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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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<S> <C>
For the fiscal year ended December 31, 1994 Commission file number 1-1569
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or
[ ] Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
American Premier Underwriters, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 23-6000765
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One East Fourth Street
Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513) 579-6600
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
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Common Stock, $1 par value. . . . . . . . . New York Stock Exchange
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 (or
for such shorter period that the registrant was required to file
such reports), 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 (Section 229.405 of this
chapter) is not contained herein, and will 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. [ ]
At March 23, 1995, the aggregate market value of the regis-
trant's voting stock held by non-affiliates was $552 million.
Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest
practicable date.
Class Outstanding at March 23, 1995
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Common Stock, $1 par value 41,668,536 shares*
The following document has been incorporated by reference
into the Parts of this Report indicated:
Proxy statement involving the election of directors
which the registrant or its successor intends to file
with the Commission within 120 days after December 31,
1994 (Part III)
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* As of March 23, 1995, 1,374,745 additional shares of
Common Stock remained to be distributed pursuant to the
registrant's 1978 Plan of Reorganization.
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TABLE OF CONTENTS
Page
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PART I
Item 1. Business. . . . . . . . . . . . . . . . . . . 1
Introduction. . . . . . . . . . . . . . . . . 1
Description of Businesses . . . . . . . . . . 2
Insurance . . . . . . . . . . . . . . . 3
Non-Insurance Assets. . . . . . . . . . 13
General . . . . . . . . . . . . . . . . . . . 14
Employees . . . . . . . . . . . . . . . . . . 15
Item 2. Properties. . . . . . . . . . . . . . . . . . 15
Item 3. Legal Proceedings . . . . . . . . . . . . . . 16
Item 4. Submission of Matters to a Vote of Security
Holders . . . . . . . . . . . . . . . . . . 20
Executive Officers of the Registrant. . . . . . . . . . . 20
PART II
Item 5. Market for Registrant's Common Equity and
Related Stockholder Matters . . . . . . . . 22
Item 6. Selected Financial Data . . . . . . . . . . . 23
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of
Operations. . . . . . . . . . . . . . . . . 25
Item 8. Financial Statements and Supplementary Data . 39
Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure. . . 39
PART III
Item 10. Directors and Executive Officers of the
Registrant . . . . . . . . . . . . . . . . 39
Item 11. Executive Compensation. . . . . . . . . . . . 39
Item 12. Security Ownership of Certain Beneficial
Owners and Management . . . . . . . . . . . 39
Item 13. Certain Relationships and Related
Transactions . . . . . . . . . . . . . . . 39
PART IV
Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K . . . . . . . . . . 40
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PART I
Item 1. Business
INTRODUCTION
American Premier Underwriters, Inc. (the "Company"), the
Registrant, was incorporated in the Commonwealth of Pennsylvania
in 1846. In March 1994, the Company changed its name from The
Penn Central Corporation to American Premier Underwriters, Inc.
in order to better reflect its identity as a property and
casualty insurance specialist.
The Company's principal operations are conducted by a group
of non-standard private passenger automobile insurance companies
(the "NSA Group") and by Republic Indemnity Company of America
("Republic Indemnity"), a California workers' compensation
insurance company. See "Description of Businesses--Insurance."
On March 23, 1995, the Company's shareholders approved the
Company's acquisition (the "Acquisition") of all of the common
stock of American Financial Corporation ("AFC"). Consummation of
the Acquisition is pending receipt of a private letter ruling
from the Internal Revenue Service regarding the continuation of
the Company's federal income tax consolidated group. Upon
consummation of the Acquisition, the Company will become a wholly
owned subsidiary of American Premier Group, Inc. ("New American
Premier"), a new holding company formed by the Company for the
purpose of acquiring all of the common stock of AFC. Pursuant to
the terms of the Acquisition, (a) the Company will merge with a
subsidiary of New American Premier and each of the 41.7 million
shares of the Company's common stock expected to be then
outstanding will be converted into one share of New American
Premier common stock, (b) AFC will merge with another subsidiary
of New American Premier and each share of AFC common stock will
be converted into 1.435 shares of New American Premier common
stock (after giving effect to a litigation settlement) and (c)
the Company and AFC will become wholly owned subsidiaries of New
American Premier.
The 28.3 million common shares of New American Premier to be
issued in the Acquisition to the common shareholders of AFC,
consisting of Carl H. Lindner, members of his family and trusts
for their benefit, will constitute approximately 55.2% of the
common stock of New American Premier expected to be then
outstanding. Mr. Lindner is Chairman of the Board and Chief
Executive Officer of both the Company and AFC and will continue
in that role with New American Premier. AFC beneficially owns
approximately 18.7 million shares (or approximately 44.8% of the
outstanding shares) of the Company's common stock, which in
effect will be acquired by New American Premier upon consummation
of the Acquisition. Accordingly, the net increase in outstanding
shares resulting from the Acquisition will be 9.6 million shares.
The Acquisition was approved by the Company's Board of Directors
based on the recommendation of a special committee of the
Company's independent directors. In making its recommendation,
the Special Committee relied on an opinion of Furman Selz
Incorporated that the number of New American Premier shares to be
issued to the shareholders of AFC was fair to the shareholders of
the Company (other than AFC) from a financial point of view.
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AFC is engaged principally in multi-line property and
casualty insurance businesses through its wholly-owned Great
American Insurance Group. Approximately 54% of the Great
American Insurance Group's net written premiums for 1994 came
from specialty lines, with the balance being produced by
commercial and personal lines. AFC also owns 80% of American
Annuity Group, Inc., which through its Great American Life
Insurance Company subsidiary sells tax-deferred annuities
principally to employees of educational institutions. AFC's
assets also include a 46% interest in Chiquita Brands
International, Inc., a world-wide marketer and producer of
bananas and other food products, and a 37.5% interest in
Citicasters Inc., which owns a group of radio and television
broadcast stations.
Largely due to its divestitures of non-insurance assets over
the past two years, the Company had $658.5 million of cash,
short-term investments and marketable securities (other than
those held by its insurance operations) at February 28, 1995.
One of the strategic objectives of the Acquisition was to provide
an opportunity to redeploy most of these Parent Company assets to
produce a higher rate of return than has been available on the
instruments in which they have been invested. This objective is
expected to be achieved through the utilization of up to
approximately $625 million of such assets for the early
retirement of relatively expensive AFC and Company debt. Any
such assets used to retire AFC debt are expected to be provided
for such purpose principally in the form of interest-bearing
loans by the Company to AFC or New American Premier.
In June 1994, the Company sold its last major remaining
non-insurance asset, consisting of notes and stock issued by
General Cable Corporation ("General Cable") that the Company had
retained in its 1992 spin-off of General Cable stock to the
Company's shareholders, for $176.7 million as part of the
acquisition of all of General Cable's stock by Wassall PLC. See
Note 3 of the Notes to Financial Statements of the Company and
its subsidiaries in Item 8 of this Report ("Notes to Financial
Statements").
Between January 1, 1994 and February 13, 1995, the Company
purchased 5,359,297 shares of its common stock for approximately
$135.3 million in open market and privately negotiated
transactions. As a result of the Acquisition, all of the
Company's outstanding common stock will be owned by New American
Premier.
Management expects that the Company's 1994 consolidated
Federal income tax return will report a remaining net operating
loss carryforward currently estimated at $505 million, which will
expire at the end of 1996 unless previously utilized, and
remaining capital loss carryforwards estimated at $325 million,
which will expire in various amounts between 1995 and 1999 unless
previously utilized. See Note 7 of the Notes to Financial
Statements.
DESCRIPTION OF BUSINESSES
Set forth below is a narrative description of the business
operations of the Company's Insurance segment, which is the only
reportable industry segment for which financial information is
presented in the financial statements in Item 8 of this Report.
In addition, information is presented with respect to the
Company's "Non-Insurance Assets."
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Insurance
Introduction
The Company's principal operations are conducted through
specialty property and casualty insurance subsidiaries that
underwrite and market non-standard automobile and workers'
compensation insurance.
The Company's primary objective in its insurance operations
is to achieve underwriting profitability, in addition to earning
income from investment of premiums. The Company has met this
objective in each of the five full years that it has owned its
insurance operations. In 1994, these operations had an overall
generally accepted accounting principles ("GAAP") combined ratio
of 97.0% (representing a 3.0% underwriting profit). On a
statutory basis, the combined ratio was 98.5%, as compared with a
property and casualty statutory insurance average of 109.4% (as
estimated by A.M. Best Company ("A.M. Best")). The Company
experienced net earned premium growth of 22.3% in 1994 while
maintaining underwriting profitability. 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.
The overall profitability of the Company's insurance
business is a function of both its underwriting profitability and
the performance of its investment portfolio. See "Liquidity and
Capital Resources--Investing and Financing Activity" and
"Analysis of Continuing Operations--Insurance" in "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in Item 7 of this Report ("Management's Discussion
and Analysis") and Note 4 of the Notes to Financial Statements
for information regarding investments and investment income of
the Company's Insurance segment.
Non-Standard Automobile Insurance
General. The NSA Group is engaged in the writing of
insurance coverage on private passenger automobile physical
damage and liability policies for "non-standard risks." The NSA
Group has four principal operating units comprised of Atlanta
Casualty Company, Windsor Insurance Company, Infinity Insurance
Company and Leader National Insurance Company and their
respective subsidiaries ("Atlanta Casualty", "Windsor",
"Infinity" and "Leader National", respectively) and includes a
total of thirteen domestic insurance companies. Atlanta
Casualty, Windsor, Infinity and Leader National are rated A+
(Superior), A+ (Superior), A (Excellent) and A- (Excellent),
respectively, by A.M. Best, which rates insurance companies based
upon factors of concern to policyholders.
Non-standard risks are those individuals who are unable to
obtain insurance through standard market carriers due to factors
such as age, record of prior accidents, driving violations,
particular occupation or type of vehicle. Premium rates for
non-standard risks are generally higher than for standard risks.
Total private passenger automobile insurance premiums written by
insurance carriers in the United States in 1994 have been
estimated by A.M. Best to be approximately $98 billion. Because
it can be viewed as a residual market, the size of the
non-standard private passenger automobile insurance
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market changes with the insurance environment and grows when
standard coverage becomes more restrictive. Although this
factor, as well as industry differences in the criteria which
distinguish standard from non-standard insurance, make it
difficult to make estimates of non-standard market size, NSA
Group management believes that the voluntary non-standard market
has accounted for approximately 12% to 16% of total private
passenger automobile insurance premiums written in recent years.
State "assigned risk" plans also service this market as an
alternative to voluntary private insurance.
The NSA Group's net written premiums increased from $902
million in 1993 to $1,154 million in 1994. 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 non-standard market and
the purchase of Leader National. Management of the Company
believes the non-standard market has experienced growth in recent
years as standard insurers have become more restrictive in the
types of risks they will write. The NSA Group writes business in
41 states and holds licenses to write policies in 48 states and
the District of Columbia. See "Results of Operations--Insurance
--NSA Group" in Management's Discussion and Analysis regarding
conditions which arose in 1994 which may affect the rate of the
NSA Group's future premium growth.
The U.S. geographic distribution of the NSA Group's gross
written premiums in 1994 compared to 1993, which includes Leader
National's gross written premiums from its May 1993 date of
acquisition by the Company, was as follows:
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Years Ended December 31,
1994 1993
(Dollars in millions)
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Texas ..................... $ 145.2 13.1% $ 96.5 10.7%
Georgia ................... 128.5 11.6 110.7 12.3
Florida ................... 126.0 11.4 121.1 13.5
California ................ 72.0 6.5 54.0 6.0
Arizona ................... 63.3 5.7 53.7 6.0
Tennessee ................. 60.4 5.4 41.3 4.6
Indiana ................... 45.2 4.1 29.3 3.3
Alabama ................... 44.2 4.0 34.2 3.8
Oklahoma .................. 38.9 3.5 28.1 3.1
Mississippi ............... 38.7 3.5 28.4 3.2
All Other U.S. ............ 346.5 31.2 301.3 33.5
TOTAL...................... $1,108.9 100.0% $898.6 100.0%
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In addition, the Company owns 51% of the stock of a 1993 start-up
insurance company in the United Kingdom which specializes in
non-standard automobile insurance. During 1994, this company had
gross written premiums of $63.1 million ($23.7 million in 1993),
of which $26.6 million ($9.8 million in 1993) was assumed by one
of the Company's wholly owned insurance subsidiaries.
The NSA Group management believes that it has achieved
underwriting success over the past several years as compared to
the automobile insurance industry as a whole due, in part, to the
refinement of various risk profiles,
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thereby dividing the consumer market into more defined segments
which can either be excluded from coverage or priced properly.
The NSA Group also generally writes policies of short duration
which allow more frequent rating evaluations of individual risks,
providing management greater flexibility in the ongoing
assessment of the business. In addition, the NSA Group has
implemented cost control measures both in the underwriting and
claims handling areas. See "Results of Operations--Insurance--
NSA Group" in Management's Discussion and Analysis for
information regarding the underwriting profitability of the NSA
Group over the past three years.
Marketing. Each of the four principal units in the NSA
Group is responsible for its own marketing, sales, underwriting
and claims processing. Sales efforts are primarily directed
toward independent agents to convince them to select an NSA Group
insurance company for their customers. These units each write
policies through approximately 5,000 to 12,000 independent
agents.
Of the approximately 1,010,000 NSA Group policies in force
at December 31, 1994, approximately 11% had policy limits in
excess of $50,000 per occurrence. Most NSA Group policies are
written for policy periods of six months or less, and some are as
short as one month.
Reinsurance. Due in part to the limited exposure on
individual policies, none of the insurance carriers in the NSA
Group is involved to a material degree in reinsuring risks with
third party insurance companies. Risks written by NSA Group
companies in excess of certain limits are in some cases reinsured
with a major reinsurance company. In general, the risk retained
by the NSA Group companies is $500,000 of ultimate net loss for
each occurrence and certain portions of ultimate net losses in
excess of such limits. Reinsurance premiums paid by the NSA Group
in 1994 amounted to less than 1% of net written premiums of the
NSA Group for the period. See Notes 4 and 15 of the Notes to
Financial Statements for further information regarding
reinsurance.
Competition. A large number of national, regional and local
insurers write non-standard private passenger automobile
insurance coverage. Insurers in this market generally compete on
the basis of price (including differentiation on liability
limits, variety of coverages offered and deductibles), geographic
availability and ease of enrollment and, to a lesser extent,
reputation for claims handling, financial stability and customer
service. NSA Group management believes that sophisticated data
analysis for refinement of risk profiles has helped the NSA Group
to compete successfully on the basis of price without negatively
affecting underwriting profitability. The NSA Group attempts to
provide selected pricing for a wider spectrum of risks and with a
greater variety of payment options, deductibles and limits of
liability than are offered by many of its competitors. The NSA
Group does not issue any participating policies and does not pay
dividends to policyholders, except for Leader National, which
paid policyholders $31,000 in dividends in 1994 pursuant to
certain commercial vehicle programs.
Regulation. Like all insurance companies, including
Republic Indemnity discussed below under "Workers' Compensation
Insurance," the NSA Group insurance companies are subject to
regulation in the jurisdictions in which they do business. In
general, the insurance laws of the various states
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establish regulatory agencies with broad administrative powers
governing, among other things, premium rates, solvency standards,
licensing of insurers, agents and brokers, trade practices, forms
of policies, maintenance of specified reserves and capital for
the protection of policyholders, deposits of securities for the
benefit of policyholders, investment activities and relationships
between insurance subsidiaries and their parents and affiliates.
Material transactions between insurance subsidiaries and their
parents and affiliates generally must be disclosed and prior
approval of the applicable insurance regulatory authorities
generally is required for any such transaction which may be
deemed to be extraordinary. In addition, while regulations
differ from state to state, they typically restrict the maximum
amount of dividends that may be paid by an insurer to its
shareholders in any twelve-month period without advance
regulatory approval. Such limitations are generally based on
earnings or statutory surplus. Under applicable restrictions,
the maximum amount of dividends that may be paid by the NSA Group
to the Company during 1995 without seeking regulatory clearance
is $40.1
million.
Most states have created insurance guarantee associations to
provide for the payment of claims for which insolvent insurers
are liable but which cannot be paid out of such insolvent
insurers' assets. In applicable states, insurance companies,
including the NSA Group companies, are subject to assessment by
such associations, generally to the extent of such companies' pro
rata share of such claims based on premiums written in the
particular line of business in the year preceding the assessment,
and subject to certain ceilings on the amount of such assessments
in any year. In 1994, the NSA Group companies paid assessments
to such associations aggregating approximately $800,000.
In addition, many states have created "assigned risk" plans,
joint underwriting associations and other similar arrangements to
provide state mandated minimum levels of automobile liability
coverage to drivers whose driving records or other relevant
characteristics make it difficult for them to obtain insurance in
the voluntary market. Automobile liability insurers in those
states are required to sell such coverage to a proportionate
number (generally based on the insurer's share of the automobile
liability insurance market in such state) of those drivers
applying for placement as assigned risks. Assigned risks
accounted for less than 1% of net written premiums of the NSA
Group companies in 1994. Premium rates for assigned risk
business are established by the regulators of the particular
state plan and are frequently inadequate in relation to the risks
insured, resulting in underwriting losses.
In 1994, the NSA Group received approximately $72.0 million
in net written premiums from California. Prior to 1989,
automobile insurance rates in California, other than assigned
risk rates discussed above, were not subject to approval by any
governmental agency and generally were determined by competitive
market forces. In November 1988, Proposition 103 was approved by
the California voters. It mandated important changes in the
California insurance market, including the requirement that
insurance companies roll back automobile insurance rates to 80%
of the November 1987 levels, maintain those rates for one year
and obtain prior approval of rates beginning in 1989. The
Company's acquisition of the NSA Group in 1990 was structured to
protect the Company against the consequences of any rate rollback
applied to the acquired operations. As for the prior approval
requirements, the company through which
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the NSA Group obtained the majority of its net written premiums
in California increased its rates in August 1989; disposition of
its applications for additional rate increases had, as with other
companies, been suspended pending adoption of regulations
implementing Proposition 103. However, current legislation in
California generally provides that applications for rate
increases made on or after July 1, 1993 will be deemed approved
after 180 days unless disapproved by the Department of Insurance.
The Company is unable to predict whether or at what level future
rate increases, when applied for, may be approved. Over time, the
failure to receive appropriate rate increases could result in
reduced underwriting profitability in California for the NSA
Group. In addition, the Company could experience loss of premium
volume in California as a result of actions it would take to
maintain such profitability.
The operations of the NSA Group are dependent on the laws
and regulations of the states in which its insurance companies
are domiciled or licensed or otherwise conduct business, and
changes in those laws and regulations have the potential to
materially affect the revenues and expenses of the NSA Group.
The Company is unable to predict whether or when Proposition
103-type initiatives or similar laws or regulations may be
adopted or enacted in other states or what the impact of such
developments would be on the future operations and revenues of
its insurance businesses in such states.
Workers' Compensation Insurance
General. Republic Indemnity is engaged in the sale of
workers' compensation insurance in California. It also began
writing in Arizona in 1993 and obtained approximately 1% of its
gross written premiums from that state in 1994. Republic
Indemnity is currently rated A+ (Superior) by A.M. Best.
Workers' compensation insurance policies provide coverage
for workers' compensation and employer's liability. 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 including,
among other things, temporary or permanent disability benefits,
death benefits, medical and hospital expenses and expenses of
vocational rehabilitation. The benefits payable and the duration
of such benefits are set by statute, and vary with the nature and
severity of the injury or disease and the wages, occupation and
age of the employee. 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. Republic
Indemnity generally issues policies for one-year periods.
Workers' compensation insurance operations are affected by
employment trends in their markets, litigation activities, legal
and medical costs, use of vocational rehabilitation programs and
the provision of benefits for traditionally non-occupational
injuries, such as stress and trauma claims. While higher claims
costs are ultimately reflected in premium rates, there
historically has been a time lag of varying periods between the
incurrence of higher claims costs and premium rate adjustments,
which may unfavorably affect underwriting results.
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See "Results of Operations--Insurance--Republic Indemnity"
in Management's Discussion and Analysis for information regarding
the underwriting profitability of Republic Indemnity over the
past three years.
Marketing. Republic Indemnity writes insurance through
approximately 630 independent property and casualty insurance
brokers. In 1994, none of these produced more than 4.4% of total
premiums. The largest three of these produced approximately 9%
of total premiums. Republic Indemnity has in excess of 12,650
policies in force, the largest of which represents less than
1% of net premiums written.
Reinsurance. In its normal course of business and in
accordance with industry practice, Republic Indemnity reinsures a
portion of its exposure with other insurance companies so as to
limit its maximum loss arising out of any one occurrence.
Reinsurance does not legally discharge the original insurer from
primary liability. Republic Indemnity retains the first $1.5
million of each loss, the next $1.5 million of each loss is
reinsured with a major reinsurance company, the next $2 million
of each loss is shared equally by Republic Indemnity and the
reinsurance company and the remaining $145 million of each loss
is covered by reinsurance provided by a group of more than 50
reinsurance companies. Premiums for reinsurance ceded by
Republic Indemnity in 1994 were 0.9% of net written premiums for
the period. Republic Indemnity does not assume reinsurance,
except as an accommodation to policyholders who have a small
percentage of their employees outside the state of California.
See Notes 4 and 15 of the Notes to Financial Statements for
further information on reinsurance.
Competition. Republic Indemnity competes with both the
California State Compensation Insurance Fund (the "State Fund")
and over 275 other companies writing workers' compensation
insurance in California. In 1993, the State Fund wrote
approximately $1.7 billion in direct written premiums, which was
approximately 19.0% of the insured workers' compensation market
in California. In addition, many employers are self-insured.
According to published sources, no other company wrote in excess
of $545 million in direct written premiums in 1993. Republic
Indemnity wrote $469 million in statutory direct written premiums
in 1993. With a market share of approximately 5.2% in 1993, not
including risks self-insured by employers, Republic Indemnity
believes that it is currently the third largest writer of
workers' compensation insurance in California, including the
State Fund.
Approximately 89% of net premiums written by Republic
Indemnity in 1994 were from the sale of policies that provide for
the discretionary payment of dividends to policyholders as a
refund of premiums paid when Republic Indemnity's experience with
such policyholders has been more favorable than certain specified
levels and Republic Indemnity has had favorable financial
results.
Prior to the repeal of the California workers' compensation
insurance minimum rate law effective January 1, 1995 discussed
under "--Regulation" below, competition was based primarily on an
insurer's reputation for paying dividends to policyholders.
Management believes that Republic Indemnity's record and
reputation for paying relatively high policyholder dividends have
enhanced its competitive position in the past. With the repeal
of the minimum rate law effective January 1, 1995, the premium
rate levels offered by an insurer, rather than its reputation for
paying policyholder dividends, have
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become the most important factor affecting competition. For
further discussion of the impact of such repeal on Republic
Indemnity, see "Results of Operations--Insurance--Republic
Indemnity" in Management's Discussion and Analysis.
Other competitive factors include loss control services,
claims service, service to brokers and commission schedules.
While many companies, including certain of the largest writers,
specialize in the writing of California workers' compensation
insurance, Republic Indemnity believes it has a competitive
advantage over certain other companies offering all lines of
insurance in that its specialization in the workers' compensation
field enables it to concentrate on that business with a favorable
effect upon operations. Republic Indemnity may be at a
competitive disadvantage when businesses that purchase general
property and casualty insurance are encouraged by other insurers
to place their workers' compensation insurance as part of an
overall insurance package. Although Republic Indemnity is one of
the largest writers of workers' compensation insurance in
California, certain of its competitors are larger and/or have
greater resources than Republic Indemnity.
Regulation. Republic Indemnity's insurance activities are
regulated by the California Department of Insurance for the
benefit of policyholders. The Department of Insurance has broad
regulatory, supervisory and administrative powers along the lines
of those promulgated by most states relating to the activities of
their domestically incorporated insurers and the conduct of all
insurance business within their respective jurisdictions, as
described more fully under "Non-Standard Automobile Insurance"
above. Prior to January 1, 1995, minimum premium rates for
workers' compensation insurance were determined by the California
Insurance Commissioner (the "Insurance Commissioner") based in
part upon recommendations of the Workers' Compensation Insurance
Rating Bureau of California.
In July 1993, California enacted legislation (the "Reform
Legislation") effecting an immediate overall 7% reduction in
workers' compensation insurance premium rates and replacing the
workers' compensation insurance minimum rate law, effective
January 1, 1995, with a procedure permitting insurers to use any
rate within 30 days after filing it with the Insurance
Commissioner unless the rate is disapproved by the Insurance
Commissioner. On December 1, 1993, the Insurance Commissioner
ordered an additional 12.7% minimum premium rate decrease
effective January 1, 1994 for new and renewal policies entered
into on and after January 1, 1994. On September 21, 1994, the
Insurance Commissioner approved an additional 16% minimum premium
rate decrease effective October 1, 1994 for all new and renewal
policies with anniversary dates on or after October 1, 1994 as
well as the unexpired portion of policies incepting on or after
January 1, 1994. See "Results of Operations--Insurance
--Republic Indemnity" in Management's Discussion and Analysis for
a discussion of the impact on Republic Indemnity of these rate
reductions and the repeal of the minimum rate law.
As a result of the Reform Legislation's provisions
permitting employers to require injured workers to obtain medical
services from "managed" health care organizations under
prescribed circumstances, several health care organizations have
become affiliated, contractually and otherwise, with certain
workers' compensation insurers. During 1994, Republic Indemnity
entered into a managed care arrangement with a health care
organization. The
9
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<PAGE>
Company continues to evaluate the implications of these
provisions, as well as the resulting affiliations, but is unable
to predict their ultimate impact on its workers' compensation
insurance operations.
While Republic Indemnity has operated on a profitable basis,
no assurances can be given that it could continue to do so in the
face of adverse conditions in the California workers'
compensation market.
Shareholder dividends paid within any twelve-month period
from a California property and casualty insurance company to its
parent without regulatory approval cannot exceed the greater of
10% of the insurer's statutory policyholders' surplus as of the
preceding December 31, or 100% of its net income for the
preceding calendar year, a limitation during 1995 of $42.2
million in the aggregate for Republic Indemnity.
Due to the existence of the State Fund, California does not
require licensed insurers to participate in any involuntary pools
or assigned risk plans for workers' compensation insurance.
California has guarantee regulations to protect policyholders of
insolvent insurance companies. In California, an insurer cannot
be assessed an amount greater than 1% of its premiums written in
the preceding year, and the full amount is required to be
recovered through a mandated surcharge to policyholders.
Premiums written under workers' compensation policies are subject
to assessment only with respect to covered losses incurred by the
insolvent insurer under workers' compensation policies. There
were no such assessments for policy year 1994.
Proposition 103, which is described more fully under
"Non-Standard Automobile Insurance" above, does not affect
workers' compensation insurance as directly as other lines of
business principally because its rate rollback feature does not
apply to workers' compensation insurance.
Reinsurance Subsidiary
Penn Central Reinsurance Company, a subsidiary of the
Company, commenced the writing of reinsurance in 1990. Earned
premiums in 1994 and 1993 were approximately $2.2 million and
$10.7 million, respectively.
Liability for Property-Casualty Losses and Loss Adjustment
Expenses
The consolidated financial statements of the Company and its
subsidiaries in Item 8 of this Report include the estimated
liability for unpaid losses and loss adjustment expenses ("LAE")
of the Company's insurance subsidiaries. The liabilities for
losses and LAE are determined using actuarial and statistical
procedures and represent undiscounted estimates of the ultimate
net cost of all unpaid losses and LAE incurred through December
31 of each year. These estimates do not represent an exact
calculation of liabilities but rather involve actuarial
projections at a given time of what the Company expects the
ultimate settlement and administration of claims will cost based
on facts and circumstances then known, estimates of incurred but
not reported losses, predictions of future events, estimates of
future trends in claims' severity and judicial theories of
liability as well as other factors such as inflation and are
subject to the effect of future trends on claim settlement.
These estimates are continually reviewed and adjusted as
experience develops and new information becomes known. In light
of present facts and current legal
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interpretations, management believes that adequate provision has
been made for loss and LAE reserves. However, establishment of
appropriate reserves is an inherently uncertain process, and
there can be no certainty that currently established reserves
will prove adequate in light of subsequent actual experience.
Future loss development could require reserves for prior periods
to be increased, which would adversely impact earnings in future
periods.
Increases in claim payments are caused by a number of
factors that vary with the individual types of policies written.
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.
The following table provides an analysis of changes in the
estimated liability for losses and LAE over the past three years,
net of all reinsurance activity, in accordance with GAAP:
<TABLE>
<CAPTION>
1994 1993 1992
(Dollars in millions)
<S> <C> <C> <C>
Balance at beginning of year, net of
reinsurance......................... $ 916.3 $763.5 $663.9
Provision for losses and LAE
occurring in the current year....... 1,169.5 914.7 706.8
Net decrease in provision for claims
occurring in prior years............ (78.8) (57.8) (20.2)
1,090.7 856.9 686.6
Payments for losses and LAE occurring during:
Current year........................ 553.6 413.0 294.7
Prior years ........................ 386.5 345.1 292.3
940.1 758.1 587.0
Loss and LAE reserves of subsidiaries
purchased .......................... 13.1 54.0 --
Balance at end of year, net of
reinsurance......................... 1,080.0 916.3 763.5
Reinsurance receivable on unpaid
losses and LAE at end of year (1)... 50.9 45.1 --
Balance at end of period, gross of
reinsurance receivable (1) ......... $1,130.9 $961.4 $763.5
------------------------
(1) New accounting rules effective in 1993 require that insurance
liabilities be reported without deducting reinsurance amounts.
See Note 1 of Notes to Financial Statements.
</TABLE>
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The decreases in the provision for claims occurring in prior
years result from reductions in the estimated ultimate losses and
LAE related to such claims.
The difference between the liability for losses and LAE
reported in the annual statements filed with the state insurance
departments in accordance with statutory accounting principles
and that reported in the consolidated financial statements in
Item 8 of this Report in accordance with GAAP is $62.5 million at
December 31, 1994, which is comprised of a $50.9 million
reinsurance receivable on unpaid losses and LAE at December 31,
1994 plus an $11.6 million liability for losses and LAE (net of
$4.2 million of reinsurance) of a consolidated foreign subsidiary
at December 31, 1994.
The following table presents the development of the
liability for losses and LAE net of reinsurance for 1989 (the
year the Company acquired its first insurance subsidiary) through
1994. The top line of the table shows the estimated liability
for unpaid losses and LAE recorded at the end of the indicated
years. The second line shows the liability as re-estimated at
December 31, 1994. 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 redundancy
which represents the aggregate percentage 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 liability.
<TABLE>
<CAPTION>
1989 1990 1991 1992 1993 1994
(Dollars in millions)
<S> <C> <C> <C> <C> <C>
Liability for unpaid
losses and LAE:
As originally estimated $369.1 $601.7 $663.9 $763.5 $916.3 $1,080.0
As re-estimated at
December 31, 1994 $312.6 $539.1 $600.2 $671.1 $837.5
Liability re-estimated
as of:
One year later ..... 97.0% 96.5% 97.0% 92.4% 91.4%
Two years later .... 89.7% 93.0% 93.4% 87.9%
Three years later .. 85.7% 91.0% 90.4%
Four years later ... 85.5% 89.6%
Five years later ... 84.7%
Cumulative Redundancy.. 15.3% 10.4% 9.6% 12.1% 8.6% N/A
Cumulative paid as of:
One year later ..... 19.5% 43.0% 44.1% 40.6% 40.9%
Two years later .... 49.1% 64.4% 64.5% 59.3%
Three years later .. 64.6% 75.2% 74.2%
Four years later ... 71.4% 79.8%
Five years later ... 75.1%
</TABLE>
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The preceding table does not present accident or policy year
development data. As indicated in the preceding table, the
Company has developed redundancies for all periods presented.
These redundancies were offset, in part, by deficiencies related
to workers' compensation in the 1990 and 1991 accident years.
Furthermore, in evaluating the re-estimated liability and
cumulative redundancy, it should be noted that each percentage
includes the effects of changes in amounts for prior periods.
For example, a redundancy related to losses settled in 1994, but
incurred in 1989, would be included in the re-estimated liability
and cumulative redundancy percentage for each of the years 1989
through 1993. Conditions and trends that have affected
development of the liability in the past may not necessarily
exist in the future. Accordingly, it is not appropriate to
extrapolate future redundancies based on this table.
Non-Insurance Assets
Businesses Divested
During 1994 and 1995, the Company completed the divestiture
of all of its non-insurance subsidiaries.
In March 1994, the Company sold its Sperry Rail unit, which
provided track testing services for the railroad industry, for
$9.8 million in cash. In May 1994, the Company sold its Marathon
Power Technologies Company unit, which manufactured vented-cell
nickel-cadmium aircraft batteries, for $10.6 million in cash plus
a $2.5 million note. In June 1994, the Company sold its 53.5%
common stock interest in DI Industries, Inc., which provided
onshore contract oil and gas well drilling services, for $14.5
million in cash. In February 1995, the Company sold its
Apparatus unit, which manufactured aerial lift trucks, for $7.3
million in cash plus an $8.5 million note, subject to a post-
closing adjustment.
See Note 3 of Notes to Financial Statements for information
with respect to the revenues, operating income and carrying value
of the businesses sold.
Other
Coal Properties. The Company and a subsidiary own fee
interests in coal properties in Illinois, Ohio and Pennsylvania.
Most of these properties are leased at various royalty rates to
coal mining companies under long-term arrangements, including
fixed-term leases with renewal options and exhaustion leases.
The Company does not produce, prepare or sell coal or conduct
mining operations.
Eight mines operated by lessees of the leased coal
properties supply steam coal for electrical utilities or
industrial customers. The future level of royalties above
certain minimum and advance royalties from the reserves presently
under lease will depend upon the rate of mining, the change in
certain price indices and, in some instances, the sales price of
the coal. During 1994, the leased coal properties produced
royalties of $6.2 million.
GCT and Related Development Rights. Subsidiaries of the
Company own Grand Central Terminal ("GCT") in New York City and
rights (the "Development
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Rights") to develop or transfer approximately 1.7 million square
feet of floor space in the GCT area. The Development Rights are
derived from such subsidiaries' ownership of the land upon which
GCT is constructed. Utilization or transfer of such rights
requires the approval of certain New York City agencies. If
required governmental approvals are obtained, the floor space may
be developed on certain sites in the vicinity of GCT, in each
case subject to the requirements of applicable law.
The Company leases GCT (but not the Development Rights) and
its related Harlem and Hudson rail lines to the Metropolitan
Transportation Authority of the State of New York (the "MTA").
In April 1994, the Company agreed to extend the end of the term
lease from the year 2032 to 2274 and to grant an option to the
MTA to purchase the leased property in 25 years. In return, the
Company received consideration having an estimated present value
of $55 million, consisting principally of a $5 million cash
payment and an increase in future rental payments to the Company
of approximately $2 million per year. Under the agreement with
the MTA, the Company relinquished its right to construct an
office building over GCT. However, the Company retained its
rights to transfer the Development Rights from GCT to other sites
in the surrounding area.
The Company has been party to a contract, originally entered
into in 1983, for the sale of 1.5 million square feet of
Development Rights to a partnership controlled by The First
Boston Corporation (the "Partnership") for use at one or more
sites neighboring GCT. Litigation brought by the Partnership
challenging the New York City Planning Commission's denial of a
special permit to transfer a portion of such Development Rights
to a particular site was dismissed in 1991. That dismissal
became final in May 1994 and, as a result, the contract will
expire in accordance with its terms in May 1995.
Real Estate. Subsidiaries of the Company own certain land
and rights associated with the potential development of areas
adjacent to, and above, the rail line at the Scarsdale, New York
commuter railroad station. The Village of Scarsdale has
designated a subsidiary of the Company as preferred developer for
the construction of a residential and retail use project adjacent
to such station. Pursuant to the agreement with the MTA
discussed above under "GCT and Related Development Rights," in
April 1994, subsidiaries of the Company transferred all other
rights to develop areas adjacent to, or above, the Harlem and
Hudson rail lines to the MTA.
The Company also has a program for the sale of real estate
assets that relate to its former rail operations and other
surplus land and facilities.
Oil and Gas Properties. The Company owns certain oil and
gas properties, located primarily in Oklahoma.
Management Company. Buckeye Management Company, a
subsidiary of the Company, manages as the sole general partner
of, and owns a 2% economic interest in, Buckeye Partners, L.P.,
which owns and operates refined petroleum products and crude oil
pipelines in the northeast and midwestern United States.
GENERAL
Compliance with federal, state and local environmental
protection laws
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<PAGE>
during 1994 had no material effect upon the Company's capital
expenditures, earnings or competitive position, and management
anticipates no such material effects resulting from compliance
during 1995. However, certain claims are pending against the
Company relating to environmental conditions allegedly
attributable to the railroad operations of its predecessor, Penn
Central Transportation Company, as described below under Item
3--"Legal Proceedings."
EMPLOYEES
As of February 28, 1995, the approximate number of employees
of the Company and its consolidated subsidiaries was:
Insurance ....................................... 3,600
Non-Insurance ................................... 600
Corporate........................................ 100
Total ........................................... 4,300
Approximately 170 of these employees, all in Non-Insurance
businesses, are covered by collective bargaining agreements.
Item 2. Properties
The Company's operations are conducted principally within
the United States, and the Company believes that its principal
facilities, all of which are owned unless otherwise noted, are
maintained in good operating condition and are adequate for the
present needs of its operations.
The principal facilities by reportable industry segment and
other operations are as follows:
Insurance
Non-Standard Automobile
The NSA Group's principal offices are leased facilities
located in Birmingham, Alabama (68,000 square feet), Atlanta
(81,000 square feet) and Norcross (147,000 square feet), Georgia
and Independence, Ohio (43,000 square feet). These leases expire
in 2005, 1998, 2000 and 1998, respectively.
Workers' Compensation
Republic Indemnity leases office space in Encino (72,000
square feet), San Francisco (57,000 square feet), San Diego
(11,000 square feet) and Sacramento (9,000 square feet),
California, and Phoenix, Arizona (3,000 square feet) under
agreements expiring in 1996, 2001, 1998, 1996 and 2000,
respectively.
Non-Insurance Assets
Coal Properties
The Company and a subsidiary own fee interests in
approximately 161,000 acres of coal properties in Illinois, Ohio
and Pennsylvania. Approximately
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<PAGE>
105,000 acres of these properties remain leased at various
royalty rates to coal mining companies under long-term
arrangements, including fixed-term leases with renewal options
and exhaustion leases.
GCT and Related Development Rights
Subsidiaries of the Company own GCT and rights to develop
floor space in the Grand Central Terminal area of New York City,
as discussed under Item 1--"Description of Business--Non-
Insurance Assets--GCT and Related Development Rights."
Real Estate
The Company's real estate inventory at December 31, 1994
included approximately 13,000 acres of real estate (including
approximately 50 acres with surplus facilities formerly used in
divested operations) spread throughout 13 states.
Oil and Gas Properties
All of the Company's oil and gas properties are located in
the United States. As of December 31, 1994, the Company had
interests in 56 gross (27 net) producing oil wells and 4 gross (1
net) producing gas wells and 4,800 gross (2,238 net) developed
and 12,007 gross (2,929 net) undeveloped acres.
