247
06 1990 0 .000 3,592 850
07 1991 0 .000 7,342 1,260
08 1992 0 .000 8,467 894
09 1993 0 .000 50,562 4,403
10 1994 0 .000 46,118 8,188
11 1995 0 .000 85,124 11,251
12 TOTAL 0 XXX 201,993 27,099
SCHEDULE P - PART 1I - SPECIAL PROPERTY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 10,850 6,048 1,384
02 1994 309,665 106,955 202,711 218,030 87,484 6,587
03 1995 386,507 140,432 246,075 171,304 70,828 4,085
04 TOTAL XXX XXX XXX 400,176 164,367 12,055
SCHEDULE P - PART 1I - SPECIAL PROPERTY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 347 655 66 5,897 XXX 7,117
02 1994 1,644 909 4,926 140,407 XXX 55,559
03 1995 1,262 573 3,793 107,084 XXX 78,068
04 TOTAL 3,260 2,137 8,777 253,389 XXX 140,744
SCHEDULE P - PART 1I - SPECIAL PROPERTY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 1,814 6,933 1,999 613 179 605
02 1994 28,763 1,821 297 3,352 1,382 242
03 1995 15,413 22,732 1,400 3,266 945 1,615
04 TOTAL 45,990 31,478 3,696 7,225 2,506 2,453
SCHEDULE P - PART 1I - SPECIAL PROPERTY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 242 280 144 11,171 1,911 XXX
02 1994 52 350 614 31,086 157 291,728
03 1995 161 781 1,301 89,061 1,505 286,583
04 TOTAL 455 1,410 2,058 131,319 3,583 XXX
SCHEDULE P - PART 1I - SPECIAL PROPERTY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 57
02 1994 120,237 171,491 94.208 112.418 84.599 0
03 1995 90,438 196,145 74.147 64.400 79.709 0
04 TOTAL XXX XXX XXX XXX XXX 57
SCHEDULE P - PART 1I - SPECIAL PROPERTY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 10,181 932
02 1994 0 .000 28,310 2,776
03 1995 0 .000 83,996 5,074
04 TOTAL 0 XXX 122,487 8,782
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX -654 -70 306
02 1994 220,419 103,150 117,270 138,068 69,394 4,437
03 1995 251,477 124,574 126,903 188,464 111,851 3,477
04 TOTAL XXX XXX XXX 325,868 181,181 8,221
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 37 3,625 -11 -327 XXX 1,994
02 1994 3,308 9,022 5,931 75,733 84,625 924
03 1995 2,669 5,569 3,936 81,349 118,813 12,426
04 TOTAL 6,023 18,218 9,854 156,754 XXX 15,344
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 6 2,083 -5 65 2 35
02 1994 157 266 -55 123 49 64
03 1995 7,065 8,858 5,057 1,448 1,226 294
04 TOTAL 7,228 11,208 4,997 1,638 1,276 392
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 4 715 144 4,314 231 XXX
02 1994 28 737 51 1,251 476 150,042
03 1995 19 4,907 996 10,654 6,281 220,235
04 TOTAL 51 6,351 1,191 16,228 6,998 XXX
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 73,059 76,983 68.071 70.828 65.646 0
03 1995 128,224 92,011 87.577 102.930 72.505 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 4,076 239
02 1994 0 .000 1,089 163
03 1995 0 .000 9,163 1,492
04 TOTAL 0 XXX 14,328 1,894
SCHEDULE P - PART 1K - FIDELITY, SURETY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX -888 -224 196
02 1994 40,229 8,177 32,053 4,088 1,462 677
03 1995 41,692 8,761 32,931 3,418 935 161
04 TOTAL XXX XXX XXX 6,619 2,173 1,033
SCHEDULE P - PART 1K - FIDELITY, SURETY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 82 936 -189 -739 XXX -3,886
02 1994 245 1 1,022 4,072 XXX 1,277
03 1995 32 21 1,105 3,717 XXX 11,637
04 TOTAL 360 957 1,939 7,049 XXX 9,020
SCHEDULE P - PART 1K - FIDELITY, SURETY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR -1,629 -489 -79 -688 -366 0
02 1994 1,800 -329 -53 180 377 0
03 1995 2,915 9,522 1,521 1,682 413 1,406
04 TOTAL 3,087 8,696 1,381 1,174 423 1,406
SCHEDULE P - PART 1K - FIDELITY, SURETY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 523 -181 -3,169 418 XXX
02 1994 0 278 -86 -1,081 149 7,069
03 1995 223 328 1,735 20,902 85 31,157
04 TOTAL 223 1,130 1,461 16,643 653 XXX
SCHEDULE P - PART 1K - FIDELITY, SURETY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 4,079 2,990 17.572 49.884 9.328 0
03 1995 6,532 24,625 74.731 74.558 74.778 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1K - FIDELITY, SURETY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX -2,676 -502
02 1994 0 .000 -799 -283
03 1995 0 .000 16,722 4,179
04 TOTAL 0 XXX 13,247 3,394
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 323 130 0
02 1994 12,044 4,995 7,049 1,680 793 0
03 1995 15,933 6,986 8,947 43 146 0
04 TOTAL XXX XXX XXX 2,046 1,069 0
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 12 205 XXX 445
02 1994 0 0 108 996 XXX 372
03 1995 0 0 45 -57 XXX 44
04 TOTAL 0 0 166 1,144 XXX 871
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 169 1,003 421 0 0 0
02 1994 164 2,430 987 0 0 0
03 1995 20 7,151 1,790 0 0 0
04 TOTAL 353 10,592 3,197 0 0 0
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 859 0 XXX
02 1994 0 0 0 1,659 0 4,603
03 1995 0 0 0 5,386 0 7,286
04 TOTAL 0 0 0 7,904 0 XXX
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 1,947 2,656 38.218 38.979 37.679 0
03 1995 1,957 5,329 45.729 28.013 59.562 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 859 0
02 1994 0 .000 1,659 0
03 1995 0 .000 5,386 0
04 TOTAL 0 XXX 7,904 0
SCHEDULE P - PART 1M - INTERNATIONAL
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 665 130 0
02 1986 -222 -9 -213 0 0 0
03 1987 154 3 151 0 0 0
04 1988 159 8 151 0 0 0
05 1989 -12 -1 -11 0 0 0
06 1990 -13 -1 -12 0 0 0
07 1991 2 0 2 0 0 0
08 1992 16 1 15 0 0 0
09 1993 3 0 3 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 665 130 0
SCHEDULE P - PART 1M - INTERNATIONAL
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 38 573 XXX 2,978
02 1986 0 0 0 0 XXX 0
03 1987 0 0 0 0 XXX 0
04 1988 0 0 0 0 XXX 0
05 1989 0 0 0 0 XXX 0
06 1990 0 0 0 0 XXX 0
07 1991 0 0 0 0 XXX 0
08 1992 0 0 0 0 XXX 0
09 1993 0 0 0 0 XXX 0
10 1994 0 0 0 0 XXX 0
11 1995 0 0 0 0 XXX 0
12 TOTAL 0 0 38 573 XXX 2,978
SCHEDULE P - PART 1M - INTERNATIONAL
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 676 1,374 59 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 676 1,374 59 0 0 0
SCHEDULE P - PART 1M - INTERNATIONAL
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 317 3,934 312 XXX
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 317 3,934 312 XXX
SCHEDULE P - PART 1M - INTERNATIONAL
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1M - INTERNATIONAL
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 3,617 317
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 3,617 317
SCHEDULE P - PART 1N - REINSURANCE A
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 62 2 60 0 0 0
07 1994 215 11 204 0 0 0
08 1995 213 19 194 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1N - REINSURANCE A
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1N - REINSURANCE A
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1N - REINSURANCE A
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1N - REINSURANCE A
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1N - REINSURANCE A
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1O - REINSURANCE B
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 1988 1,990 0 1,990 0 0 0
02 1989 612 1,823 -1,211 0 0 0
03 1990 231 7 224 0 0 0
04 1991 -326 -8 -318 0 0 0
05 1992 134 0 134 0 0 0
06 1993 516 0 516 0 0 0
07 1994 0 0 0 0 0 0
08 1995 86 0 86 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1O - REINSURANCE B
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1O - REINSURANCE B
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1O - REINSURANCE B
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1O - REINSURANCE B
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1O - REINSURANCE B
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1P - REINSURANCE C
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1P - REINSURANCE C
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1P - REINSURANCE C
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1P - REINSURANCE C
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1P - REINSURANCE C
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1P - REINSURANCE C
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1Q - REINSURANCE D
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 464 0 108
02 1986 1,995 0 1,995 1,832 224 13
03 1987 7,255 3,615 3,640 34,654 28,196 17,680
04 1988 XXX XXX XXX 36,950 28,420 17,801
SCHEDULE P - PART 1Q - REINSURANCE D
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 4 576 XXX 2,619
02 1986 0 0 4 1,625 XXX 204
03 1987 15,082 2,447 359 9,414 XXX 19,264
04 1988 15,082 2,447 367 11,615 XXX 22,087
SCHEDULE P - PART 1Q - REINSURANCE D
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 1,887 0 111 0 17
02 1986 0 178 0 0 0 0
03 1987 17,878 11,950 11,950 950 939 0
04 1988 17,878 14,015 11,950 1,061 939 17
SCHEDULE P - PART 1Q - REINSURANCE D
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 87 4,721 XXX XXX
02 1986 0 0 11 393 XXX 23
03 1987 0 0 0 1,397 XXX 84,857
04 1988 0 0 98 6,511 XXX 0
SCHEDULE P - PART 1Q - REINSURANCE D
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 0 23 1.153 .000 1.153 0
03 1987 74,039 10,818 1,169.635 2,048.105 297.198 0
