<PAGE>
FORM 10K/A
----------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
AMENDMENT TO APPLICATION OR REPORT
Filed pursuant to Section 12, 13, or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. ____4___
The undersigned registrant hereby amends the following items, financial
statement, exhibits or other portions of its Annual Report for 1994 on Form
10-K as set forth in the pages attached hereto:
(List all such items, financial statements, exhibits or other portions
amended.)
FORM 11-K
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------
(Registrant)
Date: May 9, 1995 By:_______/s/ Paul D. Adams___________
(Signature)
P.D. Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 13
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
FORM 11-K
-------------
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For The Fiscal Year Ended December 31, 1994
-------------
GREAT WEST CASUALTY COMPANY
PROFIT SHARING PLAN
------------
OLD REPUBLIC INTERNATIONAL CORPORATION
307 NORTH MICHIGAN AVENUE
CHICAGO, ILLINOIS 60601
<PAGE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
_______________
Index to Financial Statements
___________________________________________________________________________
Page No.
--------
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Benefits at
December 31, 1994 and 1993 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1994 and 1993 3
Notes to Financial Statements 4 - 9
Supplemental Schedules Exhibit I
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Administrative Committee of
Great West Casualty Company Profit Sharing Plan
South Sioux City, Nebraska
We have audited the accompanying statements of net assets available for
benefits of Great West Casualty Company Profit Sharing Plan as of December
31, 1994 and 1993, and the related statement of changes in net assets
available for benefits for the year ended December 31, 1994. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards required 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 out audits provide a
reasonable basis for out opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as
of December 31, 1994 and 1993 and the changes in net assets available for
benefits for the year ended December 31, 1994 and 1993 in conformity with
generally accepted accounting principles.
Our audit of the Plan's financial statements as of and for the year ended
December 31, 1994, was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedules (Exhibit I)
are presented for the purpose of additional analysis and are not a required
part of the basic financial statements, but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income and Security Act of 1974. The
supplemental schedules were subjected to the auditing procedures applied in
the audit of the basic financial statements for the year ended December 31,
1994, and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
700 Cornhusker Plaza
Lincoln, Nebraska
April 12, 1995
<PAGE>
2
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994 and 1993
___________________________________________________________________________
<TABLE>
December 31,
--------------------------
1994 1993
--------------------------
ASSETS
<S> <C> <C>
Investments, at contract value............................. $16,367,219 $13,406,563
--------------------------
Net assets available for benefits (Note 5)................. $16,367,219 $13,406,563
==========================
</TABLE>
See accompanying Notes to Financial Statements
<PAGE>
3
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
for the years ended December 31, 1994 and 1993
___________________________________________________________________________
<TABLE>
Years Ended December 31,
--------------------------
1994 1993
--------------------------
<S> <C> <C>
Additions to net assets attributable to:
Transferred Assets......................................... $1,832,160 $ -
Contributions:
Employer................................................. 1,351,694 $1,170,513
Employee................................................. 466,984 80,224
--------------------------
1,818,678 1,250,737
--------------------------
Investment Income:
Interest................................................. 698,687 675,929
Dividends................................................ 12,012 -
Net appreciation (depreciation) in contract
value of investments................................... (36,688) 117,799
--------------------------
674,011 793,728
--------------------------
Other additions............................................ 9,602 -
Total additions........................................ 4,334,451 2,044,465
Deductions from net assets attributed to:
Benefits paid to participants, including
$47,189 and $26,676 of employee
contributions withdrawn in 1994 and 1993,
respectively (Note 5).................................... 1,371,696 349,427
Administrative expenses.................................... 2,099 -
--------------------------
Net increase........................................... 2,960,656 1,695,038
Net assets available for benefits:
Beginning of year........................................ 13,406,563 11,711,525
--------------------------
End of year.............................................. $16,367,219 $13,406,563
==========================
</TABLE>
See accompanying Notes to Financial Statements
<PAGE>
4
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 1 - DESCRIPTION OF PLAN
The following brief description of the Great West Casualty Company Profit
Sharing Plan (Plan) is provided for general information purposes only.
Participants should refer to the Plan agreement for a more complete
description.
(a) General
The Plan is a defined contribution profit-sharing plan sponsored by Great
West Casualty Company, covering all eligible employees of that Company as
well as its affiliates, Central Data Services, Joe Morten & Son, Inc.,
Midwest Insurance, Inc., Motor-Ways, Inc., and Truckmen Underwriters Agency,
Inc. It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
(b) Contributions and Participants Accounts
The employer's contribution to the Plan for each plan year is limited to the
maximum amount allowed for tax purposes. Contributions are at the discretion
of the Board of Directors.