Item 3. Legal Proceedings
Pre-Reorganization Matters
The following matters arose out of railroad operations
disposed of by the Company's predecessor, Penn Central
Transportation Company ("PCTC"), prior to its bankruptcy
reorganization in 1978 and, accordingly, any ultimate liability
arising therefrom in excess of previously established loss
accruals would be attributable to pre-reorganization events and
circumstances. In accordance with the Company's pre-
reorganization accounting policy, any such ultimate liability
will reduce the Company's capital surplus and shareholders'
equity, but will not be charged to income. See Note 1 of the
Notes to Financial Statements. This accounting policy will not
be available to New American Premier, which is the Company's
parent as a result of the Acquisition described under
Item 1--"Business--Introduction," in its consolidated financial
statements.
USX Litigation
In May 1994, USX Corporation ("USX") and its former
subsidiary, Bessemer and Lake Erie Railroad Company ("B&LE"),
filed actions (the "Actions") in the U.S. District Court for the
Western District of Pennsylvania in Pittsburgh and in the Ohio
State Court of Common Pleas for Cuyahoga County, Ohio against the
Company, as successor to the railroad business operated by PCTC
prior to 1976. In both Actions, USX and B&LE seek
indemnification and contribution for all or a portion of the
approximately $600 million that USX paid on B&LE's behalf in
satisfaction of a judgment entered in 1991 against B&LE (the
"B&LE Judgment")
16
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<PAGE>
in certain litigation (the "Iron Ore Litigation") before the U.S.
District Court for the Eastern District of Pennsylvania in
Philadelphia that has been upheld on appeal and become final.
The B&LE Judgment was rendered 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 to
deny competitive rail rates for the transportation of iron ore
from certain lower Lake Erie docks to steel producing areas in
the Midwest. USX and B&LE allege in both Actions that B&LE's
liability for the B&LE Judgment was attributable to PCTC's
alleged activities in furtherance of the conspiracy.
The Company believes that both Actions are without merit.
The Company was originally, like B&LE, a co-defendant in the Iron
Ore Litigation. However, all claims against the Company in the
Iron Ore Litigation were dismissed in the 1980's based on rulings
that PCTC could not be held liable for such claims because (1)
any liability based on PCTC's activities prior to October 24,
1978 was discharged by the consummation order in PCTC's
bankruptcy reorganization proceedings (the "Bankruptcy
Consummation Order") and (2) there was no evidence that PCTC or
the Company engaged in any activities in furtherance of the
alleged conspiracy during the period following October 24, 1978.
The Company believes that, as a matter of law, USX and B&LE
cannot avoid the effect of that dismissal by bringing its actions
for indemnification and contribution, and that the Actions will
also be dismissed. In addition, the Company has other
substantial defenses which it believes are independent bases for
dismissal of the Actions, including the jury findings in the Iron
Ore Litigation that B&LE's participation in the alleged
conspiracy was intentional, which the Company believes would bar
any claims for indemnification or contribution against the
Company.
In June 1994, the Company petitioned the U.S. District Court
for the Eastern District of Pennsylvania for an order directing
USX and B&LE to dismiss the Actions because they violate the
Bankruptcy Consummation Order, which contains an injunction
against the assertion of claims against the Company based on
PCTC's pre-consummation conduct.
In October 1994, the District Court enjoined USX and B&LE
from continuing the Actions against the Company, ruling that
their claims are barred by the Bankruptcy Consummation Order.
USX and B&LE have appealed the District Court's ruling to the
U.S. Court of Appeals for the Third Circuit.
Environmental Matters
The Company is a party or named as a potentially responsible
party in a number of proceedings and claims by regulatory
agencies and private parties under various environmental
protection laws, including the Comprehensive Environmental
Response, Compensation and Liability Act ("CERCLA"), seeking to
impose responsibility on the Company for hazardous waste
remediation costs at certain railroad sites formerly owned by
PCTC and at certain other sites where hazardous waste allegedly
generated by PCTC's railroad operations is present. It is
difficult to estimate the Company's liability for remediation
costs at these sites for a number of reasons, including the
number and financial resources of other potentially responsible
parties involved at a given site, the varying availability of
evidence by which to allocate responsibility among such parties,
the wide range of costs for possible remediation alternatives,
changing technology and the period of time over which these
matters develop. Nevertheless, the Company believes that its
previously established loss
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accruals for potential pre-reorganization environmental
liabilities at such sites (including those established as a
result of the Special Court decision discussed below) are
adequate to cover the probable amount of such liabilities, based
on the Company's estimates of remediation costs and related
expenses at such sites and its estimates of the portions of such
costs that will be borne by other parties. Such estimates are
based on information currently available to the Company and are
subject to future change as additional information becomes
available. Such estimates do not assume any recovery from the
Company's insurance carriers, although the Company does intend to
seek reimbursement from certain insurers for such remediation
costs as the Company incurs.
In August 1994, the Special Court created by the Regional
Rail Reorganization Act of 1973 (the "Rail Act") ruled, in a
decision that has become final, that CERCLA claims against the
Company with respect to the railroad sites it transferred to
Consolidated Rail Corporation ("Conrail") in 1976 pursuant to the
Rail Act are not barred by the terms of the transfer or by the
settlement of the valuation proceedings related to the transfer.
In terms of potential liability to the Company, the most
significant of the sites affected by the Special Court decision
is the railyard at Paoli, Pennsylvania ("Paoli Yard") formerly
owned by PCTC. A Record of Decision issued by the U.S.
Environmental Protection Agency in 1992 presented a final
selected remedial action for clean-up of polychlorinated
biphenyls ("PCB's") at Paoli Yard having an estimated cost of
approximately $28 million. As a result of the Special Court
decision, the Company has accrued a substantial portion of such
estimated clean-up costs in its financial statements (in addition
to related expenses) but has not accrued the entire amount
because it believes it is probable that other parties, including
Conrail, will be responsible for substantial percentages of the
clean-up costs by virtue of their operation of electrified
railroad cars at Paoli Yard that discharged PCB's at higher
levels than discharged by cars operated by PCTC.
In management's opinion, the outcome of the foregoing
environmental claims and contingencies will not, individually or
in the aggregate, have a material adverse effect on the financial
condition of the Company. In making this assessment, management
has taken into account previously established loss accruals in
its financial statements and probable recoveries from third
parties.
Other Matters
AFC (which owns approximately 44.8% of the Company's
outstanding common stock), the Company and the Company's
directors are defendants in nine actions (the "Actions") filed by
shareholders of the Company shortly following the December 12,
1994 public announcement of the definitive agreement for the
proposed Acquisition described under Item 1--"Business--
Introduction." Of the Actions, six are class actions and one is
a derivative action pending in the Court of Common Pleas of
Hamilton County, Ohio, and two are class actions pending in the
Court of Common Pleas of Philadelphia County, Pennsylvania. The
Actions generally allege that the Acquisition would result in
self-dealing transactions which dilute the equity interests of
the Company's shareholders, and involve the purchase of AFC at a
price which is excessive and unfair to the Company's public
shareholders. Prior to the Settlement described below, the
Actions sought to (1) enjoin preliminarily and permanently the
Acquisition until full disclosure of all material facts has been
made; (2) establish an
18
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independent special committee to evaluate the terms of the
proposed Acquisition and employ appropriate procedural safeguards
to protect the interests of the Company's public shareholders;
(3) rescind the Acquisition or pay unspecified rescissory
damages; and (4) recover unspecified compensatory and rescissory
damages and court costs and attorneys' fees.
As a result of negotiations between counsel for plaintiffs
and representatives of defendants, the parties have executed a
memorandum of understanding which settles all of the claims in
all of the Actions, subject to court approval and confirmatory
discovery (the "Settlement"). The defendants in the Actions deny
any liability, that they acted or failed to act in any manner
that could rise to a claim of breach of fiduciary duty, or that
they have violated any law. The defendants have agreed to the
Settlement solely to avoid the burden and expense of further
litigation and to facilitate the consummation of the Acquisition,
which they believe is in the best interests of the Company's
public shareholders. The Settlement requires that Carl H.
Lindner and the members of his family (who collectively own all
of AFC's outstanding common stock) reduce the number of shares of
New American Premier common stock that they will receive in the
Acquisition by 290,000 shares and required certain revisions to
the Proxy Statement/Prospectus mailed to the Company's
shareholders in connection with the Acquisition. The Company's
public shareholders will benefit from the Settlement because
there will be fewer shares of New American Premier common stock
outstanding. The defendants have agreed not to oppose the
application of plaintiffs' counsel to the Court for up to
$2,000,000 in fees and up to $100,000 in costs to be paid by New
American Premier.
On January 18, 1995, an Information was filed against
Buckeye Pipe Line Company ("Buckeye") in the U.S. District Court
for the Western District of Pennsylvania by the U.S. Government
charging Buckeye with two misdemeanor violations of environmental
laws. Buckeye is a subsidiary of the Company which operates
refined petroleum products pipelines. The charges arose from an
incident on March 30, 1990 in which a landslide in western
Pennsylvania ruptured one of Buckeye's pipelines, and petroleum
products flowed into a tributary of the Allegheny River. The
Information alleges violation of the strict liability provisions
of the Rivers and Harbors Act and negligence under the Clean
Water Act. This matter is not considered material to the
Company's financial condition or results of operations, but is
included herein to comply with Securities and Exchange Commission
rules requiring disclosure of environmental proceedings brought
by governmental entities involving potential sanctions exceeding
$100,000.
19
<PAGE> <PAGE>
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Executive Officers of the Registrant
The persons named below are executive officers of the
Company who have been elected to serve in the capacities
indicated at the pleasure of the Company's Board of Directors.
Name, Age and Principal Business Affiliations
Positions with the Company During Past Five Years
Carl H. Lindner, 75 Mr. Lindner has been Chairman
Chairman of the Board and of the Board and Chief Execu-
Chief Executive Officer tive Officer of the Company
for more than five years and is
Chairman of the Board and Chief
Executive Officer of New
American Premier, which will be
the Company's parent. During
the past five years, Mr.
Lindner has been Chairman of
the Board and Chief Executive
Officer of AFC. He is also
a director of American Annuity
Group, Inc., American Financial
Enterprises, Inc., Chiquita
Brands International, Inc. and
Citicasters Inc. Mr. Lindner
is Carl H. Lindner III's
father.
Carl H. Lindner III, 41 Mr. Lindner has been President
President and Chief Operating and Chief Operating Officer of
Officer and a Director the Company since February 1992
and is President and Chief
Operating Officer and a direc-
tor of New American Premier.
He served as Vice Chairman of
the Board of the Company from
October 1991 to February 1992.
During the past five years, Mr.
Lindner has been President of
Great American Insurance
Company, a property and casu-
alty insurance company owned by
AFC.
Neil M. Hahl, 46 Mr. Hahl has been Senior Vice
Senior Vice President President of the Company for
and a Director more than five years and is
Senior Vice President and a
director of New American
Premier. He is also a director
of Buckeye Management Company.
Robert W. Olson, 49 Mr. Olson has been Senior Vice
Senior Vice President, President, General Counsel and
General Counsel and Secretary of the Company for
Secretary and a Director more than five years and is
Senior Vice President, General
Counsel and Secretary and a
director of New American
Premier.
20
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Name, Age and Principal Business Affiliations
Positions with the Company During Past Five Years
Robert F. Amory, 49 Mr. Amory has been Vice Presi-
Vice President and Controller dent and Controller of the
Company for more than five
years and is Vice President and
Controller of New American
Premier.
R. Bruce Brumbaugh, 42 Mr. Brumbaugh has been Vice
Vice President -- Risk President -- Risk Management of
Management the Company for more than five
years.
Richard A. Carlson, 43 Mr. Carlson was elected Vice
Vice President and President in February 1994 and,
Assistant General Counsel prior thereto, had been Staff
Vice President since January
1990 and Assistant General
Counsel since April 1988.
Michael L. Cioffi, 42 Mr. Cioffi was elected Vice
Vice President and President in February 1993
Assistant General Counsel and, prior thereto, had been
Staff Vice President since
January 1990 and Assistant
General Counsel since February
1988.
Robert E. Gill, 48 Mr. Gill has been Vice Presi-
President--Taxes dent--Taxes of the Company for
more than five years.
Philip A. Hagel, 50 Mr. Hagel has been Vice Presi-
Vice President and Treasurer dent and Treasurer of the
Company for more than five
years.
Michael D. Krause, 42 Mr. Krause has been President
President - Non-Standard of the Company's Non-Standard
Automobile Insurance Group Automobile Insurance Group
since October 1994. Mr. Krause
has been President of Windsor
Insurance Company, a non-
standard automobile insurance
subsidiary of the Company, for
more than five years. Mr.
Krause is deemed to be an
"executive officer" of the
Company, as that term is
defined in Rule 3b-7 of the
Securities Exchange Act of
1934, because of the nature of
his responsibilities as an
officer of subsidiaries of the
Company.
21
PAGE
<PAGE>
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters
The Company's common stock is listed and traded principally on
the New York Stock Exchange. On March 23, 1995, there were
approximately 15,624 holders of record of the Company's Common
Stock.
During each of the first three quarters of 1993, the Company's
Board of Directors declared dividends of $.21 per share, and during
the fourth quarter of 1993 declared a dividend of $.22 per share.
The Board declared dividends of $.22 per share in each of the first
three quarters of 1994, $.25 per share in the fourth quarter of
1994, the latter of which was paid in January 1995, and $.25 per
share in the first quarter of 1995, payable in April 1995.
The following table sets forth the high and low stock prices
of the Company's Common Stock for the last two years, as reported
on the New York Stock Exchange Composite Tape.
1994 1993
High Low High Low
First Quarter $33 1/4 $23 3/8 $28 5/8 $23 1/2
Second Quarter 30 23 3/4 33 7/8 25 1/2
Third Quarter 27 5/8 23 3/4 39 3/4 30 3/8
Fourth Quarter 27 21 5/8 34 1/8 29
The Company's policy is to pay quarterly dividends on its
common stock in amounts determined by its Board of Directors. It
is expected that New American Premier will adopt this policy. The
ability of New American Premier to pay dividends will be dependent
upon, among other things, the availability of dividends and
payments under intercompany tax allocation agreements from its
insurance company subsidiaries.
22<PAGE>
<PAGE>
Item 6. Selected Financial Data
<TABLE>
<CAPTION>
(Dollars in millions, Except Per Share Amounts and Ratios)
1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C>
Income Statement Data:(1)
Net Written Premiums $1,635.5 $1,378.9 $1,067.3 $ 864.6 $ 345.1
Insurance Revenues:
Premiums Earned $1,557.9 $1,273.6 $ 998.7 $ 845.6 $ 342.0
Net Investment Income 129.9 114.7 105.0 97.9 51.6
Net Realized Gains
(Losses) - 17.5 23.6 26.5 (9.0)
Loss on Sale of General Cable
Corporation Securities (75.8) - - - -
Other Revenues 155.4 357.5 297.6 305.4 395.3
Total Revenues $1,767.4 $1,763.3 $1,424.9 $1,275.4 $ 779.9
Income from Continuing Operations
before Income Taxes:
Insurance Operations $ 164.7 $ 167.4 $ 143.5 $ 144.5 $ 36.8
Other Operations (123.5) 22.7 (59.4) (65.1) 58.8
$ 41.2 $ 190.1 $ 84.1 $ 79.4 $ 95.6
Income from Continuing
Operations(2) $ .8 $ 242.7 $ 50.9 $ 50.2 $ 62.9
Income from Continuing Operations
Per Share(2) $ .02 $ 5.03 $ 1.08 $ 1.03 $ 1.03
Balance Sheet Data
(at year-end):(1)
Investments Held by Insurance
Operations $1,870.6 $1,602.7 $1,304.2 $1,121.9 $ 997.2
Cash, Short-term Investments and
Marketable Securities Other
Than Those of Insurance
Operations 758.0 611.2 395.1 537.3 458.6
Total Assets 4,194.0 4,049.6 3,486.2 3,330.0 3,280.1
Unpaid Losses and Loss Adjustment
Expenses, Policyholder Dividends
and Unearned Premiums 1,673.5 1,425.5 1,069.0 889.5 823.4
Debt 507.3 523.2 656.1 665.9 516.2
Common Shareholders' Equity 1,548.7 1,722.3 1,502.8 1,479.0 1,634.2
Book Value Per Share of
Common Stock 33.46 36.30 32.40 31.23 31.00
Total Debt to Total Capital 25% 23% 30% 31% 24%
Certain Financial Ratios
and Other Data:
Cash Dividends Declared Per Share
of Common Stock $ .91 $ .85 $ .81 $ .71 $ .53
Statutory Surplus of Insurance
Operations(3) $ 643.6 $ 567.3 $ 453.6 $ 392.9 $ 345.0
Statutory Net Written Premiums to
Statutory Surplus(3,4) 2.5x 2.4x 2.3x 2.3x 2.2x
GAAP Combined Ratio 97.0% 96.2% 97.5% 97.0% 99.9%
Statutory Combined Ratio(3) 98.5% 94.0% 96.5% 98.5% 100.1%
Industry Statutory Combined
Ratio for Property and
Casualty Insurers(5) 109.4%est. 106.9% 115.8% 108.8% 109.6%
</TABLE>
23PAGE
<PAGE>
(1) The Company's principal non-standard automobile insurance
operations were acquired on December 31, 1990 in a business
acquisition accounted for as a purchase. Results of
operations of the acquired businesses are included from the
effective date of the acquisition and the net assets of the
acquired companies are included as of December 31, 1990.
Year-to-year comparisons are also affected by business
dispositions and by restructuring provisions and certain
unusual charges. See Note 3 of Notes to Financial Statements
and "Management's Discussion and Analysis - Results of
Operations" for further information.
(2) The 1993 results include a $132 million, or $2.74 per share,
tax benefit attributable to an increase in the Company's net
deferred tax asset. See Note 7 of Notes to Financial
Statements and "Management's Discussion and Analysis - Results
of Operations".
(3) Statutory information is based on domestic insurance
operations only.
(4) For 1990, the writings to surplus ratio is based on statutory
surplus of Republic Indemnity only, excluding the statutory
surplus of the NSA Group which was acquired on December 31,
1990, and a reinsurance subsidiary which had insignificant
written premiums.
(5) Industry information was derived from Best Week
Property/Casualty Supplement (January 11, 1995 edition).
24<PAGE>
<PAGE>
Item 7.
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Management's Discussion and Analysis discusses the Company's
financial condition and results of operations for each of the three
years in the period ended December 31, 1994. The following is a
description of the Company's Insurance segment and other
operations. Amounts presented in the discussion and analysis
relate only to continuing operations unless otherwise indicated.
On March 23, 1995, the Company's shareholders approved the
acquisition of all of the common stock of American Financial
Corporation ("AFC"). Consummation of the acquisition is pending
receipt of a private letter ruling from the Internal Revenue
Service regarding the continuation of the Company's federal income
tax consolidated group. Upon consummation of the acquisition, the
Company will become a wholly owned subsidiary of American Premier
Group, Inc. ("New American Premier"), a new corporation formed by
the Company for the purpose of acquiring all of the common stock of
AFC. As part of such acquisition (the "Acquisition"), (a) each
outstanding share of Company Common Stock will be converted into
one share of New American Premier common stock and each outstanding
share of AFC common stock will be converted into 1.435 shares of
New American Premier common stock and (b) the Company and AFC will
become subsidiaries of New American Premier. See Note 2 of Notes
to Financial Statements.
INSURANCE
The Insurance segment consists primarily of a group of
non-standard private passenger automobile insurance companies (the
"NSA Group") and a business which sells workers' compensation
insurance principally in California ("Republic Indemnity"). The
non-standard automobile insurance companies insure risks not
typically accepted for standard automobile insurance coverage
because of the applicant's driving record, type of vehicle, age or
other criteria.
NON-INSURANCE OPERATIONS
These operations included the manufacture of a variety of
industrial products and the providing of other industrial services
as well as energy and real estate operations. In connection with
the Company's previously announced divestiture effort, all of the
industrial businesses have been sold. Two were sold during 1993,
two in 1994 and one in February of 1995. Also during 1994, the
Company sold its majority interest in operations which provided
onshore oil and gas contract drilling and well workover services.
These businesses did not comprise reportable industry segments of
the Company and, accordingly, are not reportable as discontinued
operations.
25<PAGE>
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company's management believes the following information
may be useful in understanding the liquidity and capital resources
of the Company.
<TABLE>
<CAPTION>
(Dollars in Millions, Except Per Share Amounts)
As of and for the years ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Cash, Parent Company short-term investments
and Parent Company fixed maturity
securities $838.5 $669.2 $498.8
Deduct items not readily available for
corporate purposes:
Cash held by the insurance operations (36.3) (23.2) (26.8)
Securities held in bank escrow accounts (21.2) (20.2) (65.5)
Private placement notes (23.0) (14.6) (11.4)
Cash, short-term investments and marketable
securities $758.0 $611.2 $395.1
Total debt as a percentage of total capital 25% 23% 30%
Book value per share of Common Stock $33.46 $36.30 $32.40
Net cash provided by continuing operating
activities $307.6 $304.1 $217.9
</TABLE>
The $146.8 million increase during 1994 in the cash, short-
term investments and marketable securities included in the
preceding table was principally attributable to the sale for $176.7
million of the Company's General Cable Corporation ("General
Cable") subordinated notes ("General Cable Notes") and General
Cable common stock to Wassall PLC ("Wassall"). See Note 3 of Notes
to Financial Statements for additional information on the General
Cable transaction. The Company also received aggregate proceeds of
$34.9 million from the divestiture of three of its non-insurance
businesses. These increases in cash, short-term investments and
marketable securities were partially offset by purchases of shares
of Company Common Stock for $47.7 million and the Company's
redemption of all of its outstanding 9 1/2 percent subordinated
debentures for $16.2 million plus accrued interest. During the
period subsequent to December 31, 1994 through February 13, 1995,
the Company purchased 3.3 million shares of its Common Stock for
$82.8 million.
One of the strategic objectives of the Acquisition of AFC is
to provide an opportunity to redeploy most of the Company's
substantial Parent Company investment assets to produce a higher
rate of return than has been available on the short-term fixed
maturity instruments in which they have been invested. This
objective is expected to be achieved through the utilization of up
to approximately $625 million of the Parent Company investment
portfolio to retire relatively expensive AFC and Company long-term
debt. Any such assets used to retire AFC debt are expected to be
provided for such purpose principally in the form of interest-
bearing loans by the Company to AFC or New American Premier.
26PAGE
<PAGE>
The Company's Federal income tax loss carryforward is
available to offset taxable income and, as a result, the Company's
requirement to currently pay Federal income tax is substantially
eliminated. It is expected that the 1994 consolidated Federal
income tax return will report a remaining net operating loss
carryforward currently estimated at approximately $505 million,
which will expire at the end of 1996 unless previously utilized.
After the Acquisition, it is anticipated that the Company's federal
income tax consolidated group will continue to exist, but will not
include any companies not presently in the group, except for New
American Premier. Accordingly, it is expected that the Company's
Federal income tax loss carryforward will continue to offset
taxable income of members of the continuing group through 1996, if
not fully utilized prior thereto.
Net Cash Provided by Continuing Operating Activities
During each of the three years in the period ended December
31, 1994, the Company's continuing operations provided significant
financial resources and sufficient cash flow to meet its operating
requirements. Management expects that the Company's operating cash
flow and financial resources will continue to be adequate to meet
its operating needs in the short-term and long-term (i.e., more
than twelve months) future. If funds generated from operations,
including dividends from subsidiaries, are insufficient to meet
debt service charges and other corporate expenses in any period,
the Company would be required to meet such charges through short-
term bank borrowings or sales of assets. Cash flows of the Company
may be influenced by a variety of factors, including changes in the
property and casualty insurance industry, the insurance regulatory
environment and general economic conditions. Operating cash flow
of the insurance operations is dependent primarily on the growth of
written premiums, the requirements for claim payments and the rate
of return achieved on the insurance investment portfolio.
Cash provided by operating activities in 1994 was $3.5 million
higher than in 1993. This increase resulted primarily from an
increase of $13.8 million in the insurance operations' operating
cash flow. While the NSA Group and Republic Indemnity continued to
experience growth in written premiums during 1994, the favorable
impact of such growth on the operating cash flow has been partially
offset by an increase in claims payments at the NSA Group resulting
from business expansion in previous periods and by an increase in
policyholder dividend payments at Republic Indemnity resulting from
favorable loss development. Also contributing to the favorable
operating cash flow comparison are higher interest receipts on the
Parent Company investment portfolio and lower interest payments due
to debt reductions in 1993. In addition, in connection with the
Company's sale of its General Cable Notes and common stock, the
Company received a $19.2 million payment from Wassall in
consideration of assuming responsibility for certain actual and
potential liabilities. For further information regarding such
liabilities, see Note 11 of Notes to Financial Statements. These
favorable variances were partially offset by lower operating cash
flow from the Company's non-insurance operations. Operating cash
flow for 1993 also included net proceeds of $15.6 million resulting
from the settlement of certain litigation relating to a previously
owned subsidiary which was included in the Company's 1992 spin-off
to its shareholders of substantially all of the Company's General
Cable stock (the "General Cable Spin-off") and $26.0 million from
payment of a note relating to the prior sale of an offshore
drilling rig.
During 1994 and 1993, the insurance operations generated
operating cash flow of $341.6 million and $327.8 million,
respectively, of which approximately 92 percent and 66 percent,
respectively, was reinvested in the insurance operations to support
underwriting activities. The remaining amount, net of capital
contributions
27PAGE
<PAGE>
where applicable, was paid to the Parent Company through dividends
and intercorporate tax allocation payments. The increase in the
amount of operating cash flow retained by the insurance operations
in 1994, as compared with 1993, is attributable to higher 1994
capital requirements to support net written premium growth in the
NSA Group and variations in the timing of intercorporate tax
allocation payments. The Company's insurance subsidiaries are
restricted as to the amount of stockholder dividends they can pay
to the Company without prior regulatory approval. Under these
restrictions, the maximum amount of dividends which can be paid to
the Company during 1995 by these subsidiaries is $83.8 million.
Cash provided by operating activities in 1993 was $86.2
million higher than in 1992. This increase was primarily due to an
increase in the insurance operations' operating cash flow at
Republic Indemnity and, to a lesser extent, at the NSA Group.
Proceeds from payment of the note relating to the prior sale of an
offshore drilling rig and the previously mentioned litigation
settlement relating to a former subsidiary which was included in
the General Cable Spin-off, as well as lower interest payments due
to the redemption of the Company's 11 percent subordinated
debentures in July 1993, also contributed to the improved operating
cash flow. These favorable variances were partially offset by a
settlement payment resulting from the termination of a reinsurance
contract, lower operating cash flow from the Company's industrial
operations and lower interest receipts on the Parent Company
investment portfolio.
Investing and Financing Activity
During 1994, the Company's insurance operations made net
purchases of investments of $275.4 million and net purchases of
investments for the Parent Company investment portfolio totalled
$129.1 million. The Company also used $47.7 million for purchases
of shares of Company Common Stock, $40.6 million for the payment of
Common Stock dividends, $22.1 million for capital expenditures,
$16.2 million to redeem all of its outstanding 9 1/2 percent
subordinated debentures and $13.9 million for the purchase of two
small insurance companies. During this same period, the Company
received $176.7 million from the sale of its General Cable Notes
and stock to Wassall, $34.9 million from the sale of three of its
non-insurance businesses and $19.1 million for shares of Company
Common Stock issued pursuant to the exercise of employee stock
options.
At December 31, 1994, the Parent Company investment portfolio
held unrated or less than investment grade corporate debt
securities with carrying values of $27.2 million. At that date, the
Company's insurance operations held $129.1 million of such unrated
or less than investment grade debt securities and preferred stocks.
As a group, unrated or less than investment grade investments may
be expected to generate higher average yields than investment grade
securities. However, the risk of loss from default by the borrower
may be greater with respect to such securities because these
issuers usually have higher levels of indebtedness and may be more
sensitive to adverse economic conditions than are investment grade
issuers. In addition, there is only a thinly traded secondary
market for such securities and market quotations are available from
a limited number of dealers. In order to manage its risk
associated with these investments, the Company limits its
investment in unrated or less than investment grade securities of
any one issuer and regularly monitors the condition of the issuers
and their industries. At December 31, 1994, the largest investment
of the Company and its insurance operations in such securities of
any one issuer totalled $37.5 million.
28<PAGE>
<PAGE>
During 1993, sales of the Parent Company's shares of common
stock of Tejas Gas Corporation ("Tejas")and limited partnership
units of Buckeye Partners L.P. ("Buckeye Units"), sales of the
Company's defense services operations and two of the Company's
industrial businesses and payment by General Cable of its short-
term note, issued in connection with the General Cable Spin-off,
provided approximately $294 million in the aggregate. In addition,
the Company received $24.0 million from the sale of shares of
Company Common Stock pursuant to the exercise of employee stock
options. During this same period, the Company used $133.3 million
to redeem all of its outstanding 11 percent subordinated
debentures, $52.8 million for the payment of the purchase price
contingency relating to the acquisition of the NSA Group and $38.0
million to acquire Leader National Insurance Company ("Leader
National"). The Company also used $38.2 million for the payment of
Common Stock dividends, $17.5 million for capital expenditures and
$4.5 million for the purchase of an investment in an insurance
company located in the United Kingdom. The Company's insurance
operations made net purchases of investments of $179.9 million
during 1993 and the Company used approximately $165.5 million for
net purchases of investments for the Parent Company investment
portfolio.
The Company's principal source of cash from investing and
financing activities during 1992 was maturities of the Parent
Company investment portfolio (net of purchases of investments)
which provided $113.2 million. In addition to $25 million
transferred to General Cable as part of the General Cable Spin-off,
the Company used cash of $36.8 million for Common Stock dividends,
$36.8 million for purchases of shares of Company Common Stock,
$14.6 million for capital expenditures and $13.1 million for the
repayment of debt. The Company's insurance operations made net
purchases of investments totalling $164.3 million.
During each of the three years in the period ended December
31, 1994, the Company's continuing operations did not have large
capital spending requirements. The Company presently has no plans
or commitments for material capital expenditures.
Borrowing Facilities and Debt Obligations
Because of the Company's balances of cash and short-term
investments and its positive cash flow from operating activities,
the current borrowing requirements for the Company's existing
businesses are not significant. At December 31, 1994, the
Company's total debt to total capital ratio was 25 percent as
compared with 23 percent at year-end 1993. After taking into
consideration the Company's purchases of its Common Stock which
have been made subsequent to December 31, 1994, the Company's total
debt to total capital ratio at December 31, 1994 would be 26
percent. Total capital as defined for this ratio consists of debt,
minority interests in subsidiaries and common shareholders' equity.
The Company is in compliance with all of its debt covenants, none
of which are materially restrictive.
Under certain circumstances, the holders of the Company's
outstanding subordinated notes (see Note 6 of Notes to Financial
Statements) can require the Company to purchase all or part of such
notes at par plus accrued interest (the "Put Right"). The
Acquisition of AFC, if followed by a ratings downgrade by either of
two rating agencies, would trigger the Put Right. Both agencies
have placed the notes under review for possible ratings downgrade
as a result of the Acquisition. The Company is unable to predict
whether either or both of these agencies will in fact downgrade the
notes or to what extent, if any, holders of the notes would
exercise their Put Right.
29<PAGE>
<PAGE>
Adjustments of Estimated Pre-reorganization Liabilities
During 1994, 1993 and 1992, the Company increased its accruals
for its net probable liability for claims and contingencies arising
from events and circumstances preceding the Company's 1978
reorganization. In 1994, the Company accrued $52.0 million
consisting of pre-reorganization environmental and occupational
injury and disease claims and related expenses offset by a credit
representing the net present value of installment payments to be
paid by Chicago Union Station ("CUSCO") to the Company resulting
from a judgment against CUSCO in favor of the Company. The
environmental claims consist of a number of proceedings and claims
seeking to impose responsibility on the Company for hazardous waste
remediation costs at certain railroad sites formerly owned by the
Company's railroad predecessor, Penn Central Transportation Company
("PCTC"), and at certain other sites where hazardous waste was
allegedly generated by PCTC's railroad operations. The occupational
injury and disease claims include pending and expected claims by
former employees of PCTC of injury or disease allegedly caused by
exposure to excessive noise or asbestos in the railroad workplace.
In 1993, the Company accrued $14.0 million for pre-reorganization
environmental claims and related expenses. In 1992, the Company
accrued $15.0 million for pre-reorganization occupational injury
and disease and environmental claims and related expenses.
Consistent with the Company's reorganization accounting policy,
such amounts were charged to capital surplus rather than income.
See Notes 1, 11 and 12 to Notes of Financial Statements.
There are a number of factors which affect the Company's
estimate of its liability for future environmental remediation
costs, including the number and financial resources of potentially
responsible parties at a given site, the varying availability of
evidence by which to allocate responsibility among such parties,
the wide range of costs for possible remediation alternatives,
changing technology and the period of time over which these matters
develop. Although it is difficult to estimate future environmental
liabilities, the Company believes that the accruals for potential
pre-reorganization environmental liabilities at December 31, 1994
are adequate based on the Company's estimates of remediation costs
and related expenses as well as its estimates of the portions of
those costs that will be borne by other parties.
The net probable liabilities for pre-reorganization
occupational injury and disease claims and related expenses are
based on the accumulation of estimates for reported claims,
estimates of unreported claims based on past experience, estimates
of probable recoveries from insurance carriers and estimates of
expenses for investigating such claims. These liabilities are
subject to the impact of changes in amounts required to settle
claims and frequency and other factors. The Company believes that
the amounts recorded at December 31, 1994 are adequate for pre-
reorganization occupational injury and disease liabilities.
The Company's estimates for environmental and occupational
injury and disease liabilities are based on information currently
available to the Company and are subject to change in future
periods as additional information becomes available.
30PAGE
<PAGE>
RESULTS OF OPERATIONS
Analysis of Continuing Operations
The Company reported income from continuing operations for
1994 of $.8 million, or $.02 per share, which includes a net
realized capital loss of $1.53 per share, principally comprised of
a $75.8 million loss from the disposal of the General Cable Notes
which were previously owned by the Company.
Income from continuing operations for 1993 was $242.7 million,
or $5.03 per share, which includes tax benefits of $132.0 million,
or $2.74 per share, attributable to increases in the Company's net
deferred tax asset and a net realized capital gain of $43.6
million, or $.90 per share, which included gains from the Company's
sales of its Tejas shares and Buckeye Units and provisions for
losses on the sales of certain non-insurance operations. Income
from continuing operations for 1992 was $50.9 million, or $1.08 per
share, which included a net realized capital gain of $12.3 million,
or $.26 per share.
The Company's 1994 after-tax results increased to $74.5
million, or $1.55 per share, excluding the net realized capital
loss, from $67.1 million, or $1.39 per share, for 1993, excluding
the unusual deferred tax benefits and net realized capital gain.
This increase primarily resulted from higher investment income from
the insurance operations' investment portfolio and lower interest
expense, partially offset by a reduction in interest and dividend
income from the Parent Company investment portfolio and lower
underwriting results. In 1993, the Company recognized approximately
$25.4 million of interest income on the General Cable Notes. The
Company's 1994 earnings do not include any interest income on the
General Cable Notes.
The 1993 income from continuing operations of $67.1 million,
or $1.39 per share, increased from $38.6 million, or $.82 per
share, reported in 1992, excluding the net realized capital gain.
The increase was principally due to improved operating results in
the Company's insurance operations and higher interest and dividend
income generated from the Parent Company investment portfolio. In
1992, the Company recognized approximately $12.7 million of
interest income on the General Cable Notes.
Insurance
Earned premiums of the insurance operations increased to
$1,557.9 million in 1994 as compared with $1,273.6 million for
1993. The increase was primarily due to an increase in earned
premiums at the NSA Group and, to a lesser extent, at Republic
Indemnity. Investment income before realized gains and losses on
sales of investments also increased due to higher average
investment balances primarily due to increased written premiums,
partially offset by a decrease in the average yield on the
insurance operations' investment portfolio. Operating income in
1994 was $165.4 million as compared with $167.4 million in 1993.
The 1993 results include net realized gains from sales of
investment securities of $17.5 million. There were no realized
gains from such sales in 1994. See Note 4 of Notes to Financial
Statements for further information regarding gross realized and
unrealized investment gains and losses. Excluding such gains, the
insurance operations experienced an increase in operating income of
$15.5 million primarily due to an increase in underwriting profit
at Republic Indemnity and higher investment income, partially
offset by lower underwriting profit at the NSA Group.
31PAGE
<PAGE>
Earned premiums of the insurance operations increased to
$1,273.6 million in 1993 as compared with $998.7 million for 1992
due to increases at both the NSA Group and Republic Indemnity.
Investment income before realized gains and losses on sales of
investments also increased due to higher average investment
balances, partially offset by a decrease in the average yield on
the insurance operations' investment portfolio. Operating income
in 1993 increased to $167.4 million from $143.5 million in 1992,
primarily due to improved underwriting results at Republic
Indemnity and higher investment income, partially offset by lower
net realized gains. Net realized gains from sales of investment
securities in the insurance operations' portfolio totaled $17.5
million for 1993 compared with $23.6 million for 1992.
Underwriting profitability of the insurance operations is
measured by the combined ratio which, on a generally accepted
accounting principles ("GAAP") basis, is calculated as the quotient
of (a) the sum of insurance losses and loss adjustment expenses
("LAE"), policyholder dividends and commissions and other insurance
expenses, excluding amortization of cost in excess of net assets
acquired, divided by (b) premiums earned, as reflected in the
accompanying financial statements. Underwriting results are
considered profitable when the combined ratio is under 100 percent.
The GAAP combined ratio was 97.0 percent in 1994, 96.2 percent in
1993 and 97.5 percent in 1992.
NSA Group
In general, automobile coverage written by the NSA Group is
sold to drivers who have not been accepted for coverage by a writer
of standard risks due to driving history, type of automobile, age
of insured or other factors. Because it can be viewed as a
residual market, the size of the non-standard private passenger
automobile insurance market changes with the insurance environment.
Management of the Company believes the non-standard market has
experienced growth in recent years as standard insurers
have become more restrictive in the types of risks they will write.
During the past three years, the NSA Group continued to obtain new
licenses to write business in additional jurisdictions. Total
number of licenses held by the NSA Group has grown by approximately
69 percent during this time period. Entering additional states,
increased market penetration in its existing states and the
purchase of Leader National have been primarily responsible for the
significant premium growth achieved by the NSA Group during the
last three years.
The NSA Group management believes it has achieved underwriting
success over the past several years as compared to the automobile
insurance industry as a whole due, in part, to the refinement of
various risk profiles, thereby dividing the consumer market into
more defined segments which can either be excluded from coverage or
priced properly. The NSA Group also generally writes policies of
short duration which allow more frequent rating evaluations of
individual risks, providing management greater flexibility in the
ongoing assessment of the business. In addition, the NSA Group has
implemented cost control measures both in the underwriting and
claims handling areas.
32PAGE
<PAGE>
The following table presents certain information with respect
to the NSA Group's insurance operations.