04 1988 XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1Q - REINSURANCE D
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 4,506 215
02 1986 0 .000 382 11
03 1987 0 .000 1,386 11
04 1988 0 XXX 6,274 237
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 6,978 7,598 2,911
02 1986 113,264 52,166 61,099 36,135 21,524 7,366
03 1987 108,076 37,961 70,115 13,892 7,913 3,383
04 1988 63,562 26,786 36,784 15,624 12,212 5,751
05 1989 39,864 19,537 20,336 8,677 5,284 1,812
06 1990 33,233 16,590 16,642 6,938 5,096 1,421
07 1991 24,228 14,297 9,930 2,317 1,596 1,939
08 1992 11,503 2,383 9,120 2,027 977 1,428
09 1993 19,070 8,228 10,843 743 979 555
10 1994 13,550 5,013 8,536 -146 -190 352
11 1995 16,280 5,880 10,400 259 131 155
12 TOTAL XXX XXX XXX 93,446 63,134 27,067
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 1,948 13 227 572 XXX 33,200
02 1986 2,610 107 1,798 21,174 1,095 3,823
03 1987 509 145 171 9,017 706 6,025
04 1988 1,716 125 -2,031 5,417 390 1,214
05 1989 1,023 237 552 4,743 271 989
06 1990 943 755 916 3,236 364 2,070
07 1991 1,119 1,775 986 2,520 361 236
08 1992 368 1,941 600 2,703 275 1,049
09 1993 266 1,717 255 302 303 2,823
10 1994 74 1,287 427 747 252 1,258
11 1995 39 977 359 603 217 1,911
12 TOTAL 10,606 9,080 4,266 51,038 XXX 54,597
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 24,571 78,014 59,371 5,034 2,364 11,580
02 1986 2,710 3,321 956 560 235 573
03 1987 794 1,522 694 402 150 407
04 1988 827 1,496 567 105 3 387
05 1989 745 6,360 1,541 62 22 1,962
06 1990 2,007 6,969 1,309 295 217 1,507
07 1991 93 7,444 1,872 84 24 1,205
08 1992 314 5,933 2,659 334 28 1,339
09 1993 2,385 5,708 2,742 895 593 1,349
10 1994 530 5,545 2,527 369 144 1,413
11 1995 952 11,399 2,785 675 322 3,017
12 TOTAL 35,929 133,713 77,014 8,814 4,104 24,733
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 5,358 0 2,833 38,989 909 XXX
02 1986 158 0 422 4,639 66 54,068
03 1987 196 0 125 6,655 53 25,913
04 1988 168 2 283 1,920 38 21,768
05 1989 503 3 205 6,760 32 20,782
06 1990 367 76 419 7,360 40 20,577
07 1991 534 73 114 6,560 21 14,645
08 1992 774 258 224 5,105 43 13,294
09 1993 724 326 239 4,561 33 12,985
10 1994 653 322 313 5,045 36 9,757
11 1995 691 389 1,439 13,691 47 19,557
12 TOTAL 10,150 1,457 6,626 101,293 1,328 XXX
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 43
02 1986 28,253 25,815 47.736 54.160 42.251 0
03 1987 10,251 15,662 23.977 27.004 22.338 0
04 1988 14,432 7,336 34.247 53.879 19.943 0
05 1989 9,286 11,496 52.132 47.530 56.530 0
06 1990 9,982 10,595 61.917 60.169 63.664 0
07 1991 5,566 9,079 60.447 38.931 91.430 0
08 1992 5,487 7,807 115.570 230.256 85.603 0
09 1993 8,116 4,869 68.091 98.639 44.905 0
10 1994 3,964 5,793 72.007 79.074 67.866 0
11 1995 5,263 14,294 120.129 89.507 137.442 0
12 TOTAL XXX XXX XXX XXX XXX 43
SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 27,221 11,725
02 1986 0 .000 3,477 1,162
03 1987 0 .000 6,059 588
04 1988 0 .000 1,316 604
05 1989 0 .000 5,064 1,695
06 1990 0 .000 5,724 1,637
07 1991 0 .000 5,724 845
08 1992 0 .000 4,010 1,095
09 1993 0 .000 3,404 1,166
10 1994 0 .000 3,747 1,298
11 1995 0 .000 9,581 4,111
12 TOTAL 0 XXX 75,327 25,926
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 6,129 2,629 3,500 6 1 4
03 1987 14,443 3,545 10,898 1,981 263 1,657
04 1988 13,133 3,126 9,999 1,183 119 663
05 1989 10,082 2,163 7,927 1,274 377 592
06 1990 7,977 1,480 6,497 3,625 1,479 718
07 1991 9,569 2,044 7,525 1,107 823 268
08 1992 7,471 3,221 4,250 911 356 739
09 1993 3,863 2,707 1,155 815 7 246
10 1994 4,823 2,970 1,861 184 162 446
11 1995 3,054 2,033 1,021 38 120 13
12 TOTAL XXX XXX XXX 11,141 3,715 5,346
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 0 0 XXX 0
02 1986 1 0 0 8 12 0
03 1987 62 0 269 3,588 177 0
04 1988 85 0 95 1,728 125 14
05 1989 19 0 166 1,634 180 0
06 1990 238 0 329 2,956 89 50
07 1991 156 0 111 515 340 362
08 1992 351 0 27 970 83 1,114
09 1993 7 0 149 1,197 56 326
10 1994 207 0 230 490 85 687
11 1995 10 0 56 -23 41 106
12 TOTAL 1,147 0 1,439 13,071 XXX 2,668
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 9 0 0 6 4 0
05 1989 0 3 0 0 0 0
06 1990 50 11 4 4 4 2
07 1991 4 73 13 21 1 5
08 1992 628 58 22 36 7 9
09 1993 30 133 63 42 7 21
10 1994 415 204 154 173 110 26
11 1995 42 660 197 59 16 40
12 TOTAL 1,187 1,150 453 341 150 103
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 XXX
02 1986 0 0 0 0 0 10
03 1987 0 0 0 0 2 3,914
04 1988 0 0 0 8 1 1,962
05 1989 0 0 0 3 0 2,035
06 1990 1 0 0 8 0 4,739
07 1991 3 0 4 442 10 1,957
08 1992 5 0 3 557 7 2,905
09 1993 12 0 6 417 9 1,755
10 1994 15 0 8 397 29 1,989
11 1995 110 0 27 527 22 1,013
12 TOTAL 146 0 49 2,376 87 XXX
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 2 8 .163 .076 .229 0
03 1987 326 3,588 27.100 9.196 32.923 0
04 1988 217 1,745 14.939 6.942 17.452 0
05 1989 397 1,638 20.184 18.354 20.664 0
06 1990 1,774 2,965 59.408 119.865 45.636 0
07 1991 1,000 957 20.451 48.924 12.718 0
08 1992 1,370 1,535 38.884 42.533 36.118 0
09 1993 133 1,622 45.431 4.913 140.433 0
10 1994 1,101 888 41.240 37.071 47.716 0
11 1995 501 512 33.170 24.643 50.147 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 6 3
05 1989 0 .000 3 0
06 1990 0 .000 7 1
07 1991 0 .000 417 25
08 1992 0 .000 522 36
09 1993 0 .000 367 50
10 1994 0 .000 314 83
11 1995 0 .000 526 0
12 TOTAL 0 XXX 2,162 198
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 0 0 XXX 0
02 1994 0 0 0 0 XXX 0
03 1995 0 0 0 0 XXX 0
04 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 0
02 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 XXX
02 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 XXX
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 0 0 .000 .000 .000 0
03 1995 0 0 .000 .000 .000 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1994 0 .000 0 0
03 1995 0 .000 0 0
04 TOTAL 0 XXX 0 0
SCHEDULE P - PART 2A - HOMEOWNERS/FARMOWNERS
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 17,744 19,951 19,263 20,039 21,195 20,809
02 1986 55,180 53,748 53,362 52,185 52,093 52,167
03 1987 XXX 40,595 42,420 41,320 41,547 41,740
04 1988 XXX XXX 40,464 44,334 44,729 45,019
05 1989 XXX XXX XXX 57,862 62,009 61,867
06 1990 XXX XXX XXX XXX 51,816 57,281
07 1991 XXX XXX XXX XXX XXX 59,715
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2A - HOMEOWNERS/FARMOWNERS
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 20,261 20,093 19,995 20,092 97 -1
02 1986 51,848 51,893 51,968 51,970 3 78
03 1987 41,296 41,165 41,080 41,103 23 -62
04 1988 44,482 44,590 44,692 44,763 71 173
05 1989 61,173 61,171 61,405 61,601 188 421
06 1990 54,706 55,390 55,809 56,178 369 788
07 1991 61,866 63,053 64,025 64,509 484 1,456
08 1992 53,304 52,280 52,889 53,689 800 1,401
09 1993 XXX 56,932 55,215 57,256 2,041 324
10 1994 XXX XXX 61,133 60,403 -731 XXX
11 1995 XXX XXX XXX 62,822 XXX XXX
12 TOTAL 3,353 4,594
SCHEDULE P - PART 2B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 62,976 72,487 78,311 79,892 79,156 79,017
02 1986 141,719 138,109 132,741 129,760 129,296 130,086
03 1987 XXX 112,118 104,000 102,789 103,468 102,205
04 1988 XXX XXX 113,416 107,301 108,531 106,695
05 1989 XXX XXX XXX 125,171 120,344 114,748
06 1990 XXX XXX XXX XXX 147,262 144,975
07 1991 XXX XXX XXX XXX XXX 96,513
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 77,833 79,748 80,005 80,737 731 989
02 1986 129,458 128,123 128,673 129,241 568 1,110
03 1987 101,458 101,961 102,061 101,583 -477 -378
04 1988 106,458 107,402 106,943 106,725 -219 -685
05 1989 116,449 118,293 118,963 118,849 -114 547
06 1990 144,548 146,029 147,663 144,898 -2,774 -1,131
07 1991 96,886 92,694 91,047 91,587 548 -1,108
08 1992 123,754 112,473 110,544 110,489 -56 -1,985
09 1993 XXX 116,974 119,343 119,317 -26 2,350
10 1994 XXX XXX 135,279 132,369 -2,910 XXX
11 1995 XXX XXX XXX 152,934 XXX XXX
12 TOTAL -4,738 -282
SCHEDULE P - PART 2C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 104,449 110,105 129,987 131,549 132,934 131,797
02 1986 105,164 105,670 100,336 98,667 98,247 96,935
03 1987 XXX 98,553 96,446 95,535 97,952 94,309
04 1988 XXX XXX 95,920 96,841 101,268 99,097
05 1989 XXX XXX XXX 106,540 112,582 104,043
06 1990 XXX XXX XXX XXX 97,761 90,188
07 1991 XXX XXX XXX XXX XXX 81,753
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 129,237 125,824 124,879 124,702 -176 -1,122
02 1986 96,418 95,817 96,207 97,568 1,361 1,751
03 1987 94,097 92,405 91,970 92,244 280 -161
04 1988 102,966 101,559 100,807 100,432 -368 -1,127
05 1989 113,265 114,302 111,008 108,394 -2,606 -5,908
06 1990 101,701 97,378 99,356 94,992 -4,364 -2,386
07 1991 79,413 85,046 81,934 73,910 -8,024 -11,136
08 1992 71,561 80,767 82,626 71,224 -11,402 -9,542
09 1993 XXX 95,283 90,257 86,150 -4,107 -9,133
10 1994 XXX XXX 86,747 83,085 -3,662 XXX
11 1995 XXX XXX XXX 79,287 XXX XXX
12 TOTAL -33,079 -38,759
SCHEDULE P - PART 2D - WORKERS' COMPENSATION
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 423,883 456,177 488,741 503,893 506,395 512,146