Participants in the Plan may contribute annually or on a cumulative basis up
to 10% of their compensation received while a participant. Total accumulated
participant contributions, including earnings thereon, were $2,249,608 and
$825,383 at December 31, 1994 and 1993, respectively. Total annual additions
per participant account during a plan year by the employer and the employee
shall not exceed the lesser of $30,000 or 25% of the participant's
compensation for such year. The term "annual addition" for any plan year
means the sum of the employer contributions, participants voluntary
contributions and remainders credited to a participant's accounts under any
such plans for that year.
(c) Eligibility and Vesting
Under the terms of the Plan, an employee shall become eligible for inclusion
in the Plan upon reaching the age 21 with completion of 1,000 hours of
service during the twelve month period beginning with date of hire. Minimum
age for vesting service is 18 years.
Benefits upon termination of employment are limited to the participant's
contributions plus 10% of all other assets accumulated in their
profit-sharing account for each full year of participation not to exceed
100%. However, no benefits are vested until an employee has completed four
years of service.
(d) Payment of Benefits
On termination of service, a participant may elect to leave funds in the Plan
or receive either a lump-sum payment or purchase of a single premium life
annuity contract. Net assets at December 31, 1994 and 1993, include funds
totaling $361,535 and $327,553, respectively, which represent the account
balance of retired and terminated participants who have elected to leave the
funds in the Plan upon retirement or termination.
<PAGE>
5
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 1 - DESCRIPTION OF PLAN, Continued
(e) Forfeitures
All forfeitures are segregated until the employee has attained a five year
break-in-service. At that time forfeitures are allocated pro-rata to each
participant account according to their respective earnings for that year.
There were unallocated assets of $163,105 and $164,824 at December 31, 1994
and 1993, respectively.
(f) Loans
Participants may elect to borrow from the plan based upon specified
conditions. A participant may have only one outstanding loan at any time
which must be for at least $1,000. In no case shall the aggregate amount lent
to a participant exceed the lesser of the following: (a) $50,000 reduced by
the excess of the highest outstanding balance of loans from the plan during
the one year period ending on the date before the date of the loan to the
participant; (b) 50% of the participant's vested interest; or (c) 100% of the
sum of the balances in the participant's pre-tax contribution and matching
contribution accounts.
(g) Transferred assets
Participants transferred their assets of $1,832,160 from an affiliate's
401(K) plan to the Plan during 1994.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The plan presents in the statement of changes in net assets the net
appreciation (depreciation) in the contract value of its investments which
consists of the realized gains and losses and the unrealized appreciation
(depreciation) on those investments. Benefits are recorded when paid.
(b) Investments
The plan entered into an immediate participation guarantee contract with
Connecticut General Life Insurance Company (Connecticut General). Connecticut
General maintains a.) an employer contribution account b.) a voluntary
savings account and c.) a rollover contribution account for each participant.
As directed by the plan, sixty percent of employer contributions for each
participant are allocated to the Guaranteed Long Term Account and the
remaining forty percent of employer contributions as well as any participant
voluntary contributions are allocated to separate investment funds (see note
5) according to participant elections. The accounts are credited with
earnings on the underlying investments and charged for Plan benefits paid.
The contract is included in the financial statements at December 31, 1994 and
1993, at contract value as reported to the Plan by Connecticut General.
<PAGE>
6
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
(c) Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
December 31, 1994
-----------------
Net assets available for benefits per
the financial statements $16,367,219
-----------------
Net assets available for benefits per
Form 5500 $16,367,219
=================
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 1994
-----------------
Benefits paid to participants per
the financial statements $1,371,696
-----------------
Benefits paid to participants per
the Form 5500 $1,371,696
=================
NOTE 3 - FEDERAL INCOME TAXES
The Plan has received an Internal Revenue Service Determination Letter dated
May 3, 1989, which states that it qualifies under the provisions of Section
501(a) of the Internal Revenue Code and is, therefore, exempt from federal
income taxes. Employer contributions and the income of the Plan are not
taxable to the participants until such time as distributions are made.
NOTE 4 - TERMINATIONS
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of plan
termination, participants will become 100 percent vested in their accounts.