<TABLE>
<CAPTION> (Dollars in Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Net Written Premiums $1,154.1 $901.9 $660.4
Net Earned Premiums 1,071.9 $804.4 $594.8
Loss and LAE 813.7 575.8 414.8
Underwriting Expenses 256.3 204.4 156.7
Underwriting Profit $ 1.9 $ 24.2 $ 23.3
GAAP Ratios:
Loss and LAE Ratio 75.9% 71.6% 69.7%
Underwriting Expense
Ratio 23.9 25.4 26.4
Combined Ratio 99.8% 97.0% 96.1%
Statutory Ratios: (1)
Loss and LAE Ratio 76.0% 72.5% 69.7%
Underwriting Expense
Ratio 23.7 24.4 26.1
Combined Ratio 99.7% 96.9% 95.8%
Total Private Passenger Automobile
Insurance Industry Statutory
Combined Ratio(2) 102.7%est. 101.7% 102.0%
</TABLE>
(1) Based on domestic insurance operations only.
(2) Industry information was derived from Best Week
Property/Casualty Supplement (January 11, 1995 edition).
The comparison shown is to the private passenger
automobile insurance industry. Although the Company
believes that there is no reliable regularly published
combined ratio data for the non-standard automobile
insurance industry, the Company believes that such a
combined ratio would present a less favorable comparison
in that it would be lower than the private passenger
automobile industry average shown above.
Despite increasing competitive pressures from other insurers
during 1994, the NSA Group experienced growth in net written
premiums of approximately 28 percent as compared to 1993,
principally due to increased penetration within the NSA Group's
existing markets. The net written premium growth rate during the
latter half of 1994 was somewhat lower than that experienced during
the first six months of the year. Underwriting conditions in the
private passenger automobile insurance marketplace were affected by
competitive conditions and the pricing policies of insurers. Also,
improving economic conditions contributed to increased driving
activity resulting in an increase in the frequency of accidents and
severity of loss claims. These trends caused a deterioration in the
NSA Group's underwriting profit margins during 1994. Also
contributing to the decline in underwriting profit for 1994 were
losses resulting from hailstorm damage in Texas. These factors were
partially offset by underwriting profit from the Company's entry
into certain foreign and domestic markets, as well as improved
underwriting margins in several of the Company's markets where the
book of business has matured and a greater portion of written
premium is derived from renewal policies.
The underwriting expense ratio
33PAGE
<PAGE>
improved during 1994 as a result of cost containment measures and
reductions in commission rates.
In response to the declining underwriting margins, the NSA
Group began to increase premium rates in certain states in mid-1994
and has continued this action into 1995. Although such new rate
levels had little effect on earned premium and underwriting profit
during 1994, the higher rate levels should have an impact during
1995 as the premiums written under the new rates are earned.
However, the rate of written and earned premium growth during 1994
may not be sustained in the future as a result of such rate
increases coupled with competitive pressures in the non-standard
automobile insurance industry.
The growth in net written premiums of approximately 37 percent
during 1993 was principally due to the pursuit of business in new
markets and the acquisition of Leader National. The increase in
the combined ratio for 1993 was primarily caused by rate
adjustments which more favorably affected 1992 underwriting results
and an increase in losses in the 1993 first quarter resulting from
a more severe winter than in the prior period. Partially
offsetting these factors was a decrease in the underwriting expense
ratio as growth in earned premiums outpaced associated expenses.
Republic Indemnity
Republic Indemnity's workers' compensation insurance
operations are highly regulated by California state authorities.
In July 1993, California enacted significant changes in the
workers' compensation insurance system (the "Reform Legislation")
which have affected Republic Indemnity's results of operations. In
addition, these insurance operations are affected by employment
trends in their markets, litigation activities, legal and medical
costs, use of vocational rehabilitation programs and the provision
of benefits for traditionally non-occupational injuries, such as
stress and trauma claims. While changes in claims costs are
ultimately reflected in premium rates, there historically has been
a time lag of varying periods between the incurrence of higher or
lower claims costs and premium rate adjustments, which may result
in periods of unfavorable or favorable underwriting results.
Management believes that Republic Indemnity's stringent
underwriting standards, disciplined claims philosophy, expense
containment and reputation with insureds have combined to produce
superior underwriting results as compared to the industry in
general.
The Reform Legislation effected an immediate overall 7 percent
reduction in workers' compensation insurance premium rates and
replaced the workers' compensation insurance minimum rate law,
effective January 1, 1995, with a procedure permitting insurers to
use any rate within 30 days after filing it with the Insurance
Commissioner unless the rate is disapproved by the Insurance
Commissioner.
On December 1, 1993, the Insurance Commissioner ordered an
additional 12.7 percent minimum premium rate decrease effective
January 1, 1994 for new and renewal policies entered into on or
after January 1, 1994. On September 21, 1994, the Insurance
Commissioner approved an additional 16 percent minimum premium rate
decrease effective October 1, 1994 for all new and renewal policies
with anniversary dates on or after October 1, 1994 as well as the
unexpired portion of policies incepting on or after January 1,
1994.
The mandated premium rate reductions have already impacted
Republic Indemnity's results of operations. In addition, Republic
Indemnity has encountered extremely competitive pricing in the
marketplace as a result of the repeal of the
34PAGE
<PAGE>
workers' compensation minimum rate law effective January 1, 1995.
Management intends to maintain its stringent underwriting standards
and pricing discipline, which are likely to have at least a
temporary adverse effect on premium volume and profitability.
Historically, Republic Indemnity's policyholder dividends have been
among the highest in the industry. To meet future pricing
competition, Republic Indemnity has the option of quoting business
without indication of policyholder dividends. While this option
may serve to partially mitigate the adverse effects of these
developments, the Company is unable to predict their ultimate
impact on its workers' compensation insurance operations.
As a result of the Reform Legislation's provisions permitting
employers to require injured workers to obtain medical services
from "managed" health care organizations under prescribed
circumstances, several health care organizations have become
affiliated, contractually and otherwise, with certain workers'
compensation insurers. During 1994, Republic Indemnity entered
into a managed care arrangement with a health care organization.
The Company continues to evaluate the implications of these
provisions, as well as the resulting affiliations, but is unable to
predict their ultimate impact on its workers' compensation
insurance operations.
While Republic Indemnity has operated on a profitable basis,
no assurances can be given that it could continue to do so in the
face of adverse conditions in the California workers' compensation
market.
The following table presents certain information with respect
to Republic Indemnity's insurance operations.
<TABLE>
<CAPTION>
(Dollars in Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Net Written Premiums $479.5 $465.8 $397.0
Net Earned Premiums $483.8 $458.5 $394.1
Loss and LAE 276.7 270.2 261.8
Underwriting Expenses 88.3 70.6 63.3
Policyholder Dividends 75.7 93.2 67.5
Underwriting Profit $ 43.1 $ 24.5 $ 1.5
GAAP Ratios:
Loss and LAE Ratio 57.2% 59.0% 66.4%
Underwriting Expense Ratio 18.3 15.4 16.1
Policyholder Dividend Ratio 15.6 20.3 17.1
Combined Ratio 91.1% 94.7% 99.6%
Statutory Ratios:
Loss and LAE Ratio 57.2% 59.0% 69.1%
Underwriting Expense Ratio 18.3 15.4 16.0
Total Loss and Expense Ratio 75.5 74.4 85.1
Policyholder Dividend Ratio 20.4 13.7 11.6
Combined Ratio 95.9% 88.1% 96.7%
Total Workers' Compensation Insurance
Statutory Combined Ratio(1) 99.0%est.109.1% 121.5%
</TABLE>
(1) Industry information was derived from Best Week
Property/Casualty Supplement (January 11, 1995 edition).
35PAGE
<PAGE>
During 1994, Republic Indemnity experienced lower growth in
earned and net written premiums largely due to the aforementioned
mandatory premium rate reductions, and during the fourth quarter of
1994, Republic Indemnity experienced a decline in net written
premiums of approximately 9.5 percent compared with the 1993
period. Nevertheless, the number of policies in force was
approximately 11 percent higher at December 31, 1994 than at the
end of 1993, reflecting Republic Indemnity's favorable competitive
position in the industry in 1994.
The decrease in Republic Indemnity's 1994 loss and LAE ratio
as compared with 1993 was mainly attributable to favorable loss
development relating to prior years' claims activity, partially
offset by an increase in the frequency of claims and the impact of
the 1994 rate reductions. The decrease in policyholder dividends
during 1994 was due in part to a decrease in net premiums written
by Republic Indemnity that were eligible for policyholder dividend
consideration as well as increases in commission rates. The sizes
of such rates are factors in the determination of potential
policyholder dividend payments. During 1994, the underwriting
expense ratio increased mainly due to higher commission expenses
coupled with the decline in the earned premium growth rate.
During 1993, the increase in both earned and net written
premiums of approximately 17 percent was primarily due to
improvement in the Company's relative competitive position in the
industry resulting in part from the withdrawal of several workers'
compensation carriers from the Los Angeles, California market. In
addition, the California State Fund, the largest writer of workers'
compensation insurance in California, reduced its policyholder
dividends during 1992 making its program less attractive to the
market. During this same period, Republic Indemnity's underwriting
results benefited from a decrease in the frequency and severity of
losses, in part due to a reduction in fraudulent claims, and a
lower underwriting expense ratio as compared with the prior year.
Interest and Dividend Income
Interest and dividend income of the Parent Company investments
decreased $15.0 million in 1994, as compared with 1993, due
primarily to the absence of interest income on the General Cable
Notes in 1994 as a result of their sale. In 1993, the Company
recognized approximately $25.4 million of interest income on the
General Cable Notes. For further information, see Note 3 of Notes
to Financial Statements. The decrease in interest income due to
the sale of the General Cable Notes was partially offset by higher
interest income on the Parent Company investment portfolio
attributable to an increase in both average investment balances and
average yields as compared with 1993.
Interest and dividend income of the Parent Company investments
increased $7.9 million in 1993, as compared with 1992, due
primarily to an increase in interest income on the General Cable
Notes largely attributable to the inclusion of a full year of
interest in 1993 as compared with 1992. The increase in interest
income due to the General Cable Notes was partially offset by lower
interest income on the Parent Company investment portfolio
attributable to a decrease in average yields as compared with 1992.
36PAGE
<PAGE>
Interest and Debt Expense
Interest and debt expense for 1994 decreased $9.6 million,
compared with 1993, due primarily to the Company's redemption of
all $133.3 million principal amount of its 11 percent subordinated
debentures during the 1993 third quarter.
Interest and debt expense for 1993 decreased $6.8 million
compared with 1992 due primarily to the above-mentioned redemption.
Other Expense (Income) - Net
Other expense (income) - net consists of the following:
<TABLE>
<CAPTION>
(In Millions)
For the Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Settlement of claims and
contingencies, net $ .5 $ 6.3 $ 6.5
Minority interests in earnings
of consolidated subsidiaries .4 (1.5) (1.4)
Taxes other than income 7.2 6.7 6.7
Other 3.1 4.1 4.3
Total $ 11.2 $ 15.6 $ 16.1
</TABLE>
The component, "Settlement of claims and contingencies, net",
in the above table includes expense in 1993 which was primarily
attributable to a $2 million provision for environmental costs
relating to the Company's previously-owned petroleum products
pipeline operations and to certain litigation settlements.
The expense reported in such component in 1992 was primarily
attributable to a $4 million provision recorded in connection with
the settlement of post-reorganization environmental claims relating
to a previously-owned battery manufacturing facility.
Income Taxes
For 1994, the Company recorded income tax expense of $40.4
million as compared with an income tax benefit of $52.6 million for
1993 and income tax expense of $33.2 million for 1992. The 1993
benefit was attributable to an increase of $132.0 million in the
Company's net deferred tax asset due to revisions to the estimated
future taxable income during the Company's tax loss carryforward
period. For more information concerning these adjustments, see
Note 7 of Notes to Financial Statements.
As of December 31, 1994, the Company's gross deferred tax
asset was $481.2 million, which after a valuation allowance of
$213.5 million resulted in a net deferred tax asset of $267.7
million. The net deferred tax asset represents the portion of the
gross deferred tax asset which management believes is more likely
than not to be realized consistent with the recognition criteria as
set forth in Statement of Financial Accounting Standards No. 109,
"Accounting for Income Taxes".
Management believes that it is more likely than not that the
net deferred tax asset at December 31, 1994 will be realized
primarily through the generation of taxable income during the loss
carryforward period. This belief derives from an analysis of
estimated future taxable income based on certain assumptions
concerning future events during the loss carryforward period. The
estimate of future taxable
37PAGE
<PAGE>
income used in determining the net deferred tax asset is not
necessarily indicative of the Company's future results of
operations. As is the case with any estimate of future results,
there will be differences between assumed and actual economic and
business conditions of future periods. Moreover, the estimate may
also be affected by unpredictable future events, including but not
necessarily limited to changes in the Company's capital structure
and future acquisitions and dispositions. Therefore, the analysis
of estimated future taxable income will be reviewed and updated
periodically, and any required adjustments, which may increase or
decrease the net deferred tax asset, will be made in the period in
which the developments on which they are based become known.
38PAGE
<PAGE>
Item 8. Financial Statements and Supplementary Data
The consolidated financial statements of the Company and
its subsidiaries and an index thereto are included on
pages F-1 through F-32 of this Report. Selected
quarterly financial data is included in Note 16 of the
Notes to Financial Statements.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
Not applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant
Except to the extent included in Part I under the
caption "Executive Officers of the Registrant," the
information called for by Item 10 is incorporated by
reference to the definitive proxy statement involving
the election of directors which the Company or New
American Premier, as the Company's successor, intends
to file with the Commission pursuant to Regulation 14A
under the Securities Exchange Act of 1934 not later than
120 days after December 31, 1994.
Item 11. Executive Compensation
The information called for by Item 11 is incorporated by
reference to the definitive proxy statement involving
the election of directors which the Company or New
American Premier, as the Company's successor, intends to
file with the Commission pursuant to Regulation 14A
under the Securities Exchange Act of 1934 not later than
120 days after December 31, 1994.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
The information called for by Item 12 is incorporated by
reference to the definitive proxy statement involving
the election of directors which the Company or New
American Premier, as the Company's successor, intends to
file with the Commission pursuant to Regulation 14A
under the Securities Exchange Act of 1934 not later than
120 days after December 31, 1994.
As a result of the Acquisition, Carl H. Lindner and
members of his family will own approximately 55.2% of
the outstanding common stock of New American Premier and
effectively control New American Premier and the
Company. Carl H. Lindner, Chairman of the Board and
Chief Executive Officer of the Company, is Chairman
of the Board and Chief Executive Officer of New American
Premier and AFC. See Item 1--"Introduction" and
"Executive Officers of the Registrant" in Part I.
Item 13. Certain Relationships and Related Transactions
The information called for by Item 13 is incorporated by
reference to the definitive proxy statement involving
the election of directors which the Company or New
American Premier, as the Company's successor, intends to
file with the Commission pursuant to Regulation 14A
under the Securities Exchange Act of 1934 not later than
120 days after December 31, 1994.
39
PAGE
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) The following documents are filed as a part of this
report:
(1) and (2) Financial Statements and Financial State
ment Schedules--see Index to Financial Statements
and Financial Statement Schedules appearing on
Page F-1.
(3) Exhibits:
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(2) ---Agreement and Plan of Acquisition and *
Reorganization by and among American
Premier Group, Inc., the Company, American
Premier Sub, Inc., American Financial
Corporation and AFC Sub, Inc. dated as
of December 9, 1994, as amended, incor-
porated by reference to Exhibit 2 to the
Registration Statement on Form S-4
No. 33-56813 (effective February 17, 1995)
of American Premier Group, Inc.
(3) (i) ---Amended and Restated Articles of Incor- *
poration of the Company, as amended
effective March 25, 1994, incorporated by
reference to Exhibit (3)(i) to the Company's
Annual Report on Form 10-K for 1993.
(ii) ---By-Laws of the Company, as amended
February 15, 1995.
(4)(i) ---Order No. 3708 of the United States Dis- *
trict Court for the Eastern District of
Pennsylvania in In the Matter of Penn
Central Transportation Company, Debtor,
Bankruptcy No. 70-347 dated August 17,
1978 directing the consummation of the
Plan of Reorganization for Penn Central
Transportation Company, incorporated by
reference to Exhibit 4 to Form 8-K Current
Report of Penn Central Transportation
Company for August 1978.
(4)(ii) (a) ---(i) Indenture dated as of August 1, 1989 *
between the Company and Morgan Guaranty
Trust Company of
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
40
<PAGE>
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
New York, as Trustee, regarding the
Company's Subordinated Debt Securities
(the "Indenture"), incorporated by
reference to Exhibit 4.1 to the Company's
Form 8-K Current Report dated August 10,
1989.
---(ii) Instrument of Resignation of Trustee *
and Appointment and Acceptance of Successor
Trustee and Appointment of Agent dated as
of November 15, 1991 among the Company,
Morgan Guaranty Trust Company of New York
as Resigning Trustee and Star Bank, N.A.
as Successor Trustee, incorporated by
reference to Exhibit (4)(ii)(d)(ii) to the
Company's Annual Report on Form 10-K for
1991.
---(iii) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 9-3/4% Subordinated Notes
due August 1, 1999, to which is attached
the Form of Note, incorporated by reference
to Exhibit 4.2 to the Company's Form 8-K
Current Report dated August 10, 1989.
---(iv) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 10-5/8% Subordinated Notes
due April 15, 2000, to which is attached
the Form of Note, incorporated by reference
to Exhibit 4.1 to the Company's Form 8-K
Current Report dated April 19, 1990.
---(v) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 10-7/8% Subordinated Notes
due May 1, 2011, to which is attached the
Form of Note, incorporated by reference
to Exhibit 4.1 to the Company's Form 8
amendment dated May 8, 1991 to the Company's
Form 8-K Current Report dated May 7, 1991.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
41
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(10)(i) ---Stock Purchase Agreement, dated as of *
June 10, 1993, among the Company, PCC
Technical Industries, Inc. and Tracor,
Inc., incorporated by reference to
Exhibit (99) to the Company's Current
Report on Form 8-K dated May 26, 1993.
The following Exhibits (10)(iii)(a) through (10)(iii)(g) are
compensatory plans and arrangements in which directors or
executive officers participate:
(iii) (a) ---(i) The Company's Stock Option Plan, as *
amended March 25, 1992, incorporated by
reference to Exhibit (10)(iii)(a)(i) to
the Company's Annual Report on Form 10-K
for 1992.
---(ii) Amendment to the Company's Stock *
Option Plan adopted by the Company's
Board of Directors on March 24, 1993,
incorporated by reference to Exhibit
(10)(iii)(a)(ii) to the Company's Annual
Report on Form 10-K for 1992.
---(iii) Forms of stock option agreements *
used to evidence options granted under the
Company's Stock Option Plan to officers and
directors of the Company, incorporated by
reference to Exhibit (10)(iii)(a)(iii) to
the Company's Annual Report on Form 10-K
for 1992.
---(iv) The Company's Stock Option Loan Pro- *
gram, as amended February 8, 1991, incorpor-
rated by reference to Exhibit (10)(iii)(a)(v)
to the Company's Annual Report on Form 10-K
for 1990.
(b) ---The Company's Annual Incentive Compensa- *
tion Plan, as amended February 12, 1992,
incorporated by reference to Exhibit
(10)(iii)(b) to the Company's Annual Report
on Form 10-K for 1991.
(c) ---Description of the Company's retirement *
program for outside directors, as adopted
by the Company's Board of Directors on
March 23, 1983, incorporated by reference
to Exhibit (10)(iii)(i) to the Company's
Annual Report on Form 10-K for 1982.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
42
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(d) ---The Company's Employee Stock Redemption *
Program, as adopted by the Company's Board
of Directors on March 28, 1985, incorpor-
ated by reference to Exhibit (10)(iii)(j)
to the Company's Annual Report on Form 10-K
for 1984.
(e) ---(i) Severance Agreement dated March 29, *
1987 between the Company and Alfred W.
Martinelli, a director of the Company,
incorporated by reference to Exhibit
(10)(iii)(a)(i) to the Company's Form 10-Q
Quarterly Report for the Quarter Ended
March 31, 1987.
---(ii) Consulting Agreement dated as of *
March 29, 1987 between the Company and
Alfred W. Martinelli, incorporated by
reference to Exhibit (10)(iii)(a)(ii)
to the Company's Form 10-Q Quarterly
Report for the Quarter Ended March 31,
1987.
---(iii) Letter agreement amending the fore- *
going Consulting and Severance Agreements
dated December 9, 1991 between the Company
and Alfred W. Martinelli, incorporated by
reference to Exhibit (10)(iii)(e)(iii)
to the Company's Annual Report on Form 10-K
for 1991.
---(iv) Letter agreement amending the fore-
going Consulting and Severance Agreements
dated June 29, 1994 between the Company
and Alfred W. Martinelli.
(f) ---Letters dated April 9, 1987 from the Com- *
pany to each of Neil M. Hahl and Robert W.
Olson, officers of the Company, with
respect to severance arrangements, as
supplemented by letters dated June 26,
1987 to each such officer, incorporated by
reference to Exhibit (10)(iii)(a) to the
Company's Form 10-Q Quarterly Report for
the Quarter Ended June 30, 1987.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
43
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(g) ---(i) Excess of Loss Agreement, effective *
March 31, 1988, between Republic Indemnity
Company of America and Great American
Insurance Company, incorporated by refer-
ence to Exhibit (g)(1) to Amendment No. 1
to Schedule 13E-3, dated January 17, 1989,
relating to Republic American Corporation
filed by Republic American Corporation, the
Company, RAWC Acquisition Corp., American
Financial Corporation and Carl H. Lindner
(the "Schedule 13E-3 Amendment").
---(ii) First Amendment to Excess of Loss *
Agreement, effective March 31, 1988,
between Republic Indemnity Company of
America and Great American Insurance
Company, incorporated by reference to
Exhibit (g)(2) to the Schedule 13E-3
Amendment.
(h) ---(i) Business Assumption Agreement, *
effective as of December 31, 1990, between
Stonewall Insurance Company and Dixie
Insurance Company (now Infinity Insurance
Company), incorporated by reference to
Exhibit (10)(iii)(o)(i) to the Company's
Annual Report on Form 10-K for 1990.
---(ii) Quota Share Agreements, effective *
December 31, 1990, between Stonewall
Insurance Company and Dixie Insurance
Company (now Infinity Insurance Company),
incorporated by reference to Exhibit
(10)(iii)(o)(ii) to the Company's Annual
Report on Form 10-K for 1990.
---(iii) Management Agreement, effective as *
January 1, 1991, by and between Dixie
Insurance Company (now Infinity Insurance
Company) and Stonewall Insurance Company,
incorporated by reference to Exhibit
(10)(iii)(o)(iii) to the Company's Annual
Report on Form 10-K for 1990.
---(iv) Assumption and Bulk Reinsurance Agree-
ment, effective December 31, 1994, between
Stonewall Insurance Company and Infinity
Insurance Company.
------------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
44
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(i) ---Excess of Loss Agreements, effective *
December 31, 1990, between Great American
Insurance Company and each of Atlanta
Casualty Company, Dixie Insurance Company
(now Infinity Insurance Company) and Windsor
Insurance Company, incorporated by reference
to Exhibit (10)(iii)(p) to the Company's
Annual Report on Form 10-K for 1990.
(j) ---Premium Payment Agreement, effective as *
of January 1, 1991, by and between Great
American Insurance Company and the Company,
incorporated by reference to Exhibit
(10)(iii)(q) to the Company's Annual Report
on Form 10-K for 1990.
(11) ---Supplemental information regarding computa-
tions of net income per share amounts.
(12) ---Calculation of ratio of earnings to fixed
charges.
(21) ---List of subsidiaries of the Company.
(23) ---Consent of Deloitte & Touche LLP.
(27) ---Financial data schedule. +
(28) ---Information from reports provided to state
regulatory authorities.
(b) Reports on Form 8-K filed during the quarter ended
December 31, 1994:
Current Report on Form 8-K (Items 5 and 7) dated
December 9, 1994.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
+ Copy included in Report filed electronically with the
Securities and Exchange Commission.
45
PAGE
<PAGE>
For the purposes of complying with the amendments to the
rules governing Form S-8 (effective July 13, 1990) under the
Securities Act of 1933, the undersigned registrant hereby
undertakes as follows, which undertaking shall be incorporated by
reference into registrant's Registration Statement on Form
S-8 No. 2-81422 (filed January 20, 1983), registrant's Post-
Effective Amendment No. 1 to Registration Statement on Form S-8
No. 2-72453 (filed December 23, 1983), registrant's Registration
Statement on Form S-8 No. 33-34871 (filed May 11, 1990) and
registrant's Registration Statement on Form S-8 No. 33-48700
(filed June 17, 1992):
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In
the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection
with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of
such issue.
46
PAGE
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
AMERICAN PREMIER UNDERWRITERS, INC.
(Registrant)
By Carl H. Lindner
--------------------------------
Carl H. Lindner
Chairman of the Board and
Chief Executive Officer
Date: March 29, 1995
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.
Date: March 29, 1995 By Theodore H. Emmerich
--------------------------------
Theodore H. Emmerich
Director
Date: March 29, 1995 By James E. Evans
--------------------------------
James E. Evans
Director
Date: March 29, 1995 By Neil M. Hahl
--------------------------------
Neil M. Hahl
Senior Vice President and a Director
(Principal Financial Officer)
Date: March 29, 1995 By Thomas M. Hunt
--------------------------------
Thomas M. Hunt
Director
Date: March 29, 1995 By Carl H. Lindner
--------------------------------
Carl H. Lindner
Chairman of the Board and Chief
Executive Officer and a Director
47
PAGE
<PAGE>
Date: March 29, 1995 By Carl H. Lindner III
--------------------------------
Carl H. Lindner III
Director
Date: March 29, 1995 By S. Craig Lindner
--------------------------------
S. Craig Lindner
Director
Date: March 29, 1995 By William R. Martin
--------------------------------
William R. Martin
Director
Date: March 29, 1995 By Alfred W. Martinelli
--------------------------------
Alfred W. Martinelli
Director
Date: March 29, 1995 By Robert W. Olson
--------------------------------
Robert W. Olson
Director
Date: March 29, 1995 By Robert F. Amory
--------------------------------
Robert F. Amory
Vice President and Controller
(Principal Accounting Officer)
48
PAGE
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
Index to Financial Statements and Financial Statement Schedules
Page Number
Independent Auditors' Report F-2
American Premier Underwriters, Inc. and
Consolidated Subsidiaries:
Statement of Income-
For the years ended December 31, 1994,
1993 and 1992 F-3
Balance Sheet-
December 31, 1994 and 1993 F-4
Statement of Cash Flows-
For the years ended December 31, 1994,
1993 and 1992 F-5
Notes to Financial Statements F-6
Schedule III - Condensed Financial Information of
Registrant S-1
Schedule VIII - Valuation and Qualifying Accounts S-3
Schedules other than those listed above are omitted because
they are either not applicable or not required or the information
is included in the consolidated financial statements or notes
thereto.
F-1<PAGE>
INDEPENDENT AUDITORS' REPORT
American Premier Underwriters, Inc.
We have audited the financial statements and financial
statement schedules of American Premier Underwriters, Inc. and
Consolidated Subsidiaries listed in the accompanying Index to
Financial Statements and Financial Statement Schedules. These
financial statements and financial statement schedules are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these 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 1993, and the results of its operations and its cash flows
for each of the three 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.
As discussed in Note 7 to the financial statements, in 1992
the Company changed its method of accounting for income taxes to
conform with Statement of Financial Accounting Standards No. 109.
Deloitte & Touche LLP
Cincinnati, Ohio
February 15, 1995
(March 23, 1995 with respect
to the acquisition of American
Financial Corporation as discussed
in Note 2 to the financial
statements)
F-2<PAGE>
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF INCOME
<TABLE>
<CAPTION>
For the years ended December 31,
(In Millions, Except Per Share Amounts) 1994 1993 1992
<S> <C> <C> <C>
Net written premiums $1,635.5 $1,378.9 $1,067.3
Revenues
Insurance operations
Premiums earned $1,557.9 $1,273.6 $ 998.7
Net investment income 129.9 114.7 105.0
Net realized gains - 17.5 23.6
Other operations
Net sales 116.9 198.3 255.4
Interest and dividend income 38.4 53.4 45.5
Loss on sale of General Cable
Corporation securities (75.8) - -
Net realized gains (losses) .1 105.8 (3.3)
1,767.4 1,763.3 1,424.9
Expenses
Insurance operations
Losses 939.3 726.9 579.5
Loss adjustment expenses 151.4 130.0 107.1
Commissions and other insurance expenses 356.0 288.3 229.7
Policyholder dividends 75.7 93.2 67.5
Other operations
Cost of sales 70.1 88.9 143.8
Operating expenses 45.3 105.7 107.3
Corporate and administrative expenses 20.0 20.2 20.2
Interest and debt expense 53.2 62.8 69.6
Provision for loss on sale of subsidiaries
and asset impairment 4.0 41.6 -
Other expense (income), net 11.2 15.6 16.1
1,726.2 1,573.2 1,340.8
Income from continuing operations before
income taxes 41.2 190.1 84.1
Income tax (expense) benefit (40.4) 52.6 (33.2)
Income from continuing operations .8 242.7 50.9
Discontinued operations:
Income from discontinued operations - 2.8 1.7
Loss on disposal (.5) (13.5) -
Cumulative effect of accounting change - - 252.8
Net income $ .3 $ 232.0 $ 305.4
Earnings per share data:
Continuing operations $ .02 $ 5.03 $ 1.08
Discontinued operations (.01) (.22) .04
Cumulative effect of accounting change - - 5.36
$ .01 $ 4.81 $ 6.48
Weighted average number of common shares 48.0 48.2 47.2
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F-3PAGE
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
BALANCE SHEET
<TABLE>
<CAPTION>
December 31,
(In Millions, Except Share Data) 1994 1993
<S> <C> <C>
Assets:
Investments held by insurance operations
Fixed maturity securities
Held for investment - stated at amortized
cost (market $1,244.5 and $1,173.0) $1,317.9 $1,113.0
Available for sale - stated at market
(cost $524.1 and $408.7) 501.0 432.8
Short-term investments 51.7 56.9
1,870.6 1,602.7
Parent Company investments
Fixed maturity securities
Held for investment - stated at amortized
cost (market $271.5 and $251.7) 279.3 248.9
Available for sale - stated at market
(cost $328.0 and $ - ) 323.4 -
Short-term investments 199.1 387.9
General Cable Corporation notes - 286.8
Equity in affiliates 11.7 20.1
813.5 943.7
Cash 36.7 32.4
Accrued investment income 46.6 43.4
Agents' balances and premiums receivable 343.8 289.9
Reinsurance receivable 52.7 47.6
Other receivables 42.2 51.4
Deferred policy acquisition costs 92.1 77.4
Cost in excess of net assets acquired 394.5 406.8
Deferred tax asset 267.7 295.8
Other assets 233.6 258.5
Total $4,194.0 $4,049.6
Liabilities And Common Shareholders' Equity:
Unpaid losses and loss adjustment expenses $1,130.9 $ 961.4
Policyholder dividends 102.4 111.8
Unearned premiums 440.2 352.3
Debt 507.3 523.2
Minority interests in subsidiaries 6.2 15.1
Accounts payable and other liabilities 458.3 363.5
Total liabilities 2,645.3 2,327.3
Common Stock, $1.00 par value - outstanding or
issuable 46,282,157 and 47,446,094 shares 46.3 47.4
Capital surplus 662.2 746.2
Retained earnings (from October 25, 1978) 867.5 912.3
Net unrealized gains (losses) on investments (27.3) 16.4
Total common shareholders' equity 1,548.7 1,722.3
Total $4,194.0 $4,049.6
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F-4PAGE
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
For the years ended December 31,
(In Millions) 1994 1993 1992
<S> <C> <C> <C>
Cash flows of operating activities:
Income from continuing operations $ .8 $ 242.7 $ 50.9
Adjustments to reconcile income from continuing
operations to net cash provided by continuing
activities
Deferred Federal income tax 36.3 (57.9) 28.9
Depreciation, depletion and amortization 27.5 32.8 33.5
Net (gain) loss on disposals of businesses,
investments and property, plant and
equipment 76.9 (80.6) (19.2)
Changes in assets and liabilities, excluding
effects of acquisitions and divestitures
of businesses
Increase in receivables (54.8) (96.9) (47.2)
(Increase) decrease in other assets (5.4) 6.7 8.3
Increase (decrease) in accounts payable and
other liabilities (7.0) 12.7 (16.9)
Increase in unpaid losses and loss adjustment
expenses 155.2 94.8 99.6
Increase (decrease) in policyholder
dividends (9.4) 30.4 11.7
Increase in unearned premiums 82.1 105.7 68.6
Litigation settlement - 15.6 -
Other, net 5.4 (1.9) (.3)
Net cash flows of operating
activities 307.6 304.1 217.9
Cash flows of investing activities:
Purchases of available for sale investments (508.8) (158.6) -
Maturities and sales of available for sale
investments 103.6 149.4 -
Purchases of held for investment securities (341.0) (576.9) -
Maturities of held for investment securities 144.0 548.0 -
Purchases of investments (263.4) (344.1) (1,401.1)
Sales and maturities of investments 318.5 278.4 963.7
Net (increase) decrease in short-term investments 142.6 (37.2) 361.3
Sale of General Cable Corporation securities 176.7 - -
Sales of businesses 31.6 89.7 -
Acquisitions of businesses, net of cash acquired (13.9) (95.3) -
Capital expenditures (22.1) (17.5) (14.6)
Other, net 10.2 (1.4) 2.0
Net cash flows of investing
activities (222.0) (165.5) (88.7)
Cash flows of financing activities:
Repayment of debt (17.5) (135.1) (13.1)
Common Stock dividends (40.6) (38.2) (36.8)
Exercise of stock options and conversion of Career
Shares 19.1 24.0 12.6
Purchases of Company Common Stock (47.7) (1.9) (36.8)
Issuance of debt 1.2 1.8 3.1
Other, net 4.2 (1.3) .2
Net cash flows of financing
activities (81.3) (150.7) (70.8)
Net cash flows from continuing operations 4.3 (12.1) 58.4
Net cash (to) from discontinued operations - 8.3 (36.6)
Increase (decrease) in cash 4.3 (3.8) 21.8
Cash - beginning of year 32.4 36.2 14.4
Cash - end of year $ 36.7 $ 32.4 $ 36.2
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F-5<PAGE>
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
All majority-owned subsidiaries are consolidated, with the
exception of the Company's defense services operations sold in
August 1993 and those businesses included in the 1992 Spin-off to
the Company's shareholders of the Company's principal manufacturing
operations which have been classified as discontinued operations.
The Company's only industry segment is specialty property and
casualty insurance. Intercompany transactions and balances are
eliminated. Certain amounts in the consolidated financial
statements for years prior to 1994 have been reclassified to
conform to the current presentation.
Revenue Recognition
Premiums are earned ratably over the terms of the insurance
policies, net of reinsurance ceded.
Earnings Per Share
For the years ended December 31, 1994 and 1993, earnings per
share are calculated on the basis of the weighted average number of
shares of common stock outstanding during the period and the
dilutive effect of assumed conversion of common stock equivalents
(stock options and Career Shares). For 1992, the assumed
conversion of common stock equivalents was not deemed dilutive and
is therefore not reflected in the earnings per share presentation
for that period.
Investments
Effective January 1, 1994, the Company adopted Statement of
Financial Accounting Standards ("SFAS") No. 115, "Accounting for
Certain Investments in Debt and Equity Securities". The adoption
of SFAS No. 115 did not have a material effect on the Company's
financial position or results of operations.
Investments in fixed maturity securities which will be held
for indefinite periods of time are classified as available for sale
and are stated at market value, with net unrealized gains or losses
(net of deferred income taxes) credited or charged to shareholders'
equity. Investments in fixed maturity securities which the Company
has both the intent and the ability to hold to maturity are stated
at cost, adjusted for amortization of discount or premium unless
there is an impairment of value which is determined to be other
than temporary, in which case they are carried at estimated net
realizable value. In certain limited circumstances, such as
significant individual issuer credit deterioration, a major
business combination or disposition or if required by insurance or
other regulators, the Company may
F-6PAGE
<PAGE>
dispose of such investments prior to their scheduled maturities.
Short-term investments are carried at amortized cost which
approximates market value. The Company uses the "specific
identification" method of determining the cost of investments sold.
For further information, see Notes 4 and 5.
Cost in Excess of Net Assets Acquired
The excess of the acquisition cost over the net assets of
businesses acquired ("Goodwill") is being amortized using the
straight-line method over periods not exceeding 40 years. At
December 31, 1994 and 1993, accumulated amortization of cost in
excess of net assets acquired totaled $52.7 million and $42.9
million, respectively.
The Company's management continually monitors whether
significant changes in certain industry and regulatory conditions
or prolonged trends of declining profitability have occurred which
would lead the Company to question the recoverability of the
carrying value of its Goodwill. The Company's evaluation of its
recorded Goodwill would be based primarily on estimates of future
earnings, as well as all other available factors which may provide
additional evidence relevant to the assessment of recoverability
of its Goodwill.
Deferred Policy Acquisition Costs
Deferred policy acquisition costs applicable to unearned
premiums are computed on a basis which gives recognition to
underwriting expenses (commissions, premium taxes and certain other
underwriting costs), loss, loss adjustment expense and policyholder
dividend ratios and the anticipated expenses necessary to maintain
policies in force. The deferred costs are limited to the
difference between unearned premiums and expected related losses,
loss adjustment expenses and policyholder dividends, with
subsequent amortization to income occurring ratably over the terms
of the related policies. Limits on deferred costs are calculated
separately for significant lines of business without any
consideration for anticipated investment income.
Unpaid Losses and Loss Adjustment Expenses
The liabilities stated for unpaid losses and loss adjustment
expenses are based on (a) the accumulation of case estimates for
losses reported on the direct business written; (b) estimates
received from ceding reinsurers and insurance pools and
associations; (c) estimates of unreported losses based on past
experience, and (d) estimates of expenses for investigating and
adjusting claims based on experience. 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 recorded liabilities for
unpaid losses and loss adjustment expenses are adequate. Changes
in estimates of the liabilities for unpaid losses and loss
adjustment expenses are included in income in the period in which
determined.
F-7<PAGE>
Policyholder Dividends
Dividends payable to policyholders represent management's
estimate of amounts payable on participating policies which share
in favorable underwriting results. The estimate is accrued during
the period in which the related premium is earned. Changes in
estimates are included in income in the period determined.
Policyholder dividends do not become legal liabilities unless and
until declared by the boards of directors of the insurance
companies.
Unearned Premiums
Unearned premiums represent that portion of premiums written
which is applicable to the unexpired terms of policies in force,
generally computed by the application of daily pro rata fractions.
On reinsurance assumed, unearned premiums are based on reports
received from the ceding reinsurers and insurance pools and
associations.