02 1986 166,728 169,048 173,141 173,103 174,601 177,736
03 1987 XXX 132,985 148,475 151,317 156,840 159,869
04 1988 XXX XXX 195,330 208,652 209,494 216,127
05 1989 XXX XXX XXX 140,852 159,823 165,859
06 1990 XXX XXX XXX XXX 142,346 152,210
07 1991 XXX XXX XXX XXX XXX 115,501
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2D - WORKERS' COMPENSATION
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 511,837 519,008 545,775 542,514 -3,261 23,506
02 1986 176,215 170,441 170,722 171,774 1,050 1,332
03 1987 162,479 156,145 155,890 155,456 -435 -689
04 1988 218,608 214,324 204,235 202,105 -2,130 -12,227
05 1989 169,451 166,833 167,868 167,980 111 1,146
06 1990 151,640 147,641 144,871 143,746 -1,125 -3,895
07 1991 134,914 126,373 122,378 114,571 -7,807 -11,801
08 1992 101,475 105,117 99,758 91,937 -7,822 -13,180
09 1993 XXX 74,236 73,193 73,391 207 -837
10 1994 XXX XXX 84,854 82,017 -2,836 XXX
11 1995 XXX XXX XXX 100,077 XXX XXX
12 TOTAL -24,054 -16,637
SCHEDULE P - PART 2E - COMMERICAL MULTIPLE PERIL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 154,903 185,497 204,261 222,075 216,973 220,540
02 1986 118,706 102,761 92,241 91,215 88,953 87,062
03 1987 XXX 112,925 98,809 94,736 93,109 96,573
04 1988 XXX XXX 127,648 113,098 112,456 116,128
05 1989 XXX XXX XXX 128,411 125,324 118,908
06 1990 XXX XXX XXX XXX 155,370 143,015
07 1991 XXX XXX XXX XXX XXX 162,856
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2E - COMMERICAL MULTIPLE PERIL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 222,922 226,281 236,332 238,179 1,846 11,898
02 1986 87,015 85,898 88,007 89,128 1,122 3,230
03 1987 97,855 95,415 94,155 95,911 1,756 488
04 1988 116,443 119,941 116,496 116,370 -126 -3,570
05 1989 121,606 121,295 120,567 120,641 73 -653
06 1990 143,270 142,966 142,475 143,602 1,127 644
07 1991 145,588 142,906 146,982 142,661 -4,322 -244
08 1992 160,642 138,997 140,812 145,733 4,922 6,736
09 1993 XXX 115,044 110,619 104,638 -5,981 -10,415
10 1994 XXX XXX 126,946 135,717 8,763 XXX
11 1995 XXX XXX XXX 135,334 XXX XXX
12 TOTAL 9,172 8,120
SCHEDULE P - PART 2F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 1,643 1,840 2,146 2,144 2,172 2,154
02 1986 7 6 6 0 0 0
03 1987 XXX 12 0 1 1 1
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 2,248 2,221 4,127 4,606 471 2,376
02 1986 0 0 0 0 0 0
03 1987 1 1 -13 1 13 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 -1 0 1 0
07 1991 0 0 0 0 0 0
08 1992 0 -1 -1 -1 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL 486 2,376
SCHEDULE P - PART 2F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 466 754 278 XXX
11 1995 XXX XXX XXX 829 XXX XXX
12 TOTAL 278 0
SCHEDULE P - PART 2G - SPECIAL LIABILITY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 11,224 11,095 10,358 10,955 11,352 10,718
02 1986 9,160 10,190 9,588 8,999 9,121 8,976
03 1987 XXX 8,543 10,081 9,963 9,571 9,815
04 1988 XXX XXX 8,957 9,756 11,097 11,247
05 1989 XXX XXX XXX 10,123 11,734 12,243
06 1990 XXX XXX XXX XXX 12,060 16,720
07 1991 XXX XXX XXX XXX XXX 14,655
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2G - SPECIAL LIABILITY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 10,309 10,190 9,895 10,302 415 111
02 1986 8,935 9,043 8,988 9,084 96 41
03 1987 9,594 9,757 9,653 9,696 43 -62
04 1988 11,001 11,306 11,309 11,257 -52 -48
05 1989 12,328 12,774 13,079 13,106 27 324
06 1990 17,029 17,868 18,012 17,960 -52 92
07 1991 19,393 19,122 19,261 19,997 736 876
08 1992 21,453 27,308 27,097 27,175 78 -133
09 1993 XXX 26,966 31,754 32,723 969 5,757
10 1994 XXX XXX 34,208 35,242 1,035 XXX
11 1995 XXX XXX XXX 32,810 XXX XXX
12 TOTAL 3,288 6,959
SCHEDULE P - PART 2H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 243,190 239,964 254,310 301,241 341,584 335,343
02 1986 193,279 172,744 171,415 128,094 124,411 109,530
03 1987 XXX 163,497 148,117 135,486 122,305 105,286
04 1988 XXX XXX 105,452 115,913 115,632 108,454
05 1989 XXX XXX XXX 77,884 82,225 77,219
06 1990 XXX XXX XXX XXX 78,898 83,250
07 1991 XXX XXX XXX XXX XXX 98,602
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 390,932 435,113 509,734 508,766 -977 73,653
02 1986 102,048 94,843 96,132 94,907 -1,225 64
03 1987 100,526 88,014 86,597 86,649 51 -1,367
04 1988 116,774 112,005 99,078 92,793 -6,285 -19,212
05 1989 77,245 72,807 65,546 67,687 2,139 -5,121
06 1990 76,876 81,138 64,957 58,986 -5,970 -22,152
07 1991 91,112 99,586 77,735 76,402 -1,324 -23,184
08 1992 76,583 92,563 82,156 65,222 -16,925 -27,341
09 1993 XXX 95,960 90,496 92,812 2,316 -3,147
10 1994 XXX XXX 91,936 104,009 12,072 XXX
11 1995 XXX XXX XXX 121,897 XXX XXX
12 TOTAL -16,128 -27,815
SCHEDULE P - PART 2H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 984 629 110 275 210 135
02 1986 10,441 7,154 6,777 4,409 3,224 2,204
03 1987 XXX 38,067 41,765 29,596 18,316 13,441
04 1988 XXX XXX 46,121 33,159 31,539 28,778
05 1989 XXX XXX XXX 38,938 33,780 34,685
06 1990 XXX XXX XXX XXX 54,594 50,313
07 1991 XXX XXX XXX XXX XXX 47,267
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 110 72 72 72 0 0
02 1986 1,766 1,494 1,496 1,447 -49 -47
03 1987 10,859 9,288 8,178 5,450 -2,729 -3,839
04 1988 9,477 8,080 7,217 7,496 279 -584
05 1989 30,466 23,537 15,678 14,975 -711 -8,570
06 1990 54,907 56,358 49,326 45,784 -3,534 -10,574
07 1991 46,880 44,143 21,752 17,511 -4,241 -26,633
08 1992 56,648 51,749 50,690 28,063 -22,627 -23,687
09 1993 XXX 68,578 68,999 62,780 -6,210 -5,797
10 1994 XXX XXX 90,048 83,081 -6,967 XXX
11 1995 XXX XXX XXX 91,005 XXX XXX
12 TOTAL -46,790 -79,722
SCHEDULE P - PART 2I - SPECIAL PROPERTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2I - SPECIAL PROPERTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 42,265 42,538 40,728 -1,818 -1,536
02 1994 XXX XXX 150,169 165,960 15,783 XXX
03 1995 XXX XXX XXX 191,053 XXX XXX
04 TOTAL 13,973 -1,536
SCHEDULE P - PART 2J - AUTO PHYSICAL DAMAGE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2J - AUTO PHYSICAL DAMAGE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 8,223 10,383 10,225 -159 2,002
02 1994 XXX XXX 70,706 71,002 295 XXX
03 1995 XXX XXX XXX 87,074 XXX XXX
04 TOTAL 134 2,002
SCHEDULE P - PART 2K - FIDELITY, SURETY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2K - FIDELITY, SURETY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 3,345 8,155 1,757 -6,390 -1,580
02 1994 XXX XXX 7,300 2,054 -5,246 XXX
03 1995 XXX XXX XXX 21,779 XXX XXX
04 TOTAL -11,637 -1,580
SCHEDULE P - PART 2L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 2,381 2,508 1,704 -804 -684
02 1994 XXX XXX 2,244 2,547 295 XXX
03 1995 XXX XXX XXX 5,284 XXX XXX
04 TOTAL -509 -684
SCHEDULE P - PART 2M - INTERNATIONAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 1,537 1,700 2,219 2,606 2,724 2,929
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2M - INTERNATIONAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 4,044 4,867 3,364 3,422 58 -1,445
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL 58 -1,445
SCHEDULE P - PART 2N - REINSURANCE A
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2N - REINSURANCE A
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2O - REINSURANCE B
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2O - REINSURANCE B
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2P - REINSURANCE C
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2P - REINSURANCE C
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2Q - REINSURANCE D
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 1,266 2,087 2,667 244,582 4,389 4,710
02 1986 1,896 1,791 2,629 2,822 2,930 2,882
03 1987 XXX 6,560 10,174 10,460 10,521 10,452
04 1988
SCHEDULE P - PART 2Q - REINSURANCE D
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 5,597 5,513 5,812 7,971 2,159 2,458
02 1986 2,781 3,380 3,380 2,003 -1,377 -1,377
03 1987 10,453 10,453 10,451 10,452 1 -1
04 1988 783 1,080
SCHEDULE P - PART 2R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 29,057 33,882 43,273 43,373 38,171 46,312
02 1986 46,602 45,029 43,208 38,710 29,607 27,200
03 1987 XXX 39,907 36,240 35,765 26,565 17,751
04 1988 XXX XXX 40,173 17,153 20,886 20,622
05 1989 XXX XXX XXX 13,522 10,585 12,367
06 1990 XXX XXX XXX XXX 10,761 13,868
07 1991 XXX XXX XXX XXX XXX 8,390
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 48,348 60,696 71,871 70,120 -1,750 9,425
02 1986 25,310 23,759 24,756 23,593 -1,162 -165
03 1987 12,272 11,468 12,125 15,367 3,242 3,899
04 1988 8,955 10,188 10,726 9,094 -1,640 -1,103
05 1989 8,682 10,361 8,448 10,737 2,289 376
06 1990 11,288 13,375 10,192 9,261 -930 -4,114
07 1991 6,221 9,424 7,300 7,988 688 -1,436
08 1992 3,117 6,747 6,224 6,984 752 237
09 1993 XXX 4,243 5,016 4,368 -648 133
10 1994 XXX XXX 7,659 5,053 -2,606 XXX
11 1995 XXX XXX XXX 12,496 XXX XXX
12 TOTAL -1,767 7,252
SCHEDULE P - PART 2R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 145 102 111 21 13 5
02 1986 2,528 2,161 1,609 1,281 788 365
03 1987 XXX 10,677 7,794 10,524 10,663 10,107
