SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended Commission File
December 31, 1995 No. 1-1569
AMERICAN PREMIER UNDERWRITERS, INC.
Incorporated under IRS Employer I.D.
the Laws of Pennsylvania No. 23-6000765
One East Fourth Street, Cincinnati, Ohio 45202
(513) 579-6600
Securities Registered Pursuant to Section 12(b) of the Act: None
Securities Registered Pursuant to Section 12(g) of the Act: None
Other Securities for which reports are submitted pursuant to
Section 15(d) of the Act:
9-3/4% Subordinated Notes due 1999
10-5/8% Subordinated Notes due 2000
10-7/8% Subordinated Notes due 2011
Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months,
and (2) has been subject to such filing requirements for the past
90 days. Yes X No ____
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and need not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
As of March 1, 1996, there were 47,000,000 shares of the
Registrant's Common Stock outstanding, all of which were owned by
American Financial Group, Inc.
_____________________
Documents Incorporated by Reference: None
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AMERICAN PREMIER UNDERWRITERS, INC.
INDEX TO ANNUAL REPORT
ON FORM 10-K
Part I Page
Item 1. Business:
Introduction 1
Insurance Operations 2
Investment Portfolio 12
Non-Insurance Assets 13
Employees 13
Item 2. Properties 14
Item 3. Legal Proceedings 15
Item 4. Submission of Matters to a Vote of Security Holders *
Part II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters 17
Item 6. Selected Financial Data 17
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 18
Item 8. Financial Statements and Supplementary Data 23
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure 23
Part III
Item 10. Directors and Executive Officers of the Registrant 24
Item 11. Executive Compensation 25
Item 12. Security Ownership of Certain Beneficial Owners
and Management 25
Item 13. Certain Relationships and Related Transactions 25
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K S-1
* The response to this Item is "none".
<PAGE>
PART I
ITEM 1
Business
Introduction
American Premier Underwriters, Inc. (the "Company") was
incorporated in Pennsylvania in 1846. The Company changed its
name in 1994 from The Penn Central Corporation to American
Premier Underwriters, Inc. in order to better reflect its
identity as a property and casualty insurance specialist. Its
address is One East Fourth Street, Cincinnati, Ohio 45202; its
telephone number is (513) 579-6600.
The Company's principal operations are conducted by a group
of nonstandard private passenger automobile insurance companies
(the "NSA Group") and by Republic Indemnity Company of America
("Republic Indemnity"), a California workers' compensation
insurance company.
On April 3, 1995, the Company became a wholly-owned
subsidiary of American Premier Group, Inc., a new corporation
formed by the Company for the purpose of acquiring all of the
common stock of the Company and American Financial Corporation
(the "Mergers"). On June 9, 1995, American Premier Group changed
its name to American Financial Group, Inc. ("AFG"). Under terms
of the Mergers, (a) the Company merged with a subsidiary of AFG
and each share of Company Common Stock then outstanding was
converted into one share of AFG Common Stock, and (b) American
Financial Corporation ("AFC") merged with another subsidiary of
AFG and all shares of AFC common stock were exchanged for 28.3
million shares of AFG Common Stock. As a result of the Mergers,
all of the common stock of the Company and AFC is owned by AFG
and AFG is the Company's successor as the issuer of publicly held
common stock.
Largely due to its divestitures of non-insurance assets over
recent years, the Company had substantial amounts of cash, short-
term investments and marketable securities (other than those held
by its insurance operations) at the date of the Mergers. One of
the strategic objectives of the Mergers 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 was
achieved through the utilization of such assets for the early
retirement of relatively expensive debt; approximately $180
million of Company debt was retired and interest-bearing loans of
$623 million were made to AFC which retired nearly $600 million
of its debt.
Management expects that the Company's 1995 consolidated
Federal income tax return will report a remaining net operating
loss carryforward currently estimated at $476 million, which will
expire at the end of 1996 unless previously utilized, and
remaining capital loss carryforwards estimated at $311 million,
portions of which will expire in various amounts between 1997 and
1999 unless previously utilized. See Note J of Notes to
Financial Statements.
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."