Reinsurance
Portions of the Company's policy coverages are reinsured under
contracts with various reinsurers. The more significant contracts
represent excess of loss treaties designed to limit the Company's
potential liability on significant policy coverages. Reinsurance
contracts do not relieve the Company from its obligations to
policyholders. Effective January 1, 1993, the Company adopted SFAS
No. 113, "Accounting and Reporting for Reinsurance of Short-
Duration and Long-Duration Contracts". This statement requires
ceding insurers to (a) report separately as assets estimated
reinsurance receivables arising from reinsurance contracts and
amounts paid to reinsurers relating to the unexpired portions of
such contracts and (b) include corresponding amounts in unpaid
losses and loss adjustment expenses on a gross basis. Prior to the
adoption of SFAS No. 113, assets related to reinsurance activities
were recorded as reductions to the liabilities stated for unpaid
losses and loss adjustment expenses and unearned premiums. The
adoption of SFAS No. 113 did not have a material impact on the
Company's results of operations. Financial statements of prior
periods have not been restated to reflect the provisions of this
statement.
Income on reinsurance contracts is recognized based on reports
received from ceding reinsurers and insurance pools and
associations.
Capital Surplus
Adjustments to claims and contingencies arising from events or
circumstances preceding the Company's 1978 reorganization are
reflected in capital surplus if the adjustments are not clearly
attributable to post-reorganization events or circumstances. Such
pre-reorganization claims and contingencies consist principally of
personal injury claims by former employees of the Company's
predecessor and claims relating to the generation, disposal or
release into the environment of allegedly hazardous substances
arising out of railroad operations disposed of prior to the 1978
reorganization.
F-8<PAGE>
Fair Value of Financial Instruments
Financial instruments are defined as cash, evidence of an
ownership interest in an entity, or contracts relating to the
receipt, delivery or exchange of financial instruments. The
estimated fair value amounts of the Company's financial instruments
have been determined by the Company using available market
information and appropriate valuation methodologies. However,
considerable judgment is necessarily required in interpreting
market data to develop the estimates of fair value. Accordingly,
the estimates presented herein are not necessarily indicative of
the amounts that the Company could realize in current market
transactions. The use of different market assumptions and/or
estimation methodologies may have a material effect on the
estimated fair value amounts. In addition, the fair value
estimates presented herein are based on pertinent information
available to management as of December 31, 1994. Although
management is not aware of any factors that would significantly
affect the estimated fair value amounts, such amounts have not been
comprehensively revalued for purposes of these financial statements
since that date and, therefore, current estimates of fair value may
differ significantly from the amounts presented herein. The terms
"fair value" and "market value" are used interchangeably in the
financial statements and the notes thereto. Unless otherwise
denoted, stated values of financial instruments approximate fair
value.
2. SUBSEQUENT EVENT - ACQUISITION OF AMERICAN FINANCIAL
CORPORATION
On March 23, 1995, the Company's shareholders approved the
acquisition of all of the common stock of American Financial
Corporation ("AFC"). Consummation of the acquisition is pending
receipt of a private letter ruling from the Internal Revenue
Service regarding the continuation of the Company's federal income
tax consolidated group. Upon consummation of the acquisition, the
Company will become a wholly owned subsidiary of American Premier
Group, Inc. ("New American Premier"), a new corporation formed by
the Company for the purpose of acquiring all of the common stock of
AFC. Under the terms of the acquisition, (a) the Company will
merge with a subsidiary of New American Premier and each of the
41.7 million shares of Company Common Stock expected to be then
outstanding will be converted into one share of New American
Premier Common Stock, and (b) AFC will merge with another
subsidiary of New American Premier and each share of AFC Common
Stock will be converted into 1.435 shares of New American Premier
Common Stock (after giving effect to a litigation settlement). As
a result of the acquisition, the Company and AFC each will become
wholly owned subsidiaries of New American Premier and New American
Premier will be the Company's successor as the issuer of publicly
held common stock. AFC owns approximately 18.7 million shares of
the Company's common stock (representing 44.8 percent of the
outstanding shares), which will be treated as having been acquired
by New American Premier in the acquisition. Upon completion of the
acquisition, the former shareholders of AFC, consisting of Carl H.
Lindner, members of his family and trusts for their benefit, will
own 28.3 million of New American Premier common shares,
representing approximately 55.2 percent of the approximately 51.3
million New American Premier common shares expected to be then
outstanding. Accordingly, the net increase in outstanding shares
resulting from the acquisition will be approximately 9.6 million
shares. Mr. Lindner is chairman and chief executive officer of
both the Company and AFC and will continue in that role with New
American Premier. The acquisition was previously approved by the
Company's Board of Directors based on the recommendation of a
special committee of the Company's independent directors. In
making its recommendation, the special committee relied
F-9PAGE
<PAGE>
on an opinion of Furman Selz Incorporated that the number of New
American Premier shares to be issued to the shareholders of AFC was
fair to the shareholders of the Company (other than AFC) from a
financial point of view.
3. DIVESTITURES
Sale of Non-insurance Businesses
The intended divestitures of businesses announced in December
1992 included five small diversified industrial companies, four of
which were sold during 1993 and 1994 for aggregate proceeds of
$30.9 million. The remaining business was sold in February 1995
for cash and notes of $15.8 million, subject to a post-closing
adjustment. A provision of $4.0 million for the anticipated loss
on this sale was recorded in 1994. On June 2, 1994, the Company
sold its 53.5 percent interest in operations which provide onshore
oil and gas contract drilling and well workover services for $14.5
million in cash. No gain or loss was recognized on the
transaction. For 1994, the operations sold and to be sold had
aggregate sales of $94.8 million and a pre-tax loss of $9.4
million.
On November 9, 1993, the Company sold all of its 1,982,646
shares of the common stock of Tejas Gas Corporation ("Tejas") in an
underwritten public offering for net proceeds of $106.6 million.
The Company's pre-tax gain from the sale was approximately $80.0
million.
On August 25, 1993, the Company sold its defense services
operations, excluding certain real estate being retained for sale
by the Company, to Tracor, Inc. for $94 million in cash, subject to
a post-closing working capital adjustment. As a result of the
sale, the defense services operations have been classified as
discontinued operations for all periods presented.
On May 25, 1993, the Company sold all of its 2,308,900 limited
partnership units of Buckeye Partners, L.P. ("Buckeye Units") in an
underwritten public offering for net proceeds of $71.6 million, of
which $10.7 million was related to Buckeye Units held in the
insurance operations' investment portfolio and $60.9 million was
attributable to Buckeye Units held in the Parent Company investment
portfolio. The Company's pre-tax gain from the sale was
approximately $18.5 million. Of this amount, $2.8 million is
related to the insurance operations' investments and accordingly,
is included in "net realized gains" from insurance investments.
The balance of $15.7 million, attributable to the Parent Company
investments, is included in "net realized gains (losses)".
Spin-off of Principal Manufacturing Operations
On July 1, 1992, substantially all of the stock of the
Company's subsidiary, General Cable Corporation ("General Cable"),
which had been formed to own the Company's wire and cable,
materials handling machinery and equipment and marine equipment
manufacturing businesses (the "General Cable Businesses"), was spun
off to the Company's shareholders (the "Spin-off"). As a result of
the Spin-off, the General Cable Businesses were classified as
discontinued operations.
As part of the Spin-off, the Company retained a $255 million
9.98 percent subordinated note due 2007 issued by General Cable
(the "General Cable Note"), a
F-10PAGE
<PAGE>
$36.9 million short-term note of General Cable (the "Short-term
Note") and approximately 11.6 percent of the General Cable shares
("Retained Shares"). During 1993, General Cable paid the $31.8
million of interest due on the General Cable Note with additional
9.98 percent subordinated notes ("Interest Notes") in lieu of cash
and repaid the Short-term Note in full, together with accrued
interest, with cash on July 2, 1993.
On February 14, 1994, as a result of General Cable's sale of
its Marathon LeTourneau unit to a subsidiary of Rowan Companies,
Inc. ("Rowan"), General Cable delivered to the Company cash and
promissory notes issued by Rowan totalling $52.1 million as a
partial payment of the General Note and Interest Notes
(collectively, the "General Cable Notes"). As a result of these
receipts, the Company credited General Cable with $48.1 million of
principal and interest on the General Cable Notes.
On June 9, 1994, as part of an agreement for the purchase of
all of the outstanding shares of General Cable by Wassall PLC
("Wassall"), the Company sold to Wassall the then outstanding
$253.5 million principal amount of the General Cable Notes and the
Retained Shares for $169.8 million and $6.9 million, respectively.
Also as part of the agreement, the Company received a $19.2 million
payment from Wassall in consideration of assuming responsibility
for certain actual and potential environmental and other
liabilities (the "Indemnity Payment"). For further information
regarding such liabilities, see Note 11. Immediately prior to the
sale of General Cable to Wassall, AFC, which owned 40.5% of the
Company's common stock, also owned 45.6% of the outstanding common
stock of General Cable. The Chairman of the Board and Chief
Executive Officer of the Company was the Chairman of the Board of
General Cable. The transaction was approved by the Company's Board
of Directors based on the recommendation of a special committee of
the Company's independent directors. In making its recommendation,
the special committee relied on an opinion of Donaldson, Lufkin &
Jenrette Securities Corp. that the aggregate consideration to be
received by the Company in the transaction was fair to the Company
from a financial point of view. The Company recorded a loss of
approximately $75.8 million in 1994 for the disposition of the
General Cable Notes and Retained Shares, and the Company did not
accrue interest income on the General Cable Notes during 1994.
The principal pro forma effect on the Company's 1992 pre-tax
income from continuing operations, assuming the Spin-off had
occurred on January 1, 1991, is the inclusion of interest income
attributable to the General Cable Note and Short-Term Note for the
six months ended June 30, 1992. Assuming a prime rate of 6 percent
per annum for the Short-Term Note, such income would have added
$13.8 million, or $.18 per share, for 1992.
F-11<PAGE>
<PAGE>
Discontinued Operations
Discontinued operations includes the following:
<TABLE>
<CAPTION>
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Revenues:
Defense services businesses $ - $274.8 $414.0
General Cable Businesses - - 469.3
$ - $274.8 $883.3
Pre-tax Income (Loss):
Defense services businesses $ - $ 4.8 $ 18.9
General Cable Businesses - - (19.5)
$ - $ 4.8 $ (.6)
Income (Loss) from
Discontinued Operations:
Defense services businesses $ (.5) $(10.7) $ 11.2
General Cable Businesses - - (9.5)
$ (.5) $(10.7) $ 1.7
Income (Loss) Per Share from
Discontinued Operations:
Defense services businesses $ (.01) $ (.22) $ .24
General Cable Businesses - - (.20)
$ (.01) $ (.22) $ .04
</TABLE>
The loss from discontinued operations in 1993 includes a loss
on disposal of the defense services businesses of $13.5 million, or
$.28 per share, primarily attributable to a reduction of deferred
tax assets. For 1992, results of the General Cable Businesses were
for the six months ended June 30, 1992, up to the Spin-off date.
F-12<PAGE>
<PAGE>
4. INSURANCE OPERATIONS
Investments of Insurance Operations
The insurance operations' investments in fixed maturity
securities at December 31, consisted of the following:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
1994 Cost Gains Losses Value
<S> <C> <C> <C> <C>
(In Millions)
Held for investment
Corporate securities $1,012.9 $ 3.1 $ 57.6 $ 958.4
Public utilities 207.5 .3 14.9 192.9
Mortgage-backed securities 80.9 .2 4.1 77.0
State and local obligations 8.0 .5 - 8.5
Foreign securities 8.6 - .9 7.7
Total held for investment 1,317.9 4.1 77.5 1,244.5
Available for sale
Corporate securities 310.4 1.6 16.1 295.9
Public utilities 16.8 - 1.1 15.7
Mortgage-backed securities 57.9 .1 3.1 54.9
U.S. government securities 81.7 .2 3.1 78.8
State and local obligations 2.8 - - 2.8
Foreign securities 52.6 - 1.6 51.0
Total available for sale 522.2 1.9 25.0 499.1
Total fixed maturity
securities $1,840.1 $ 6.0 $ 102.5 $1,743.6
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
1993 Cost Gains Losses Value
<S> <C> <C> <C> <C>
(In Millions)
Held for investment
Corporate securities $ 826.7 $ 50.8 $ 2.6 $ 874.9
Public utilities 192.1 7.5 .5 199.1
Mortgage-backed securities 85.9 3.6 - 89.5
State and local obligations 8.3 1.2 - 9.5
Total held for investment 1,113.0 63.1 3.1 1,173.0
Available for sale
Corporate securities 267.2 17.4 1.8 282.8
Public utilities 22.1 1.1 .2 23.0
Mortgage-backed securities 62.1 4.2 .1 66.2
U.S. government securities 51.5 3.3 - 54.8
State and local obligations 5.7 .2 - 5.9
Total available for sale 408.6 26.2 2.1 432.7
Total fixed maturity
securities $1,521.6 $ 89.3 $ 5.2 $1,605.7
</TABLE>
F-13PAGE
<PAGE>
At December 31, 1994, the insurance operations' investments
included unrated or less than investment grade corporate securities
with a carrying value of $129.1 million (market value $127.6
million). Investments of insurance operations also include a net
receivable for securities sold but not settled of $1.9 million at
December 31, 1994 and $.1 million at December 31, 1993.
The amortized cost and market value of the insurance
operations' investments in fixed maturity securities at December
31, 1994 are shown below by contractual maturity. Expected
maturities may differ from contractual maturities because certain
borrowers have the right to call or prepay obligations.
(In Millions)
Amortized Market
Cost Value
Held for investment
Due in one year or less $ .4 $ .4
Due after one year through five years 270.2 265.7
Due after five years through ten years 778.0 727.8
Due after ten years 188.4 173.6
1,237.0 1,167.5
Mortgage-backed securities 80.9 77.0
Total held for investment 1,317.9 1,244.5
Available for sale
Due in one year or less 40.1 40.1
Due after one year through five years 132.6 129.2
Due after five years through ten years 238.8 223.8
Due after ten years 52.8 51.1
464.3 444.2
Mortgage-backed securities 57.9 54.9
Total available for sale 522.2 499.1
Total fixed maturity securities $1,840.1 $1,743.6
At December 31, 1994 and 1993, short-term investments
consisted principally of U.S. Treasury securities and commercial
paper.
Investment Income of Insurance Operations
Investment income consisted of the following:
(In Millions)
Years Ended December 31, 1994 1993 1992
Income from fixed maturity
securities $133.1 $117.4 $105.6
Income from equity securities - .5 2.1
Gross investment income 133.1 117.9 107.7
Investment expenses (3.2) (3.2) (2.7)
Net investment income $129.9 $114.7 $105.0
F-14<PAGE>
<PAGE>
Realized gains (losses) consisted of the following:
(In Millions)
Years Ended December 31, 1994 1993 1992
Gross realized gains on:
Fixed maturity securities $ 3.3 $ 15.6 $ 23.3
Equity securities - 2.8 1.5
Gross realized losses on:
Fixed maturity securities (3.3) (.9) (1.2)
Equity securities - - -
Net realized gains (losses) $ - $ 17.5 $ 23.6
Income from fixed maturity securities includes income from
short-term investments. Proceeds from sales of investments in
fixed maturity securities during 1994, 1993 and 1992, excluding
proceeds from sales at or near maturity, totaled $75.3 million,
$155.9 million and $409.4 million, respectively. During 1994,
$55.8 million of proceeds from these sales were from securities
classified as available for sale and $19.5 million were from
securities classified as held for investment. All such sales of
held for investment securities were made as a result of significant
deterioration in the issuers' credit rating. The gross realized
gains (losses) attributable to sales of fixed maturity securities,
excluding sales at or near maturity, were:
(In Millions)
1994
Available Held for
for Sale Investment
Gross realized gains $ 1.2 $ 1.6
Gross realized losses (2.6) (.2)
Net realized gains (losses) $ (1.4) $ 1.4
Restrictions on Transfers of Funds and Assets
The Company's insurance operations are subject to state
regulations which limit, by reference to specified measures of
statutory operating results and policyholders' surplus, the
dividends that can be paid to the Company without prior regulatory
approval. Under these restrictions, the maximum amount of
dividends which can be paid to the Company during 1995 by these
subsidiaries is $83.8 million. At December 31, 1994 and 1993,
statutory capital and surplus totalled $643.6 million and $567.3
million, respectively.
F-15<PAGE>
<PAGE>
Reinsurance
The insurance operations assume and cede a portion of their
written business with other insurance companies in the normal
course of business. To the extent that any reinsuring companies
are unable to meet their obligations under agreements covering
reinsurance ceded, the Company's insurance subsidiaries would
remain liable. Amounts deducted from insurance losses and loss
adjustment expenses ("LAE") and net written and earned premiums in
connection with reinsurance ceded to affiliates and non-affiliated
companies, as well as amounts included in net written and earned
premiums for reinsurance assumed from affiliates and non-affiliated
companies, were as follows:
<TABLE>
<CAPTION>
(In Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Reinsurance ceded:
Premiums written
Non-affiliates $20.4 $ 9.3 $ 5.9
Premiums earned
Non-affiliates 18.7 8.9 6.4
Incurred losses and loss adjustment
expenses
Affiliates (1.8) (2.5) (8.8)
Non-affiliates 15.9 3.8 4.4
Reinsurance assumed:
Premiums written
Affiliates 167.6 101.2 56.0
Non-affiliates 36.4 74.4 46.1
Premiums earned
Affiliates 139.4 78.2 56.1
Non-affiliates 50.1 60.1 36.4
</TABLE>
(In Millions)
December 31, 1994 1993
Reinsurance ceded:
Reserves for unpaid loss and
loss adjustment expenses
Affiliates $ 10.2 $ 14.0
Non-affiliates 40.7 29.1
The allowance for uncollectible reinsurance was $1.5 million
and $1.9 million, respectively, at December 31, 1994 and 1993.
F-16<PAGE>
Liability for Losses and Loss Adjustment Expenses
The following table provides an analysis of changes in the
estimated liability for losses and LAE, net of reinsurance
activity.
<TABLE>
<CAPTION>
(In Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Balance at beginning of year, net of
reinsurance $ 916.3 $ 763.5 $ 663.9
Provision for losses and LAE occurring
in the current year 1,169.5 914.7 706.8
Net decrease in provision for claims
occurring in prior years (78.8) (57.8) (20.2)
1,090.7 856.9 686.6
Payments for losses and LAE
occurring during:
Current year 553.6 413.0 294.7
Prior years 386.5 345.1 292.3
940.1 758.1 587.0
Loss and LAE reserves of subsidiaries
purchased 13.1 54.0 -
Balance at end of year, net of
reinsurance 1,080.0 916.3 763.5
Reinsurance receivable on unpaid losses
and LAE at end of year 50.9 45.1 -
Balance at end of period, gross of
reinsurance receivable $1,130.9 $ 961.4 $ 763.5
</TABLE>
The decreases in the provision for claims occurring in prior
years results from reductions in the estimated ultimate losses and
LAE related to such claims.
Other
Statutory net income for 1994, 1993 and 1992 was $74.0
million, $93.0 million and $81.6 million, respectively. Deferred
policy acquisition costs amortized to income were $292.3 million,
$243.8 million and $195.9 million for 1994, 1993 and 1992,
respectively.
At December 31, 1994 and 1993, reserves for uncollectible
premiums receivable were $5.9 million and $5.6 million,
respectively.
During 1994, 1993 and 1992, 89 percent, 95 percent and 95
percent, respectively, of net premiums written in the workers'
compensation insurance operations were for policies eligible for
policyholder dividend consideration.
F-17PAGE
<PAGE>
5. PARENT COMPANY INVESTMENTS
The Parent Company investments in fixed maturity securities at
December 31, consisted of the following:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
1994 Cost Gains Losses Value
<S> <C> <C> <C> <C>
(In Millions)
Held for investment
Corporate securities $ 205.4 $ - $ 6.4 $ 199.0
Public utilities 23.0 - .8 22.2
Mortgage-backed securities .4 - - .4
U.S. Government securities 50.5 - .6 49.9
Total held for investment 279.3 - 7.8 271.5
Available for sale
U.S. Government securities 328.0 - 4.6 323.4
Total fixed maturity
securities $ 607.3 $ - $ 12.4 $ 594.9
Gross Gross
Amortized Unrealized Unrealized Market
1993 Cost Gains Losses Value
(In Millions)
Held for investment
Corporate securities $ 189.6 $ 3.1 $ .3 $ 192.4
Public utilities 31.6 - - 31.6
U.S. Government securities 26.5 - - 26.5
Mortgage-backed securities 1.2 - - 1.2
Total fixed maturity
securities $ 248.9 $ 3.1 $ .3 $ 251.7
</TABLE>
At December 31, 1994, the carrying value of unrated or less
than investment grade corporate securities totalled $27.2 million
(market value $26.5 million).
Proceeds from sales of Parent Company investments during 1992,
excluding proceeds from sales at or near maturity totaled $5.3
million. No gains or losses were realized on such securities in
1992.
F-18<PAGE>
Amortized cost and market value of Parent Company investments in
fixed maturity securities at December 31, 1994 are shown below by
contractual maturity. Expected maturities may differ from
contractual maturities because certain borrowers have the right to
call or prepay obligations.
(In Millions)
Amortized Market
Cost Value
Held for investment
Due in one year or less $ 42.3 $ 41.8
Due after one year through five years 185.5 180.9
Due after five years through ten years 40.6 38.1
Due after ten years 10.5 10.3
278.9 271.1
Mortgage-backed securities .4 .4
Total held for investment 279.3 271.5
Available for sale
Due in one year or less 83.9 82.8
Due after one year through five years 242.6 239.1
Due after five years through ten years - -
Due after ten years 1.5 1.5
328.0 323.4
Mortgage-backed securities - -
Total available for sale 328.0 323.4
Total fixed maturity securities $ 607.3 $ 594.9
At December 31, 1994 and 1993, short-term investments
consisted principally of U.S. Treasury securities and commercial
paper.
F-19<PAGE>
6. DEBT
Debt consisted of the following:
<TABLE>
<CAPTION>
(In Millions)
1994 1993
Estimated Estimated
Carrying Fair Carrying Fair
December 31, Amount Value Amount Value
<S> <C> <C> <C> <C>
Subordinated notes, 10 7/8%, due 2011
(net of unamortized debt issue costs
of $1.1 in each period) $ 148.9 $ 159.3 $ 148.9 $ 189.0
Subordinated notes, 10 5/8%, due 2000
(net of unamortized debt issue costs
of $.8 and $1.0 respectively) 149.2 155.8 149.0 175.5
Subordinated notes, 9 3/4%, due 1999
(net of unamortized debt issue costs
of $.6 and $.8, respectively) 199.4 201.0 199.2 226.0
Subordinated debentures, 9 1/2%, due
2002 - - 16.2 16.2
Other 9.8 9.8 9.9 9.9
Total $ 507.3 $ 525.9 $ 523.2 $ 616.6
</TABLE>
On March 25, 1994, the Company redeemed all of the outstanding
$16.2 million principal amount of its 9 1/2 percent subordinated
debentures due August 1, 2002 at the redemption price of 100
percent of the principal amount of each debenture plus accrued
interest.
On July 30, 1993, the Company redeemed all $133.3 million
principal amount of its outstanding 11 percent subordinated
debentures due December 15, 1997 at the redemption price of 100
percent of the principal amount of each debenture plus accrued
interest to the redemption date.
Certain loan agreements contain several covenants and
restrictions, none of which significantly impacted the Company's
operations at December 31, 1994.
The 10 7/8, 10 5/8 and 9 3/4 percent notes (the "Notes") are
subordinated in right of payment to all debt of the Company
outstanding at any time, except for debt which is by its terms not
superior to the notes and debentures. Under certain circumstances,
the holders of the Notes can require the Company to purchase all or
part of such Notes at par plus accrued interest (the "Put Right").
The acquisition of AFC described in Note 2, if followed by a
ratings downgrade by either Standard & Poor's Corporation or
Moody's Investor Service Inc., would trigger the Put Right. Both
agencies have placed the Notes under review for possible ratings
downgrade as a result of the Acquisition. The Company is unable to
predict whether either or both of these agencies will in fact
downgrade the Notes or to what extent, if any, holders of the Notes
would exercise their Put Right.
F-20<PAGE>
Annual maturities of debt outstanding at December 31, 1994,
are as follows:
(In Millions)
1995 $ .7
1996 .8
1997 .8
1998 .9
1999 200.4
After 1999 303.7
At December 31, 1994, the Company had unutilized letter of
credit facilities totalling $43.7 million which, if drawn, will
bear interest at rates which approximate the prime rates offered by
various banks.
Estimated fair values for debt issues that are not quoted on
an exchange were calculated using interest rates that are currently
available to the Company for issuance of debt with similar terms
and remaining maturities.
7. INCOME TAXES
The Company has reported as of the beginning of its 1994 tax
year, an aggregate consolidated net operating loss carryforward for
Federal income tax purposes of approximately $638 million, which
will expire at the end of 1996 unless previously utilized, and a
$252 million capital loss carryforward, which will expire in
various amounts between 1995 and 1997, unless previously utilized.
The 1994 consolidated Federal income tax return will report a
remaining net operating loss carryforward currently estimated at
$505 million, which will expire at the end of 1996 unless
previously utilized, and remaining capital loss carryforwards
estimated at $325 million which will expire in various amounts
between 1995 and 1999, unless previously utilized. Also, as of
December 31, 1994, the Company has investment tax credit
carryforwards totalling approximately $8.8 million, which will
expire in various amounts between 1995 and 2000 unless previously
used, and alternative minimum tax credit ("AMT") carryforwards of
approximately $14 million.
During 1992, the Company elected to adopt SFAS No. 109,
"Accounting for Income Taxes", effective January 1, 1992, without
restating prior years' financial statements. SFAS No. 109 changed
the methods of accounting for income taxes and the criteria for
recognition of deferred tax assets. More specifically, a deferred
tax asset is recognized for those carryforwards and temporary
differences which will provide future tax benefits. A deferred tax
liability is recognized for temporary differences which will result
in taxable amounts in future years. The cumulative effect
resulting from adopting SFAS No. 109 as of January 1, 1992 was
income of $252.8 million, or $5.36 per share. As a result of
adopting SFAS No. 109, common shareholders' equity increased $300.8
million, or $6.38 per share, which amount includes $48.0 million,
or $1.02 per share, attributable to the tax effect of the pre-
reorganization net operating loss carryforward, as well as the
cumulative effect of accounting change.
F-21<PAGE>
Components of the provisions for income tax benefit (expense)
were as follows:
<TABLE>
<CAPTION>
(In Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Current
Federal $ (2.8) $(4.4) $ (2.8)
Foreign, state & local (1.3) (.9) (1.5)
Total current (4.1) (5.3) (4.3)
Deferred
Federal (36.3) 59.4 (28.9)
Foreign, state & local - (1.5) -
Total deferred (36.3) 57.9 (28.9)
Total $(40.4) $52.6 $(33.2)
</TABLE>
Consolidated income tax expense differs from the amount
computed using the United States statutory income tax rate for the
reasons set forth in the following table:
<TABLE>
<CAPTION>
(In Millions)
Years Ended December 31, 1994 1993 1992
<S> <C> <C> <C>
Income before income taxes $ 41.2 $190.1 $ 84.1
Expected tax at U.S. statutory
income tax rate $(14.4) $(66.5) $ (28.6)
Amortization of goodwill (4.0) (3.8) (3.5)
Revision to valuation allowance - 132.0 -
Loss disallowance (21.4) (6.9) -
Other, net (.6) (2.2) (1.1)
Consolidated income tax $(40.4) $ 52.6 $ (33.2)
</TABLE>
The Company's substantial tax loss carryforwards and temporary
differences give rise to deferred tax assets. Based on an analysis
of the likelihood of realizing the Company's gross deferred tax
asset (taking into consideration applicable statutory carryforward
periods), the Company determined that the recognition criteria set
forth in SFAS No. 109 are not met for the entire gross deferred tax
asset and, accordingly, the gross deferred tax asset is reduced by
a valuation allowance. The analysis of the likelihood of realizing
the gross deferred tax asset is reviewed and updated periodically.
Any required adjustments to the valuation allowance are made in the
period in which the developments on which they are based become
known. Results for 1993 include tax benefits of $132 million
attributable to such adjustments.
F-22PAGE
<PAGE>
Carryforwards and temporary differences which give rise to the
deferred tax asset are as follows:
(In Millions)
Amount of Deferred Tax Assets
at Current Tax Rates
December 31,
1994 1993
Net operating loss carryforward $176.7 $213.5
Capital loss carryforwards 115.5 93.3
Insurance claims and reserves 93.4 114.0
Other, net 95.6 70.2
Gross deferred tax asset 481.2 491.0
Valuation allowance (213.5) (195.2)
Net deferred tax asset $267.7 $295.8
8. PENSION PLANS AND OTHER RETIREMENT BENEFITS
The Company provides retirement benefits, primarily through
contributory and noncontributory defined contribution plans, for
the majority of its regular full-time employees except those
covered by certain labor contracts. Company contributions under
the defined contribution plans sponsored by the Company
approximate, on average, five percent of each eligible employee's
covered compensation. In addition, the Company sponsors employee
savings plans under which the Company matches a specified portion
of contributions made by eligible employees.
Expense related to defined contribution plans for 1994, 1993
and 1992 totaled $5.8 million, $5.5 million and $6.0 million,
respectively. The Company also provides defined benefit pension
plan retirement benefits for certain employees. The related
amounts included in the accompanying financial statements are not
material to the Company's financial condition.
9. EMPLOYEE STOCK OPTION AND PURCHASE PLANS
Under the Company's Stock Option Plan, options to purchase
shares of Common Stock may be granted to officers and other key
employees, and to non-employee directors of the Company. The
exercise price may not be less than the fair market value of the
Common Stock at the date of the grant. The options granted to
officers and key employees generally become exercisable to the
extent of 20 percent of the shares covered each year, beginning one
year from the date of grant, and expire ten years from the date of
grant. The options granted to non-employee directors of the
Company generally become fully exercisable upon grant and expire
approximately ten years from the date of grant.
Under the now terminated Career Share Purchase Plan (the
"Career Share Plan"), officers and other key employees of the
Company purchased shares of the Company's Preference Stock
(designated Career Shares). Outstanding Career Shares are
F-23PAGE
<PAGE>
convertible, at the holder's option, into a specified number of
shares of Common Stock determined by reference to the fair market
value (as defined) of a share of Common Stock as of the date the
Career Shares were offered for purchase.
Career Shares are generally not entitled to vote; are entitled
to cumulative annual cash dividends per share (if declared by the
Board of Directors) equal to 9.3 percent of their purchase price
per share; are superior to the rights of holders of shares of
Common Stock with respect to dividends; and have no preference to
the rights of holders of shares of Common Stock in the event of
liquidation. Under certain conditions, holders of Career Shares
issued under the Career Share Plan are entitled to sell to the
Company any or all of their shares and the Company is entitled to
repurchase all outstanding Career Shares.
The number of common shares available with respect to the
Company's Stock Option and Career Share Plans and activity under
these Plans were as follows:
<TABLE>
<CAPTION>
Common Stock Equivalents
Available Exercise or
Under Conversion
Plans Outstanding Prices Per Share
<S> <C> <C> <C>
Balance at December 31, 1993 2,098,673 4,328,441 $15.80 - $31.38
Activity during 1994:
Stock options granted (235,137) 235,137
Stock options exercised (892,968) $15.80 - $24.06
Stock options terminated 275,256 (275,256)
Balance at December 31, 1994 2,138,792 3,395,354 $17.24 - $31.38
Exercisable or convertible (vested)
at December 31, 1994 2,429,430 $17.24 - $31.38
</TABLE>
The Company's Employee Stock Purchase Plan ("ESPP") provides
eligible employees with the opportunity to purchase from the
Company, through regular payroll deductions, shares of the
Company's Common Stock at 85 percent of its fair market value on
the purchase date. A maximum of 3,000,000 common shares can be
purchased under the ESPP, and through December 31, 1994, employees
had purchased 292,934 shares.
In connection with the acquisition of AFC described in Note 2,
each outstanding share of the Company's Common Stock will be
converted into a share of New American Premier Common Stock, each
outstanding Career Share will be converted into a share of New
American Premier preferred stock and each stock option outstanding
under the Company's Stock Option Plan will be converted into an
option to purchase New American Premier common stock. In addition,
New American Premier will succeed to the Company under all
provisions of the Option Plan, the Career Share Plan and the ESPP.
F-24<PAGE>
<PAGE>
10. CAPITAL STOCK
The Company is authorized to issue 23,090,274 shares of
Preference Stock, without par value, in one or more series. At
December 31, 1994 and 1993 there were 212,698 shares of Preference
Stock outstanding, all of which are designated Career Shares.
The Company is authorized to issue 200,000,000 shares of
Common Stock. At December 31, 1994, there were 46,282,157 shares
of Common Stock outstanding or issuable, including 1,375,162 shares
set aside for issuance to certain pre-reorganization creditors and
other claimants. Holders of Common Stock have one vote per share.
During 1994, the Company purchased 2,099,600 shares of its
Common Stock for $52.5 million paid or to be paid in cash. During
the period subsequent to December 31, 1994 through February 13,
1995, the Company purchased 3,259,697 shares for $82.8 million.
During 1993, the Company purchased 45,522 shares of its Common
Stock for $1.3 million. During 1992, the Company purchased
1,471,002 shares of its Common Stock for $30.2 million.
At December 31, 1994, the Company had reserved 5,534,146
shares of Common Stock for issuance in connection with the
Company's Stock Option Plan and Career Share Plan. If all stock
options outstanding at December 31, 1994 were exercised (whether or
not then exercisable) and all Career Shares outstanding at December
31, 1994 were converted, the total number of shares of Common Stock
outstanding or issuable at December 31, 1994 would have increased
from 46,282,157 to 49,657,511.
Upon completion of the acquisition of AFC described in Note 2,
the Company will have 47,000,000 shares of Common Stock
outstanding, all of which will be owned by New American Premier;
none of the remaining 153,000,000 authorized shares of Common Stock
will have been reserved for any purpose; and no shares of
Preference Stock will be outstanding.
<PAGE>
11. CONTINGENCIES
Pre-Reorganization Contingencies
The following matters arose out of railroad operations
disposed of by the Company's predecessor, Penn Central
Transportation Company ("PCTC"), prior to its bankruptcy
reorganization in 1978 and, accordingly, any ultimate liability
arising therefrom in excess of previously established loss accruals
would be attributable to pre-reorganization events and
circumstances. In accordance with the Company's pre-reorganization
accounting policy, any such ultimate liability will reduce the
Company's capital surplus and shareholders' equity, but will not be
charged to income.
USX Litigation
In May 1994, lawsuits were filed against the Company by USX
Corporation ("USX") and its former subsidiary, Bessemer and Lake
Erie Railroad Company ("B&LE"), seeking contribution by the
Company, as the successor to the railroad business conducted by
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
F-25PAGE
<PAGE>
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. The Company believes that these lawsuits are without
merit. 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 the Company, 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 have appealed the District Court's ruling to the U.S. Court of
Appeals for the Third Circuit.
Environmental Matters
The Company is a party or named as a potentially responsible
party in a number of proceedings and claims by regulatory agencies
and private parties under various environmental protection laws,
including the Comprehensive Environmental Response, Compensation
and Liability Act ("CERCLA"), seeking to impose responsibility on
the Company for hazardous waste remediation costs at certain
railroad sites formerly owned by PCTC and at certain other sites
where hazardous waste allegedly generated by PCTC's railroad
operations is present. It is difficult to estimate the Company's
liability for remediation costs at these sites for a number of
reasons, including the number and financial resources of other
potentially responsible parties involved at a given site, the
varying availability of evidence by which to allocate
responsibility among such parties, the wide range of costs for
possible remediation alternatives, changing technology and the
period of time over which these matters develop. Nevertheless, the
Company believes that its previously established loss accruals for
potential pre-reorganization environmental liabilities at such sites
(including those established as a result of the Special Court decision
discussed below) are adequate to cover the probable amount of such
liabilities, based on the Company's estimates of remediation costs
and related expenses at such sites and its estimates of the portions
of such costs that will be borne by other parties. Such estimates
are based on information currently available to the Company and are
subject to future change as additional information becomes available.
Such estimates do not assume any recovery from the Company's insurance
carriers, although the Company does intend to seek reimbursement from
certain insurers for such remediation costs as the Company incurs.
In the third quarter of 1994, the Special Court created by the
Regional Rail Reorganization Act of 1973 (the "Rail Act") ruled, in
a decision that has become final, that CERCLA claims against the
Company with respect to the railroad sites it transferred to
Consolidated Rail Corporation ("Conrail") in 1976 pursuant to the
Rail Act are not barred by the terms of the transfer or by the
settlement of the valuation proceedings related to the transfer.
In terms of potential liability to the Company, the most
significant of the sites affected by the Special Court decision is
the railyard at Paoli, Pennsylvania ("Paoli Yard") formerly owned
by PCTC. A Record of Decision issued by the U.S. Environmental
Protection Agency in 1992 presented a final selected remedial
action for clean-up of polychlorinated biphenyls ("PCB's") at Paoli
Yard having an estimated cost of approximately $28 million. As a
result of the Special Court decision, the Company has accrued a
substantial portion of such estimated clean-up costs in its
financial statements (in addition to related expenses) but has not
accrued the entire amount because it believes it is probable that
other parties, including Conrail, will be responsible for
substantial percentages of the clean-up costs by virtue of their
operation of electrified railroad cars at Paoli Yard that
discharged PCB's at higher levels than discharged by cars operated
by PCTC. The amounts accrued by the Company for Paoli
F-26PAGE
<PAGE>
Yard and for other sites transferred to Conrail in 1976 are
included in the 1994 capital surplus charges discussed in Note 12.
In management's opinion, the outcome of the foregoing
environmental claims and contingencies will not, individually or in
the aggregate, have a material adverse effect on the financial
condition of the Company. In making this assessment, management
has taken into account previously established loss accruals in its
financial statements and probable recoveries from third parties.
Post-Reorganization Contingencies
In connection with the Company's sale on June 9, 1994 of its
General Cable Notes and common stock as described in Note 3, the
Company assumed responsibility for certain actual and potential
environmental and other liabilities principally associated with
General Cable's recent sales of Marathon LeTourneau Company and
Indiana Steel and Wire Company, in consideration of the payment to
the Company of an Indemnity Payment of $19.2 million. On June 30,
1994, the Company established a loss accrual in that amount in its
financial statements. Although it is difficult to estimate future
environmental remediation costs accurately for the reasons
discussed above, the Company believes that the Indemnity Payment
will provide sufficient funds to permit the Company to discharge
such liabilities as they become payable over time.