04 1988 XXX XXX 6,162 8,023 8,587 7,992
05 1989 XXX XXX XXX 6,119 5,609 5,669
06 1990 XXX XXX XXX XXX 4,195 3,990
07 1991 XXX XXX XXX XXX XXX 5,013
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 3 0 0 0 0 0
02 1986 203 7 7 8 1 1
03 1987 8,509 4,027 3,905 3,320 -594 -715
04 1988 7,636 2,720 1,653 1,642 -11 -1,078
05 1989 5,539 2,562 1,463 1,463 0 -1,090
06 1990 4,190 3,314 2,709 2,635 -73 -679
07 1991 5,529 1,853 1,162 843 -319 -1,010
08 1992 3,452 2,471 1,573 1,505 -69 -973
09 1993 XXX 1,905 1,504 1,458 -46 -439
10 1994 XXX XXX 877 649 -220 XXX
11 1995 XXX XXX XXX 421 XXX XXX
12 TOTAL -1,340 -5,984
SCHEDULE P - PART 2S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0 0 0
02 1994 XXX XXX 0 0 0 XXX
03 1995 XXX XXX XXX 0 XXX XXX
04 TOTAL 0 0
SCHEDULE P - PART 3A - HOMEOWNERS/FARMOWNERS
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 7,291 12,784 15,440 16,940 17,927
02 1986 34,603 46,881 49,438 50,820 51,336 51,566
03 1987 XXX 25,634 36,694 39,173 40,522 41,004
04 1988 XXX XXX 27,919 40,313 42,722 43,517
05 1989 XXX XXX XXX 40,466 56,104 58,397
06 1990 XXX XXX XXX XXX 35,264 51,193
07 1991 XXX XXX XXX XXX XXX 41,867
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3A - HOMEOWNERS/FARMOWNERS
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 18,184 18,346 18,413 18,630 367 104
02 1986 51,721 51,830 51,956 51,959 29,872 471
03 1987 41,101 41,043 41,024 41,069 21,381 301
04 1988 43,989 44,302 44,432 44,748 20,202 320
05 1989 59,563 60,235 61,175 61,472 28,059 526
06 1990 53,133 54,398 55,447 55,809 22,603 459
07 1991 56,862 61,522 62,955 63,762 26,014 519
08 1992 33,297 47,791 50,501 52,206 20,120 426
09 1993 XXX 38,614 51,150 54,619 20,060 2,051
10 1994 XXX XXX 43,125 56,936 22,488 4,807
11 1995 XXX XXX XXX 44,761 17,416 3,252
SCHEDULE P - PART 3B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 41,308 59,494 69,117 73,667 74,402
02 1986 51,792 99,252 114,779 122,944 126,805 127,637
03 1987 XXX 38,885 75,106 88,905 97,093 99,765
04 1988 XXX XXX 40,440 77,364 95,336 101,687
05 1989 XXX XXX XXX 43,193 92,435 104,211
06 1990 XXX XXX XXX XXX 83,750 110,885
07 1991 XXX XXX XXX XXX XXX 28,672
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 74,947 75,004 75,755 76,420 6 1
02 1986 128,120 128,685 129,142 129,173 26,594 2,563
03 1987 100,775 101,410 101,656 101,857 21,244 2,793
04 1988 104,680 106,157 106,843 106,794 24,381 3,283
05 1989 111,159 115,581 117,620 118,035 38,477 10,008
06 1990 125,906 134,051 140,342 142,806 40,934 12,238
07 1991 57,808 76,964 85,677 89,565 31,384 5,697
08 1992 33,170 72,433 92,137 100,975 31,955 5,450
09 1993 XXX 38,275 79,236 100,703 40,278 9,581
10 1994 XXX XXX 48,896 97,222 57,285 20,568
11 1995 XXX XXX XXX 51,449 59,087 19,052
SCHEDULE P - PART 3C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 49,056 78,504 101,334 110,333 113,464
02 1986 16,159 43,861 61,554 78,427 87,203 91,543
03 1987 XXX 15,016 40,859 60,388 76,438 83,200
04 1988 XXX XXX 16,987 44,619 66,685 80,155
05 1989 XXX XXX XXX 21,040 49,807 75,919
06 1990 XXX XXX XXX XXX 16,623 43,142
07 1991 XXX XXX XXX XXX XXX 14,968
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 114,742 115,152 114,239 114,412 84 196
02 1986 92,875 93,901 94,347 94,723 15,701 2,978
03 1987 88,362 90,141 90,976 91,155 14,858 2,790
04 1988 92,268 96,703 98,960 99,501 15,727 3,582
05 1989 90,958 101,975 106,210 107,259 15,995 4,478
06 1990 68,197 82,804 88,033 91,527 14,001 3,638
07 1991 37,916 50,284 58,254 63,351 11,896 3,219
08 1992 12,500 32,033 45,435 55,331 11,337 3,465
09 1993 XXX 13,374 31,868 57,530 13,297 5,339
10 1994 XXX XXX 15,787 36,932 14,532 6,945
11 1995 XXX XXX XXX 20,004 9,633 3,602
SCHEDULE P - PART 3D - WORKERS' COMPENSATION
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 126,994 212,941 276,660 317,842 353,995
02 1986 33,622 80,120 111,074 130,152 141,682 149,892
03 1987 XXX 27,525 74,063 101,779 117,903 128,789
04 1988 XXX XXX 32,982 83,577 115,372 133,924
05 1989 XXX XXX XXX 29,200 75,078 106,275
06 1990 XXX XXX XXX XXX 28,733 73,670
07 1991 XXX XXX XXX XXX XXX 23,237
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3D - WORKERS' COMPENSATION
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 376,108 389,542 406,450 421,839 293 87
02 1986 154,177 157,031 159,169 160,850 44,008 594
03 1987 135,531 139,943 142,664 144,270 38,978 1,023
04 1988 144,644 150,327 161,794 164,084 41,176 1,921
05 1989 123,247 132,965 139,362 143,758 31,557 962
06 1990 99,643 112,998 120,540 125,073 27,257 788
07 1991 58,913 79,877 90,889 94,531 22,288 774
08 1992 18,461 47,927 65,247 72,171 20,272 615
09 1993 XXX 12,174 31,361 43,340 15,649 437
10 1994 XXX XXX 10,822 32,007 13,149 647
11 1995 XXX XXX XXX 16,129 12,162 711
SCHEDULE P - PART 3E - COMMERICAL MULTIPLE PERIL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 64,223 110,816 152,932 182,593 198,378
02 1986 20,742 38,482 49,595 61,798 70,448 76,289
03 1987 XXX 23,354 46,705 59,012 69,554 78,853
04 1988 XXX XXX 29,672 57,416 69,755 83,124
05 1989 XXX XXX XXX 30,117 62,077 79,167
06 1990 XXX XXX XXX XXX 38,153 71,907
07 1991 XXX XXX XXX XXX XXX 47,163
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3E - COMMERICAL MULTIPLE PERIL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 206,924 211,484 217,457 220,426 562 295
02 1986 80,181 82,195 84,660 86,633 12,247 2,008
03 1987 86,374 89,327 91,741 92,776 11,133 1,807
04 1988 90,106 100,913 109,565 112,542 12,284 2,101
05 1989 89,731 99,517 108,485 113,686 13,784 2,169
06 1990 92,158 104,898 117,422 123,387 13,856 2,512
07 1991 83,701 100,647 113,968 121,601 13,191 2,583
08 1992 44,118 82,139 97,021 110,572 11,342 2,879
09 1993 XXX 33,199 55,173 68,600 10,675 3,076
10 1994 XXX XXX 46,653 85,031 11,637 3,462
11 1995 XXX XXX XXX 42,814 7,728 1,987
SCHEDULE P - PART 3F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 52 80 130 172 172
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 1 1 1
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 171 173 375 1,082 0 0
02 1986 0 0 0 0 0 0
03 1987 1 1 -13 1 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 -1 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 -1 -1 -1 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 XXX XXX XXX 0 0 0
SCHEDULE P - PART 3F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 9 80 1 0
11 1995 XXX XXX XXX 205 2 1
SCHEDULE P - PART 3G - SPECIAL LIABILITY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 2,863 3,983 5,409 6,270 6,377
02 1986 3,613 7,733 8,206 8,517 8,710 8,727
03 1987 XXX 3,913 7,735 8,737 9,105 9,533
04 1988 XXX XXX 3,490 8,224 9,524 9,896
05 1989 XXX XXX XXX 4,024 10,790 11,089
06 1990 XXX XXX XXX XXX 5,611 13,776
07 1991 XXX XXX XXX XXX XXX 7,593
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3G - SPECIAL LIABILITY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 6,569 6,583 7,056 7,287 XXX XXX
02 1986 8,805 8,897 8,843 8,928 XXX XXX
03 1987 9,476 9,581 9,499 9,538 XXX XXX
04 1988 10,216 10,341 10,915 10,942 XXX XXX
05 1989 11,766 12,147 12,305 12,644 XXX XXX
06 1990 15,369 16,770 17,404 17,396 XXX XXX
07 1991 16,284 17,629 18,237 18,822 XXX XXX
08 1992 13,463 23,401 24,679 25,884 XXX XXX
09 1993 XXX 17,720 27,384 29,505 XXX XXX
10 1994 XXX XXX 13,466 27,346 XXX XXX
11 1995 XXX XXX XXX 12,456 XXX XXX
SCHEDULE P - PART 3H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 52,609 96,335 133,218 186,842 217,539
02 1986 3,519 14,769 32,009 48,902 61,597 69,972
03 1987 XXX 3,675 15,093 35,199 47,992 54,656
04 1988 XXX XXX 1,736 17,060 27,805 40,636
05 1989 XXX XXX XXX 1,165 8,678 11,417
06 1990 XXX XXX XXX XXX 1,121 4,014
07 1991 XXX XXX XXX XXX XXX -4,800
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 252,058 293,062 329,821 351,869 4,282 4,464
02 1986 76,633 80,806 84,707 84,703 6,794 3,551
03 1987 63,963 73,893 77,808 78,309 5,601 2,317
04 1988 60,092 66,967 75,219 76,349 4,557 1,725
05 1989 26,525 37,383 42,272 44,921 3,706 1,603
06 1990 16,591 26,596 32,300 36,397 3,177 1,527
07 1991 11,305 21,572 33,568 41,963 3,038 1,367
08 1992 5,172 11,868 24,062 30,172 4,184 1,382
09 1993 XXX 3,241 9,961 22,288 3,943 1,411
10 1994 XXX XXX 513 18,637 3,395 1,630
11 1995 XXX XXX XXX 12,083 1,055 806
SCHEDULE P - PART 3H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 4 28 58 71 71
02 1986 88 323 720 1,280 1,342 1,408
03 1987 XXX 189 3,460 3,630 5,595 6,734
04 1988 XXX XXX 1,599 2,227 2,993 3,716
05 1989 XXX XXX XXX 727 2,497 5,667
06 1990 XXX XXX XXX XXX 520 5,681
07 1991 XXX XXX XXX XXX XXX 1,827
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 71 72 72 72 12 18
02 1986 1,426 1,431 1,444 1,447 41 60
03 1987 6,583 7,818 7,880 5,428 191 252
04 1988 5,669 6,604 7,030 7,531 112 166
05 1989 7,681 9,727 12,388 13,970 87 168
06 1990 18,452 21,607 31,769 41,540 112 200
07 1991 3,096 5,488 6,411 9,164 124 294
08 1992 785 9,816 15,932 18,844 108 246
09 1993 XXX 159 5,010 8,608 148 276
10 1994 XXX XXX 3,412 30,063 93 314