<PAGE>
7
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 5 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS
Six separate investment funds are maintained under the plan for the benefit
of participants. The allocation of net assets available for plan participants
to the separate investment funds is as follows:
<TABLE>
For the year ended December 31, 1994
------------------------------------------
Immediate Participation Guarantee Contract
Guaranteed Guaranteed Income and Growth Stock Old Participant
Long-term Short-term Growth Opportunity Market Republic Loan
Combined Account Account Account Account Index Stock
----------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for benefits $16,367,219 $13,279,063 $185,953 $656,324 $1,207,298 $136,067 $688,912 $213,602
</TABLE>
<TABLE>
For the year ended December 31, 1993
------------------------------------------
Immediate Participation Guarantee Contract
Guaranteed Guaranteed Growth and Growth Income and Strategic
Long-term Short-term Income Opportunity Growth Opportunity
Combined Account Account Account Account Account Account
----------- ----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for benefits $13,406,563 $11,700,147 $162,328 $588,451 $627,395 $313,603 $14,639
</TABLE>
The contract with the funding agent imposes certain restrictions on transfers
between and disbursements from various accounts, the most restrictive of
which are:
- Transfers or disbursements from the guaranteed long-term account greater
than 10% of the total assets in such pool at January 1 of the year of
computation may be deferred by the funding agent.
- Transfers or disbursements from the guaranteed short-term account may be
deferred up to a period of 30 days if there is negative cash flow in the
account.
<PAGE>
8
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 5 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
<TABLE>
For the year ended December 31, 1994
------------------------------------------
Immediate Participation Guarantee Contract
Guaranteed Guaranteed Income and Growth
Long-term Short-term Growth Opportunity
Combined Account Account Account Account
----------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Transferred Assets $1,832,160 1,225,152 31,335 - -
Contributions:
Employer $1,351,694 $561,933 $8,934 $234,662 $342,100
Employee $466,984 178,998 3,946 89,253 122,477
----------- ----------- ----------- ----------- -----------
1,818,678 740,931 12,880 323,915 464,577
----------- ----------- ----------- ----------- -----------
Investment Income:
Interest 698,687 692,737 5,950 - -
Dividends 12,012 - - - -
Net appreciation in
contract value
of investments (36,688) (3,033) - (16,899) 16,291
----------- ----------- ----------- ----------- -----------
674,011 689,704 5,950 (16,899) 16,291
----------- ----------- ----------- ----------- -----------
Other additions 9,602 5,832 7 663 1,258
Total additions 4,334,451 2,661,619 50,172 307,679 482,126
Less benefits paid
to participants 1,371,696 1,245,461 10,156 36,937 21,027
Administrative expenses 2,099 995 41 43 83
Loans to Participants - 115,854 3,372 1,717 3,240
Transfers between funds - 279,607 (12,978) 73,739 122,127
----------- ----------- ----------- ----------- -----------
Net increase 2,960,656 1,578,916 23,625 342,721 579,903
----------- ----------- ----------- ----------- -----------
Net assets available
for plan benefits:
Beginning of year 13,406,563 11,700,147 162,328 313,603 627,395
----------- ----------- ----------- ----------- -----------
End of year $16,367,219 $13,279,063 $185,953 $656,324 $1,207,298
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 5 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
<TABLE>
For the year ended December 31, 1994
------------------------------------------
Immediate Participation Guarantee Contract
Stock Old Growth and Strategic Participant
Market Republic Income Opportunity Loans
Index Stock Account Account
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Transferred Assets - 575,673 - - -
Contributions:
Employer $76,436 $127,629 - - -
Employee 27,118 45,192 - - -
---------- ----------- ----------- ----------- -----------
103,554 172,821 - - -
---------- ----------- ----------- ----------- -----------
Investment Income:
Interest - - - - -
Dividends 12,012 - - - -
Net appreciation in
contract value
of investments 583 (33,630) - - -
---------- ----------- ----------- ----------- -----------
583 (21,618) - - -
---------- ----------- ----------- ----------- -----------
Other additions 921 921 - - -
Total additions 105,058 727,797 - - -
Less benefits paid
to participants 1,522 13,669 42,924 - -
Administrative expenses 26 911 - - -
Loans to Participants 197 89,222 - - (213,602)
Transfers between funds 32,754 64,917 (545,527) (14,639) -
---------- ----------- ----------- ----------- -----------
Net increase 136,067 688,912 (588,451) (14,639) 213,602
---------- ----------- ----------- ----------- -----------
Net assets available
for plan benefits:
Beginning of year 0 0 588,451 14,639 -
---------- ----------- ----------- ----------- -----------
End of year $136,067 $688,912 $0 $0 $213,602
========== =========== =========== =========== ===========
</TABLE>
<PAGE>
9
NOTES TO FINANCIAL STATEMENTS
___________________________________________________________________________
NOTE 5 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