F-27<PAGE>
<PAGE>
12. CHANGES IN COMMON SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION> Unrealized
Gains
(Losses)
Common Stock Capital Retained On Invest-
(Dollars in Millions) Shares Amount Surplus Earnings ments Total
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1991 47,360,956 $47.4 $ 727.5 $705.1 $ (1.0) $1,479.0
Portion of deferred tax
asset attributable to
pre-reorganization net
operating loss carryforward 48.0 48.0
Net income 305.4 305.4
Dividends declared on
Common Stock (38.1) (38.1)
Exercise of stock options
and conversion of Career
Shares 397,015 .4 5.6 6.0
Purchases of Company
Common Stock (1,472,495) (1.5) (28.7) (30.2)
Issuance of Common Stock
under ESPP 96,694 .1 1.9 2.0
Adjustment of estimated net pre-
reorganization liabilities (15.0) (15.0)
Distribution of equity to
shareholders from spin-off
of General Cable
Corporation (264.5) (264.5)
Change in net unrealized gains
(losses) on investments 11.5 11.5
Other, net (.4) (.9) (1.3)
Balance, December 31, 1992 46,382,170 $46.4 $ 738.9 $707.0 $ 10.5 $1,502.8
Net income 232.0 232.0
Dividends declared on
Common Stock (40.0) (40.0)
Exercise of stock options
and conversion of Career
Shares 1,072,397 1.1 21.8 22.9
Purchases of Company
Common Stock (45,522) (1.3) (1.3)
Issuance of Common Stock
under ESPP 37,049 1.1 1.1
Adjustment of estimated net pre-
reorganization liabilities (14.0) (14.0)
Adjustment to the distribution
of equity to shareholders
from spin-off of General
Cable Corporation 13.3 13.3
Change in net unrealized gains
(losses) on investments 5.9 5.9
Other, net (.1) (.3) (.4)
Balance, December 31, 1993 47,446,094 $47.4 $ 746.2 $912.3 $16.4 $1,722.3
F-28<PAGE>
Net income .3 .3
Dividends declared on
Common Stock (42.9) (42.9)
Exercise of stock options
and conversion of Career
Shares 892,968 .9 17.5 18.4
Purchases of Company
Common Stock (2,099,600) (2.1) (50.4) (52.5)
Issuance of Common Stock
under ESPP and employee
stock bonus 42,695 1.1 1.1
Adjustment of estimated net pre-
reorganization liabilities (52.0) (52.0)
Adjustment to the distribution
of equity to shareholders
from spin-off of General
Cable Corporation (2.2) (2.2)
Change in net unrealized gains
(losses) on investments (43.7) (43.7)
Other, net .1 (.2) (.1)
Balance, December 31, 1994 46,282,157 $46.3 $ 662.2 $867.5 $ (27.3)$1,548.7
</TABLE>
During 1994, the Company increased its accruals for its net
probable liability for claims and contingencies arising from events
and circumstances preceding the Company's 1978 reorganization. Of
these accruals, $47.8 million was for pre-reorganization
environmental liabilities established principally as a result of the
1994 Special Court decision referred to in Note 11 in respect of
Paoli Yard and other sites transferred by the Company to Conrail in
1976. The environmental accrual also includes increases in the
estimated costs to the Company, based on information which became
available to it in 1994, related to remediation of environmental
conditions allegedly caused or contributed to by PCTC at certain
other sites. The remainder of the accruals consists of increases in
the estimated cost to the Company, based on information which became
available to it during 1994, for pending and expected claims by
former PCTC employees of injury or disease allegedly caused by
exposure to excessive noise or asbestos in the railroad workplace.
Such increase in the accrual for occupational injury or disease
claims is net of probable insurance recoveries related thereto. The
foregoing estimates are based on information currently available to
the Company and are subject to future change as additional
information becomes available. Offsetting these accruals was a $13.8
million credit representing the net present value of installment
payments to be paid by Chicago Union Station ("CUSCO") to the
Company resulting from a judgment against CUSCO in favor of the
Company. In accordance with the Company's reorganization accounting
policy, the Company recorded a net charge of $52.0 million to capital
surplus to reflect the net effect of the foregoing accruals which the
Company believes will be adequate based on information currently
available to it.
Also during 1994, the Company settled a dispute with former
employees of a business that was acquired in 1990 and subsequently
included in the General Cable Spin-off in July 1992.
During 1993 the Company settled a lawsuit it had brought against
the former owner of a business that was acquired by the Company in
1990 and was included in the General Cable Businesses spun-off to
shareholders in July 1992. After the General Cable Spin-off, the
Company retained the right to receive any amounts recovered in the
lawsuit. The net amount of cash received by the Company in the
settlement (net of a provision for certain obligations and associated
litigation expense) was accounted for as an
F-29PAGE
<PAGE>
adjustment to the distribution of equity to shareholders resulting
from the General Cable Spin-off.
13. COMMITMENTS
The Company has agreed to guarantee several third party
obligations which are not material individually or in the aggregate.
The Company has also entered into various operating lease agreements
related principally to certain administrative and manufacturing
facilities and transportation equipment. Future minimum rental
payments required under noncancelable lease agreements at December
31, 1994 were as follows: 1995--$20.3 million, 1996--$16.9 million,
1997--$8.2 million, 1998--$5.7 million, 1999--$3.8 million and $5.0
million thereafter, before deduction of minimum sublease income of
$12.3 million, in the aggregate, from January 1, 1995 through the
expiration of the leases. Rental expense recorded under operating
leases was $12.9 million in 1994, and $13.3 million in both 1993 and
1992.
14. STATEMENT OF CASH FLOWS
For purposes of this Statement, the Company considers only cash
on hand or in banks to be cash or cash equivalents. For the years
ended December 31, 1994 and 1993, amounts included in Purchases of
investments and Sales and maturities of investments consist of
activity for Short-term investments with original maturities greater
than three months.
For the years ended December 31, 1994, 1993 and 1992, income
taxes paid were $6.4 million, $4.8 million and $5.5 million,
respectively. For the same periods interest paid totaled $52.7
million, $62.7 million and $68.9 million, respectively.
On February 14, 1994, General Cable delivered to the Company
$10.4 million in cash and $41.7 million in promissory notes as a
partial payment of the General Cable Notes. The non-cash portion of
this transaction is not included in the statement of cash flows.
During 1993, General Cable elected to pay the $31.8 million of
interest due on the General Cable Note with Interest Notes in lieu of
cash. These non-cash transactions, which increased the Parent
Company investments and decreased accrued investment income, are not
included in the Statement of Cash Flows.
In December 1992, the Company received a note for approximately
$11.0 million in consideration of the sale of G & H Technology, Inc.
This transaction was a non-cash investing transaction which is not
included in the Statement of Cash Flows.
On June 30, 1992, in consideration of the transfer of the
General Cable Businesses and the advance of $25.0 million in cash,
the Company received the $255.0 million General Cable Note. To the
extent of $230.0 million, this transaction was a non-cash investing
transaction which is not included in the Statement of Cash Flows.
F-30<PAGE>
<PAGE>
15. RELATED PARTY TRANSACTIONS
The Chairman of the Board, Chief Executive Officer and principal
shareholder of AFC, which beneficially owned approximately 41.6
percent of the Company's outstanding common shares at December 31,
1994, is also the Chairman and Chief Executive Officer of the
Company. See Note 2 for information regarding the Company's
acquisition of AFC and Note 3 regarding the sale of the General Cable
Notes.
During 1990, the Company acquired the non-standard private
passenger automobile insurance business (the "NSA Group") from AFC.
The purchase price was subject to adjustment in 1995, based on 1991-
1994 pre-tax earnings of the NSA Group, by a reduction of up to $20.0
million or an increase of up to $40.0 million, in each case plus
interest. In December 1993, the Company, having concluded based on
the NSA Group's pre-tax earnings subsequent to 1990 that it was
highly probable that the maximum $40.0 million purchase price
adjustment would be payable by the Company, paid $40.0 million, plus
$12.8 million of interest, to Great American Insurance Company
("GAIC"), a wholly-owned insurance subsidiary of AFC, in full
settlement of the purchase price contingency in order to cut off the
accrual of interest at the relatively high rate prescribed by the
acquisition agreement. Also, as part of the agreement for the
purchase of the NSA Group, AFC, through GAIC, provides stop-loss
protection to the Company which, in effect, guarantees the adequacy
of unpaid loss and allocated loss adjustment expense reserves of the
NSA Group (net of reinsurance and salvage and subrogation recoveries)
related to periods prior to 1991 under policies written and assumed
by the NSA Group.
In 1988, the Company's workers' compensation insurance
operations ("Republic Indemnity") entered into a reinsurance contract
with GAIC to cover the aggregate losses on workers' compensation
coverage for the accident years 1980-1987, inclusive. The contract
provides for coverage by GAIC of net aggregate paid losses of
Republic Indemnity in excess of $440 million, up to a maximum of
$35.1 million. Cumulative paid losses at December 31, 1994
pertaining to claims during this period totaled $438.5 million. In
addition, GAIC has agreed to reimburse Republic Indemnity for its
loss adjustment expenses pertaining to this period up to a maximum of
$4.9 million.
F-31<PAGE>
16. QUARTERLY FINANCIAL DATA ( Unaudited )
Summarized quarterly financial data for 1994 and 1993 are set
forth below. Quarterly results have been influenced by acquisitions
and divestitures and by seasonal factors inherent in the Company's
businesses. The 1993 results include tax benefits of $15.0 million
($.32 per share), $45.0 million ($.96 per share) and $65.0 million
($1.33 per share) for the first, second and third quarters,
respectively, attributable to increases in the Company's net deferred
tax asset. In addition, the table below gives effect to the
classification of certain businesses as discontinued operations.
<TABLE>
<CAPTION>
(In Millions,
Except Per 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Share Amounts) 1994 1993 1994 1993 1994 1993 1994 1993
Total
1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<C> <C>
Revenues $357.8 $370.2 $469.9 $426.6 $476.6 $443.7 $463.1 $522.8
$1,767.4 $1,763.3
Income (loss)
from continuing
operations (55.9) 31.1 16.6 75.0 25.2 86.2 14.9 50.4
.8 242.7
Net income (loss) (55.9) 33.9 15.2 75.0 26.1 82.1 14.9 41.0
.3 232.0
Income (loss)
per share from
continuing
operations (1.16) .67 .35 1.60 .52 1.77 .31 1.03
.02 5.03
Net income (loss)
per share (1.16) .73 .32 1.60 .54 1.68 .31 .84
.01 4.81
</TABLE>
F-32<PAGE>
<PAGE>
SCHEDULE III
AMERICAN PREMIER UNDERWRITERS, INC.
Condensed Financial Information of Registrant (Note 1)
(In Millions)
COMBINED CONDENSED INCOME STATEMENT
<TABLE>
<CAPTION>
For the Years Ended December 31,
<S> <C> <C> <C>
REVENUES 1994 1993 1992
Equity in earnings of subsidiaries $ 161.3 $ 178.1 $ 146.2
Interest and dividend income 37.6 52.4 45.0
Net sales 20.8 16.8 17.3
Loss on sale of General Cable Corporation
Securities (75.8) - -
Net realized gains (losses) .1 92.9 (3.3)
144.0 340.2 205.2
EXPENSES
Corporate and administrative
expenses 20.0 20.2 20.2
Interest and debt expense 52.8 62.6 69.0
Provision for loss on sale of
subsidiaries and asset impairment 4.0 37.9 -
Other (income) expense, net 27.3 30.3 32.3
104.1 151.0 121.5
Income from continuing operations before
income taxes 39.9 189.2 83.7
Income tax (expense) benefit (39.1) 53.5 (32.8)
Income from continuing operations .8 242.7 50.9
DISCONTINUED OPERATIONS
Equity in earnings of subsidiaries - 2.8 1.7
Loss from disposal of businesses (.5) (13.5) -
Cumulative effect of accounting change - - 252.8
NET INCOME $ .3 $232.0 $305.4
COMBINED CONDENSED BALANCE SHEET
As of December 31,
1994 1993
ASSETS
Investments $ 807.9 $ 927.4
Receivables from subsidiaries 306.5 293.5
Investments in subsidiaries 1,285.8 1,231.7
Net assets of discontinued operations - 9.8
Deferred tax asset 267.7 295.8
Other assets 150.9 120.8
$ 2,818.8 $ 2,879.0
LIABILITIES AND CAPITAL
Accounts payable, accrued expenses and
other liabilities $ 302.9 $ 196.2
Payables to subsidiaries 463.5 440.9
Long-term debt 503.7 519.6
Other capital 1,548.7 1,722.3
$ 2,818.8 $ 2,879.0
</TABLE>
S-1PAGE
<PAGE>
SCHEDULE III (continued)
AMERICAN PREMIER UNDERWRITERS, INC.
Condensed Financial Information of Registrant (Note 1)
(In Millions)
COMBINED CONDENSED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
For the Years Ended December 31,
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 1994 1993 1992
Income from continuing operations $ .8 $ 242.7 $ 50.9
Adjustments
Equity in earnings of subsidiaries (161.3) (178.1) (146.2)
Deferred Federal income tax 36.3 (57.9) 28.9
Net (gain) loss on disposal of bisinesses,
investments, and PP&E 80.4 (54.5) 4.1
Cash received from subsidiaries 53.6 231.2 122.2
Litigation settlement - 15.6 -
Other, net 12.1 (35.7) (24.0)
Cash flows from operating
activities 21.9 163.3 35.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale
investments (353.6) - -
Maturities and sales of available for sale
investments 16.3 - -
Purchases of held for investment
securities (106.5) (158.3) -
Maturities of held for investment
securities 93.1 336.7 -
Sale of General Cable Corporation
Securities 176.7 - -
Net (increase) decrease in short-term
investments 158.7 (74.8) 353.5
Purchases of investments (263.4) (344.1) (674.1)
Sales and maturities of investments 318.4 275.0 387.7
Sales of businesses 11.2 - -
Acquisitions of businesses, net of cash
acquired - (57.3) -
Other, net 10.6 (.7) (2.4)
Cash flows from investing
activities 61.5 (23.5) 64.7
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of Company Common Stock (47.7) (1.9) (36.8)
Repayment of debt (16.3) (133.7) -
Common Stock dividends (40.6) (38.2) (36.8)
Other, net 17.8 23.3 13.2
Cash flows from financing
activities (86.8) (150.5) (60.4)
Net cash flows from continuing
operations (3.4) (10.7) 40.2
Net cash (to) from discontinued
operations - 8.3 (36.6)
Increase (decrease) in cash (3.4) (2.4) 3.6
Cash - beginning of year 3.8 6.2 2.6
Cash - end of year $ .4 $ 3.8 $ 6.2
Cash dividends received from equity method
accounting investees $ - $ 2.5 $ 3.9
Cash dividends received from consolidated
subsidiaries $ 21.0 $ 36.2 $ 53.1
</TABLE>
Note 1:For purposes of preparing the combined condensed financial
statements included in this Schedule III, the accounts of the Company
("Registrant") have been combined with the accounts of Pennsylvania
Company ("Pennco"). Pennco is a wholly owned direct subsidiary of
the Registrant, and is itself a holding company. At December 31,
1994, approximately 67% of Investments and substantially all
Investments in Subsidiaries as reported on the Combined Condensed
Balance Sheet were owned by Pennco. Pennco has no debt obligations
and there are no restrictions affecting transfers of funds between
Pennco and the Registrant. Accordingly, management believes that the
financial resources held at Pennco as well as Pennco's cash flow are
available, if necessary, to service the obligations of the
Registrant.
S-2<PAGE>
<PAGE>
SCHEDULE VIII
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
Valuation and Qualifying Accounts
For the Years Ended December 31, 1994, 1993 and 1992
(Dollars In Millions)
<TABLE>
<CAPTION>
Additions
Balance Charged Charged
at to to
beginning costs and other
of period expenses accounts
Balance
at end
of
Deductions Period
<S> <C> <C>
<C> <C>
Year ended December 31, 1994:
Allowance for uncollectible accounts -
trade and other receivables $16.4 $ 1.0 $ -
$ 3.6(a)(b)(c) $13.8
Miscellaneous reserves for losses -
other asset categories 6.7 .9 54.0(c)(d)
8.4(b)(d) 53.2
Year ended December 31, 1993:
Allowance for uncollectible accounts -
trade and other receivables 9.9 6.4 .6(e)
.5(a)(b) 16.4
Allowance for uncollectible notes
receivable 12.9 - -
12.9(f) -
Miscellaneous reserves for losses -
other asset categories 6.3 5.4 (9.3)(d)
5.7(b) 6.7
Year ended December 31, 1992:
Allowance for uncollectible accounts -
trade and other receivables 6.9 2.0 1.8(c)
.8(a)(b) 9.9
Allowance for uncollectible notes
receivable 15.2 - -
2.3(f) 12.9
Miscellaneous reserves for losses -
other asset categories 36.9 3.5 (17.0)(d)
17.1(a)(c) 6.3
</TABLE>
(a) Includes reductions for divested businesses.
(b) Includes reductions of valuation accounts for actual charges incurred.
(c) Includes transfers to/from other reserve accounts.
(d) Includes changes in unrealized gains and/or losses on
securities.
(e) Includes additions for businesses acquired.
(f) Includes a reduction in reserves for uncollectibility of notes
which resulted from the prior sale of certain offshore drilling
rigs, to reflect the receipt of significant principal and
interest payments.
S-3<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(2) ---Agreement and Plan of Acquisition and *
Reorganization by and among American
Premier Group, Inc., the Company, American
Premier Sub, Inc., American Financial
Corporation and AFC Sub, Inc. dated as
of December 9, 1994, as amended, incor-
porated by reference to Exhibit 2 to the
Registration Statement on Form S-4
No. 33-56813 (effective February 17, 1995)
of American Premier Group, Inc.
(3) (i) ---Amended and Restated Articles of Incor- *
poration of the Company, as amended
effective March 25, 1994, incorporated by
reference to Exhibit (3)(i) to the Company's
Annual Report on Form 10-K for 1993.
(ii) ---By-Laws of the Company, as amended
February 15, 1995.
(4)(i) ---Order No. 3708 of the United States Dis- *
trict Court for the Eastern District of
Pennsylvania in In the Matter of Penn
Central Transportation Company, Debtor,
Bankruptcy No. 70-347 dated August 17,
1978 directing the consummation of the
Plan of Reorganization for Penn Central
Transportation Company, incorporated by
reference to Exhibit 4 to Form 8-K Current
Report of Penn Central Transportation
Company for August 1978.
(4)(ii) (a) ---(i) Indenture dated as of August 1, 1989 *
between the Company and Morgan Guaranty
Trust Company of New York, as Trustee,
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
<PAGE>
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
regarding the Company's Subordinated
Debt Securities (the "Indenture"),
incorporated by reference to Exhibit 4.1
to the Company's Form 8-K Current Report
dated August 10, 1989.
---(ii) Instrument of Resignation of Trustee *
and Appointment and Acceptance of Successor
Trustee and Appointment of Agent dated as
of November 15, 1991 among the Company,
Morgan Guaranty Trust Company of New York
as Resigning Trustee and Star Bank, N.A.
as Successor Trustee, incorporated by
reference to Exhibit (4)(ii)(d)(ii) to the
Company's Annual Report on Form 10-K for
1991.
---(iii) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 9-3/4% Subordinated Notes
due August 1, 1999, to which is attached
the Form of Note, incorporated by reference
to Exhibit 4.2 to the Company's Form 8-K
Current Report dated August 10, 1989.
---(iv) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 10-5/8% Subordinated Notes
due April 15, 2000, to which is attached
the Form of Note, incorporated by reference
to Exhibit 4.1 to the Company's Form 8-K
Current Report dated April 19, 1990.
---(v) Officer's Certificate Pursuant to *
Sections 102 and 301 of the Indenture
relating to authentication and designation
of the Company's 10-7/8% Subordinated Notes
due May 1, 2011, to which is attached the
Form of Note, incorporated by reference
to Exhibit 4.1 to the Company's Form 8
amendment dated May 8, 1991 to the Company's
Form 8-K Current Report dated May 7, 1991.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(10)(i) ---Stock Purchase Agreement, dated as of *
June 10, 1993, among the Company, PCC
Technical Industries, Inc. and Tracor,
Inc., incorporated by reference to
Exhibit (99) to the Company's Current
Report on Form 8-K dated May 26, 1993.
The following Exhibits (10)(iii)(a) through (10)(iii)(g) are
compensatory plans and arrangements in which directors or executive
officers participate:
(iii) (a) ---(i) The Company's Stock Option Plan, as *
amended March 25, 1992, incorporated by
reference to Exhibit (10)(iii)(a)(i) to
the Company's Annual Report on Form 10-K
for 1992.
---(ii) Amendment to the Company's Stock *
Option Plan adopted by the Company's
Board of Directors on March 24, 1993,
incorporated by reference to Exhibit
(10)(iii)(a)(ii) to the Company's Annual
Report on Form 10-K for 1992.
---(iii) Forms of stock option agreements *
used to evidence options granted under the
Company's Stock Option Plan to officers and
directors of the Company, incorporated by
reference to Exhibit (10)(iii)(a)(iii) to
the Company's Annual Report on Form 10-K
for 1992.
---(iv) The Company's Stock Option Loan Pro- *
gram, as amended February 8, 1991, incorpor-
rated by reference to Exhibit (10)(iii)(a)(v)
to the Company's Annual Report on Form 10-K
for 1990.
(b) ---The Company's Annual Incentive Compensa- *
tion Plan, as amended February 12, 1992,
incorporated by reference to Exhibit
(10)(iii)(b) to the Company's Annual Report
on Form 10-K for 1991.
(c) ---Description of the Company's retirement *
program for outside directors, as adopted
by the Company's Board of Directors on
March 23, 1983, incorporated by reference
to Exhibit (10)(iii)(i) to the Company's
Annual Report on Form 10-K for 1982.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(d) ---The Company's Employee Stock Redemption *
Program, as adopted by the Company's Board
of Directors on March 28, 1985, incorpor-
ated by reference to Exhibit (10)(iii)(j)
to the Company's Annual Report on Form 10-K
for 1984.
(e) ---(i) Severance Agreement dated March 29, *
1987 between the Company and Alfred W.
Martinelli, a director of the Company,
incorporated by reference to Exhibit
(10)(iii)(a)(i) to the Company's Form 10-Q
Quarterly Report for the Quarter Ended
March 31, 1987.
---(ii) Consulting Agreement dated as of *
March 29, 1987 between the Company and
Alfred W. Martinelli, incorporated by
reference to Exhibit (10)(iii)(a)(ii)
to the Company's Form 10-Q Quarterly
Report for the Quarter Ended March 31,
1987.
---(iii) Letter agreement amending the fore- *
going Consulting and Severance Agreements
dated December 9, 1991 between the Company
and Alfred W. Martinelli, incorporated by
reference to Exhibit (10)(iii)(e)(iii)
to the Company's Annual Report on Form 10-K
for 1991.
---(iv) Letter agreement amending the fore-
going Consulting and Severance Agreements
dated June 29, 1994 between the Company
and Alfred W. Martinelli.
(f) ---Letters dated April 9, 1987 from the Com- *
pany to each of Neil M. Hahl and Robert W.
Olson, officers of the Company, with
respect to severance arrangements, as
supplemented by letters dated June 26,
1987 to each such officer, incorporated by
reference to Exhibit (10)(iii)(a) to the
Company's Form 10-Q Quarterly Report for
the Quarter Ended June 30, 1987.
-----------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(g) ---(i) Excess of Loss Agreement, effective *
March 31, 1988, between Republic Indemnity
Company of America and Great American
Insurance Company, incorporated by refer-
ence to Exhibit (g)(1) to Amendment No. 1
to Schedule 13E-3, dated January 17, 1989,
relating to Republic American Corporation
filed by Republic American Corporation, the
Company, RAWC Acquisition Corp., American
Financial Corporation and Carl H. Lindner
(the "Schedule 13E-3 Amendment").
---(ii) First Amendment to Excess of Loss *
Agreement, effective March 31, 1988,
between Republic Indemnity Company of
America and Great American Insurance
Company, incorporated by reference to
Exhibit (g)(2) to the Schedule 13E-3
Amendment.
(h) ---(i) Business Assumption Agreement, *
effective as of December 31, 1990, between
Stonewall Insurance Company and Dixie
Insurance Company (now Infinity Insurance
Company), incorporated by reference to
Exhibit (10)(iii)(o)(i) to the Company's
Annual Report on Form 10-K for 1990.
---(ii) Quota Share Agreements, effective *
December 31, 1990, between Stonewall
Insurance Company and Dixie Insurance
Company (now Infinity Insurance Company),
incorporated by reference to Exhibit
(10)(iii)(o)(ii) to the Company's Annual
Report on Form 10-K for 1990.
---(iii) Management Agreement, effective as *
January 1, 1991, by and between Dixie
Insurance Company (now Infinity Insurance
Company) and Stonewall Insurance Company,
incorporated by reference to Exhibit
(10)(iii)(o)(iii) to the Company's Annual
Report on Form 10-K for 1990.
---(iv) Assumption and Bulk Reinsurance Agree-
ment, effective December 31, 1994, between
Stonewall Insurance Company and Infinity
Insurance Company.
------------
* Asterisk indicates an exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by
reference.
PAGE
<PAGE>
Exhibit Number
(Referenced to
Item 601 of
Regulation S-K)
(i) ---Excess of Loss Agreements, effective *
December 31, 1990, between Great American
Insurance Company and each of Atlanta
Casualty Company, Dixie Insurance Company
(now Infinity Insurance Company) and Windsor
Insurance Company, incorporated by reference
to Exhibit (10)(iii)(p) to the Company's
Annual Report on Form 10-K for 1990.
(j) ---Premium Payment Agreement, effective as *
of January 1, 1991, by and between Great
American Insurance Company and the Company,
incorporated by reference to Exhibit
(10)(iii)(q) to the Company's Annual Report
on Form 10-K for 1990.
(11) ---Supplemental information regarding computa-
tions of net income per share amounts.
(12) ---Calculation of ratio of earnings to fixed
charges.
(21) ---List of subsidiaries of the Company.
(23) ---Consent of Deloitte & Touche LLP.
(27) ---Financial data schedule. +
(28) ---Information from reports provided to state
regulatory authorities.
----------------
* Asterisk indicates an exhibit previously filed with the Securities
and Exchange Commission and incorporated herein by reference.
+ Copy included in Report filed electronically with the Securities
and Exchange Commission.
<PAGE>
EXHIBIT (3)(ii)
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AMERICAN PREMIER UNDERWRITERS, INC.
----------------------------
BY-LAWS
---------------------------
APPROVED AND ADOPTED BY BOARD OF DIRECTORS
OCTOBER 24, 1978
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As Amended February 15, 1995
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<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
-----------------------
BY-LAWS
-----------------------
ARTICLE I
SHAREHOLDERS
SECTION 1. Meetings.
(a) Annual Meetings. The annual meetings of the
shareholders shall be held on such day, at such place within or
without the Commonwealth of Pennsylvania, and at such time of day
as may be specified by the Board of Directors.
(b) Special Meetings. Special meetings of the shareholders
of the Corporation, or of the holders of any class or series of
shares of stock, may be called at any time by the Board of
Directors, the Chairman of the Board or such other person or
persons as may be authorized by statute, the articles of
incorporation or the terms of a class or series of shares of the
Corporation. Such meetings shall be held on such date and at
such place, within or without the Commonwealth of Pennsylvania,
and time of day as may be fixed by the Board of Directors, or the
Secretary, or in the absence of such designation, as fixed by the
person or persons calling the meeting.
SECTION 2. Record Dates for Shareholder Meetings.
(a) Meetings Called by Board of Directors. The date of
record for shareholders of the Corporation, or of the holders of
any class or series of shares of stock, entitled to notice of and
to vote at any annual or special meeting of such shareholders
called by the Board of Directors shall be ninety days, or such
lesser number of days prior to the meeting, as the Board of
Directors shall fix.
(b) Meetings Called by Persons Other than the Board of
Directors. Whenever any authorized person or persons other than
the Board of Directors shall have called a meeting of
shareholders, or of the holders of any class or series of shares
of stock, entitled to notice of and to vote at such meeting, it
shall be the duty of the Secretary, upon written request of such
person or persons, to fix a time, not more than ninety days prior
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to the date of such meeting, as a record date for the
determination of the shareholders entitled to notice of and to
vote at such meeting.
SECTION 3. Notice.
Written notice of the date, place and time of all meetings
of shareholders of the Corporation, or of the holders of any
class or series of shares of stock, and of the purpose of each
special meeting, shall be given to each shareholder entitled to
vote thereat at least ten days before the date of the meeting,
unless a greater period of notice is required by law or the terms
of the class or series of stock, or unless notice is waived.
SECTION 4. Voting.
Every shareholder entitled to vote may vote either in person
or by proxy in accordance with applicable law.
SECTION 5. Quorum.
The presence at a meeting, in person or by proxy, of the
holders of outstanding shares of stock of the Corporation
entitled to cast at least a majority of the votes which all
shareholders are entitled to vote cast on any matter to come
before the meeting shall constitute a quorum for the purpose of
considering such matter at the meeting; provided, however, that
whenever under the provisions of law, the articles of
incorporation or a class or series of shares of stock, the
holders of a class or series of shares are entitled to vote on
any matter as a separate class or series of shares of stock, the
presence at the meeting, in person or by proxy, of the holders of
shares of such class or series entitled to cast at least a
majority of the votes which all shareholders of the particular
class or series are entitled to cast on the particular matter to
be voted on shall constitute a quorum of such class or series for
the purpose of considering such matter. If a quorum is not
present for the purpose of considering any matter, those present
in person and by proxy may adjourn the consideration of such
matter to an adjourned meeting at such time and place as they may
determine.
SECTION 6. Presiding Officer.
The Chairman of the Board shall act as chairman of each
meeting of shareholders, or of the holders of a class or series
of shares, unless another person has been designated for such
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purpose by the Board of Directors. In the absence of the
Chairman of the Board, or a person designated by the Board of
Directors, the chairman of the meeting shall be chosen by a
majority of the votes cast by the holders of the shares of stock
present in person or by proxy and entitled to vote at such
meeting. The Secretary, an Assistant Secretary or such other
person as the Board of Directors may designate, or in their
absence a person whom the chairman of the meeting shall appoint,
shall act as secretary of the meeting and keep the minutes
thereof.
ARTICLE II
BOARD OF DIRECTORS
SECTION 1. Terms of Office and Vacancies.
Each director shall serve until his successor is elected and
has qualified. Unless otherwise provided in the articles of
incorporation or required by law, vacancies in the Board of
Directors may be filled by the remaining members of the Board of
Directors, though less than a quorum, and any director so
selected shall serve for the balance of the term of the director
he replaces.
SECTION 2. Meetings.
(a) Regular Meetings. Regular meetings of the Board of
Directors shall be held on dates specified by the Board of
Directors, or if it fails to so specify, as called by the
Chairman of the Board. Notice of regular meetings shall be given
unless otherwise ordered by the Board of Directors.
(b) Special Meetings. Special meetings of the Board of
Directors may be called at any time by the Chairman of the Board
or the President and shall be called by either of them upon the
written request of not less than three directors. Notice of the
time and place of each special meeting shall be given by the
Secretary to each director before such meeting.
(c) Place. Meetings of the Board of Directors shall be
held at such place as the Board of Directors, the Chairman of the
Board or the President may designate within or without the
Commonwealth of Pennsylvania.
(d) Notice of Meetings. Notice of each special meeting of
the Board of Directors, or of any regular meeting of which notice
is to be given, shall specify the date, place and time of the
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<PAGE>
meeting and shall be given to each director at least 24 hours
before the meeting if given personally, by telephone or by
telecopier, at least 48 hours if given by telegram or similar
mode of communication, and at least three days before the meeting
if given by mail. Notice of any meeting shall be deemed to be
given when (i) personally delivered, (ii) dispatched to the
telecopier number supplied by the director to the Corporation,
(iii) mailed by first class United States mail, postage prepaid,
addressed to the business address of the director or (iv) a
telegram or similar mode of communication is delivered to the
telegraph or other transmitting company addressed to the business
address of the director. Any director may waive notice of any
meeting before or after the meeting. The attendance of a
director at a meeting shall constitute a waiver of notice of such
meeting, except where the director attends a meeting for the
express purpose of objecting to the transaction of any business
because the meeting is not lawfully called or convened.
(e) Organization. At each meeting of the Board of
Directors, the Chairman of the Board of the Corporation or in his
absence a director previously designated by the Board of
Directors by resolution, or if a director has not been so
designated, a director chosen by a majority of the directors
present at the meeting, shall act as chairman. The Secretary, or
in his absence an Assistant Secretary of the Corporation, or in
the absence of the Secretary and all Assistant Secretaries, a
person whom the chairman of the meeting shall appoint, shall act
as secretary of such meeting and keep the minutes thereof.
(f) General Powers. The business and affairs of the
Corporation shall be managed by its Board of Directors.
(g) Limitation of Liability. A director shall not be
personally liable for monetary damages, as such, for any action
taken, or any failure to take any action, unless the director has
breached or failed to perform the duties of his office under
Section 8363 of the Pennsylvania Directors' Liability Act (42 Pa. C.S.
Section 8363) and the breach or failure to perform constitutes self-
dealing, willful misconduct or recklessness. The provisions of
this subsection shall not apply to the responsibility or
liability of a director pursuant to any criminal statute or the
liability of a director for the payment of taxes pursuant to
local, state or federal law.
SECTION 3. Quorum.
Except as otherwise provided in these by-laws, in the
articles of incorporation, or by law, a majority of all directors
in office shall constitute a quorum for the transaction of
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business at any meeting, and the act of a majority of the
directors present at a meeting at which a quorum is present shall
be the act of the Board of Directors.
SECTION 4. Committees.
(a) Committees. The Board of Directors may by resolution
adopted by a majority of the whole board create such committees
as it may deem appropriate, each committee to consist of two or
more directors of the Corporation and to have such functions,
duties and powers as the Board of Directors from time to time may
specify by resolution. Except as otherwise provided in Section
4(b) of this Article II, any such committee shall have and
exercise the authority of the Board of Directors to the extent
provided in the resolution(s) designating the committee.
(b) Limitations on Committees' Authority. No committee
shall have or exercise the authority of the Board of Directors
over the business of the Corporation in respect of (i) matters
the delegation of which to a committee shall be limited by, or
contrary to, law, the articles of incorporation or by-laws of the
Corporation, (ii) amending the articles of incorporation or by-
laws of the Corporation, (iii) filling vacancies in the Board of
Directors of the Corporation, (iv) electing or removing officers
of the Corporation, (v) adopting or approving a plan of merger,
consolidation or sale of a substantial portion of the assets of
the Corporation or the dissolution or reorganization of the
Corporation or (vi) such other matters as may be specified by the
Board of Directors.
(c) Committee Minutes and Meetings. Each committee shall
fix the time and place of its meetings and shall meet on call of
its chairman or of any two members of the committee. It shall
keep minutes of its meetings and report the same to the Board of
Directors. Each committee shall be organized in such manner, not
inconsistent with these by-laws, as it may determine.
(d) Quorum. The presence of a majority of the members of a
committee shall constitute a quorum for the transaction of its
business. The act of a majority of the members present at any
meeting of a committee at which a quorum is present shall be the
act of the committee.
SECTION 5. Participation in Meetings.
One or more directors may participate in a meeting of the
Board of Directors or a committee of the Board of Directors by
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<PAGE> <PAGE>
means of a conference telephone or similar communications
equipment by means of which all persons participating in the
meeting can hear each other, with the same effect as if such
directors were present in person.
SECTION 6. Compensation.
By resolution of the Board of Directors, each director may
be paid his expenses of attendance at each meeting of the Board
of Directors or of a committee of the Board of Directors, and may
be paid a stated fee as a director or committee member, or a
stated fee for attendance at meetings, or both; and if permitted
by law, each director may be paid his expenses and a stated fee
for his time devoted to special matters or projects of the
Corporation at the request of the Chairman of the Board or the
President.
SECTION 7. Action by Consent.
Any action which may be taken at a meeting of the Board of
Directors, or of a committee of the Board of Directors, may be
taken without a meeting if consents in writing setting forth the
action so taken shall be signed by all of the directors or the
members of the committee, as the case may be, and filed with the
Secretary of the Corporation.
SECTION 8. Election of Directors.
At any meeting of shareholders for the election of
directors, the chairman of the meeting shall call for and shall
afford a reasonable opportunity for the making of nominations by
shareholders for the office of director. Any shareholder
entitled to vote for the election of directors at such meeting
may at such meeting, in person or by proxy, nominate as many
persons for the office of director as there are positions to be
filled. The only candidates who shall be eligible for election
at such meeting shall be those who have been nominated by or at
the direction of the Board of Directors (which nominations shall
be either made at such meeting or disclosed in a proxy statement,
or supplement thereto, distributed to shareholders for such
meeting by or at the direction of the Board of Directors) and
those who have been nominated at such meeting by a shareholder
who has complied with the procedures set forth in this Section 8.
At each meeting of shareholders for the election of directors
held after the 1985 annual meeting of shareholders, a shareholder
may make a nomination for the office of director only if such
shareholder has first delivered to the Secretary of the
Corporation notice in writing at least five and no more than
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thirty days prior to such meeting of shareholders, which notice
shall set forth or be accompanied by (a) the name and residence
of such shareholder; (b) a representation that such shareholder
is a holder of record of voting stock of the Corporation and
intends to appear in person or by proxy at such meeting to
nominate the person or persons specified in the notice; (c) the
name and residence of each such nominee; and (d) the consent of
each such nominee to serve as director if so elected. In lieu of
delivery to the Secretary of the Corporation, any such notice may
be mailed to the Secretary by certified mail, return receipt
requested, but shall in such case be deemed to have been given
only upon receipt by the Secretary. A nomination made by a
shareholder at the 1985 annual meeting shall be valid only if, at
the time such nomination is made, such shareholder, or the holder
of such shareholder's proxy, states the name and residence of
such shareholder and each person being nominated by such
shareholder and represents that such shareholder is a holder of
record of voting stock of the Corporation and that each such
nominee has consented to serve as a director if so elected.
ARTICLE III
OFFICERS
SECTION 1. Selection of Officers.
(a) Principal Officers. The principal officers of the
Corporation shall be elected by the Board of Directors. They
shall include a Chairman of the Board and Chief Executive
Officer, President, one or more Vice Presidents, Controller,
Secretary, Treasurer and such other principal officers as the
Board of Directors may from time to time determine. Subject to
the provisions of Section 3 of this Article, every officer
elected by the Board of Directors shall serve at the pleasure of
the Board of Directors.
(b) Other Officers. Officers of the Corporation, assistant
officers and subordinate officers other than the principal
officers elected by the Board of Directors pursuant to Section
1(a) of this Article III, shall be selected by the Chairman of
the Board and Chief Executive Officer, or such other officer or
officers as he may designate, and shall have such authority and
duties as the Chairman of the Board and Chief Executive Officer
or officers designated by him shall specify.
SECTION 2. Compensation of Officers.
The compensation of the Chairman of the Board and Chief
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Executive Officer and the President of the Corporation shall be
fixed by the Board of Directors. The compensation of other
officers or employees of the Corporation shall be fixed in such
manner as the Board of Directors may determine, or in the absence
of such a determination, shall be fixed by the Chairman of the
Board and Chief Executive Officer or other officer or officers
designated by him.
SECTION 3. Removal from Office or Employment.
Any principal or other officer of the Corporation, whether
elected or appointed by the Board of Directors, Chairman of the
Board and Chief Executive Officer, or other officer and any
employee may be removed or discharged at any time by the Board of
Directors whenever in its judgment the best interests of the
Corporation will be served thereby. Unless otherwise specified
by resolution of the Board of Directors, any officer or employee
may be removed or discharged as such at any time by the Chairman
of the Board and Chief Executive Officer whenever in his judgment
the best interests of the Corporation will be served thereby.
The Board of Directors or the Chairman of the Board and Chief
Executive Officer may delegate to any officer the power to remove
or discharge any other officer or employee as such, including a
principal officer. The removal of an officer or employee shall
be without prejudice to the contract rights, if any, of the
person so removed.
SECTION 4. Powers and Duties of Specified Officers.