11 1995 XXX XXX XXX -3,806 31 3
SCHEDULE P - PART 3I - SPECIAL PROPERTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3I - SPECIAL PROPERTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 23,874 29,704 XXX XXX
02 1994 XXX XXX 93,049 135,489 XXX XXX
03 1995 XXX XXX XXX 103,291 XXX XXX
SCHEDULE P - PART 3J - AUTO PHYSICAL DAMAGE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3J - AUTO PHYSICAL DAMAGE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 6,372 6,057 6,276 879
02 1994 XXX XXX 62,796 69,802 67,842 15,834
03 1995 XXX XXX XXX 77,414 94,086 18,169
SCHEDULE P - PART 3K - FIDELITY, SURETY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3K - FIDELITY, SURETY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 5,303 4,761 XXX XXX
02 1994 XXX XXX 1,670 3,050 XXX XXX
03 1995 XXX XXX XXX 2,612 XXX XXX
SCHEDULE P - PART 3L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 653 845 XXX XXX
02 1994 XXX XXX 64 888 XXX XXX
03 1995 XXX XXX XXX -102 XXX XXX
SCHEDULE P - PART 3M - INTERNATIONAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 67 459 882 882 1,037
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3M - INTERNATIONAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 1,388 1,503 -730 -195 XXX XXX
02 1986 0 0 0 0 XXX XXX
03 1987 0 0 0 0 XXX XXX
04 1988 0 0 0 0 XXX XXX
05 1989 0 0 0 0 XXX XXX
06 1990 0 0 0 0 XXX XXX
07 1991 0 0 0 0 XXX XXX
08 1992 0 0 0 0 XXX XXX
09 1993 XXX 0 0 0 XXX XXX
10 1994 XXX XXX 0 0 XXX XXX
11 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3N - REINSURANCE A
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3N - REINSURANCE A
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3O - REINSURANCE B
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3O - REINSURANCE B
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3P - REINSURANCE C
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3P - REINSURANCE C
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3Q - REINSURANCE D
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 315 497 -383 455 831
02 1986 0 288 437 629 712 731
03 1987 XXX -127 3,519 10,460 9,591 10,390
SCHEDULE P - PART 3Q - REINSURANCE D
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 1,937 2,523 2,765 3,337 XXX XXX
02 1986 1,480 1,481 1,586 1,621 XXX XXX
03 1987 8,386 9,318 9,160 9,055 XXX XXX
SCHEDULE P - PART 3R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 7,403 13,031 15,562 22,298 27,329
02 1986 201 1,028 3,178 6,207 10,434 13,871
03 1987 XXX 199 908 2,104 2,641 4,538
04 1988 XXX XXX 1,243 1,462 2,799 5,944
05 1989 XXX XXX XXX 50 731 930
06 1990 XXX XXX XXX XXX 313 -320
07 1991 XXX XXX XXX XXX XXX -110
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 31,999 34,756 33,611 33,965 182 785
02 1986 15,702 17,890 18,236 19,376 394 458
03 1987 4,488 6,199 8,146 8,845 268 270
04 1988 2,088 3,305 5,087 7,448 179 139
05 1989 2,097 3,196 3,628 4,182 127 117
06 1990 -696 817 1,083 2,320 218 109
07 1991 -869 426 1,174 1,542 223 120
08 1992 -98 290 980 2,103 162 73
09 1993 XXX -64 35 47 206 65
10 1994 XXX XXX 143 321 164 52
11 1995 XXX XXX XXX 244 138 33
SCHEDULE P - PART 3R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 6 7 7 9 9
03 1987 XXX 47 883 1,836 2,433 3,322
04 1988 XXX XXX 168 425 835 1,370
05 1989 XXX XXX XXX 41 188 1,174
06 1990 XXX XXX XXX XXX 44 915
07 1991 XXX XXX XXX XXX XXX 100
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 9 7 7 8 2 10
03 1987 3,321 3,403 3,403 3,320 120 56
04 1988 1,523 1,628 1,633 1,633 75 48
05 1989 1,454 1,466 1,455 1,460 118 64
06 1990 2,113 2,108 2,678 2,628 53 37
07 1991 1,066 144 359 397 278 50
08 1992 160 671 842 943 49 26
09 1993 XXX 69 204 1,047 34 14
10 1994 XXX XXX 2 260 47 9
11 1995 XXX XXX XXX -78 17 2
SCHEDULE P - PART 3S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 0 0 XXX XXX
02 1994 XXX XXX 0 0 XXX XXX
03 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 4A - HOMEOWNERS/FARMOWNERS
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 3,085 1,304 991 1,221 912 583
02 1986 9,976 2,681 1,560 451 420 312
03 1987 XXX 4,326 2,098 397 398 403
04 1988 XXX XXX 4,019 1,278 749 728
05 1989 XXX XXX XXX 11,084 1,847 1,014
06 1990 XXX XXX XXX XXX 7,350 2,022
07 1991 XXX XXX XXX XXX XXX 7,032
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4A - HOMEOWNERS/FARMOWNERS
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 356 333 246 249
02 1986 13 17 12 12
03 1987 66 72 -4 0
04 1988 -56 9 -8 -1
05 1989 -86 -96 -32 -11
06 1990 -648 -17 -117 -51
07 1991 602 220 -144 -29
08 1992 12,777 517 -137 -72
09 1993 XXX 9,775 758 -100
10 1994 XXX XXX 10,265 1,119
11 1995 XXX XXX XXX 8,764
SCHEDULE P - PART 4B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 10,036 4,499 2,863 1,978 1,094 390
02 1986 33,749 16,229 7,699 2,813 672 1,412
03 1987 XXX 26,545 9,109 3,645 1,749 609
04 1988 XXX XXX 27,932 9,756 3,912 291
05 1989 XXX XXX XXX 31,287 8,771 -53
06 1990 XXX XXX XXX XXX 28,937 11,707
07 1991 XXX XXX XXX XXX XXX 36,595
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 4 769 839 838
02 1986 743 -942 -561 60
03 1987 -130 -104 -113 -541
04 1988 -268 457 -166 -156
05 1989 -1,017 -168 -88 -71
06 1990 5,705 4,244 4,088 285
07 1991 18,906 6,534 1,654 10
08 1992 49,630 17,707 8,751 4,436
09 1993 XXX 36,118 17,687 8,408
10 1994 XXX XXX 37,745 12,439
11 1995 XXX XXX XXX 44,665
SCHEDULE P - PART 4C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 21,465 12,438 9,658 6,889 4,069 3,232
02 1986 40,550 26,924 14,253 8,841 3,632 3,042
03 1987 XXX 41,817 24,445 15,037 9,560 4,552
04 1988 XXX XXX 35,848 18,718 11,125 4,847
05 1989 XXX XXX XXX 34,652 19,949 6,184
06 1990 XXX XXX XXX XXX 37,563 15,455
07 1991 XXX XXX XXX XXX XXX 40,301
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 2,427 506 684 823
02 1986 2,263 1,459 1,497 2,786
03 1987 2,561 1,008 506 995
04 1988 3,871 2,015 209 -22
05 1989 8,590 5,910 2,211 534
06 1990 14,453 4,643 5,497 1,807
07 1991 20,994 18,698 14,614 6,070
08 1992 30,574 25,542 21,313 8,267
09 1993 XXX 50,909 26,483 12,077
10 1994 XXX XXX 35,933 17,505
11 1995 XXX XXX XXX 28,009
SCHEDULE P - PART 4D - WORKERS' COMPENSATION
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 63,432 46,743 40,435 46,038 31,696 24,622
02 1986 75,366 38,207 22,256 14,745 11,732 10,360
03 1987 XXX 56,621 25,243 15,872 13,018 12,116
04 1988 XXX XXX 72,605 33,848 22,745 22,978
05 1989 XXX XXX XXX 59,317 29,917 19,921
06 1990 XXX XXX XXX XXX 61,946 34,560
07 1991 XXX XXX XXX XXX XXX 52,901
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4D - WORKERS' COMPENSATION
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 19,025 16,451 18,132 14,182
02 1986 7,485 1,811 1,684 1,308
03 1987 11,137 4,605 2,662 2,262
04 1988 21,841 16,686 2,767 2,091
05 1989 16,581 10,233 5,688 3,439
06 1990 21,512 12,613 7,355 5,308
07 1991 34,474 19,764 11,173 5,936
08 1992 50,748 29,031 15,265 6,299
09 1993 XXX 46,697 22,075 16,338
10 1994 XXX XXX 58,857 33,291
11 1995 XXX XXX XXX 62,897
SCHEDULE P - PART 4E - COMMERICAL MULTIPLE PERIL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 38,439 30,511 25,655 29,730 11,630 5,684
02 1986 71,661 42,254 22,243 12,664 7,659 4,505
03 1987 XXX 67,563 31,523 16,269 7,660 5,779
04 1988 XXX XXX 63,356 33,308 18,108 14,148
05 1989 XXX XXX XXX 56,360 28,134 14,464
06 1990 XXX XXX XXX XXX 73,887 29,172
07 1991 XXX XXX XXX XXX XXX 71,469
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4E - COMMERICAL MULTIPLE PERIL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 2,977 2,819 11,588 11,454
02 1986 1,305 594 1,031 1,029
03 1987 4,545 2,362 408 464
04 1988 9,236 6,476 463 -178
05 1989 7,889 6,233 2,105 967
06 1990 21,781 16,364 12,456 10,666
07 1991 29,894 19,724 16,739 8,876
08 1992 64,303 26,029 17,815 13,427
09 1993 XXX 57,408 31,395 15,979
10 1994 XXX XXX 40,251 18,558
11 1995 XXX XXX XXX 42,880
SCHEDULE P - PART 4F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 1,455 1,377 1,399 1,409 1,409 1,395
02 1986 7 6 6 0 0 0
03 1987 XXX 12 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 1,395 1,392 1,384 1,384
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4G - SPECIAL LIABILITY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 2,942 2,703 2,701 2,474 2,543 2,056
02 1986 1,376 717 430 -63 110 71
03 1987 XXX 1,029 235 -35 54 75
04 1988 XXX XXX 1,219 146 573 615
05 1989 XXX XXX XXX 745 -27 39
06 1990 XXX XXX XXX XXX 116 77
07 1991 XXX XXX XXX XXX XXX 326
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4G - SPECIAL LIABILITY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 1,879 1,446 1,265 1,277
02 1986 4 11 10 10
03 1987 30 21 20 37
04 1988 459 595 92 70
05 1989 -49 65 62 73
06 1990 -179 82 159 131
07 1991 15 106 237 205
08 1992 1,002 -463 -421 -180
09 1993 XXX 110 -1,584 -819
10 1994 XXX XXX 380 -1,279
11 1995 XXX XXX XXX 7,343
SCHEDULE P - PART 4H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 92,727 57,348 45,303 58,045 50,285 48,820
02 1986 166,956 129,845 115,171 60,578 48,669 28,957