<TABLE>
For the year ended December 31, 1993
------------------------------------------
Immediate Participation Guarantee Contract
Guaranteed Guaranteed Growth and Growth Income and Strategic
Long-term Short-term Income Opportunity Growth Opportunity
Combined Account Account Account Account Account Account
----------- ----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $1,170,513 $983,809 $27,636 $80,565 $44,398 $25,923 $8,182
Employee 80,224 61,793 1,907 2,075 9,851 4,535 63
----------- ----------- ----------- ----------- ----------- ----------- -----------
1,250,737 1,045,602 29,543 82,640 54,249 30,458 8,245
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investment Income:
Interest 675,929 672,152 3,777 - - - -
Net appreciation in
contract value
of investments 117,799 - - 19,730 61,784 34,227 2,058
----------- ----------- ----------- ----------- ----------- ----------- -----------
793,728 672,152 3,777 19,730 61,784 34,227 2,058
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 2,044,465 1,717,754 33,320 102,370 116,033 64,685 10,303
Less benefits paid
to participants 349,427 302,881 9,289 20,814 4,725 11,718 -
Transfers between
funds - (272,773) (1,926) (52,250) 244,916 83,658 (1,625)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase 1,695,038 1,142,100 22,105 29,306 356,224 136,625 8,678
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net assets available
for plan benefits:
Beginning of year 11,711,525 10,558,047 140,223 559,145 271,171 176,978 5,961
----------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $13,406,563 $11,700,147 $162,328 $588,451 $627,395 $313,603 $14,639
=========== =========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>
Exhibit I
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1994 and 1993
___________________________________________________________________________
The following information was received from the funding agent for the Plan
year January 1, 1994 through December 31, 1994:
<TABLE>
Schedule G, Part V: Schedule of Reportable Transactions
- -------------------------------------------------------------------------------------------------------------------------|
(a) identity |(b) Description of Assets | (c) Purchase | (d) Selling | (g) Cost of | (h) Current value | (i) Net gain|
of party | | price | price | asset | of assets on | or loss |
involved | | | | | transaction date | |
- -------------|--------------------------|--------------|--------------|--------------|--------------------|-------------|
<S> <S> <C> <C> <C> <C> <C>
|Purchases of units in | | Not | | | |
CGLIC |GUARANTEED LONG-TERM | $2,575,814 | Applicable | $2,575,814 | $2,575,814 | $0 |
- -------------|--------------------------|--------------|--------------|--------------|--------------------|-------------|
|Sales of units in | Not | | | | |
CGLIC |GUARANTEED LONG-TERM | Applicable | $741,086 | * | $741,086 | * |
- -------------|--------------------------|--------------|--------------|--------------|--------------------|-------------|
|Purchases of units in | | Not | | | |
|OLD REPUBLIC STOCK | $831,513 | Applicable | $831,513 | $831,513 | $0 |
- -------------|--------------------------|--------------|--------------|--------------|--------------------|-------------|
|Sales of units in | Not | | | | |
|OLD REPUBLIC STOCK | Applicable | $108,971 | * | $108,971 | * |
- -------------|--------------------------|--------------|--------------|--------------|--------------------|-------------|
</TABLE>
* Not available form Ordinary Business Records
Schedule of Assets Held For Investment Purposes
------------------------------------------------------- |
Identity |Description | Current |
of party | | Value |
--------------|--------------------------|------------- |
CGLIC |GUARANTEED LONG-TERM | $13,279,063 |
--------------|--------------------------|------------- |
CGLIC |GUARANTEED SHORT-TERM | 185,953 |
--------------|--------------------------|------------- |
CGLIC |INCOME AND GROWTH | 656,324 |
--------------|--------------------------|------------- |
CGLIC |GROWTH OPPORTUNITY | 1,207,298 |
--------------|--------------------------|------------- |
CGLIC |STOCK MARKET INDEX | 136,067 |
--------------|--------------------------|------------- |
CGLIC |OLD REPUBLIC STOCK | 688,912 |
--------------|--------------------------|------------- |
CGLIC |GROWTH AND INCOME | 0 |
--------------|--------------------------|------------- |
CGLIC |STRATEGIC OPPORTUNITY | 0 |
--------------|--------------------------|------------- |
CGLIC |LOANS TO PARTICIPANTS | 213,602 |
--------------|--------------------------|------------- |
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Committee has duly caused this annual report to be signed on behalf of the
undersigned, thereunto duly authorized.
GREAT WEST PROFIT SHARING PLAN, Registrant
By: _______/s/ Allen J. Johnson___________
Allen J. Johnson, Plan Committee
By: -------/s/ Fredric J. Frey____________
Fredric J. Frey, Plan Committee
By: _______/s/ Michael P. Krehbiel________
Michael P. Krehbiel, Plan Committee
By: _______/s/ R. Scott Rager_____________
R. Scott Rager, Plan Committee
By: _______/s/ Gaylen L. TenHulzen________
Gaylen L. TenHulzen, Plan Committee
By: _______/s/ Scott A. Wilson____________
Gaylen L. TenHulzen, Plan Committee
Dated: May 3, 1995