(a) Chairman of the Board and Chief Executive Officer. The
Chairman of the Board and Chief Executive Officer shall be the
chief executive officer of the Corporation. He shall have
plenary power over the business and activities of the Corporation
and over its officers and employees, subject, however, to the
control of the Board of Directors and any limitation thereon
contained in these by-laws. The authority and duties of all the
officers in respect of matters not specified or provided for in
these by-laws, and not fixed by action of the Board of Directors,
shall be determined by the Chairman of the Board and Chief
Executive Officer or by an officer or officers to whom he may
delegate such power. In the absence or disability of the
Chairman of the Board and Chief Executive Officer, such director
or officer as may be specified in a resolution of the Board of
Directors shall perform the functions of the Chairman of the
Board and Chief Executive Officer.
(b) President. The President shall be the chief operating
officer of the Corporation. He shall have such other powers and
perform such other duties as may from time to time be assigned to
8
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him by the Board of Directors or the Chairman of the Board and
Chief Executive Officer.
(c) Vice Presidents. The Vice Presidents shall have such
powers and perform such duties as shall from time to time be
assigned to them by the Board of Directors or the Chairman of the
Board and Chief Executive Officer.
(d) Controller. The Controller shall prescribe and have
charge of the system of books and accounts. He may require
reports from the Treasurer and all other officers or agents of
the Corporation who receive or disburse funds for its account at
such times and in such forms as he may deem desirable.
(e) Secretary. The Secretary shall attend all meetings of
the stockholders and the Board of Directors and shall keep an
accurate record of the proceedings at such meetings and shall
notify the several officers of the Corporation of action taken
concerning matters in their respective areas of responsibility.
Upon request of any committee of the Board of Directors, he shall
attend a meeting or meetings of such committee and keep an
accurate record of the proceedings at its meeting or meetings.
He shall be the custodian of the seal of the Corporation. He
shall give notice of all meetings of stockholders (or of a class
or series of shares of stock), and when requested of any meeting
of the Board of Directors or a committee thereof. He, or the
designated agent of the Corporation, shall keep and have custody
of the stock books required by law to be kept, and he or one or
more agents approved by the Board of Directors shall transfer all
shares of stock of the Corporation.
(f) Assistant Secretary. The Assistant Secretary or
Assistant Secretaries shall perform and discharge the duties of
and act for the Secretary in his absence or disability.
(g) Treasurer. The Treasurer shall have custody of the
corporate funds and securities of the Corporation. He shall
maintain accounts in such banks or places of deposit, and shall
invest the funds of the Corporation in such manner as the Board
of Directors or a committee of the Board of Directors may from
time to time designate. He shall disburse the funds of the
Corporation. He shall keep full and accurate accounts of
receipts and disbursements. He shall be bonded with one or more
sureties against loss of money, securities and other property
which the Corporation may sustain through any fraudulent or
dishonest act in the discharge of his duties.
(h) Assistant Treasurer. The Assistant Treasurer or
Assistant Treasurers shall perform and discharge the duties of
and act for the Treasurer in his absence or disability. They
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shall be bonded with one or more sureties against loss of money,
securities and other property which the Corporation may sustain
through any fraudulent or dishonest act in the discharge of their
duties.
ARTICLE IV
SHARE CERTIFICATES AND TRANSFERS
SECTION 1. Share Certificates.
The shares of stock of the Corporation shall be represented
by share certificates, which shall be signed by manual,
facsimile, printed or engraved signatures of the Chairman of the
Board or the President and by the Secretary or an Assistant
Secretary and shall be manually countersigned by a transfer agent
or a registrar, and sealed with the corporate seal, which may be
a facsimile, engraved or imprinted seal. In case any officer who
has signed or whose facsimile signature has been placed on any
share certificate shall have ceased to be such officer before the
certificate is issued, it may be issued by the Corporation with
the same effect as if the officer had not ceased to be such at
the date of its issue.
SECTION 2. Registers.
The certificates representing shares of stock of the
Corporation shall be numbered and registered in a share register
as they are issued. They shall exhibit the name of each
registered holder and the number and class of shares and the
series, if any, represented thereby and the par value of each
share or a statement that such shares are without par value, as
the case may be.
SECTION 3. Transfers of Shares of Stock.
Transfers of the shares of stock shall be made on the books
of the Corporation upon presentation to a transfer agent of the
Corporation of a share certificate, duly endorsed, or accompanied
by proper evidence of succession, assignment or authority to
transfer, and payment of any charges, fees or taxes which the
Secretary or a transfer agent may reasonably require.
SECTION 4. Lost Certificates.
Any person or persons desiring the issue of a certificate of
shares of stock in lieu of one alleged to be lost, stolen or
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destroyed, shall apply therefor to the Secretary or a transfer
agent describing, under oath or affirmation, the certificate and
the time, place and manner of its loss; whereupon the Board of
Directors, a committee thereof or an officer designated by the
Board of Directors or a committee thereof may direct the issue of
a new certificate, of the same tenor as the original. Before
such new certificate shall be issued, the applicant shall furnish
an open-penalty bond indemnifying the Corporation, and its
transfer agents and registrars against any loss or damage that
may arise from the issuance of a new certificate. The Board of
Directors, or a committee thereof, at its discretion may waive
the furnishing of such bond of indemnity.
SECTION 5. Transfer Agents and Registrars.
The Corporation, if and whenever the Board of Directors so
determines, may maintain one or more transfer offices or
designate one or more transfer agents where the shares of stock
of the Corporation shall be transferable, and also one or more
registrars which shall register the shares of stock. No
certificates for shares of stock shall be valid unless registered
by a registrar designated by the Board of Directors for such
purpose. The Board of Directors may make such additional rules
and regulations as it may deem expedient concerning the issue,
transfer and registration of share certificates of the
Corporation.
ARTICLE V
INDEMNIFICATION OF DIRECTORS, OFFICERS AND OTHER AUTHORIZED REPRESENTATIVES
SECTION 1. Indemnification of Authorized Representatives.
The Corporation shall indemnify any person who was or is an
"authorized representative" of the Corporation (which shall mean
for purposes of this Article a director, officer or employee of
the Corporation, or any agent of the Corporation designated as an
"authorized representative" for purposes of this Article by the
Board of Directors of the Corporation, or any such director,
officer, employee or designated agent serving at the request of
the Corporation as a director, officer, partner, trustee,
employee, fiduciary or agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other entity or
enterprise) and who was or is a party (which shall include for
purposes of this Article the giving of testimony or similar
involvement) or is threatened to be made a party to any
"proceeding" (which shall mean for purposes of this Article any
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threatened, pending or completed action, suit, appeal or
proceeding of any nature, whether civil, criminal,
administrative, or investigative, whether formal or informal,
including an action by or in the right of the Corporation or a
class of its security holders) by reason of the fact that he was
or is an authorized representative of the Corporation, against
any liability (which shall mean for purposes of this Article any
damage, judgment, penalty, fine, amount paid in settlement,
punitive damages, excise tax assessed with respect to an employee
benefit plan, or cost or expense of any nature (including,
without limitation, attorneys' fees and disbursements))
including, without limitation, liabilities resulting from any
actual or alleged breach or neglect of duty, error, misstatement
or misleading statement, negligence, gross negligence or act
giving rise to strict or products liability, except where such
indemnification is for acts or failures to act constituting self-
dealing, willful misconduct or recklessness. "Self-dealing"
shall mean the receipt of a personal benefit from the Corporation
or any of its subsidiaries to which the authorized representative
is not legally entitled. If an authorized representative is
entitled to indemnification in respect of a portion, but not all,
of any liabilities to which such person may be subject, the
Corporation shall indemnify such authorized representative to the
maximum extent for such portion of the liabilities. The
termination of any proceeding by judgment, order, settlement,
indictment or conviction or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the
authorized representative is not entitled to indemnification.
SECTION 2. Proceedings Initiated by Authorized Representatives.
Notwithstanding any other provision of this Article, the
Corporation shall not indemnify under this Article an authorized
representative for any liability incurred in a proceeding
initiated (which shall not be deemed to include counter-claims or
affirmative defenses) or participated in as an intervenor or
amicus curiae by the person seeking indemnification unless such
initiation of or participation in the proceeding is authorized,
either before or after its commencement, by the affirmative vote
of a majority of the directors in office. This section does not
apply to successfully prosecuting or defending the rights of an
authorized representative granted by or pursuant to this Article.
SECTION 3. Advancing Expenses.
Expenses (including attorneys' fees and disbursements)
incurred in good faith shall be paid by the Corporation on behalf
of an authorized representative in advance of the final
disposition of a proceeding described in Section 1 of this
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Article upon receipt of an undertaking by or on behalf of the
authorized representative to repay such amount if it shall
ultimately be determined pursuant to Section 6 of this Article
that such person is not entitled to be indemnified by the
Corporation as authorized in this Article. The financial ability
of such authorized representative to make such repayment shall
not be a prerequisite to the making of an advance.
SECTION 4. Securing of Indemnification Obligations.
To further effect, satisfy or secure the indemnification
obligations provided herein or otherwise, the Corporation may
maintain insurance, obtain a letter of credit, act as self-
insurer, create a reserve, trust, escrow, cash collateral or
other fund or account, enter into indemnification agreements,
pledge or grant a security interest in any assets or properties
of the Corporation, or use any other mechanism or arrangement
whatsoever in such amounts, at such costs, and upon such other
terms and conditions as the Board of Directors shall deem
appropriate. Absent fraud, the determination of the Board of
Directors with respect to such amounts, costs, terms and
conditions shall be conclusive against all security holders,
officers and directors and shall not be subject to voidability.
SECTION 5. Payment of Indemnification.
An authorized representative shall be entitled to
indemnification within 30 days after a written request for
indemnification has been received by the Secretary of the
Corporation.
SECTION 6. Arbitration.
Any dispute related to the right to indemnification or
advancement of expenses as provided under this Article, except
with respect to indemnification for liabilities arising under the
Securities Act of 1933 which the Corporation has undertaken to
submit to a court for adjudication, shall be decided only by
arbitration in the metropolitan area in which the Corporation's
executive offices are located, in accordance with the commercial
arbitration rules then in effect of the American Arbitration
Association, before a panel of three arbitrators, one of whom
shall be selected by the Corporation, the second of whom shall be
selected by the authorized representative and the third of whom
shall be selected by the other two arbitrators. In the absence
of the American Arbitration Association or if for any reason
arbitration under the arbitration rules of the American
Arbitration Association cannot be initiated, or if the
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arbitrators selected by the Corporation and the authorized
representative cannot agree on the selection of the third
arbitrator within 30 days after such time as the Corporation and
the authorized representative have each been notified of the
selection of the other's arbitrator, the necessary arbitrator or
arbitrators shall be selected by the presiding judge of the court
of general jurisdiction in such metropolitan area. Each
arbitrator selected as provided herein is required to be or have
been a director of a corporation whose shares of common stock
were listed during at least one year of such service on the New
York Stock Exchange or the American Stock Exchange or quoted on
the National Association of Securities Dealers Automated
Quotations System. The party or parties challenging the right of
an authorized representative to the benefits of this Article
shall have the burden of proof. The Corporation shall reimburse
an authorized representative for the expenses (including
attorneys' fees and disbursements) incurred in successfully
prosecuting or defending such arbitration. Any award entered by
the arbitrators shall be final, binding and nonappealable, and
judgment may be entered thereon by any party in accordance with
applicable law in any court of competent jurisdiction; provided,
however, that if the conduct giving rise to the liability for
which indemnification is being sought has been the subject of
another proceeding not directly involving the authorized
representative's right to indemnification under this Article or
otherwise, the Corporation shall be entitled to interpose, as a
defense in any judicial enforcement proceeding on the
arbitrators' award, any prior final judicial determination
adverse to the authorized representative in such other
proceeding. This arbitration provision shall be specifically
enforceable.
SECTION 7. Discharge of Duty.
An authorized representative shall be deemed to have
discharged such person's duty to the Corporation if he has relied
in good faith on information, opinions, reports or statements,
including financial statements and other financial data, prepared
by:
(1) one or more officers or employees of the Corporation
whom such authorized representative reasonably believes to be
reliable and competent with respect to the matter presented;
(2) legal counsel, public accountants or other persons as to
matters that the authorized representative reasonably believes
are within the person's professional or expert competence; or
(3) a committee of the Board of Directors upon which he does
not serve as to matters within its area of designated authority,
which committee he reasonably believes to merit confidence.
14
PAGE
<PAGE>
SECTION 8. Contract Rights; Amendment or Repeal.
All rights under this Article shall be deemed a contract
between the Corporation and the authorized representative
pursuant to which the Corporation and each authorized
representative intend to be legally bound. Any repeal, amendment
or modification hereof shall be prospective only and shall not
affect any rights or obligations then existing.
SECTION 9. Scope of Article.
The rights granted pursuant to this Article shall not be
deemed exclusive of any other rights to which a person seeking
indemnification or advancement of expenses may be entitled under
any statute, certificate or articles of incorporation, by-law,
agreement, vote of shareholders or directors or otherwise, both
as to action in his official capacity and as to action in any
other capacity, and shall continue as to a person who has ceased
to be an authorized representative in respect of matters arising
prior to such time and shall inure to the benefit of the heirs,
executors, administrators and personal representatives of such
person.
SECTION 10. Reliance on Provisions.
Each person who shall act as an authorized representative of
the Corporation shall be deemed to be doing so in reliance upon
the rights provided by this Article.
ARTICLE VI
OFFICES
The principal office of the Corporation shall be as fixed
from time to time by action of the Board of Directors and may be
within or without the Commonwealth of Pennsylvania. The
Corporation may have such other offices within or without the
Commonwealth of Pennsylvania as the Board of Directors may
designate, or as the business of the Corporation may require,
from time to time. The registered office of the Corporation
specified in the Articles of Incorporation may be changed at any
time by action of the Board of Directors.
15
PAGE
<PAGE>
ARTICLE VII
FISCAL YEAR
The fiscal year of the Corporation shall begin on January 1
and end on December 31.
ARTICLE VIII
EMERGENCIES
In the event of any emergency resulting from warlike damage
or an attack on the United States or any atomic or similar
disaster, the following procedures and authorities shall be
effective notwithstanding any provision to the contrary in
another article of these by-laws:
(1) Any officer of director may call a meeting of the
Board of Directors when he shall deem such meeting necessary
and shall do so by the best available means under the
circumstances.
(2) Any number of directors responding to such call by
participating in said meeting shall constitute a quorum by
the Board of Directors.
(3) The Board of Directors may from time to time
approve a list of officers or other persons who, in the
order of priority so listed, shall, to the extent required
to provide a quorum at any meeting of the Board of
Directors, be deemed directors of the Corporation for such
meeting.
(4) The Board of Directors shall also from time to time
establish a list of persons who shall succeed to any offices
with the Corporation made vacant by such emergency;
provided, however, that the Chairman of the Board and Chief
Executive Officer or, in his absence, the President shall
have authority to fill temporarily any vacancies in officer
positions caused by such emergency without regard to the
list adopted by the Board of Directors.
(5) The Board of Directors may provide either before or
during any such emergency, for a change in the principal
office or any other office of the Corporation to be
effective during any such emergency.
16
<PAGE> <PAGE>
(6) No officer, director or employee acting in accordance
with this by-law shall be liable for any action taken by him
except only for willful misconduct.
ARTICLE IX
AMENDMENTS TO BY-LAWS
By-laws may be adopted, altered, amended, or repealed by the
Board of Directors, or by the shareholders at any regular or
special meeting duly convened after notice to the directors or
shareholders, as the case may be, of that purpose; provided,
however, that no alteration or amendment of these by-laws shall
conflict with any provision of law or the articles of
incorporation; and provided further that the Board of Directors
shall not amend or repeal any by-law adopted by the shareholders
of the Corporation unless authorized to do so by the shareholders
of the Corporation.
ARTICLE X
INAPPLICABILITY OF SECTION 910 OF THE
PENNSYLVANIA BUSINESS CORPORATION LAW
Effective December 23, 1983, Section 910 of the Pennsylvania
Business Corporation Law (added by Pennsylvania Act No. 1983-92
enacted December 23, 1983) shall not be applicable to the
Corporation. This Article X shall continue in effect until
rescinded by an amendment to the Articles of Incorporation.
ARTICLE XI
INAPPLICABILITY OF SECTION 911 OF THE
PENNSYLVANIA BUSINESS CORPORATION LAW
Effective March 23, 1988, Section 911 of the Pennsylvania
Business Corporation Law (added by Pennsylvania Act No. 1988-27
enacted March 23, 1988) shall not be applicable to the
Corporation. This Article XI shall continue in effect until
rescinded by either (i) an amendment to these By-laws approved by
at least 85% of the whole Board of Directors or (ii) an amendment
to the Articles of Incorporation.
17
PAGE
<PAGE>
ARTICLE XII
INAPPLICABILITY OF SUBCHAPTERS 25G AND 25H AND
SECTIONS 511(D) THROUGH (F)
AND 1721 (E) THROUGH (G)
OF THE PENNSYLVANIA BUSINESS CORPORATION LAW OF 1988
Effective April 27, 1990, Subchapters 25G and 25H of 15
Pa.C.S., subsections (d) through (f) of 15 Pa.C.S. Section 511 and
subsections (e) through (g) of 15 Pa.C.S. Section 1721 (added by
Pennsylvania Act No. 1990-36 enacted April 27, 1990), and any
corresponding provisions of succeeding law, shall not be
applicable to the Corporation.
18
<PAGE>
EXHIBIT (10)(iii)(e)(iv)
American Premier One East Fourth Street
Underwriters, Inc. Cincinnati, Ohio 45202
Telephone (513) 579-6600
----------------------------------------------------------------
Carl H. Lindner
Chairman of the Board and
Chief Executive Officer
June 24, 1994
Mr. Alfred W. Martinelli
Penn Central Energy Management Company
100 Matsonford Road
Building 5, Suite 445
Radnor, Pennsylvania 19087
Dear Al:
Reference is made to the Consulting Agreement dated as
of March 29, 1987, as amended by letter agreement dated December
9, 1991 (the "Consulting Agreement"), between The Penn Central
Corporation ("Penn Central"), now American Premier Underwriters,
Inc. ("American Premier"), and you which will expire in
accordance with its terms June 30, 1994 unless extended.
American Premier desires to extend the Consulting
Agreement so as to be able to retain your services thereunder
through June 30, 1996. American Premier understands that you are
willing to extend the Consulting Agreement if American Premier
will agree to extend from June 30, 1994 to June 30, 1996 the date
by which any unconverted American Premier Preference Stock then
held by you pursuant to American Premier's Career Share Purchase
Plan (the "Plan") must be sold back to American Premier pursuant
to the provisions of the Plan and your related letter agreement
with American Premier dated March 29, 1987, as amended by letter
agreement dated December 9, 1991 (the "Letter Agreement").
This letter confirms the following agreement between
American Premier and you:
1. All references to Penn Central in the Consulting
Agreement and the Letter Agreement are amended to be references
to American Premier.
2. Paragraph 2 of the Consulting Agreement is amended
to substitute the date June 30, 1996 for the date June 30, 1994
at the end thereof.
<PAGE>
Alfred W. Martinelli
June 24, 1994
Page 2
3. Clause (iii) of Paragraph 3(a) of the Consulting
Agreement is amended to substitute the date June 30, 1996 for the
date June 30, 1994 therein.
4. All other terms and conditions of the Consulting
Agreement remain in full force and effect.
5. Paragraph 1(e) of the Letter Agreement is amended
to substitute the date June 30, 1996 for the date June 30, 1994
in Subparagraphs (i), (ii) and (iv) thereof.
Please indicate your agreement to the foregoing by
signing the enclosed duplicate original of this letter in the
space provided below and returning it to Bob Olson for American
Premier's records. The second duplicate original is for your
records.
Sincerely,
AMERICAN PREMIER UNDERWRITERS, INC.
By: Carl H. Lindner
-------------------------------
Carl H. Lindner
Chairman of the Board and
Chief Executive Officer
AGREED TO
this 29th day of June, 1994.
----
Alfred W. Martinelli
----------------------------
Alfred W. Martinelli
cc: Robert W. Olson
<PAGE>
EXHIBIT (10)(iii)(h)(iv)
ASSUMPTION AND BULK REINSURANCE AGREEMENT
This Agreement is entered into effective as of 11:59 p.m.
December 31, 1994 ("Effective Date"), between Stonewall Insurance
Company ("Ceding Company") and Infinity Insurance Company
("Reinsurer") with respect to the following:
1. RECITALS
--------
1.1 Ceding Company and Reinsurer entered into that
certain Quota Share Agreement dated December 31, 1990 ("Quota Share
Agreement") pursuant to which Reinsurer reinsured 90% of Ceding
Company's liability with respect to private passenger automobile
insurance policies issued by Ceding Company in California
("Automobile Policies").
1.2 Pursuant to the Quota Share Agreement, Reinsurer has
received 90% of the gross premiums received by Ceding Company from
the Automobile Policies and Reinsurer currently maintains the
required reserves with respect to its reinsurance obligations for
the Automobile Policies.
1.3 Ceding Company desires that as of the Effective Date
Reinsurer shall (i) become liable for 100% of Ceding Company's
liability with respect to the Automobile Policies and (ii) assume
Ceding Company's rights and duties under the Automobile Policies.
1.4 Reinsurer desires to assume the risks, rights and
liabilities of the Ceding Company with respect to the Automobile
Policies as of the Effective Date under the terms and conditions
set forth herein.
2. CESSION OF POLICIES AND RESERVES
--------------------------------
2.1 As of the Effective Date hereof, the Ceding Company
permanently cedes, transfers, assigns, and conveys, to Reinsurer
one hundred percent (100%) of Ceding Company's risks, rights and
liabilities in connection with all Automobile Policies.
2.2 As consideration for its cession of the Automobile
Policies to Reinsurer, Ceding Company shall transfer to Reinsurer
an amount equal to the excess of Ceding Company's liabilities over
its assets with respect to the Automobile Policies, in accordance
with Section 6.1 hereof.
PAGE
<PAGE>
3. ASSUMPTION OF LIABILITIES
-------------------------
3.1 Reinsurer hereby agrees to reinsure permanently on
an assumption basis, as of the Effective Date, one hundred percent
(100%) of Ceding Company's liabilities under the Automobile
Policies, subject to all terms and provisions of the Automobile
Policies. All liabilities on the Automobile Policies which were
incurred by Ceding Company on or before the Effective Date shall be
assumed by Reinsurer as shall all liabilities on the Automobile
Policies incurred by Ceding Company after that date.
4. APPROVALS AND NOTICE TO POLICYHOLDERS
-------------------------------------
4.1 This Agreement is subject to the approval of the
insurance regulatory authorities of the states of Florida and
California and any other state that may have jurisdiction.
4.2 Upon receipt of any approval required of any
regulatory authority, Reinsurer hereby agrees to issue and to cause
to be delivered to each policyholder, within thirty (30) days of
receipt of such approvals, whose policy is ceded hereunder and
shall be in force on or after the Effective Date, an Assumption
Certificate which shall set forth the assumption of liability
provided for under this Agreement substantially in the form of
Exhibit 1 attached hereto.
5. ACCOUNTING
----------
5.1 Within thirty (30) days of the Effective Date Ceding
Company and Reinsurer shall prepare an accounting of all Ceding
Company's assets (excluding any investments) and liabilities as of
December 31, 1994, as computed in accordance with statutory
accounting principles with respect to the Automobile Policies and
including, but not limited to unearned premium reserves,
outstanding claims, outstanding claims reserves including IBNR, and
any other expenses ("Accounting"). The Accounting shall include a
statutory balance sheet relating to the Automobile Policies and
shall include all Ceding Company's asset items (excluding any
investments), liability items and a reinsurance credit to take into
account the Quota Share Agreement.
6. TRANSFER OF ASSETS
------------------
6.1 Within thirty (30) days of the completion of the
Accounting which will be prepared pursuant to Section 5.1 hereof,
Ceding Company shall transfer to Reinsurer cash equal to the excess
-2-
PAGE
<PAGE>
of Ceding Company's liabilities over its assets with respect to the
Automobile Policies as reflected in the Accounting.
7. RECORDS
-------
7.1 Within ten (10) days of the Effective Date, Ceding
Company shall deliver to Reinsurer or its designee, at a location
of Reinsurer's choice, all contracts, records, files, charts,
ledgers, and other documents or copies thereof maintained by Ceding
Company in the servicing of the Automobile Policies, including any
special actuarial data, reserve tables or other material prepared
for use with the Automobile Policies. Ceding Company may maintain
copies of or, upon request to Reinsurer, be allowed inspection at
reasonable times of, such records, files, charts, ledgers, and
other documents required by Ceding Company for reasonable purposes
in the normal course of business. Ceding Company shall bear its
own expenses in connection with the transfer of records and policy
information required herein and hereafter.
8. PREMIUMS AND BILLINGS
---------------------
8.1 All premiums and payments on the Automobile Policies
paid by policyholders on and after the Effective Date shall become
the property of Reinsurer and shall be paid to Reinsurer forthwith
and without charge if received by Ceding Company.
8.2 All monies, checks, drafts, money orders, postal
notes, and other instruments received after the Effective Date by
Ceding Company for premiums on the Automobile Policies reinsured
under this Agreement or in connection with the assets transferred
hereunder shall be forthwith transferred and delivered to Reinsurer
and any such instruments when so delivered shall bear all
endorsements required to effect the transfer of same to Reinsurer.
Reinsurer shall be authorized to endorse for payment all checks,
drafts, money orders, and other instruments payable to, or to the
order of Ceding Company and received by Reinsurer for premiums for
the Automobile Policies assigned under this Agreement.
9. COMMISSIONS, PREMIUM TAXES, REFUNDS AND CLAIMS
----------------------------------------------
9.1 Reinsurer shall be liable for any unpaid amounts,
as of the Effective Date, including, but not limited to
commissions, premium taxes, uncollectible premium, refunds of
premium due to cancellation, and properly payable claims with
-3-
<PAGE> <PAGE>
respect to the Automobile Policies whether arising before, on and
after the Effective Date.
10. CORRESPONDENCE, PREMIUMS, ETC.
------------------------------
10.1 Any and all correspondence, premiums, records, or
other items coming to Ceding Company after the Effective Date
pertaining to the Automobile Policies shall be immediately and
forthwith delivered to Reinsurer without charge to Reinsurer.
11. INABILITY OF REINSURER
----------------------
11.1 Ceding Company agrees that despite its cession of
the Automobile Policies as provided for in this Agreement, in the
event the Reinsurer is unable to fulfill its obligations, the
Ceding Company remains liable according to the policies' terms and
subject to the Ceding Company's assuming control of the business.
12. ARBITRATION
-----------
12.1 In the event of any dispute or difference of
opinion arising out of this Agreement which cannot be amicably
resolved by the parties, the parties agree that such dispute or
difference of opinion shall be submitted to and settled by binding
arbitration or other alternative dispute resolution process of the
parties' choice.
13. INDEMNIFICATION AND LIABILITY
-----------------------------
13.1 Each party shall indemnify and hold harmless the
other party from and against and shall be liable to the other for
all losses, claims, damages, demands, actions, causes of action,
and the expense of defending same, including reasonable attorneys'
fees, resulting from or arising out of any negligent act, omission,
or breach by such party and/or its employees, officers, and agents,
with respect to the obligations under the Automobile Policies or
this Agreement.
14. TERMINATION OF QUOTA SHARE AGREEMENT
------------------------------------
14.1 Ceding Company and Reinsurer hereby agree to
terminate the Quota Share Agreement as of the Effective Date.
Notwithstanding the requirement under Article 11 of the Quota Share
Agreement that it may be terminated upon 30 days' notice, in
addition to its other purposes, this Agreement constitutes a
-4-
PAGE
<PAGE>
written agreement by Ceding Company and Reinsurer to revise the
Quota Share Agreement to permit its immediate termination by
written agreement of both parties and to effect such termination
without further writings.
15. OTHER PROVISIONS
----------------
15.1 This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of both Ceding Company and
Reinsurer.
15.2 Should either party fail to comply with any of the
terms of this Agreement, and if this is shown to be unintentional
and a result of a misunderstanding, oversight, or clerical error,
then this Agreement shall not be deemed abrogated thereby, but each
party shall be restored to the position they would have occupied
had no such oversight, misunderstanding, or clerical error
occurred.
15.3 Any notice required or permitted shall be in
writing and shall be deemed sufficient if sent via facsimile
transmission or mailed with postage prepaid or hand delivered, as
follows:
To Ceding Company:
Mr. Ronald F. Johnson
President
Stonewall Insurance Company
2204 Lakeshore Drive
Birmingham, Alabama 35209
To Reinsurer:
Mr. James R. Gober, CPCU
President
Infinity Insurance Company
2204 Lakeshore Drive
Birmingham, Alabama 35209
15.4 Nothing herein, expressed or implied, is intended,
or shall be construed, to confer upon or give any person, firm, or
corporation, other than Reinsurer and Ceding Company, any rights or
remedies under or by reason of this Agreement.
-5-
PAGE
<PAGE>
IN WITNESS WHEREOF, Ceding Company and Reinsurer have
caused this instrument to be executed by their duly authorized
officers effective as of the day and the year first herein above
written.
STONEWALL INSURANCE COMPANY
By: Ronald F. Johnson
-------------------------------
Ronald F. Johnson, President
INFINITY INSURANCE COMPANY
By: James R. Gober
-------------------------------
James R. Gober, CPCU, President
-6-
<PAGE>
<PAGE>
ASSUMPTION CERTIFICATE
POLICYHOLDER:
INSURANCE POLICY NUMBER:
This certificate will certify that INFINITY INSURANCE COMPANY,
pursuant to the terms of a Bulk Reinsurance and Assumption
Agreement with STONEWALL INSURANCE COMPANY, hereby assumes all
liability under the Insurance Policy named above, in accordance
with the terms and conditions of said Policy, as of 11:59 P.M.
Pacific Standard Time, December 31, 1994 provided the Policy was in
force under its terms on such date and subject, however, to all
defenses and offsets available to STONEWALL INSURANCE COMPANY on
that date. Wherever the name Stonewall Insurance Company appears
in your policy, it is now deemed to be Infinity Insurance Company.
In all respects, the provisions and benefits afforded under your
contract remain unchanged.
Further premium payments now or hereafter due are payable to
INFINITY INSURANCE GROUP, as agent for INFINITY INSURANCE COMPANY,
at 2204 Lakeshore Drive, Birmingham, Alabama 35209.
IN WITNESS WHEREOF, INFINITY INSURANCE COMPANY has caused this
Certificate to be executed in its name by its President and
Secretary, both being authorized thereof, this _____ day of
_____________, 1995.
CONTRACTHOLDER: PLEASE BE ADVISED THAT YOU RETAIN ALL RIGHTS WITH
RESPECT TO YOUR CONTRACT AGAINST YOUR ORIGINAL INSURER IN THE EVENT
THE ASSUMING INSURER IS UNABLE TO FULFILL ITS OBLIGATIONS. IN SUCH
EVENT, YOUR ORIGINAL INSURER REMAINS LIABLE TO YOU NOT WITHSTANDING
THE TERMS OF ITS ASSUMPTION AGREEMENT.
---------------------------- ------------------------------
William H. Dibble, Secretary James R. Gober, President
<PAGE>
EXHIBIT (11)
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
Net Income Per Share of Common Stock
For the Years Ended December 31, 1994, 1993 and 1992
(In Millions, Except Per Share Amounts)
This calculation is submitted in accordance with Regulation S-K
Item 601(b)(11)
<TABLE>
<CAPTION>
Year Ended December 31,
1994 1993 1992
<S> <C> <C> <C>
Income from continuing operations..................$ .8 $242.7 $ 50.9
Income (loss) from discontinued operations......... (.5) (10.7) 1.7
Cumulative effect of accounting change............. - - 252.8
Net income....................................$ .3 $232.0 $305.4
Weighted average number of common shares........... 47.5 47.0 47.2
Primary:
Additional shares to be issued upon assumed
exercise of stock options or conversion of
Career Shares, reduced by the number of common
shares which could have been purchased with
the proceeds from exercise of such options or
the conversion of such Career Shares........ .5 1.2 .7
Weighted average number of common shares as
adjusted.................................... 48.0 48.2 47.9
Net income (loss) per share of Common Stock as adjusted
Continuing operations...................... $ .02 $ 5.03 $ 1.06
Discontinued operations..................... (.01) (.22) .04
Cumulative effect of accounting change...... - - 5.28
$ .01 $ 4.81 $ 6.38
Fully Diluted:
Additional shares to be issued upon assumed
exercise of stock options or conversion of
Career Shares, reduced by the number of common
shares which could have been purchased with
the proceeds from exercise of such options or
the conversion of such Career Shares....... .3 1.1 .7
Weighted average number of common shares as
adjusted.................................. 47.8 48.1 47.9
Net income (loss) per share of Common Stock as adjusted
Continuing operations..................... $ .02 $ 5.05 $ 1.06
Discontinued operations................... (.01) (.22) .04
Cumulative effect of accounting change.... - - 5.28
$ .01 $ 4.83 $ 6.38
</TABLE>
<PAGE>
EXHIBIT (12)
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
Calculation of Ratios of Earnings to Fixed Charges
(Dollars in Millions)
<TABLE>
<CAPTION>
Year Ended December 31,
1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C>
Tax rate...................... 34% 38% 39% 37% 34%
Income from continuing operations
before income taxes...... 41.2 $190.1 $ 84.1 $ 79.4 $ 95.6
Interest and debt expense..... 53.2 62.8 69.6 65.3 50.8
Rent expense.................. 4.3 4.4 4.4 3.7 2.4
Earnings before fixed charges.$ 98.7 $257.3 $158.1 $148.4 $148.8
Interest and debt expense.....$ 53.2 $ 62.8 $ 69.6 $ 65.3 $ 50.8
Capitalized interest.......... - - - - -
Rent expense.................. 4.3 4.4 4.4 3.7 2.4
Fixed charges.................$ 57.5 $ 67.2 $ 74.0 $ 69.0 $ 53.2
Ratio of Earnings to Fixed
Charges................. 1.7 3.8 2.1 2.2 2.8
</TABLE>
<PAGE>
EXHIBIT (21)
AMERICAN PREMIER UNDERWRITERS, INC.
SUBSIDIARIES OF THE REGISTRANT
The following table lists each subsidiary of American Premier
Underwriters, Inc. (the "Company") (indented under the name of its
immediate parent) included in the Company's continuing operations
and its jurisdiction of incorporation. The names of certain
subsidiaries which, considered in the aggregate, would not
constitute a significant subsidiary have been omitted. Except where
noted, each subsidiary listed does business under its corporate
name.
Jurisdiction
of
Incorporation
PENNSYLVANIA COMPANY Delaware
Atlanta Casualty Company (1) Illinois
American Premier Insurance Company Indiana
Atlanta Specialty Insurance Company Iowa
Mr. Agency of Georgia, Inc. Georgia
Atlanta Casualty General Agency, Inc. Texas
Atlanta Insurance Brokers, Inc. Georgia
Treaty House, Ltd. (d/b/a Mr. Budget) Nevada
Buckeye Management Company Delaware
Buckeye Pipe Line Company Delaware
Great Southwest Corporation Delaware
World Houston, Inc. Delaware
Infinity Insurance Company Florida
Infinity Agency of Texas, Inc. Texas
The Infinity Group, Inc. Indiana
Infinity Select Insurance Company Indiana
Infinity Southern Insurance Corporation Alabama
Leader National Insurance Company Ohio
Budget Insurance Premiums, Inc. Ohio
Leader National Agency, Inc. Ohio
Leader National Agency of Texas, Inc. Texas
Leader National Insurance Agency of Arizona Arizona
Leader Preferred Insurance Company Ohio
Leader Specialty Insurance Company Indiana
PCC Hotel, Inc. Delaware
PCC-N26LB, Inc. Delaware
PCC Technical Industries, Inc. California
ESC, Inc. California
Marathon Manufacturing Companies, Inc. Delaware
Marathon Battery Company Delaware
[3/29/95]
PAGE
<PAGE>
Jurisdiction
of
Incorporation
Marathon Manufacturing Company Delaware
Marathon Flite-Tronics Company Delware
Old MPT Company Delaware
PCC Maryland Realty Corp. Maryland
Penn Camarillo Realty Corp. California
PCC-340, Inc. Delaware
Penn Central Reinsurance Company Ohio
Penn Central UK Limited United Kingdom
Insurance (GB) Limited (51% owned) United Kingdom
Putnam Holdings, Inc. Delaware
Putnam Sub, Inc. Delaware
Republic Indemnity Company of America California
Republic Indemnity Company of California California
Risico Management Corporation Delaware
Telsta Network Services, Inc. Delaware
Windsor Insurance Company (1) Indiana
American Deposit Insurance Company Oklahoma
Granite Finance Co., Inc. Texas
Coventry Insurance Company Ohio
El Aguila Compania de Seguros, S.A. de C.V. Mexico
Moore Group Inc. Georgia
Casualty Underwriters, Inc. (51% owned) Georgia
Dudley L. Moore Insurance, Inc. Louisiana
Hallmark General Insurance Agency, Inc. Oklahoma
Middle Tennessee Underwriters, Inc. Tennessee
Insurance Finance Company Tennessee
Windsor Group, Inc. Georgia
Regal Insurance Company Indiana
Texas Windsor Group, Inc. Texas
PCC REAL ESTATE, INC. New York
PCC Billboard Realty Corp. New York
PCC Chicago Realty Corp. New York
PCC Fordham Realty Corp. New York
PCC Gun Hill Realty Corp. New York
PCC Irvington Realty Corp. New York
PCC Michigan Realty, Inc. Michigan
PCC Scarsdale Realty Corp. New York
PCC Tuckahoe Realty Corp. New York
PENN CENTRAL ENERGY MANAGEMENT COMPANY Delaware
______________
(1) 90.05% owned by Pennsylvania Company and 9.95% owned by
Republic Indemnity Company of America.
- 2 -
<PAGE>
<PAGE>
The following table lists each subsidiary of the Company
whose operations have been discontinued and its jurisdiction of
incorporation. The names of certain subsidiaries which,
considered in the aggregate, would not constitute a significant
subsidiary have been omitted. Each subsidiary listed does
business under its corporate name.
Jurisdiction
of
Incorporation
The Ann Arbor Railroad Company Michigan
The Associates of the Jersey Company New Jersey
Delbay Corporation Delaware
Detroit Manufacturers Railroad Company (82% owned) Michigan
The Indianapolis Union Railway Company Indiana
Lehigh Valley Railroad Company Pennsylvania
The Michigan Central Railroad Company Michigan
The New York and Harlem Railroad Company (97% owned) New York
The Owasco River Railway, Inc. New York
Penn Central Properties, Inc. Pennsylvania
Pennsylvania-Reading Seashore Lines (66-2/3% owned) New Jersey
Penn Towers, Inc. Pennsylvania
Pittsburgh and Cross Creek Railroad Company
(83% owned) Pennsylvania
Terminal Realty Penn Co. District of
Columbia
United Railroad Corp. Delaware
Waynesburg Southern Railroad Company Pennsylvania
- 3 -
<PAGE>
EXHIBIT (23)
Deloitte &
Touche LLP
----------- --------------------------------------------------
250 East Fifth Street Telephone: (513) 784-7100
P.O. Box 5340
Cincinnati, Ohio 45201-5340
INDEPENDENT AUDITORS' CONSENT
American Premier Underwriters, Inc.:
We consent to the incorporation by reference in Registration
Statement No. 33-48700 on Form S-8, Registration Statement
No. 33-34871 on Form S-8, Registration Statement No. 2-81422 on
Form S-8 and Post-Effective Amendment No. 1 to Registration
Statement No. 2-72453 on Form S-8 of our report dated February
15, 1995 (March 23, 1995 with respect to the acquisition of
American Financial Corporation as discussed in Note 2 to the
financial statements), appearing in this Annual Report on
Form 10-K of American Premier Underwriters, Inc. for the year
ended December 31, 1994.