03 1987 XXX 142,927 109,433 78,828 55,378 38,547
04 1988 XXX XXX 91,590 79,396 70,470 56,065
05 1989 XXX XXX XXX 66,105 55,326 48,969
06 1990 XXX XXX XXX XXX 71,965 68,818
07 1991 XXX XXX XXX XXX XXX 95,796
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 44,582 41,333 79,196 80,996
02 1986 17,479 8,297 8,166 6,898
03 1987 25,444 9,192 5,255 4,792
04 1988 46,024 39,646 21,531 14,287
05 1989 38,404 32,548 19,623 20,878
06 1990 45,388 45,240 27,073 19,226
07 1991 60,425 58,820 32,652 26,048
08 1992 61,088 57,085 44,699 28,002
09 1993 XXX 84,751 60,750 48,808
10 1994 XXX XXX 78,677 58,810
11 1995 XXX XXX XXX 87,166
SCHEDULE P - PART 4H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 959 545 45 212 139 64
02 1986 10,098 6,305 5,546 3,013 1,839 787
03 1987 XXX 31,352 26,846 22,540 12,378 6,499
04 1988 XXX XXX 33,022 23,518 22,443 20,773
05 1989 XXX XXX XXX 20,724 17,445 12,521
06 1990 XXX XXX XXX XXX 12,289 6,732
07 1991 XXX XXX XXX XXX XXX 30,774
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 39 0 0 0
02 1986 340 0 0 0
03 1987 2,736 1,443 12 0
04 1988 1,702 307 12 0
05 1989 6,013 967 24 0
06 1990 11,731 2,355 128 35
07 1991 32,825 29,763 6,051 2,426
08 1992 41,298 28,740 27,864 4,768
09 1993 XXX 51,077 40,011 35,914
10 1994 XXX XXX 44,763 18,773
11 1995 XXX XXX XXX 64,183
SCHEDULE P - PART 4I - SPECIAL PROPERTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4I - SPECIAL PROPERTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 19,823 7,436 5,289
02 1994 XXX XXX 9,086 1,713
03 1995 XXX XXX XXX 22,785
SCHEDULE P - PART 4J - AUTO PHYSICAL DAMAGE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4J - AUTO PHYSICAL DAMAGE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 2,733 2,076 2,119
02 1994 XXX XXX 3,385 357
03 1995 XXX XXX XXX 4,075
SCHEDULE P - PART 4K - FIDELITY, SURETY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4K - FIDELITY, SURETY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 2,126 5,533 -410
02 1994 XXX XXX 3,595 -276
03 1995 XXX XXX XXX 9,185
SCHEDULE P - PART 4L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 1,305 1,387 582
02 1994 XXX XXX 2,027 1,442
03 1995 XXX XXX XXX 5,361
SCHEDULE P - PART 4M - INTERNATIONAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 144 24 29 31 44 50
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4M - INTERNATIONAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 456 852 1,334 1,315
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4N - REINSURANCE A
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4N - REINSURANCE A
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4O - REINSURANCE B
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4O - REINSURANCE B
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4P - REINSURANCE C
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4P - REINSURANCE C
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4Q - REINSURANCE D
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 154 0 0 538 1,729 540
02 1986 1,505 2,519 2,670 961 1,045 1,071
03 1987 XXX 0 0 0 0 0
SCHEDULE P - PART 4Q - REINSURANCE D
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 545 539 749 1,904
02 1986 1,002 1,498 1,498 178
03 1987 0 0 0 0
SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 12,561 14,360 15,670 14,565 4,444 6,441
02 1986 44,852 41,972 36,272 27,042 15,634 9,568
03 1987 XXX 38,623 34,067 32,082 22,054 11,003
04 1988 XXX XXX 24,863 14,390 14,927 10,648
05 1989 XXX XXX XXX 12,882 8,764 8,599
06 1990 XXX XXX XXX XXX 9,729 12,355
07 1991 XXX XXX XXX XXX XXX 8,056
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 6,676 10,004 24,119 24,865
02 1986 6,498 3,492 3,366 2,780
03 1987 5,533 3,692 1,596 1,039
04 1988 4,921 4,153 4,393 1,148
05 1989 5,187 5,585 4,199 6,270
06 1990 10,206 10,268 7,511 6,801
07 1991 6,787 7,491 5,914 6,244
08 1992 3,278 5,249 3,713 3,832
09 1993 XXX 4,397 4,497 3,591
10 1994 XXX XXX 7,236 3,771
11 1995 XXX XXX XXX 10,948
SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 145 102 6 21 13 5
02 1986 2,528 2,155 1,486 1,267 775 356
03 1987 XXX 10,458 6,147 6,541 6,777 4,838
04 1988 XXX XXX 5,831 6,511 6,247 6,059
05 1989 XXX XXX XXX 5,449 4,539 3,615
06 1990 XXX XXX XXX XXX 3,652 1,549
07 1991 XXX XXX XXX XXX XXX 4,740
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 3 0 0 0
02 1986 194 0 0 0
03 1987 4,457 321 0 0
04 1988 5,873 1,065 0 0
05 1989 3,769 1,036 8 3
06 1990 1,552 502 31 8
07 1991 3,922 1,414 375 62
08 1992 2,768 1,056 108 40
09 1993 XXX 828 216 80
10 1994 XXX XXX 561 61
11 1995 XXX XXX XXX 394
SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1994 XXX XXX 0 0
03 1995 XXX XXX XXX 0
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 454 423 414
02 1986 25,315 29,541 29,747 29,815 29,844 29,855
03 1987 XXX 17,303 21,147 21,294 21,356 21,376
04 1988 XXX XXX 15,928 19,958 20,113 20,157
05 1989 XXX XXX XXX 22,062 27,691 27,943
06 1990 XXX XXX XXX XXX 17,222 22,246
07 1991 XXX XXX XXX XXX XXX 21,316
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 409 448 409 415
02 1986 29,863 29,869 29,872 29,872
03 1987 21,378 21,384 21,379 21,381
04 1988 20,175 20,190 20,198 20,202
05 1989 28,006 28,034 28,053 28,059
06 1990 22,476 22,562 22,592 22,603
07 1991 25,718 25,917 25,979 26,014
08 1992 15,906 19,869 20,073 20,120
09 1993 XXX 17,252 20,099 20,060
10 1994 XXX XXX 20,617 22,488
11 1995 XXX XXX XXX 17,416
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 284 135 81 53 30
02 1986 617 210 103 56 29 13
03 1987 XXX 481 124 62 27 13
04 1988 XXX XXX 487 114 66 35
05 1989 XXX XXX XXX 581 183 77
06 1990 XXX XXX XXX XXX 660 210
07 1991 XXX XXX XXX XXX XXX 514
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 14 13 25 21
02 1986 8 5 0 0
03 1987 5 3 2 1
04 1988 22 9 6 0
05 1989 59 31 12 6
06 1990 108 47 20 11
07 1991 172 95 56 26
08 1992 390 184 75 50
09 1993 XXX 1,644 146 84
10 1994 XXX XXX 1,715 155
11 1995 XXX XXX XXX 1,818
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 26,166 30,143 30,290 30,328 30,346 30,354
03 1987 XXX 17,926 21,542 21,649 21,684 21,694
04 1988 XXX XXX 16,610 20,363 20,477 20,507
05 1989 XXX XXX XXX 22,837 28,262 28,449
06 1990 XXX XXX XXX XXX 18,029 22,819
07 1991 XXX XXX XXX XXX XXX 22,048
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 30,361 30,365 30,367 30,368
03 1987 21,697 21,701 21,699 21,700
04 1988 20,530 20,535 20,545 20,544
05 1989 28,529 28,583 28,592 28,595
06 1990 23,006 23,050 23,067 23,074
07 1991 26,328 26,503 26,548 26,563
08 1992 16,480 20,398 20,579 20,602
09 1993 XXX 20,181 22,317 22,197
10 1994 XXX XXX 26,637 27,450
11 1995 XXX XXX XXX 22,480
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 225 177 387
02 1986 17,819 23,207 23,932 24,172 24,262 24,524
03 1987 XXX 13,498 18,049 18,701 18,885 19,183
04 1988 XXX XXX 13,964 18,432 18,997 19,359
05 1989 XXX XXX XXX 25,412 34,715 36,156
06 1990 XXX XXX XXX XXX 28,746 37,072
07 1991 XXX XXX XXX XXX XXX 19,840
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1,970 148 541 546
02 1986 26,325 26,340 26,760 26,464
03 1987 20,836 20,845 21,396 21,103
04 1988 20,924 20,977 21,567 21,359
05 1989 37,850 37,997 38,625 38,477
06 1990 39,550 40,009 40,979 40,934
07 1991 29,128 30,553 31,383 31,384
08 1992 21,344 30,634 31,433 31,955
09 1993 XXX 26,006 33,532 40,278
10 1994 XXX XXX 30,861 57,285
11 1995 XXX XXX XXX 59,087
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 30 937 537 312 240 47
02 1986 4,004 1,115 411 147 76 30
03 1987 XXX 3,675 1,024 362 177 61
04 1988 XXX XXX 3,672 996 429 184
05 1989 XXX XXX XXX 6,867 1,534 492
06 1990 XXX XXX XXX XXX 6,273 1,700
07 1991 XXX XXX XXX XXX XXX 5,432
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 41 30 24 83
02 1986 25 13 7 0
03 1987 34 22 9 3
04 1988 93 48 7 5
05 1989 273 129 41 18
06 1990 684 294 102 40
07 1991 1,660 554 203 94
08 1992 5,882 1,634 468 180
09 1993 XXX 9,388 2,118 580
10 1994 XXX XXX 9,360 2,855
11 1995 XXX XXX XXX 21,826
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 27,277 31,718 32,113 32,280 32,318 32,592
03 1987 XXX 23,132 27,233 27,918 28,012 28,270
04 1988 XXX XXX 23,624 29,196 29,464 29,737
05 1989 XXX XXX XXX 39,566 45,512 46,069
06 1990 XXX XXX XXX XXX 44,737 50,131
07 1991 XXX XXX XXX XXX XXX 28,996
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 34,639 34,643 35,284 34,934
03 1987 30,135 30,141 30,963 30,609
04 1988 31,442 31,451 32,337 32,100
05 1989 47,756 47,838 48,697 48,505
06 1990 51,957 52,082 53,347 53,232
07 1991 36,025 36,527 37,359 37,235
08 1992 30,815 37,365 37,535 37,549
09 1993 XXX 41,057 44,779 50,571
10 1994 XXX XXX 52,132 80,927
11 1995 XXX XXX XXX 99,964
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 262 251 643
02 1986 9,793 12,724 13,203 13,503 13,629 14,632
03 1987 XXX 8,335 11,317 11,927 12,156 13,468
04 1988 XXX XXX 8,660 12,326 12,980 14,135
05 1989 XXX XXX XXX 9,811 13,126 14,391
06 1990 XXX XXX XXX XXX 8,258 11,393
07 1991 XXX XXX XXX XXX XXX 6,859