Deloitte & Touche LLP
March 28, 1995
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 7
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<DEBT-HELD-FOR-SALE> 824,400<F1>
<DEBT-CARRYING-VALUE> 1,597,200<F2>
<DEBT-MARKET-VALUE> 1,516,000<F3>
<EQUITIES> 11,700<F4>
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,684,100<F5>
<CASH> 36,700
<RECOVER-REINSURE> 52,700
<DEFERRED-ACQUISITION> 92,100
<TOTAL-ASSETS> 4,194,000
<POLICY-LOSSES> 1,130,900
<UNEARNED-PREMIUMS> 440,200
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 102,400
<NOTES-PAYABLE> 507,300
<COMMON> 46,300
0
0
<OTHER-SE> 1,502,400
<TOTAL-LIABILITY-AND-EQUITY> 4,194,000
1,557,900
<INVESTMENT-INCOME> 168,300<F6>
<INVESTMENT-GAINS> (75,700)<F7>
<OTHER-INCOME> 116,900<F8>
<BENEFITS> 1,090,700
<UNDERWRITING-AMORTIZATION> 292,300
<UNDERWRITING-OTHER> 63,700
<INCOME-PRETAX> 41,200<F9>
<INCOME-TAX> (40,400)
<INCOME-CONTINUING> 800
<DISCONTINUED> (500)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 300
<EPS-PRIMARY> .01<F10>
<EPS-DILUTED> .01
<RESERVE-OPEN> 961,400<F11>
<PROVISION-CURRENT> 1,169,500
<PROVISION-PRIOR> (78,800)
<PAYMENTS-CURRENT> 553,600
<PAYMENTS-PRIOR> 386,500
<RESERVE-CLOSE> 1,130,900<F12>
<CUMULATIVE-DEFICIENCY> 78,800<F13>
<FN>
<F1>Includes Parent Company investments of $323.4 million
<F2>Includes Parent Company investments of $279.3 million
<F3>Includes Parent Company investments of $271.5 million
<F4>Included in Parent Company investments
<F5>Includes Parent Company investments of $813.5 million
<F6>Includes Parent Company interest and dividend income of $38.4 million
<F7>Includes Parent Company realized losses of $75.7 million
<F8>Net sales from non-insurance operations
<F9>Includes policyholder dividends of $75.7 million, interest and debt
expense of $53.2 million and other non-insurance expenses of $150.6
million
<F10>Includes discontinued loss per share of $.01
<F11>Gross of reinsurance receivable of $45.1 million
<F12>Gross of reinsurance receivable of $50.9 million and reserves for
unpaid claims of subsidiaries purchased of $13.1 million
<F13>Cumulative redundancy in restated reserve at December 31, 1993,
as re-estimated at December 31, 1994
</FN>
</TABLE>
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 the Company's consolidated property and casualty
insurance subsidiaries.
The following is a summary of Schedule P reserves and a
reconciliation to reserves presented in item 1- Business
In Millions
Schedule P - Part 1 Summary - col. 33 $ 864.3
col. 34 204.1
Statutory Loss and Loss Adjustment Expense
Reserves 1,068.4
Loss and Loss Adjustment Expense Reserves of
Consolidated Foreign Subsidiary, Net of
Reinsurance Receivable 11.6
Total Loss and Loss Adjustment Expense Reserves,
Net of Reinsurance Receivable $1,080.0
B. UNCONSOLIDATED SUBSIDIARIES None
C. 50% OR LESS OWNED PROPERTY AND CASUALTY
INVESTEES N/A
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.
SCHEDULE P INTERROGATORIES.
2. LINES OF BUSINESS A THROUGH M, R & S ARE GROUPINGS OF THE
LINES OF
BUSINESS
USED ON PAGE 14, 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 2,145
1,175 393
02 1985 345,590 80,543 265,047 245,154
61,649 20,459
03 1986 393,196 64,369 328,827 232,099
36,817 20,081
04 1987 475,391 32,712 442,679 263,746
8,804 22,817
05 1988 571,147 26,339 544,808 327,213
7,881 27,175
06 1989 652,668 8,277 644,391 386,709
7,463 29,097
07 1990 779,670 8,696 770,974 485,016
22,853 34,754
08 1991 985,966 9,184 976,782 556,712
1,303 39,179
09 1992 1,138,401 10,174 1,128,227 564,970
3,653 33,613
10 1993 1,341,545 10,573 1,330,972 594,885
1,409 24,400
11 1994 1,548,786 8,331 1,540,455 487,179
1,216 14,603
12 TOTAL XXX XXX XXX 4,145,826
154,217 266,571
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 37 50 121 1,447
XXX 13,689
02 1985 2,340 4,522 13,053 214,678
XXX 1,990
03 1986 2,810 5,057 15,965 228,518
XXX 2,748
04 1987 655 5,857 21,978 299,083
XXX 4,280
05 1988 1,181 8,737 27,545 372,871
XXX 6,702
06 1989 1,321 13,062 32,945 439,968
XXX 19,755
07 1990 149 17,226 39,532 536,301
XXX 22,139
08 1991 224 19,359 54,337 648,701
XXX 40,708
09 1992 14 19,928 56,095 651,010
XXX 65,788
10 1993 27 22,505 59,075 676,924
XXX 136,348
11 1994 3 12,492 53,749 554,311
XXX 381,290
12 TOTAL 8,760 128,795 374,395 4,623,812
XXX 695,437
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 9,172 11,575 7,996 857
550 1,694
02 1985 1,341 20 0 34
3 300
03 1986 2,287 23 0 51
6 394
04 1987 3,448 53 0 13
4 542
05 1988 711 117 0 43
20 973
06 1989 8,361 307 0 163
60 1,667
07 1990 3,237 652 12 822
279 2,214
08 1991 1,020 2,032 50 1,142
0 3,375
09 1992 102 14,178 341 2,505
0 15,551
10 1993 1,459 58,566 602 7,661
0 23,011
11 1994 2,333 125,099 1,229 26,116
26 42,968
12 TOTAL 33,470 212,621 10,230 39,407
948 92,689
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 635 0 845 10,307
XXX XXX
02 1985 155 0 207 1,051
XXX 281,841
03 1986 295 4 286 914
XXX 272,325
04 1987 370 20 336 1,402
XXX 313,765
05 1988 13 68 559 7,651
XXX 390,328
06 1989 82 383 703 14,092
XXX 471,347
07 1990 16 871 1,451 23,733
XXX 586,580
08 1991 28 1,988 1,852 48,010
XXX 699,335
09 1992 28 3,123 13,135 110,685
XXX 765,836
10 1993 145 7,487 19,426 242,808
XXX 923,370
11 1994 113 22,063 36,019 607,791
XXX 1,167,036
12 TOTAL 1,880 36,008 74,819 1,068,444
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 0
02 1985 66,112 215,729 81.554 82.083
81.393 0
03 1986 42,894 229,431 69.259 66.638
69.773 0
04 1987 13,281 300,484 66.001 40.600
67.879 0
05 1988 9,807 380,521 68.341 37.234
69.845 0
06 1989 17,287 454,060 72.218 208.856
70.463 0
07 1990 26,545 560,035 75.234 305.255
72.640 0
08 1991 2,626 696,709 70.929 28.593
71.327 0
09 1992 4,139 761,697 67.273 40.682
67.513 0
10 1993 3,641 919,729 68.829 34.437
69.102 0
11 1994 4,935 1,162,101 75.352 59.237
75.439 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 8,096 2,211
02 1985 0 .000 669 382
03 1986 0 .000 484 430
04 1987 0 .000 886 517
05 1988 0 .000 6,108 1,543
06 1989 0 .000 11,701 2,392
07 1990 0 .000 19,541 4,192
08 1991 0 .000 41,670 6,341
09 1992 0 .000 79,523 31,162
10 1993 0 .000 192,855 49,953
11 1994 0 .000 502,827 104,964
12 TOTAL 0 XXX 864,358 204,086
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 37
0 5
02 1985 1,470 288 1,182 1,348
294 73
03 1986 1,743 284 1,459 1,335
174 48
04 1987 1,792 98 1,694 1,211
3 68
05 1988 2,325 49 2,276 1,524
0 98
06 1989 3,018 57 2,961 2,698
0 230
07 1990 3,230 89 3,141 2,918
0 277
08 1991 3,106 94 3,012 2,823
0 306
09 1992 2,451 112 2,339 5,067
2,211 251
10 1993 1,929 180 1,749 1,647
0 141
11 1994 343 114 229 469
0 24
12 TOTAL XXX XXX XXX 21,077
2,682 1,521
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 0 1 43
XXX 0
02 1985 20 4 51 1,158
933 0
03 1986 17 76 79 1,271
1,253 0
04 1987 0 7 77 1,353
1,242 0
05 1988 0 32 91 1,713
1,410 0
06 1989 0 42 204 3,132
2,222 31
07 1990 0 7 192 3,387
2,545 0
08 1991 0 30 226 3,355
1,858 1
09 1992 0 97 313 3,420
1,671 11
10 1993 0 6 147 1,935
1,009 9
11 1994 0 0 41 534
185 109
12 TOTAL 37 301 1,422 21,301
XXX 161
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 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 5
0 -5
07 1990 0 15 0 0
0 0
08 1991 0 4 0 0
0 0
09 1992 0 8 0 0
0 5
10 1993 0 19 0 0
0 11
11 1994 0 13 0 8
0 2
12 TOTAL 0 59 0 13
0 13
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 0 0
0 XXX
02 1985 0 0 0 0
0 1,473
03 1986 0 0 0 0
0 1,463
04 1987 0 0 0 0
0 1,356
05 1988 0 0 0 0
0 1,713
06 1989 0 0 1 32
3 3,164
07 1990 0 0 1 16
0 3,403
08 1991 0 0 0 5
1 3,361
09 1992 0 0 1 25
2 5,656
10 1993 0 0 2 41
1 1,976
11 1994 0 0 5 137
11 671
12 TOTAL 0 0 10 256
18 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 0
02 1985 314 1,159 100.204 109.027
98.054 0
03 1986 191 1,272 83.935 67.253
87.183 0
04 1987 3 1,353 75.669 3.061
79.870 0
05 1988 0 1,713 73.677 .000
75.263 0
06 1989 0 3,164 104.837 .000
106.855 0
07 1990 0 3,403 105.356 .000
108.341 0
08 1991 0 3,361 108.209 .000
111.586 0
09 1992 2,211 3,445 230.762 1,974.107
147.285 0
10 1993 0 1,976 102.436 .000
112.978 0
11 1994 0 671 195.626 .000
293.013 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 31 1
07 1990 0 .000 15 1
08 1991 0 .000 5 0
09 1992 0 .000 19 6
10 1993 0 .000 28 13
11 1994 0 .000 122 15
12 TOTAL 0 XXX 220 36
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 19
-142 21
02 1985 138,068 47,311 90,757 111,848
37,645 9,709
03 1986 123,900 34,573 89,327 88,527
23,125 6,471
04 1987 150,498 10,441 140,057 106,818
4,442 8,907
05 1988 201,127 12,566 188,561 142,587
4,969 11,703
06 1989 225,533 1,407 224,126 170,292
6,387 13,272
07 1990 283,731 1,923 281,808 217,957
19,400 15,087
08 1991 417,551 2,335 415,216 272,735
551 15,875
09 1992 492,753 1,973 490,780 297,409
442 14,378
10 1993 585,829 3,194 582,635 326,353
1,403 11,305
11 1994 714,296 4,103 710,193 234,210
1,200 5,990
12 TOTAL XXX XXX XXX 1,968,755
99,422 112,718
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 -63 28 1 246
XXX 206
02 1985 1,649 841 4,335 86,598
49,211 576
03 1986 1,765 868 3,826 73,934
57,876 169
04 1987 418 1,341 5,923 116,788
65,290 66
05 1988 911 1,923 8,406 156,816
80,269 436
06 1989 1,184 2,704 11,557 187,550
100,398 708
07 1990 -145 3,781 13,893 227,682
122,444 2,904
08 1991 199 5,070 24,194 312,054
153,456 7,023
09 1992 2 5,788 26,010 337,353
171,571 16,202
10 1993 10 6,203 27,447 363,692
206,794 50,954
11 1994 3 2,839 22,929 261,926
231,649 188,485
12 TOTAL 5,933 31,386 148,521 2,124,640
XXX 267,728
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 106 4 0 25
15 5
02 1985 271 20 0 34
3 55
03 1986 39 0 0 51
6 -8
04 1987 12 0 0 12
3 2
05 1988 67 3 0 43
20 120
06 1989 226 41 0 158
59 69
07 1990 1,425 170 0 802
277 31
08 1991 74 865 2 1,169
0 375
09 1992 90 4,251 25 2,514
0 1,137
10 1993 324 12,981 58 7,706
0 3,005
11 1994 667 80,005 216 23,804
24 13,320
12 TOTAL 3,300 98,339 301 36,318
407 18,110
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 22 141
32 XXX
02 1985 20 0 44 435
6 126,997
03 1986 0 0 12 179
6 99,495
04 1987 0 4 5 70
11 121,732
05 1988 0 6 22 537
35 163,320
06 1989 0 18 44 734
80 196,139
07 1990 0 50 195 2,399
223 251,039
08 1991 0 307 494 9,850
629 322,732
09 1992 0 660 1,175 25,165
1,762 363,077
10 1993 0 2,452 3,884 78,147
7,028 443,632
11 1994 7 6,061 16,559 321,259
45,220 585,314
12 TOTAL 27 9,558 22,456 438,917
54,260 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 0
02 1985 39,965 87,032 91.981 84.472
95.895 0
03 1986 25,382 74,113 80.302 73.415
82.968 0
04 1987 4,875 116,857 80.886 46.690
83.435 0
05 1988 5,968 157,352 81.202 47.493
83.448 0
06 1989 7,856 188,283 86.966 558.351
84.007 0
07 1990 20,957 230,082 88.477 1,089.807
81.644 0
08 1991 827 321,905 77.291 35.417
77.527 0
09 1992 559 362,518 73.683 28.332
73.865 0
10 1993 1,795 441,837 75.727 56.199
75.834 0
11 1994 2,129 583,185 81.942 51.888
82.116 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 104 37
02 1985 0 .000 325 110
03 1986 0 .000 130 49
04 1987 0 .000 55 16
05 1988 0 .000 372 165
06 1989 0 .000 523 212
07 1990 0 .000 1,649 751
08 1991 0 .000 7,812 2,038
09 1992 0 .000 20,338 4,826
10 1993 0 .000 63,552 14,595
11 1994 0 .000 267,607 53,652
12 TOTAL 0 XXX 362,466 76,450
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 0
-1 0
02 1985 6,191 3,707 2,484 6,500
4,986 344
03 1986 3,632 1,438 2,194 2,693
1,718 477
04 1987 7,747 1,525 6,222 4,274
1,615 458
05 1988 9,378 2,007 7,371 4,970
994 921
06 1989 10,888 2,070 8,818 5,512
706 765
07 1990 11,958 1,703 10,255 9,544
3,020 1,157
08 1991 12,263 2,354 9,909 6,277
351 609
09 1992 13,097 3,206 9,891 4,262
90 641
10 1993 13,654 1,984 11,670 3,764
5 226
11 1994 10,085 -332 10,417 1,556
0 78
12 TOTAL XXX XXX XXX 49,352
13,484 5,676
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 0 0 0 1
XXX 0
02 1985 66 6 160 1,952
934 0
03 1986 335 700 161 1,278
388 1
04 1987 146 1 314 3,285
903 0
05 1988 203 56 329 5,023
1,206 0
06 1989 31 43 416 5,956
1,432 208
07 1990 348 67 674 8,007
1,673 30
08 1991 24 97 552 7,063
1,746 742
09 1992 12 67 493 5,294
1,838 1,029
10 1993 16 48 515 4,484
1,933 4,060
11 1994 0 22 461 2,095
1,569 3,855
12 TOTAL 1,181 1,108 4,075 44,437
XXX 9,926
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 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 57 13 0 0
0 23
07 1990 8 18 12 0
0 4
08 1991 180 129 48 0
0 92
09 1992 12 817 316 4
0 221
10 1993 1,135 1,564 544 4
0 647
11 1994 0 1,765 0 97
0 648
12 TOTAL 1,391 4,305 920 105
0 1,635
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 0 0 0 0
0 XXX
02 1985 0 0 0 0
0 7,024
03 1986 0 0 0 1
0 3,346
04 1987 0 0 0 0
0 5,047
05 1988 0 0 0 0
0 6,220
06 1989 5 0 12 193
6 6,949
07 1990 2 0 2 32
4 11,429
08 1991 22 0 47 760
24 8,448
09 1992 28 0 115 1,830
50 7,582
10 1993 145 49 332 4,784
153 11,112
11 1994 0 59 379 6,743
406 8,839
12 TOTAL 202 108 887 14,344
643 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 0
02 1985 5,071 1,953 113.455 136.795
78.623 0
03 1986 2,068 1,278 92.126 143.811
58.250 0
04 1987 1,761 3,286 65.148 115.475
52.813 0
05 1988 1,197 5,023 66.325 59.641
68.145 0
06 1989 799 6,150 63.822 38.599
69.743 0
07 1990 3,390 8,039 95.576 199.060
78.391 0
08 1991 625 7,823 68.890 26.550
78.948 0
09 1992 458 7,124 57.891 14.285
72.025 0
10 1993 1,844 9,268 81.382 92.943
79.417 0
11 1994 0 8,839 87.645 .000
84.851 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 1 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 164 30
07 1990 0 .000 27 4
08 1991 0 .000 643 117
09 1992 0 .000 1,518 312
10 1993 0 .000 3,946 838
11 1994 0 .000 5,620 1,124
12 TOTAL 0 XXX 11,919 2,425
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 1,501
887 294
02 1985 125,643 3,982 121,661 73,538
1,472 8,147
03 1986 189,821 7,735 182,086 98,920
896 11,315
04 1987 233,974 14,258 219,716 109,127
912 11,620
05 1988 257,284 6,103 251,181 114,820
28 11,765
06 1989 300,385 4,024 296,361 138,117
436 11,735
07 1990 340,591 4,099 336,492 176,331
0 14,709
08 1991 352,553 3,924 348,629 168,990
0 17,773
09 1992 398,609 4,553 394,056 132,264
0 13,876
10 1993 463,151 4,695 458,456 101,919
0 7,048
11 1994 488,014 4,295 483,719 52,097
0 2,622
12 TOTAL XXX XXX XXX 1,167,624
4,631 110,904
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 46 0 118 980
XXX 5,641
02 1985 56 0 7,137 87,294
26,824 1,414
03 1986 168 0 10,316 119,487
32,908 2,576
04 1987 25 0 13,061 132,871
35,211 4,218
05 1988 33 0 15,239 141,763
34,339 6,281
06 1989 41 1,840 16,087 165,462
37,777 18,847
07 1990 0 2,974 19,702 210,742
42,967 19,235
08 1991 0 1,893 20,348 207,111
39,995 33,009
09 1992 0 1,196 19,530 165,670
39,234 48,728
10 1993 0 846 19,299 128,266
39,982 81,709
11 1994 0 57 16,985 71,704
43,487 175,992
12 TOTAL 369 8,806 157,822 1,431,350
XXX 397,650
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 4,120 0 0 0
0 986
02 1985 1,071 0 0 0
0 245
03 1986 2,248 23 0 0
0 402
04 1987 3,433 58 0 0
0 540
05 1988 651 123 0 0
0 853
06 1989 8,089 271 0 0
0 1,581
07 1990 1,819 456 0 0
0 2,181
08 1991 767 1,011 0 0
0 2,864
09 1992 0 8,920 0 0
0 14,127
10 1993 0 43,059 0 0
0 18,975
11 1994 1,636 26,379 1,000 0
0 26,314
12 TOTAL 23,834 80,300 1,000 0
0 69,068
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 187 0 674 2,994
75 XXX
02 1985 135 0 163 616
75 90,644
03 1986 295 4 274 732
161 123,826
04 1987 370 4 331 1,344
240 138,955
05 1988 13 40 536 7,129
329 149,617
06 1989 77 306 646 13,179
545 187,284
07 1990 14 749 1,251 21,290
1,131 233,865
08 1991 6 1,402 1,306 37,417
2,133 245,301
09 1992 0 1,913 11,825 83,600
2,779 249,270
10 1993 0 2,625 15,055 158,798
4,103 287,064
11 1994 106 3,358 16,775 242,718
12,915 317,164
12 TOTAL 1,203 10,401 48,836 569,817
24,486 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 0
02 1985 2,734 87,910 72.144 68.659
72.258 0
03 1986 3,607 120,219 65.233 46.632
66.023 0
04 1987 4,740 134,215 59.389 33.244
61.086 0
05 1988 725 148,892 58.152 11.879
59.277 0
06 1989 8,643 178,641 62.348 214.786
60.278 0
07 1990 1,833 232,032 68.664 44.718
68.956 0
08 1991 773 244,528 69.578 19.699
70.140 0
09 1992 0 249,270 62.535 .000
63.258 0
10 1993 0 287,064 61.981 .000
62.615 0
11 1994 2,742 314,422 64.991 63.842
65.001 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 1,521 1,473
02 1985 0 .000 343 273
03 1986 0 .000 351 381
04 1987 0 .000 843 501
05 1988 0 .000 5,753 1,376
06 1989 0 .000 11,029 2,150
07 1990 0 .000 17,872 3,418
08 1991 0 .000 33,253 4,164
09 1992 0 .000 57,648 25,952
10 1993 0 .000 124,768 34,030
11 1994 0 .000 199,735 42,983
12 TOTAL 0 XXX 453,116 116,701
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 0
0 23
02 1985 1 0 1 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 23
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 19 0 0 4
XXX 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 19 0 0 4
XXX 0
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 -1 0 0 0
12 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL -1 0 0 0
12 0
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 0 0 0 -11
0 XXX
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 -11
0 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 0
02 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .000 .000
.000 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 1 -12
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 1 -12
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 0
0 0
02 1985 6 0 6 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 0
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 0 0 0 0
XXX 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
XXX 0
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 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 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 0 0
0 XXX
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 199,102 194,127 199,812 205,822
208,936 209,278
02 1985 186,986 197,368 202,059 197,686
200,477 199,828
03 1986 XXX 209,439 215,757 214,663
216,288 212,115
04 1987 XXX XXX 287,534 288,567
288,732 279,112
05 1988 XXX XXX XXX 372,439
373,357 377,083
06 1989 XXX XXX XXX XXX
442,107 454,471
07 1990 XXX XXX XXX XXX
XXX 539,040
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 209,164 210,671 214,684 215,244
560 4,573
02 1985 201,691 202,136 203,026 202,470
-556 334
03 1986 213,482 213,086 213,648 213,179
-469 93
04 1987 277,577 278,469 277,823 278,168
345 -301
05 1988 362,938 356,093 353,759 352,419
-1,340 -3,674
06 1989 438,801 428,759 423,512 420,414
-3,098 -8,345
07 1990 543,005 534,317 524,800 519,052
-5,748 -15,265
08 1991 659,231 659,213 652,726 640,520
-12,206 -18,693
09 1992 XXX 748,282 714,628 692,468
-22,160 -55,814
10 1993 XXX XXX 880,342 841,225
-39,117 XXX
11 1994 XXX XXX XXX 1,072,334
XXX XXX
12 TOTAL
-83,789 -97,092
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 144,026 165,408 178,408
194,353 197,494
02 1985 84,293 139,118 166,374 182,501
191,225 196,569
03 1986 XXX 79,264 131,083 165,831
186,501 199,248
04 1987 XXX XXX 109,055 184,419
222,532 249,687
05 1988 XXX XXX XXX 145,024
235,471 287,392
06 1989 XXX XXX XXX XXX
172,066 285,667
07 1990 XXX XXX XXX XXX
XXX 182,650
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 200,492 202,759 204,454 205,780
XXX XXX
02 1985 199,199 201,365 201,993 201,625
XXX XXX
03 1986 206,243 209,427 211,363 212,553
XXX XXX
04 1987 264,121 271,437 275,473 277,105
XXX XXX
05 1988 319,599 334,237 341,375 345,326
XXX XXX
06 1989 353,930 387,186 400,237 407,023
XXX XXX
07 1990 352,766 434,417 480,884 496,769
XXX XXX
08 1991 287,018 471,782 556,659 594,364
XXX XXX
09 1992 XXX 313,209 515,621 594,915
XXX XXX
10 1993 XXX XXX 391,767 617,849
XXX XXX
11 1994 XXX XXX XXX 500,560
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 21,020 5,151 6,939 5,971
4,115 3,118
02 1985 24,343 7,635 7,952 3,697
2,626 1,295
03 1986 XXX 27,365 16,447 10,718
8,220 3,307
04 1987 XXX XXX 48,449 16,991
13,552 7,848
05 1988 XXX XXX XXX 67,409
26,425 19,646
06 1989 XXX XXX XXX XXX
86,782 38,436
07 1990 XXX XXX XXX XXX
XXX 111,845
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 3,208 3,365 4,620 4,638
02 1985 808 482 142 165
03 1986 1,804 914 393 122
04 1987 3,149 1,946 592 224
05 1988 9,480 4,526 2,059 1,077
06 1989 19,093 9,765 4,175 1,893
07 1990 40,488 19,280 7,904 2,839
08 1991 106,451 36,481 15,642 5,330
09 1992 XXX 129,965 56,275 29,360
10 1993 XXX XXX 157,401 80,831
11 1994 XXX XXX XXX 166,724
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
XXX 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .000 .000
.000 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 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 0
0 0
02 1985 -2 0 -2 0
0 0
03 1986 5 1 4 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 94 4 90 29
0 3
07 1990 197 13 184 72
0 6
08 1991 307 20 287 112
0 14
09 1992 446 46 400 277
0 38
10 1993 550 45 505 202
0 37
11 1994 262 0 262 82
0 11
12 TOTAL XXX XXX XXX 774
0 109
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 0 0 0 0
XXX 0
02 1985 0 0 0 0
XXX 0
03 1986 0 0 0 0
XXX 0
04 1987 0 0 0 0
XXX 0
05 1988 0 0 0 0
XXX 0
06 1989 0 1 21 53
XXX 0
07 1990 0 2 6 84
XXX 0
08 1991 0 1 9 135
XXX 0
09 1992 0 0 18 333
XXX 0
10 1993 0 3 22 261
XXX 44
11 1994 0 0 10 103
XXX 0
12 TOTAL 0 6 86 969
XXX 44
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 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 4 0 0
0 1
10 1993 0 35 0 0
0 13
11 1994 0 17 0 0
0 4
12 TOTAL 0 55 0 0
0 18
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 0 0
0 XXX
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 53
07 1990 0 0 0 0
0 84
08 1991 0 0 0 0
0 135
09 1992 0 0 0 5
0 338
10 1993 0 0 7 99
0 360
11 1994 0 0 2 22
0 125
12 TOTAL 0 0 9 126
0 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 0
02 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 53 56.383 .000
58.889 0
07 1990 0 84 42.640 .000
45.652 0
08 1991 0 135 43.974 .000
47.038 0
09 1992 0 338 75.785 .000
84.500 0
10 1993 0 360 65.455 .000
71.287 0
11 1994 0 125 47.710 .000
47.710 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 4 1
10 1993 0 .000 79 20
11 1994 0 .000 17 6
12 TOTAL 0 XXX 99 27
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 609
449 46
02 1985 2,501 1,210 1,291 2,070
1,010 157
03 1986 6,512 2,406 4,106 2,345
290 133
04 1987 3,688 1,474 2,214 1,632
177 93
05 1988 1,893 683 1,210 1,616
253 49
06 1989 1,026 373 653 418
3 61
07 1990 857 341 516 348
0 20
08 1991 69 1 68 0
0 0
09 1992 55 49 6 0
0 0
10 1993 34 116 -82 0
0 0
11 1994 1 0 1 0
0 0
12 TOTAL XXX XXX XXX 9,038
2,182 559
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 36 0 1 171
XXX 7,842
02 1985 82 0 10 1,145
88 0
03 1986 3 0 35 2,220
24 0
04 1987 0 0 27 1,575
7 0
05 1988 0 0 43 1,455
4 0
06 1989 0 0 13 489
3 0
07 1990 0 0 10 378
2 0
08 1991 0 0 0 0
1 0
09 1992 0 0 0 0
0 0
10 1993 0 0 1 1
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 121 0 140 7,434
XXX 7,842
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 4,947 11,571 7,996 832
522 703
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 7 0 0
0 0
11 1994 0 100 0 0
0 0
12 TOTAL 4,947 11,678 7,996 832
522 703
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 448 0 150 7,185
164 XXX
02 1985 0 0 0 0
0 2,237
03 1986 0 0 0 0
0 2,513
04 1987 0 0 0 0
0 1,752
05 1988 0 0 0 0
0 1,707
06 1989 0 0 0 0
0 492
07 1990 0 0 0 0
0 378
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 7
0 8
11 1994 0 0 4 104
0 104
12 TOTAL 448 0 154 7,296
164 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 0
02 1985 1,092 1,145 89.444 90.248
88.691 0
03 1986 293 2,220 38.590 12.178
54.067 0
04 1987 177 1,575 47.505 12.008
71.138 0
05 1988 253 1,454 90.174 37.042
120.165 0
06 1989 3 489 47.953 .804
74.885 0
07 1990 0 378 44.107 .000
73.256 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 8 23.529 .000
-9.756 0
11 1994 0 104 10,400.000 .000
10,400.000 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 6,470 715
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 7 0
11 1994 0 .000 100 4
12 TOTAL 0 XXX 6,577 719
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
XXX 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .000 .000
.000 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 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 0
0 0
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL XXX XXX XXX 0
0 0
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 0 0 0 0
XXX 0
02 1993 0 0 0 0
XXX 0
03 1994 0 0 0 0
XXX 0
04 TOTAL 0 0 0 0
XXX 0
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 0 0 0 0
0 0
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL 0 0 0 0
0 0
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 0 0 0 0
0 XXX
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL 0 0 0 0
0 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 0
02 1993 0 0 .000 .000
.000 0
03 1994 0 0 .000 .000
.000 0
04 TOTAL XXX XXX XXX XXX
XXX 0
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 0 0
02 1993 0 .000 0 0
03 1994 0 .000 0 0
04 TOTAL 0 XXX 0 0
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 -811
-172 429
02 1993 265,838 358 265,480 151,893
0 5,644
03 1994 333,547 151 333,396 198,764
16 5,877
04 TOTAL XXX XXX XXX 349,847
-156 11,950
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 73 1,187 12 -271
XXX -337
02 1993 0 15,400 11,644 169,182
130,697 -428
03 1994 0 9,572 13,321 217,946
155,567 12,845
04 TOTAL 73 26,159 24,977 386,857
XXX 12,080
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 -31 165 0 -21
5 102
02 1993 0 902 0 -52
0 360
03 1994 30 14,887 13 2,207
2 2,680
04 TOTAL -1 15,954 13 2,134
7 3,142
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 0 996 25 -41
139 XXX
02 1993 0 2,361 147 929
217 170,112
03 1994 0 12,585 2,293 34,867
9,327 252,877
04 TOTAL 0 15,942 2,465 35,756
9,683 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 1993 0 170,112 63.991 .000
64.077 0
03 1994 64 252,813 75.815 42.384
75.830 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 -142 101
02 1993 0 .000 474 455
03 1994 0 .000 27,689 7,178
04 TOTAL 0 XXX 28,022 7,734
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 0
0 0
02 1993 15 0 15 0
0 0
03 1994 2 0 2 0
0 0
04 TOTAL XXX XXX XXX 0
0 0
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 0 0 0 0
XXX 0
02 1993 0 0 0 0
XXX 0
03 1994 0 0 0 0
XXX 0
04 TOTAL 0 0 0 0
XXX 0
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 0 0 0 0
0 0
02 1993 0 0 0 0
0 0
03 1994 0 2 0 0
0 0
04 TOTAL 0 2 0 0
0 0
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 0 0 0
0 XXX
02 1993 0 0 0 0
0 0
03 1994 0 0 1 3
0 3
04 TOTAL 0 0 1 3
0 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 1993 0 0 .000 .000
.000 0
03 1994 0 3 150.000 .000
150.000 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 0 0
02 1993 0 .000 0 0
03 1994 0 .000 2 1
04 TOTAL 0 XXX 2 1
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 0
0 0
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL XXX XXX XXX 0
0 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 0 0
XXX 0
02 1993 0 0 0 0
XXX 0
03 1994 0 0 0 0
XXX 0
04 TOTAL 0 0 0 0
XXX 0
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 0 0 0 0
0 0
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL 0 0 0 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 0
0 XXX
02 1993 0 0 0 0
0 0
03 1994 0 0 0 0
0 0
04 TOTAL 0 0 0 0
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 1993 0 0 .000 .000
.000 0
03 1994 0 0 .000 .000
.000 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 0 0
02 1993 0 .000 0 0
03 1994 0 .000 0 0
04 TOTAL 0 XXX 0 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 0
0 0
02 1985 -10 -2 -8 0
0 0
03 1986 -22 -1 -21 0
0 0
04 1987 15 0 15 0
0 0
05 1988 16 1 15 0
0 0
06 1989 -1 0 -1 0
0 0
07 1990 -1 0 -1 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 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 0 0
XXX 0
02 1985 0 0 0 0
XXX 0
03 1986 0 0 0 0
XXX 0
04 1987 0 0 0 0
XXX 0
05 1988 0 0 0 0
XXX 0
06 1989 0 0 0 0
XXX 0
07 1990 0 0 0 0
XXX 0
08 1991 0 0 0 0
XXX 0
09 1992 0 0 0 0
XXX 0
10 1993 0 0 0 0
XXX 0
11 1994 0 0 0 0
XXX 0
12 TOTAL 0 0 0 0
XXX 0
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 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 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 0 0
0 XXX
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 8,635 0 8,635 8,659
0 0
06 1993 9,111 0 9,111 7,665
0 0
07 1994 1,974 0 1,974 0
0 0
08 TOTAL XXX XXX XXX 16,324
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 8,659
XXX 0
06 1993 0 0 0 7,665
XXX 0
07 1994 0 0 0 0
XXX 0
08 TOTAL 0 0 0 16,324
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 1,712 0 0
0 0
08 TOTAL 0 1,712 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 8,659
06 1993 0 0 0 0
XXX 7,665
07 1994 0 0 0 1,712
XXX 1,712
08 TOTAL 0 0 0 1,712
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 8,659 100.278 .000
100.278 0
06 1993 0 7,665 84.129 .000
84.129 0
07 1994 0 1,712 86.727 .000
86.727 0
08 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 1,712 0
08 TOTAL 0 XXX 1,712 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 21 0 21 0
0 0
02 1989 0 0 0 0
0 0
03 1990 860 0 860 953
0 0
04 1991 1,665 0 1,665 1,794
0 0
05 1992 1,297 0 1,297 1,348
0 0
06 1993 1,433 0 1,433 1,437
0 0
07 1994 262 0 262 0
0 0
08 TOTAL XXX XXX XXX 5,532
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 0 953
XXX 0
04 1991 0 0 0 1,794
XXX 0
05 1992 0 0 0 1,348
XXX 0
06 1993 0 0 0 1,437
XXX 0
07 1994 0 0 0 0
XXX 0
08 TOTAL 0 0 0 5,532
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 0 219 0 0
0 0
08 TOTAL 0 219 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 953
04 1991 0 0 0 0
XXX 1,794
05 1992 0 0 0 0
XXX 1,348
06 1993 0 0 0 0
XXX 1,437
07 1994 0 0 0 219
XXX 219
08 TOTAL 0 0 0 219
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 0 953 110.814 .000
110.814 0
04 1991 0 1,794 107.748 .000
107.748 0
05 1992 0 1,348 103.932 .000
103.932 0
06 1993 0 1,437 100.279 .000
100.279 0
07 1994 0 219 83.588 .000
83.588 0
08 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 .000 219 0
08 TOTAL 0 XXX 219 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 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 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 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 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 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 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 0
0 0
02 1985 110 0 110 216
0 0
03 1986 199 0 199 293
0 0
04 1987 6 0 6 6
0 0
05 TOTAL XXX XXX XXX 515
0 0
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 0 0
XXX 0
02 1985 0 0 0 216
XXX 0
03 1986 0 0 0 293
XXX 0
04 1987 0 0 0 6
XXX 0
05 TOTAL 0 0 0 515
XXX 0
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 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 TOTAL 0 0 0 0
0 0
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 0 0
XXX XXX
02 1985 0 0 0 0
XXX 216
03 1986 0 0 0 0
XXX 293
04 1987 0 0 0 0
XXX 6
05 TOTAL 0 0 0 0
XXX XXX
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 1985 0 216 196.364 .000
196.364 0
03 1986 0 293 147.236 .000
147.236 0
04 1987 0 6 100.000 .000
100.000 0
05 TOTAL 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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 TOTAL 0 XXX 0 0
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 0
0 0
02 1985 481 205 276 901
558 21
03 1986 1,632 612 1,020 1,230
557 41
04 1987 1,159 479 680 407
3 23
05 1988 656 251 405 251
0 18
06 1989 323 131 192 172
16 12
07 1990 318 151 167 81
0 5
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 3,042
1,134 120
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 0 0 0 0
XXX 0
02 1985 2 0 16 378
25 0
03 1986 1 0 12 725
9 0
04 1987 0 0 9 436
4 0
05 1988 0 0 7 276
0 0
06 1989 0 0 3 171
0 0
07 1990 0 0 6 92
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 3 0 53 2,078
XXX 0
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 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 0
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 0 0 0 0
0 XXX
02 1985 0 0 0 0
0 938
03 1986 0 0 0 0
0 1,283
04 1987 0 0 0 0
0 439
05 1988 0 0 0 0
0 276
06 1989 0 0 0 0
0 187
07 1990 0 0 0 0
0 92
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 0
02 1985 560 378 195.010 273.171
136.957 0
03 1986 558 725 78.615 91.176
71.078 0
04 1987 3 436 37.877 .626
64.118 0
05 1988 0 276 42.073 .000
68.148 0
06 1989 16 171 57.895 12.214
89.063 0
07 1990 0 92 28.931 .000
55.090 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .000 .000
.000 0
12 TOTAL XXX XXX XXX XXX
XXX 0
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 0 0
02 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL XXX XXX XXX 0
0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
XXX 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 0
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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 0 0 0 0
0 0
10 1993 0 0 0 0
0 0
11 1994 0 0 0 0
0 0
12 TOTAL 0 0 0 0
0 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 1985 0 0 .000 .000
.000 0
03 1986 0 0 .000 .000
.000 0
04 1987 0 0 .000 .000
.000 0
05 1988 0 0 .000 .000
.000 0
06 1989 0 0 .000 .000
.000 0
07 1990 0 0 .000 .000
.000 0
08 1991 0 0 .000 .000
.000 0
09 1992 0 0 .000 .000
.000 0
10 1993 0 0 .000 .000
.000 0