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 657 303 507 516
02 1986 15,208 15,216 15,667 15,666
03 1987 14,143 14,252 14,909 14,748
04 1988 14,802 14,909 15,593 15,419
05 1989 15,220 15,410 15,992 15,995
06 1990 13,055 13,401 14,026 14,001
07 1991 10,158 10,742 11,880 11,896
08 1992 6,761 9,578 11,106 11,337
09 1993 XXX 7,822 12,432 13,299
10 1994 XXX XXX 9,993 14,532
11 1995 XXX XXX XXX 9,633
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 29 1,729 892 665 270 142
02 1986 2,796 1,054 601 258 102 55
03 1987 XXX 2,470 928 406 206 129
04 1988 XXX XXX 3,128 1,023 446 284
05 1989 XXX XXX XXX 2,760 1,080 653
06 1990 XXX XXX XXX XXX 2,652 1,542
07 1991 XXX XXX XXX XXX XXX 2,930
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 99 77 76 79
02 1986 26 12 2 1
03 1987 57 25 10 5
04 1988 114 52 32 17
05 1989 297 129 61 26
06 1990 724 272 119 67
07 1991 1,383 567 276 107
08 1992 3,219 1,097 553 282
09 1993 XXX 3,739 1,685 738
10 1994 XXX XXX 4,624 1,718
11 1995 XXX XXX XXX 4,381
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 14,725 17,102 17,368 17,490 17,503 18,966
03 1987 XXX 13,001 15,505 15,821 15,886 17,733
04 1988 XXX XXX 14,744 17,240 17,507 19,046
05 1989 XXX XXX XXX 15,225 17,625 19,060
06 1990 XXX XXX XXX XXX 12,844 16,285
07 1991 XXX XXX XXX XXX XXX 11,379
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 19,608 19,615 20,272 20,284
03 1987 18,452 18,474 19,433 19,229
04 1988 19,683 19,700 20,677 20,436
05 1989 19,661 19,713 20,497 20,499
06 1990 17,392 17,346 17,794 17,708
07 1991 13,989 13,882 15,316 15,226
08 1992 11,661 13,268 15,015 15,093
09 1993 XXX 14,330 19,134 19,385
10 1994 XXX XXX 19,204 23,195
11 1995 XXX XXX XXX 17,614
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 844 951 2,161
02 1986 31,780 41,440 42,454 43,055 43,352 43,488
03 1987 XXX 25,727 35,835 36,984 37,425 37,661
04 1988 XXX XXX 26,809 35,307 36,268 36,699
05 1989 XXX XXX XXX 22,652 29,616 30,529
06 1990 XXX XXX XXX XXX 19,227 25,405
07 1991 XXX XXX XXX XXX XXX 15,376
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 2,302 2,578 2,843 3,136
02 1986 43,544 43,587 43,649 43,668
03 1987 37,763 37,843 37,933 37,952
04 1988 36,932 37,059 37,183 37,232
05 1989 31,055 31,312 31,475 31,557
06 1990 26,433 26,895 27,126 27,257
07 1991 20,682 21,581 22,065 22,288
08 1992 13,957 19,031 19,900 20,272
09 1993 XXX 12,004 15,184 15,649
10 1994 XXX XXX 10,235 13,149
11 1995 XXX XXX XXX 12,162
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 813 6,095 4,912 3,915 3,440 2,939
02 1986 5,052 2,319 1,393 767 461 276
03 1987 XXX 4,811 2,356 1,255 771 445
04 1988 XXX XXX 5,752 2,375 1,432 826
05 1989 XXX XXX XXX 3,905 2,013 1,088
06 1990 XXX XXX XXX XXX 4,048 1,748
07 1991 XXX XXX XXX XXX XXX 3,208
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 2,599 2,421 2,178 1,649
02 1986 195 147 120 102
03 1987 275 192 142 117
04 1988 497 357 231 184
05 1989 636 397 265 184
06 1990 980 578 383 271
07 1991 1,709 932 540 339
08 1992 2,722 1,409 793 448
09 1993 XXX 1,971 946 554
10 1994 XXX XXX 1,434 786
11 1995 XXX XXX XXX 1,597
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 39,766 48,229 48,664 48,800 48,866 48,899
03 1987 XXX 33,394 43,351 43,833 43,955 43,996
04 1988 XXX XXX 36,313 43,355 43,728 43,827
05 1989 XXX XXX XXX 26,937 32,241 32,523
06 1990 XXX XXX XXX XXX 23,652 27,826
07 1991 XXX XXX XXX XXX XXX 18,991
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 48,833 48,844 48,920 48,929
03 1987 43,911 43,925 44,023 44,031
04 1988 43,815 43,837 43,899 43,908
05 1989 32,585 32,629 32,701 32,714
06 1990 28,125 28,214 28,293 28,317
07 1991 22,993 23,241 23,377 23,409
08 1992 16,992 20,956 21,290 21,343
09 1993 XXX 14,222 16,522 16,640
10 1994 XXX XXX 12,054 14,581
11 1995 XXX XXX XXX 14,462
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 1,957 2,064 2,126
02 1986 7,892 10,941 11,498 11,834 12,004 12,099
03 1987 XXX 6,661 9,931 10,502 10,758 10,936
04 1988 XXX XXX 7,745 11,116 11,671 11,928
05 1989 XXX XXX XXX 8,378 12,527 13,117
06 1990 XXX XXX XXX XXX 8,650 12,603
07 1991 XXX XXX XXX XXX XXX 8,593
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 2,185 2,210 3,079 3,123
02 1986 12,158 12,196 12,751 12,247
03 1987 11,049 11,093 11,572 11,133
04 1988 12,090 12,190 12,671 12,284
05 1989 13,422 13,589 14,339 13,784
06 1990 13,216 13,513 14,119 13,856
07 1991 11,972 12,591 13,309 13,191
08 1992 7,080 10,403 11,262 11,342
09 1993 XXX 7,224 10,169 10,675
10 1994 XXX XXX 8,431 11,637
11 1995 XXX XXX XXX 7,728
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 3 2,003 1,284 876 552 415
02 1986 1,580 877 602 377 226 135
03 1987 XXX 1,383 806 542 364 200
04 1988 XXX XXX 1,587 780 555 388
05 1989 XXX XXX XXX 1,520 968 639
06 1990 XXX XXX XXX XXX 1,974 1,055
07 1991 XXX XXX XXX XXX XXX 1,712
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 293 221 182 152
02 1986 90 66 48 37
03 1987 108 71 39 38
04 1988 245 141 71 58
05 1989 442 299 170 97
06 1990 682 419 232 180
07 1991 1,113 704 451 281
08 1992 1,628 1,036 694 500
09 1993 XXX 1,859 1,153 786
10 1994 XXX XXX 2,634 1,617
11 1995 XXX XXX XXX 3,145
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 10,100 13,191 13,692 13,932 14,055 14,116
03 1987 XXX 8,562 11,932 12,453 12,365 12,775
04 1988 XXX XXX 10,075 13,441 13,944 14,188
05 1989 XXX XXX XXX 10,628 15,021 15,572
06 1990 XXX XXX XXX XXX 11,401 15,431
07 1991 XXX XXX XXX XXX XXX 11,079
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 14,169 14,225 14,827 14,292
03 1987 12,845 12,892 13,433 12,970
04 1988 14,291 14,360 14,870 14,442
05 1989 15,844 15,958 16,705 16,052
06 1990 16,064 16,281 16,871 16,555
07 1991 15,042 15,597 16,285 16,057
08 1992 9,743 13,825 14,710 14,720
09 1993 XXX 10,337 14,084 14,537
10 1994 XXX XXX 12,757 16,714
11 1995 XXX XXX XXX 12,860
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 1
11 1995 XXX XXX XXX 2
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 2 7 7 6 6
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 3 3 1 107
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 2 6
11 1995 XXX XXX XXX 8
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 2 7
11 1995 XXX XXX XXX 11
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 4,445 4,640 4,741
02 1986 3,301 5,248 5,931 6,309 6,492 6,606
03 1987 XXX 2,612 4,309 4,829 5,154 5,194
04 1988 XXX XXX 2,181 3,263 3,630 3,799
05 1989 XXX XXX XXX 2,104 3,078 3,304
06 1990 XXX XXX XXX XXX 1,596 2,613
07 1991 XXX XXX XXX XXX XXX 1,435
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4,837 4,905 4,868 4,932
02 1986 6,672 6,703 6,666 6,702
03 1987 5,279 5,408 5,426 5,461
04 1988 3,920 4,034 4,071 4,084
05 1989 3,490 3,633 3,691 3,706
06 1990 2,848 3,046 3,158 3,177
07 1991 2,395 2,810 2,991 3,038
08 1992 2,232 3,743 4,080 4,184
09 1993 XXX 1,861 2,917 3,943
10 1994 XXX XXX 1,535 3,395
11 1995 XXX XXX XXX 1,055
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 10 12 12
02 1986 6 20 31 37 38 40
03 1987 XXX 36 64 89 100 177
04 1988 XXX XXX 47 80 90 129
05 1989 XXX XXX XXX 40 53 83
06 1990 XXX XXX XXX XXX 32 50
07 1991 XXX XXX XXX XXX XXX 52
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 12 12 12 12
02 1986 42 42 42 42
03 1987 172 174 249 192
04 1988 125 126 140 113
05 1989 84 87 112 88
06 1990 69 77 86 113
07 1991 121 144 104 124
08 1992 109 39 65 108
09 1993 XXX 14 64 148
10 1994 XXX XXX 38 93
11 1995 XXX XXX XXX 31
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1,254 2,823 2,509 1,869 1,632 1,611
02 1986 2,126 1,284 921 610 406 263
03 1987 XXX 1,473 1,010 634 472 298
04 1988 XXX XXX 1,049 704 563 399
05 1989 XXX XXX XXX 826 622 535
06 1990 XXX XXX XXX XXX 711 569
07 1991 XXX XXX XXX XXX XXX 559
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1,855 1,972 2,171 3,335
02 1986 197 158 158 140
03 1987 204 148 120 84
04 1988 255 141 104 75
05 1989 372 221 144 88
06 1990 445 313 250 127
07 1991 530 450 298 164
08 1992 674 553 407 316
09 1993 XXX 992 670 1,496
10 1994 XXX XXX 998 3,315
11 1995 XXX XXX XXX 1,588
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4 5 3 1 0 0
02 1986 39 21 12 7 5 2
03 1987 XXX 135 73 30 19 13
04 1988 XXX XXX 111 55 45 29
05 1989 XXX XXX XXX 147 94 58
06 1990 XXX XXX XXX XXX 202 143
07 1991 XXX XXX XXX XXX XXX 337
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 1 1 0
03 1987 9 4 3 3
04 1988 15 9 6 2
05 1989 21 12 13 8
06 1990 112 89 55 37
07 1991 174 118 97 60
08 1992 221 212 148 88
09 1993 XXX 277 247 147
10 1994 XXX XXX 589 274
11 1995 XXX XXX XXX 808
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 7,056 9,813 10,572 10,852 11,401 11,383
03 1987 XXX 5,204 7,281 7,810 8,307 8,270
04 1988 XXX XXX 4,218 5,616 6,162 6,330
05 1989 XXX XXX XXX 3,372 4,675 4,995
06 1990 XXX XXX XXX XXX 2,725 4,029
07 1991 XXX XXX XXX XXX XXX 2,385
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 11,425 11,485 11,474 11,540
03 1987 8,344 8,537 8,702 8,627
04 1988 6,434 6,565 6,749 6,650
05 1989 5,185 5,305 5,482 5,400