11 1994 0 0 .000 .000
.000 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 1985 0 .000 0 0
03 1986 0 .000 0 0
04 1987 0 .000 0 0
05 1988 0 .000 0 0
06 1989 0 .000 0 0
07 1990 0 .000 0 0
08 1991 0 .000 0 0
09 1992 0 .000 0 0
10 1993 0 .000 0 0
11 1994 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 1993 0 0 0 0
0 0
03 1994 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 1993 0 0 0 0
XXX 0
03 1994 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 1993 0 0 0 0
0 0
03 1994 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 1993 0 0 0 0
0 0
03 1994 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 1993 0 0 .000 .000
.000 0
03 1994 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 1993 0 .000 0 0
03 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 103 50 7 6
17 26
02 1985 1,069 1,075 1,098 1,096
1,113 1,113
03 1986 XXX 1,415 1,253 1,198
1,182 1,189
04 1987 XXX XXX 1,413 1,290
1,288 1,275
05 1988 XXX XXX XXX 1,636
1,612 1,632
06 1989 XXX XXX XXX XXX
2,744 2,924
07 1990 XXX XXX XXX XXX
XXX 3,444
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 80 100 101 67
-34 -33
02 1985 1,131 1,114 1,108 1,108
0 -6
03 1986 1,236 1,223 1,193 1,193
0 -30
04 1987 1,325 1,308 1,275 1,276
1 -32
05 1988 1,739 1,686 1,621 1,621
0 -65
06 1989 3,085 3,021 2,948 2,959
11 -62
07 1990 3,530 3,333 3,227 3,209
-18 -124
08 1991 3,433 3,228 3,144 3,133
-11 -95
09 1992 XXX 3,824 3,179 3,131
-74 -719
10 1993 XXX XXX 1,810 1,827
17 XXX
11 1994 XXX XXX XXX 623
XXX XXX
12 TOTAL
-108 -1,166
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 25,097 30,264 40,193 39,793
37,456 37,309
02 1985 76,823 77,293 81,884 82,225
82,650 82,877
03 1986 XXX 66,945 68,638 70,633
70,684 70,416
04 1987 XXX XXX 101,414 108,109
110,179 111,326
05 1988 XXX XXX XXX 137,924
146,252 152,574
06 1989 XXX XXX XXX XXX
183,169 183,552
07 1990 XXX XXX XXX XXX
XXX 232,005
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 37,298 37,328 37,613 37,619
6 291
02 1985 83,047 82,899 83,592 82,655
-937 -244
03 1986 70,439 70,389 70,342 70,272
-70 -117
04 1987 111,574 111,460 111,212 110,929
-283 -531
05 1988 151,053 149,712 149,099 148,926
-173 -786
06 1989 181,902 178,598 177,758 176,683
-1,075 -1,915
07 1990 218,294 217,693 216,485 215,993
-492 -1,700
08 1991 317,568 299,827 297,362 297,218
-144 -2,609
09 1992 XXX 360,506 340,597 335,336
-5,261 -25,170
10 1993 XXX XXX 426,301 410,506
-15,795 XXX
11 1994 XXX XXX XXX 543,702
XXX XXX
12 TOTAL
-24,224 -32,781
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 2,810 2,317 2,697 2,708
1,859 2,660
02 1985 2,855 2,790 3,019 3,023
1,894 1,923
03 1986 XXX 1,782 1,953 1,899
1,146 1,070
04 1987 XXX XXX 4,798 4,756
3,141 3,249
05 1988 XXX XXX XXX 5,899
4,575 4,968
06 1989 XXX XXX XXX XXX
5,395 5,408
07 1990 XXX XXX XXX XXX
XXX 7,540
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 2,577 2,646 2,602 2,590
-12 -56
02 1985 1,793 1,792 1,792 1,793
1 1
03 1986 1,379 1,101 1,093 1,118
25 17
04 1987 3,000 2,978 2,970 2,972
2 -6
05 1988 4,846 4,726 4,749 4,694
-55 -32
06 1989 5,529 5,527 5,763 5,720
-43 193
07 1990 6,848 7,144 7,664 7,363
-301 219
08 1991 7,078 7,639 7,763 7,224
-539 -415
09 1992 XXX 7,686 7,041 6,517
-524 -1,169
10 1993 XXX XXX 10,696 8,419
-2,277 XXX
11 1994 XXX XXX XXX 7,999
XXX XXX
12 TOTAL
-3,723 -1,248
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 169,876 158,170 154,344 152,840
158,027 158,171
02 1985 69,310 80,175 80,250 75,611
78,612 77,518
03 1986 XXX 104,600 111,647 108,666
111,982 108,309
04 1987 XXX XXX 145,390 131,617
131,679 120,814
05 1988 XXX XXX XXX 160,365
156,541 153,615
06 1989 XXX XXX XXX XXX
172,326 187,969
07 1990 XXX XXX XXX XXX
XXX 209,512
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 157,500 158,062 158,849 158,998
149 936
02 1985 79,339 80,023 80,232 80,610
378 587
03 1986 109,352 109,354 110,011 109,629
-382 275
04 1987 119,364 120,494 120,159 120,823
664 329
05 1988 141,133 136,082 134,238 133,117
-1,121 -2,965
06 1989 174,457 168,268 163,809 161,908
-1,901 -6,360
07 1990 232,976 224,789 216,044 211,079
-4,965 -13,710
08 1991 211,992 238,574 234,271 222,874
-11,397 -15,700
09 1992 XXX 234,957 231,720 217,915
-13,805 -17,042
10 1993 XXX XXX 257,841 252,710
-5,131 XXX
11 1994 XXX XXX XXX 280,662
XXX XXX
12 TOTAL
-37,511 -53,650
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 588 820 564 622
676 733
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 749 885 740 741
1 -144
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
1 -144
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 206 197 220 204
169 172
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
33 32
07 1990 XXX XXX XXX XXX
XXX 75
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 172 172 172 172
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 32 32 32 32
0 0
07 1990 88 79 76 78
2 -1
08 1991 154 127 126 126
0 -1
09 1992 XXX 400 320 320
0 -80
10 1993 XXX XXX 287 331
44 XXX
11 1994 XXX XXX XXX 113
XXX XXX
12 TOTAL
46 -82
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 2,981 3,437 4,222 6,469
6,316 6,341
02 1985 874 837 931 811
1,071 1,134
03 1986 XXX 3,472 3,139 3,079
2,289 2,185
04 1987 XXX XXX 1,668 1,736
1,648 1,548
05 1988 XXX XXX XXX 1,537
1,380 1,412
06 1989 XXX XXX XXX XXX
643 511
07 1990 XXX XXX XXX XXX
XXX 529
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 6,915 7,653 10,739 11,188
449 3,535
02 1985 1,134 1,134 1,134 1,135
1 1
03 1986 2,185 2,185 2,185 2,185
0 0
04 1987 1,548 1,548 1,548 1,548
0 0
05 1988 1,412 1,412 1,412 1,412
0 0
06 1989 489 537 476 476
0 -61
07 1990 518 418 368 368
0 -50
08 1991 144 100 0 0
0 -100
09 1992 XXX 112 67 0
-67 -112
10 1993 XXX XXX 100 7
-93 XXX
11 1994 XXX XXX XXX 100
XXX XXX
12 TOTAL
290 3,213
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0
0 0
02 1993 XXX XXX 0 0
0 XXX
03 1994 XXX XXX XXX 0
XXX XXX
04 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 21,006 11,248 9,371
-1,877 -11,635
02 1993 XXX XXX 172,713 158,321
-14,392 XXX
03 1994 XXX XXX XXX 237,200
XXX XXX
04 TOTAL
-16,269 -11,635
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 8 -3 -3
0 -11
02 1993 XXX XXX 5 0
-5 XXX
03 1994 XXX XXX XXX 2
XXX XXX
04 TOTAL
-5 -11
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0
0 0
02 1993 XXX XXX 0 0
0 XXX
03 1994 XXX XXX XXX 0
XXX XXX
04 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 167 171 187 240
278 290
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 290 290 290 290
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
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 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 1991 1992 1993 1994 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 XXX 8,744 8,794 8,659
-135 -85
06 1993 XXX XXX 9,147 7,665
-1,482 XXX
07 1994 XXX XXX XXX 1,712
XXX XXX
08 TOTAL
-1,617 -85
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 851
04 1991 XXX XXX XXX XXX
XXX XXX
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 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 1991 1992 1993 1994 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 851 928 953 953
0 25
04 1991 1,734 1,747 1,794 1,794
0 47
05 1992 XXX 1,305 1,348 1,348
0 43
06 1993 XXX XXX 1,437 1,437
0 XXX
07 1994 XXX XXX XXX 219
XXX XXX
08 TOTAL
0 115
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
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 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 1991 1992 1993 1994 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 XXX 0 0 0
0 0
06 1993 XXX XXX 0 0
0 XXX
07 1994 XXX XXX XXX 0
XXX XXX
08 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 47 45 113 116
143 154
02 1985 105 105 120 174
213 216
03 1986 XXX 189 179 263
282 293
04 1987 XXX XXX 0 0
0 6
05 TOTAL
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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 154 154 154 154
0 0
02 1985 216 216 216 216
0 0
03 1986 293 293 293 293
0 0
04 1987 6 6 6 6
0 0
05 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 231 266 385 505
783 854
02 1985 150 139 112 157
330 362
03 1986 XXX 811 834 858
799 713
04 1987 XXX XXX 440 421
423 427
05 1988 XXX XXX XXX 253
268 269
06 1989 XXX XXX XXX XXX
145 168
07 1990 XXX XXX XXX XXX
XXX 86
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 854 854 854 854
0 0
02 1985 362 362 362 362
0 0
03 1986 713 713 713 713
0 0
04 1987 427 427 427 427
0 0
05 1988 269 269 269 269
0 0
06 1989 168 168 168 168
0 0
07 1990 86 86 86 86
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 XXX
11 1994 XXX XXX XXX 0
XXX XXX
12 TOTAL
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 ONE
YEAR TWO YEAR
LOSSES WERE
DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0
0 0
02 1993 XXX XXX 0 0
0 XXX
03 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 9 -3 -3
8 6
02 1985 687 942 1,052 1,057
1,098 1,098
03 1986 XXX 796 1,188 1,182
1,183 1,184
04 1987 XXX XXX 1,008 1,233
1,256 1,275
05 1988 XXX XXX XXX 1,283
1,521 1,622
06 1989 XXX XXX XXX XXX
2,035 2,845
07 1990 XXX XXX XXX XXX
XXX 2,238
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 7 14 25 67
0 0
02 1985 1,109 1,108 1,108 1,108
776 233
03 1986 1,193 1,193 1,193 1,193
893 321
04 1987 1,275 1,275 1,275 1,276
910 297
05 1988 1,632 1,621 1,621 1,621
1,030 378
06 1989 2,912 2,927 2,928 2,928
1,498 721
07 1990 2,855 2,959 3,193 3,194
1,621 924
08 1991 2,489 3,001 3,130 3,129
1,350 506
09 1992 XXX 3,404 3,059 3,107
1,236 433
10 1993 XXX XXX 1,444 1,785
734 274
11 1994 XXX XXX XXX 492
135 39
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 19,796 29,528 33,876
36,211 36,152
02 1985 36,667 62,163 72,893 77,924
80,903 81,706
03 1986 XXX 29,689 51,701 62,843
68,121 69,525
04 1987 XXX XXX 46,530 84,104
97,932 104,592
05 1988 XXX XXX XXX 61,270
111,975 132,542
06 1989 XXX XXX XXX XXX
72,214 128,603
07 1990 XXX XXX XXX XXX
XXX 62,239
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 36,492 36,976 37,255 37,502
502 204
02 1985 82,152 83,085 83,059 82,263
33,983 23,987
03 1986 70,327 69,934 70,081 70,107
37,125 17,257
04 1987 108,786 110,030 110,635 110,865
43,050 17,217
05 1988 143,718 147,210 147,982 148,409
55,893 20,964
06 1989 158,226 172,615 174,975 175,996
69,726 28,807
07 1990 156,613 192,407 210,434 213,790
84,899 35,186
08 1991 131,689 239,677 275,332 287,859
105,790 45,314
09 1992 XXX 149,288 272,150 311,342
115,944 54,813
10 1993 XXX XXX 184,903 336,244
132,688 69,434
11 1994 XXX XXX XXX 238,996
118,841 67,761
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 588 951 1,123
2,537 2,582
02 1985 1,363 2,201 2,550 2,764
1,832 1,867
03 1986 XXX 565 1,118 1,400
857 971
04 1987 XXX XXX 1,528 3,028
2,294 2,742
05 1988 XXX XXX XXX 1,834
2,092 3,247
06 1989 XXX XXX XXX XXX
1,050 2,762
07 1990 XXX XXX XXX XXX
XXX 1,976
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 2,527 2,540 2,578 2,590
0 0
02 1985 1,771 1,792 1,792 1,792
838 44
03 1986 1,229 1,039 1,093 1,116
292 84
04 1987 2,947 2,949 2,970 2,971
641 31
05 1988 4,391 4,573 4,648 4,694
818 70
06 1989 4,573 5,168 5,345 5,540
1,011 108
07 1990 3,373 5,457 6,332 7,333
1,133 158
08 1991 1,690 3,900 5,909 6,511
1,241 346
09 1992 XXX 1,986 3,280 4,801
1,297 587
10 1993 XXX XXX 2,033 3,969
1,266 717
11 1994 XXX XXX XXX 1,639
837 329
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 124,060 135,554 142,897
147,238 150,543
02 1985 14,574 38,720 54,836 65,326
71,907 75,370
03 1986 XXX 22,442 49,581 72,810
89,028 97,446
04 1987 XXX XXX 23,579 55,383
81,025 99,029
05 1988 XXX XXX XXX 23,996
57,813 86,412
06 1989 XXX XXX XXX XXX
29,877 74,974
07 1990 XXX XXX XXX XXX
XXX 43,713
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 152,979 154,680 155,816 156,678
0 0
02 1985 77,428 79,010 79,729 80,157
24,579 2,170
03 1986 103,399 106,196 107,990 109,171
30,032 2,715
04 1987 109,070 114,895 118,388 119,810
32,032 2,939
05 1988 106,183 116,766 123,065 126,524
31,272 2,738
06 1989 112,077 133,238 143,753 149,375
34,176 3,056
07 1990 109,469 153,929 179,579 191,040
37,467 4,369
08 1991 49,706 116,989 162,166 186,763
34,160 3,702
09 1992 XXX 47,277 107,203 146,140
33,082 3,373
10 1993 XXX XXX 51,319 108,967
32,620 3,259
11 1994 XXX XXX XXX 54,719
27,834 2,738
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 190 287 361
436 476
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 571 655 748 752
0 1
02 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 55 107 120
123 172
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
22 32
07 1990 XXX XXX XXX XXX
XXX 59
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 172 172 172 172
XXX XXX
02 1985 0 0 0 0
XXX XXX
03 1986 0 0 0 0
XXX XXX
04 1987 0 0 0 0
XXX XXX
05 1988 0 0 0 0
XXX XXX
06 1989 32 32 32 32
XXX XXX
07 1990 76 79 79 78
XXX XXX
08 1991 115 126 126 126
XXX XXX
09 1992 XXX 189 315 315
XXX XXX
10 1993 XXX XXX 189 239
XXX XXX
11 1994 XXX XXX XXX 92
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 440 1,223 2,179
2,766 3,547
02 1985 20 60 122 394
478 1,134
03 1986 XXX 0 79 169
238 2,185
04 1987 XXX XXX 0 0
120 1,548
05 1988 XXX XXX XXX 0
526 1,412
06 1989 XXX XXX XXX XXX
0 411
07 1990 XXX XXX XXX XXX
XXX 368
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 3,703 3,758 3,936 4,116
21 23
02 1985 1,134 1,134 1,134 1,135
52 0
03 1986 2,185 2,185 2,185 2,185
0 0
04 1987 1,548 1,548 1,548 1,548
0 0
05 1988 1,412 1,412 1,412 1,412
2 0
06 1989 414 434 476 476
1 2
07 1990 368 368 368 368
0 1
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 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 1993 XXX XXX 0 0
XXX XXX
03 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 9,172 8,890
220,044 82,779
02 1993 XXX XXX 142,779 157,541
91,201 40,669
03 1994 XXX XXX XXX 204,622
103,307 44,691
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 -3 -3
XXX XXX
02 1993 XXX XXX 0 0
XXX XXX
03 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 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 1993 XXX XXX 0 0
XXX XXX
03 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 18 25 64
106 290
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 290 290 290 290
XXX XXX
02 1985 0 0 0 0
XXX XXX
03 1986 0 0 0 0
XXX XXX
04 1987 0 0 0 0
XXX XXX
05 1988 0 0 0 0
XXX XXX
06 1989 0 0 0 0
XXX XXX
07 1990 0 0 0 0
XXX XXX
08 1991 0 0 0 0
XXX XXX
09 1992 XXX 0 0 0
XXX XXX
10 1993 XXX XXX 0 0
XXX XXX
11 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994 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 XXX 0 8,659 8,659
XXX XXX
06 1993 XXX XXX 7,665 7,665
XXX XXX
07 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994 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 0 953 953
XXX XXX
04 1991 0 0 1,794 1,794
XXX XXX
05 1992 XXX 0 1,348 1,348
XXX XXX
06 1993 XXX XXX 1,437 1,437
XXX XXX
07 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994 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 XXX 0 0 0
XXX XXX
06 1993 XXX XXX 0 0
XXX XXX
07 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 5 10 11
23 154
02 1985 0 19 46 62
81 216
03 1986 XXX 0 29 44
63 293
04 1987 XXX XXX 0 0
0 6
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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 154 154 154 154
XXX XXX
02 1985 216 216 216 216
XXX XXX
03 1986 293 293 293 293
XXX XXX
04 1987 6 6 6 6
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 71 163 247
327 854
02 1985 0 -23 9 20
29 362
03 1986 XXX 0 0 9
69 713
04 1987 XXX XXX 0 0
0 427
05 1988 XXX XXX XXX 0
2 269
06 1989 XXX XXX XXX XXX
0 168
07 1990 XXX XXX XXX XXX
XXX 86
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 NUMBER
OF NUMBER OF
LOSSES WERE CLMS
CLOSED CLMS CLOSED
INCURRED WITH
LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 854 854 854 854
0 0
02 1985 362 362 362 362
0 0
03 1986 713 713 713 713
0 0
04 1987 427 427 427 427
0 0
05 1988 269 269 269 269
0 0
06 1989 168 168 168 168
0 0
07 1990 86 86 86 86
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994 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 1985 0 0 0 0
0 0
03 1986 0 0 0 0
0 0
04 1987 0 0 0 0
0 0
05 1988 0 0 0 0
0 0
06 1989 0 0 0 0
0 0
07 1990 0 0 0 0
0 0
08 1991 0 0 0 0
0 0
09 1992 XXX 0 0 0
0 0
10 1993 XXX XXX 0 0
0 0
11 1994 XXX XXX XXX 0
0 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994 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 1993 XXX XXX 0 0
XXX XXX
03 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 37 9 0 0
0 0
02 1985 104 30 10 0
0 0
03 1986 XXX 138 40 10
0 0
04 1987 XXX XXX 139 40
0 0
05 1988 XXX XXX XXX 167
0 0
06 1989 XXX XXX XXX XXX
217 0
07 1990 XXX XXX XXX XXX
XXX 217
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 2 0 0 0
02 1985 23 6 0 0
03 1986 44 30 0 0
04 1987 50 33 0 0
05 1988 85 44 0 0
06 1989 154 78 2 -5
07 1990 232 91 5 15
08 1991 497 107 14 4
09 1992 XXX 495 77 13
10 1993 XXX XXX 72 30
11 1994 XXX XXX XXX 15
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 5,225 985 5,130 3,549
83 28
02 1985 10,482 1,686 2,620 1,083
54 92
03 1986 XXX 8,709 2,065 1,327
427 284
04 1987 XXX XXX 14,571 5,216
2,767 1,145
05 1988 XXX XXX XXX 24,341
7,862 5,551
06 1989 XXX XXX XXX XXX
42,368 15,689
07 1990 XXX XXX XXX XXX
XXX 66,813
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 26 7 9 9
02 1985 28 36 76 55
03 1986 128 51 57 -8
04 1987 573 181 122 1
05 1988 2,445 784 374 122
06 1989 6,417 2,226 897 110
07 1990 17,128 5,049 1,702 201
08 1991 63,813 16,076 4,068 1,239
09 1992 XXX 70,431 18,032 5,363
10 1993 XXX XXX 76,625 15,928
11 1994 XXX XXX XXX 93,102
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 114 26 148 104
22 22
02 1985 542 139 256 116
27 42
03 1986 XXX 424 263 188
134 32
04 1987 XXX XXX 776 486
306 318
05 1988 XXX XXX XXX 711
699 464
06 1989 XXX XXX XXX XXX
1,664 837
07 1990 XXX XXX XXX XXX
XXX 2,222
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 2 6 0 0
02 1985 0 0 0 0
03 1986 52 15 0 0
04 1987 17 4 0 0
05 1988 113 35 16 0
06 1989 414 109 74 31
07 1990 1,083 537 275 8
08 1991 1,861 1,344 534 151
09 1992 XXX 2,381 1,522 694
10 1993 XXX XXX 3,626 1,522
11 1994 XXX XXX XXX 2,413
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 17,713 4,193 3,421 1,569
1,770 1,566
02 1985 11,243 5,058 4,561 2,186
1,897 1,128
03 1986 XXX 12,033 10,362 5,668
5,262 2,947
04 1987 XXX XXX 29,130 9,394
8,735 6,276
05 1988 XXX XXX XXX 37,532
16,490 13,231
06 1989 XXX XXX XXX XXX
37,036 21,197
07 1990 XXX XXX XXX XXX
XXX 34,825
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 939 422 759 799
02 1985 757 440 83 110
03 1986 1,580 818 336 130
04 1987 2,508 1,728 470 228
05 1988 6,679 3,653 1,668 963
06 1989 11,753 7,114 3,164 1,775
07 1990 20,600 12,258 5,833 2,623
08 1991 31,028 17,469 10,819 3,869
09 1992 XXX 44,120 34,386 23,047
10 1993 XXX XXX 62,287 62,034
11 1994 XXX XXX XXX 51,587
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 63 47 36 62
25 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 2
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 2 0 0 0
08 1991 21 1 0 0
09 1992 XXX 57 5 5
10 1993 XXX XXX 54 48
11 1994 XXX XXX XXX 21
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 546 361 836 1,607
1,967 1,441
02 1985 651 444 392 239
496 0
03 1986 XXX 3,294 2,796 2,650
1,782 0
04 1987 XXX XXX 1,621 1,490
1,350 0
05 1988 XXX XXX XXX 1,011
854 0
06 1989 XXX XXX XXX XXX
643 100
07 1990 XXX XXX XXX XXX
XXX 161
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 2,165 2,852 3,773 3,830
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 100 0 0 0
08 1991 144 100 0 0
09 1992 XXX 112 67 0
10 1993 XXX XXX 100 7
11 1994 XXX XXX XXX 100
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1993 XXX XXX 0 0
03 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR XXX 9,448 2,387 267
02 1993 XXX XXX 13,150 1,262
03 1994 XXX XXX XXX 17,555
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR XXX 8 0 0
02 1993 XXX XXX 5 0
03 1994 XXX XXX XXX 2
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1993 XXX XXX 0 0
03 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 35 14 3 3
3 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 851
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 851 928 0 0
04 1991 1,447 1,460 0 0
05 1992 XXX 3,501 135 0
06 1993 XXX XXX 1,482 0
07 1994 XXX XXX XXX 1,712
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
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 XXX 0 0 0
06 1993 XXX XXX 0 0
07 1994 XXX XXX XXX 219
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
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 XXX 0 0 0
06 1993 XXX XXX 0 0
07 1994 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 7 6 25 25
27 0
02 1985 86 15 0 0
0 0
03 1986 XXX 150 93 99
96 0
04 1987 XXX XXX 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 111 16 24 52
181 0
02 1985 111 107 89 69
153 0
03 1986 XXX 807 756 765
519 0
04 1987 XXX XXX 439 417
398 0
05 1988 XXX XXX XXX 248
257 0
06 1989 XXX XXX XXX XXX
120 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX
XXX XXX
02 1993 XXX XXX XXX XXX
XXX XXX
03 1994 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 1991 1992 1993 1994
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1993 XXX XXX 0 0
03 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
660 660
02 1985 37 56 57 57
768 723
03 1986 XXX 18 21 21
886 892
04 1987 XXX XXX 2 2
897 909
05 1988 XXX XXX XXX 0
1,010 1,027
06 1989 XXX XXX XXX XXX
1,127 1,478
07 1990 XXX XXX XXX XXX
XXX 1,390
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 660 660 660 660
02 1985 776 776 776 776
03 1986 893 893 893 893
04 1987 909 909 909 910
05 1988 1,030 1,030 1,030 1,030
06 1989 1,493 1,497 1,498 1,498
07 1990 1,608 1,618 1,621 1,621
08 1991 1,169 1,334 1,350 1,350
09 1992 XXX 1,042 1,231 1,236
10 1993 XXX XXX 656 734
11 1994 XXX XXX XXX 135
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 1
02 1985 131 11 4 4
0 1
03 1986 XXX 125 7 3
0 1
04 1987 XXX XXX 181 10
4 0
05 1988 XXX XXX XXX 183
11 1
06 1989 XXX XXX XXX XXX
328 12
07 1990 XXX XXX XXX XXX
XXX 240
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 3 3 3 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 2 1 0 0
06 1989 4 2 1 3
07 1990 10 5 1 0
08 1991 162 9 0 1
09 1992 XXX 196 8 2
10 1993 XXX XXX 71 1
11 1994 XXX XXX XXX 11
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
820 820
02 1985 68 76 76 76
787 1,009
03 1986 XXX 33 37 37
902 1,214
04 1987 XXX XXX 2 2
901 1,206
05 1988 XXX XXX XXX 0
1,021 1,407
06 1989 XXX XXX XXX XXX
1,455 2,213
07 1990 XXX XXX XXX XXX
XXX 2,464
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 821 821 821 821
02 1985 1,009 1,009 1,009 1,009
03 1986 1,214 1,214 1,214 1,214
04 1987 1,206 1,206 1,206 1,207
05 1988 1,408 1,408 1,408 1,408
06 1989 2,218 2,219 2,220 2,222
07 1990 2,536 2,543 2,545 2,545
08 1991 1,771 1,849 1,856 1,858
09 1992 XXX 1,617 1,668 1,671
10 1993 XXX XXX 973 1,009
11 1994 XXX XXX XXX 185
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
4,253 4,264
02 1985 11,493 15,928 16,572 16,752
21,331 33,937
03 1986 XXX 21,016 29,804 30,987
36,839 36,998
04 1987 XXX XXX 23,799 33,615
42,012 42,662
05 1988 XXX XXX XXX 30,202
51,838 54,565
06 1989 XXX XXX XXX XXX
44,928 64,667
07 1990 XXX XXX XXX XXX
XXX 53,811
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4,272 4,279 4,232 4,736
02 1985 33,958 33,970 33,972 33,983
03 1986 37,062 37,089 37,101 37,125
04 1987 42,873 42,981 43,028 43,050
05 1988 55,399 55,672 55,813 55,893
06 1989 68,099 69,148 69,611 69,726
07 1990 79,117 83,193 84,430 84,899
08 1991 72,909 100,434 104,618 105,790
09 1992 XXX 80,679 111,190 115,944
10 1993 XXX XXX 94,682 132,688
11 1994 XXX XXX XXX 118,822
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 458 186 125
162 94
02 1985 6,448 1,337 488 226
153 85
03 1986 XXX 10,263 2,231 932
320 132
04 1987 XXX XXX 12,369 2,806
1,032 440
05 1988 XXX XXX XXX 13,699
3,902 1,470
06 1989 XXX XXX XXX XXX
21,046 4,631
07 1990 XXX XXX XXX XXX
XXX 26,653
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 65 47 42 33
02 1985 46 24 16 6
03 1986 56 33 12 6
04 1987 185 92 28 11
05 1988 547 235 77 35
06 1989 1,546 633 172 80
07 1990 5,328 1,799 649 223
08 1991 27,156 5,089 1,628 629
09 1992 XXX 28,565 5,527 1,762
10 1993 XXX XXX 35,331 7,028
11 1994 XXX XXX XXX 45,252
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
4,104 4,104
02 1985 23,169 25,529 25,861 25,997
48,442 49,162
03 1986 XXX 40,677 45,767 46,425
57,913 57,819
04 1987 XXX XXX 44,574 50,689
64,753 65,034
05 1988 XXX XXX XXX 55,808
78,631 79,652
06 1989 XXX XXX XXX XXX
88,800 98,580
07 1990 XXX XXX XXX XXX
XXX 107,034
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4,105 4,105 4,105 4,105
02 1985 49,191 49,205 49,213 49,211
03 1986 57,836 57,854 57,869 57,876
04 1987 65,161 65,231 65,283 65,290
05 1988 80,008 80,148 80,231 80,269
06 1989 99,736 100,174 100,352 100,398
07 1990 120,257 121,755 122,262 122,444
08 1991 135,937 151,023 152,887 153,456
09 1992 XXX 150,217 169,473 171,571
10 1993 XXX XXX 182,447 206,794
11 1994 XXX XXX XXX 231,649
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
14 14
02 1985 0 0 0 0
0 838
03 1986 XXX 157 247 275
287 289
04 1987 XXX XXX 331 561
610 630
05 1988 XXX XXX XXX 392
677 758
06 1989 XXX XXX XXX XXX
557 865
07 1990 XXX XXX XXX XXX
XXX 682
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 15 16 16 16
02 1985 838 838 838 838
03 1986 290 291 292 292
04 1987 639 639 641 641
05 1988 799 811 816 818
06 1989 963 994 1,005 1,011
07 1990 1,007 1,072 1,106 1,133
08 1991 786 1,126 1,208 1,241
09 1992 XXX 930 1,229 1,297
10 1993 XXX XXX 952 1,266
11 1994 XXX XXX XXX 837
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
3 5
02 1985 0 0 0 0
1 1
03 1986 XXX 91 43 18
6 4
04 1987 XXX XXX 297 92
36 17
05 1988 XXX XXX XXX 474
172 80
06 1989 XXX XXX XXX XXX
448 163
07 1990 XXX XXX XXX XXX
XXX 446
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 2 1 0 0
02 1985 0 0 0 0
03 1986 2 1 0 0
04 1987 4 3 0 0
05 1988 23 10 4 0
06 1989 67 25 17 6
07 1990 138 56 29 4
08 1991 412 129 55 24
09 1992 XXX 386 132 50
10 1993 XXX XXX 517 153
11 1994 XXX XXX XXX 411
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
889 933
03 1986 XXX 316 381 384
387 387
04 1987 XXX XXX 776 888
895 903
05 1988 XXX XXX XXX 1,061
1,197 1,205
06 1989 XXX XXX XXX XXX
1,262 1,423
07 1990 XXX XXX XXX XXX
XXX 1,465
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 934 934 934 934
03 1986 387 387 387 387
04 1987 903 903 903 903
05 1988 1,206 1,206 1,206 1,206
06 1989 1,431 1,432 1,433 1,432
07 1990 1,653 1,660 1,667 1,673
08 1991 1,520 1,719 1,735 1,746
09 1992 XXX 1,646 1,823 1,838
10 1993 XXX XXX 1,813 1,934
11 1994 XXX XXX XXX 1,569
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
23,917 24,214
03 1986 XXX 0 0 0
28,613 29,283
04 1987 XXX XXX 0 0
29,417 30,590
05 1988 XXX XXX XXX 0
27,330 28,807
06 1989 XXX XXX XXX XXX
21,021 30,026
07 1990 XXX XXX XXX XXX
XXX 24,613
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 24,397 24,505 24,553 24,579
03 1986 29,655 29,879 29,977 30,032
04 1987 31,290 31,726 31,921 32,032
05 1988 30,093 30,732 31,045 31,272
06 1989 31,953 33,228 33,789 34,176
07 1990 32,667 35,029 36,599 37,467
08 1991 22,184 30,139 32,487 34,160
09 1992 XXX 23,147 30,993 33,082
10 1993 XXX XXX 23,421 32,620
11 1994 XXX XXX XXX 27,834
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 3,061 2,260 1,588
802 989
02 1985 6,632 2,762 1,990 1,147
722 432
03 1986 XXX 8,432 3,738 2,430
1,569 922
04 1987 XXX XXX 10,649 3,886
2,760 1,653
05 1988 XXX XXX XXX 10,034
4,087 2,790
06 1989 XXX XXX XXX XXX
10,929 4,516
07 1990 XXX XXX XXX XXX
XXX 11,401
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 184 102 86 75
02 1985 262 143 97 75
03 1986 550 309 209 161
04 1987 967 533 353 240
05 1988 1,522 850 559 329
06 1989 2,715 1,458 908 545
07 1990 5,789 3,537 1,988 1,131
08 1991 12,126 6,110 3,796 2,133
09 1992 XXX 11,566 4,743 2,779
10 1993 XXX XXX 11,759 4,103
11 1994 XXX XXX XXX 12,915
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
26,716 26,756
03 1986 XXX 0 0 0
32,729 32,809
04 1987 XXX XXX 0 0
34,840 35,015
05 1988 XXX XXX XXX 0
33,747 34,070
06 1989 XXX XXX XXX XXX
33,737 37,191
07 1990 XXX XXX XXX XXX
XXX 39,205
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 26,786 26,804 23,816 26,824
03 1986 32,855 32,881 32,894 32,908
04 1987 35,101 35,150 35,187 35,211
05 1988 34,198 34,263 34,316 34,339
06 1989 37,518 37,667 37,734 37,777
07 1990 42,432 42,754 42,898 42,967
08 1991 36,723 39,583 39,859 39,995
09 1992 XXX 37,014 38,995 39,234
10 1993 XXX XXX 37,698 39,982
11 1994 XXX XXX XXX 43,487
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
10 10
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 10 35 35 35
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 22 12 9
7 7
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
1 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 8 4 4 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
7 7
02 1985 0 0 0 0
0 36
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 2
06 1989 XXX XXX XXX XXX
0 1
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 7 11 32 53
02 1985 38 50 50 50
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 2 2 2 2
06 1989 1 1 1 1
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 391 419 494
275 189
02 1985 10 1 2 0
12 0
03 1986 XXX 0 0 0
9 0
04 1987 XXX XXX 0 0
5 0
05 1988 XXX XXX XXX 0
3 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 155 147 165 167
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 1 0 0 0
06 1989 1 1 0 0
07 1990 0 1 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
65 72
03 1986 XXX 0 0 0
21 24
04 1987 XXX XXX 0 0
5 7
05 1988 XXX XXX XXX 0
3 6
06 1989 XXX XXX XXX XXX
0 2
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 74 86 88 88
03 1986 24 24 24 24
04 1987 7 7 7 7
05 1988 6 6 4 4
06 1989 3 3 3 3
07 1990 1 1 2 2
08 1991 0 0 1 1
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
50 0
02 1985 0 0 0 0
11 0
03 1986 XXX 0 0 0
5 0
04 1987 XXX XXX 0 0
2 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
21 25
03 1986 XXX 0 0 0
5 9
04 1987 XXX XXX 0 0
2 4
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 25 25 25 25
03 1986 9 9 9 9
04 1987 4 4 4 4
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 6,088 4,730 4,730 4,730
4,730 4,730
03 1986 XXX 3,414 3,144 3,144
3,144 3,144
04 1987 XXX XXX 7,647 7,611
7,611 7,611
05 1988 XXX XXX XXX 9,271
9,317 9,317
06 1989 XXX XXX XXX XXX
10,671 10,638
07 1990 XXX XXX XXX XXX
XXX 11,618
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 4,730 4,730 4,730 4,730
03 1986 3,144 3,144 3,144 3,144
04 1987 7,611 7,611 7,611 7,611
05 1988 9,317 9,317 9,317 9,317
06 1989 10,638 10,638 10,638 10,638
07 1990 11,467 11,467 11,467 11,467
08 1991 12,260 11,976 11,976 11,976
09 1992 XXX 13,094 12,776 12,776
10 1993 XXX XXX 13,652 13,273
11 1994 XXX XXX XXX 10,098
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 3,693 2,839 2,839 2,839
2,839 2,839
03 1986 XXX 1,402 976 976
976 976
04 1987 XXX XXX 1,498 1,498
1,498 1,498
05 1988 XXX XXX XXX 1,963
1,963 1,963
06 1989 XXX XXX XXX XXX
1,982 1,982
07 1990 XXX XXX XXX XXX
XXX 1,507
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 2,839 2,839 2,839 2,839
03 1986 976 976 976 976
04 1987 1,498 1,498 1,498 1,498
05 1988 1,963 1,963 1,963 1,963
06 1989 1,982 1,982 1,982 1,982
07 1990 1,507 1,507 1,507 1,507
08 1991 2,354 2,354 2,354 2,354
09 1992 XXX 3,206 3,206 3,206
10 1993 XXX XXX 1,984 1,984
11 1994 XXX XXX XXX -332
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 466,746 470,985
11 1994 XXX XXX XXX 483,709
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 4,731 4,768
11 1994 XXX XXX XXX 4,257
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
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 XXX 0 8,635 8,635
06 1993 XXX XXX 9,111 9,111
07 1994 XXX XXX XXX 1,974
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
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 XXX 0 0 0
06 1993 XXX XXX 0 0
07 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 860 860
04 1991 0 0 1,665 1,665
05 1992 XXX 0 1,297 1,297
06 1993 XXX XXX 1,433 1,433
07 1994 XXX XXX XXX 262
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX XXX 0
0 0
02 1989 XXX XXX XXX XXX
0 0
03 1990 XXX XXX XXX XXX
XXX 0
04 1991 XXX XXX XXX XXX
XXX XXX
05 1992 XXX XXX XXX XXX
XXX XXX
06 1993 XXX XXX XXX XXX
XXX XXX
07 1994 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 1991 1992 1993 1994
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 XXX 0 0 0
06 1993 XXX XXX 0 0
07 1994 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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
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 1985 1986 1987 1988
1989 1990
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
0 0
02 1985 0 0 0 0
0 0
03 1986 XXX 0 0 0
0 0
04 1987 XXX XXX 0 0
0 0
05 1988 XXX XXX XXX 0
0 0
06 1989 XXX XXX XXX XXX
0 0
07 1990 XXX XXX XXX XXX
XXX 0
08 1991 XXX XXX XXX XXX
XXX XXX
09 1992 XXX XXX XXX XXX
XXX XXX
10 1993 XXX XXX XXX XXX
XXX XXX
11 1994 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 1991 1992 1993 1994
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1985 0 0 0 0
03 1986 0 0 0 0
04 1987 0 0 0 0
05 1988 0 0 0 0
06 1989 0 0 0 0
07 1990 0 0 0 0
08 1991 0 0 0 0
09 1992 XXX 0 0 0
10 1993 XXX XXX 0 0
11 1994 XXX XXX XXX 0