06 1990 4,383 4,637 4,976 4,830
07 1991 3,685 4,286 4,720 4,562
08 1992 3,147 5,177 5,868 5,886
09 1993 XXX 3,001 4,882 6,851
10 1994 XXX XXX 3,650 8,342
11 1995 XXX XXX XXX 3,446
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 62 91 94 99 100 100
03 1987 XXX 182 232 247 251 346
04 1988 XXX XXX 172 224 236 296
05 1989 XXX XXX XXX 191 237 272
06 1990 XXX XXX XXX XXX 244 343
07 1991 XXX XXX XXX XXX XXX 424
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 101 102 104 104
03 1987 327 327 459 446
04 1988 277 277 298 284
05 1989 237 237 285 264
06 1990 345 354 352 349
07 1991 506 515 476 478
08 1992 582 643 427 442
09 1993 XXX 325 556 580
10 1994 XXX XXX 661 690
11 1995 XXX XXX XXX 842
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 206 233 297
02 1986 140 241 279 295 329 373
03 1987 XXX 98 161 189 154 226
04 1988 XXX XXX 51 77 39 110
05 1989 XXX XXX XXX 36 21 73
06 1990 XXX XXX XXX XXX 45 107
07 1991 XXX XXX XXX XXX XXX 62
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 308 298 351 359
02 1986 390 376 381 391
03 1987 227 233 226 266
04 1988 136 133 178 173
05 1989 77 87 106 127
06 1990 119 130 167 218
07 1991 100 121 144 223
08 1992 76 118 141 162
09 1993 XXX 111 163 206
10 1994 XXX XXX 90 164
11 1995 XXX XXX XXX 138
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 2 2 2 2 2
03 1987 XXX 27 32 45 57 59
04 1988 XXX XXX 23 39 60 69
05 1989 XXX XXX XXX 42 61 65
06 1990 XXX XXX XXX XXX 21 33
07 1991 XXX XXX XXX XXX XXX 26
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 2 2 2 2
03 1987 77 80 83 120
04 1988 63 69 71 75
05 1989 91 92 98 118
06 1990 57 61 58 53
07 1991 263 271 300 278
08 1992 25 33 38 49
09 1993 XXX 19 21 34
10 1994 XXX XXX 15 47
11 1995 XXX XXX XXX 17
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 143 342 227 1,046 1,003 1,140
02 1986 151 123 89 125 94 164
03 1987 XXX 73 52 86 62 103
04 1988 XXX XXX 11 53 49 94
05 1989 XXX XXX XXX 38 45 64
06 1990 XXX XXX XXX XXX 38 85
07 1991 XXX XXX XXX XXX XXX 41
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1,135 1,043 994 913
02 1986 151 98 95 66
03 1987 91 60 76 53
04 1988 74 44 43 40
05 1989 65 30 27 32
06 1990 94 53 56 41
07 1991 50 40 43 23
08 1992 26 43 62 46
09 1993 XXX 30 63 35
10 1994 XXX XXX 75 38
11 1995 XXX XXX XXX 47
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 3 2 2 1 1 0
03 1987 XXX 12 29 21 13 11
04 1988 XXX XXX 18 42 28 19
05 1989 XXX XXX XXX 28 17 25
06 1990 XXX XXX XXX XXX 17 29
07 1991 XXX XXX XXX XXX XXX 30
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 10 4 3 3
04 1988 8 2 2 2
05 1989 2 1 2 0
06 1990 11 4 1 1
07 1991 58 40 20 11
08 1992 31 16 8 8
09 1993 XXX 34 16 10
10 1994 XXX XXX 31 30
11 1995 XXX XXX XXX 23
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 376 606 662 753 794 1,327
03 1987 XXX 257 386 479 404 792
04 1988 XXX XXX 127 207 151 446
05 1989 XXX XXX XXX 133 70 275
06 1990 XXX XXX XXX XXX 98 287
07 1991 XXX XXX XXX XXX XXX 124
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 1,372 1,042 1,107 1,132
03 1987 819 625 710 724
04 1988 468 325 434 400
05 1989 258 218 462 277
06 1990 353 267 495 370
07 1991 208 215 534 367
08 1992 118 198 487 280
09 1993 XXX 166 491 306
10 1994 XXX XXX 243 255
11 1995 XXX XXX XXX 217
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 4 11 11 12 12 12
03 1987 XXX 46 85 109 127 130
04 1988 XXX XXX 46 99 116 124
05 1989 XXX XXX XXX 76 119 131
06 1990 XXX XXX XXX XXX 41 99
07 1991 XXX XXX XXX XXX XXX 62
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 12 12 12 12
03 1987 133 134 136 176
04 1988 121 122 127 127
05 1989 169 169 177 180
06 1990 95 95 88 91
07 1991 372 372 387 340
08 1992 74 78 87 83
09 1993 XXX 66 75 58
10 1994 XXX XXX 66 86
11 1995 XXX XXX XXX 42
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 157,487 174,999 176,310
10 1994 XXX XXX 168,363 184,708
11 1995 XXX XXX XXX 166,200
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 58,102 66,048 63,104
10 1994 XXX XXX 59,621 66,936
11 1995 XXX XXX XXX 49,242
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 136,504 143,023 143,856
10 1994 XXX XXX 144,285 145,443
11 1995 XXX XXX XXX 177,599
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 32,180 42,129 41,294
10 1994 XXX XXX 25,837 25,319
11 1995 XXX XXX XXX 22,281
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 191,351 195,366 195,138
10 1994 XXX XXX 213,075 219,695
11 1995 XXX XXX XXX 248,635
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 20,074 28,049 26,170
10 1994 XXX XXX 28,970 38,415
11 1995 XXX XXX XXX 49,796
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 204,253 231,865 228,924
10 1994 XXX XXX 224,278 249,941
11 1995 XXX XXX XXX 368,653
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 88,906 92,678 87,862
10 1994 XXX XXX 97,423 99,965
11 1995 XXX XXX XXX 18,515
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 91,624 108,550 103,115
10 1994 XXX XXX 97,357 115,729
11 1995 XXX XXX XXX 144,745
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 5,235 6,564 6,602
10 1994 XXX XXX 6,289 7,330
11 1995 XXX XXX XXX 1,933
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 8,940 10,901 15,806
10 1994 XXX XXX 9,806 11,773
11 1995 XXX XXX XXX 14,231
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 1,881 1,862 1,862
10 1994 XXX XXX 1,769 1,773
11 1995 XXX XXX XXX 499
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 3,587 4,515 6,880
10 1994 XXX XXX 2,862 3,548
11 1995 XXX XXX XXX 5,128
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 1,335 1,313 1,313
10 1994 XXX XXX 1,732 1,734
11 1995 XXX XXX XXX 490
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
1 2 3 4 5 6 7
TOTAL NET LOSSES LOSS NET PREMIUMS LOSS
SCH P NET LOSSES & EXPENSES SENSITIVE TOTAL NET WRITTEN ON SENSITIVE
PART & EXPENSES UNPAID ON AS PREMIUMS LOSS AS
1 UNPAID LOSS SENSITI PERCENTAGE WRITTEN SENSITIVE PERCENTAGE
CONTRACTS OF TOTAL CONTRACTS OF TOTAL
01 30,214 0 .000 90,804 0 .000
02 705,207 0 .000 1,013,342 0 .000
03 201,972 1,031 .030 135,367 1,275 .042
04 959,825 22,979 .675 455,687 35,599 1.160
05 309,785 329 .010 217,108 115 .004
06 3,525 0 .000 0 0 .000
07 1,289 0 .000 765 0 .000
08 40,018 0 .000 56,706 0 .000
09 606,871 4,872 .143 145,633 1,831 .060
10 229,084 0 .000 141,281 0 .000
11 131,319 0 .000 247,198 0 .000
12 51,434 80 .002 508,602 245 .008
13 16,645 0 .000 36,260 0 .000
14 7,904 0 .000 8,750 0 .000
15 3,934 0 .000 1 0 .000
16 XXX XXX XXX XXX XXX XXX
17 XXX XXX XXX XXX XXX XXX
18 XXX XXX XXX XXX XXX XXX
19 XXX XXX XXX XXX XXX XXX
20 101,293 1,652 .049 10,281 237 .008
21 2,376 0 .000 1,471 0 .000
22 0 0 .000 0 0 .000
23 3,402,695 30,943 .909 3,069,256 39,302 1.282
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 12,674 9,999 10,029
02 1986 0 36,772 37,017 37,353
03 1987 0 44,028 44,462 45,234
04 1988 0 30,266 30,673 30,729
05 1989 0 23,478 23,883 23,903
06 1990 0 12,571 12,608 13,105
07 1991 0 12,698 14,615 15,233
08 1992 0 12,103 13,808 15,044
09 1993 XXX 3,915 11,295 13,720
10 1994 XXX XXX 5,929 12,587
11 1995 XXX XXX XXX 6,418
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 33,232 33,125 33,062
03 1987 0 39,284 39,118 39,043
04 1988 0 35,234 35,280 35,382
05 1989 0 34,797 35,131 35,621
06 1990 0 24,920 25,596 25,708
07 1991 0 31,663 33,070 34,414
08 1992 0 39,765 35,907 37,127
09 1993 XXX 33,459 31,199 25,534
10 1994 XXX XXX 43,817 37,579
11 1995 XXX XXX XXX 31,172
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 62 0 0
03 1987 0 65 418 0
04 1988 0 234 484 137
05 1989 0 194 202 200
06 1990 0 272 304 71
07 1991 0 67 571 604
08 1992 0 2,606 223 514
09 1993 XXX 481 3,953 488
10 1994 XXX XXX 0 5,938
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
1 2 3 4 5 6 7
TOTAL NET LOSSES LOSS NET PREMIUMS LOSS
SCH P NET LOSSES & EXPENSES SENSITIVE TOTAL NET WRITTEN ON SENSITIVE
PART & EXPENSES UNPAID ON AS PREMIUMS LOSS AS
1 UNPAID LOSS SENSITI PERCENTAGE WRITTEN SENSITIVE PERCENTAGE
CONTRACTS OF TOTAL CONTRACTS OF TOTAL
01 169 0 .000 654 0 .000
02 7,414 0 .000 10,117 0 .000
03 16,904 0 .000 19,546 0 .000
04 13,302 0 .000 0 0 .000
05 1,160 0 .000 5,981 0 .000
06 0 0 .000 0 0 .000
07 0 0 .000 0 0 .000
08 0 0 .000 0 0 .000
09 18,972 0 .000 24,393 0 .000
10 0 0 .000 0 0 .000
11 603 0 .000 3,777 0 .000
12 875 0 .000 11,483 0 .000
13 109 0 .000 4,170 0 .000
14 0 0 .000 0 0 .000
15 0 0 .000 0 0 .000
16 0 0 .000 0 0 .000
17 0 0 .000 0 0 .000
18 0 0 .000 0 0 .000
19 0 0 .000 XXX XXX XXX
20 1,687 0 .000 4,201 0 .000
21 0 0 .000 0 0 .000
22 0 0 .000 0 0 .000
23 61,195 0 .000 84,322 0 .000
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 6
1 INCURRED ADJUSTABLE COMMISSIONS REPORTED YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 6
1 INCURRED ADJUSTABLE COMMISSIONS REPORTED YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 7
1 RESERVES FOR COMMISSION ADJUSTMENTS AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 7
1 RESERVES FOR COMMISSION ADJUSTMENTS AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