1
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Insurance Operations
The Company's principal operations are conducted through
specialty property and casualty insurance subsidiaries that
underwrite and market nonstandard automobile and workers'
compensation insurance. Each subsidiary is comprised of multiple
business units which operate autonomously but with strong central
financial controls and full accountability. Decentralized
control allows each unit the autonomy necessary to respond to
local and specialty market conditions while capitalizing on the
efficiencies of centralized investment, actuarial, financial and
legal support functions.
The primary objective of the Company's insurance operations
is to achieve underwriting profitability. Management's focus on
underwriting profitability has resulted in a statutory combined
ratio averaging 98.5% for the period 1991 to 1995, as compared to
109.3% for the property and casualty industry over the same
period (Source: A.M. Best). The statutory combined ratio was
104.8% in 1995, compared with the property and casualty insurance
industry estimated average of 107.2% (Source: A.M. Best). The
GAAP combined ratio for 1995 was 102.0% compared with 97.0% for
1994. The increase in the 1995 GAAP combined ratio was due
primarily to inadequate rate levels in certain markets and
weather-related losses, principally from hailstorms in Texas.
Although financial data is reported on a statutory basis for
insurance regulatory purposes, it is reported in accordance with
GAAP for shareholder and other investment purposes. In general,
statutory accounting results in lower capital surplus and net
earnings than result from application of GAAP. Major differences
include charging policy acquisition costs to expense as incurred
rather than spreading the costs over the periods covered by the
policies; netting of reinsurance recoverables and prepaid
reinsurance premiums against the corresponding liability;
requiring additional loss reserves and charging to surplus
certain assets, such as furniture and fixtures and agents'
balances over 90 days old. Unless otherwise noted, all
information presented in this report with respect to the
Company's insurance operations is reported on a GAAP basis.
2
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The following table presents certain information with
respect to the Company's insurance operations (dollars in
millions).
1995 1994 1993
Net written premiums $1,492.3 $1,635.5 $1,378.9
Net earned premiums $1,495.4 $1,557.9 $1,273.6
Loss and loss adjustment
expenses ("LAE") 1,198.5 1,090.7 856.9
Underwriting expenses 331.1 344.8 275.3
Policyholder dividends (a) (5.0) 75.7 93.2
Underwriting profit (loss) $ (29.2) $ 46.7 $ 48.2
GAAP ratios:
Loss and LAE ratio 80.2% 70.0% 67.3%
Underwriting expense ratio 22.1 22.1 21.6
Policyholder dividend ratio (a) (.3) 4.9 7.3
Combined ratio 102.0% 97.0% 96.2%
Statutory ratios:
Loss and LAE ratio 80.1% 70.0% 67.9%
Underwriting expense ratio 21.7 22.1 21.2
Policyholder dividend ratio (a) 3.0 6.4 4.9
Combined ratio 104.8% 98.5% 94.0%
Industry statutory combined
ratio (b) 107.2% 108.5% 106.9%
(a)Reflects a change in the nature of the California workers'
compensation business. See "Management's Discussion and
Analysis--Results of Operations--Republic Indemnity."
(b)Industry information was derived from "Best's Review -
Property/Casualty" (January 1996 edition).
Nonstandard Automobile Insurance
General. The NSA Group underwrites private passenger
automobile physical damage and liability policies for
"nonstandard 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. In
November 1995, A.M. Best, which rates insurance companies based
upon factors of concern to policyholders, downgraded its rating
of Atlanta Casualty and Windsor from "A+" (Superior) to "A"
(Excellent) and affirmed its rating of "A" (Excellent) for
Infinity and "A-" (Excellent) for Leader National. In
announcing the rating adjustments of these companies, A.M. Best
expressed its opinion that each of these new ratings reflects
primarily the "significant financial leverage" of AFG. At the
time of the Mergers, AFG's ratio of debt to total capital was
nearly 60%; at December 31, 1995, the ratio had improved to
approximately 30%.
Nonstandard insureds 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
nonstandard risks are generally higher than for standard risks.
Total private passenger automobile insurance premiums written by
insurance carriers in the United States in 1995 have been
estimated by A.M. Best to be approximately $103 billion. Because
it can be viewed as a residual market, the size of the
nonstandard private passenger automobile insurance
3
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market changes with the insurance environment and grows when
standard coverage becomes more restrictive. When this occurs,
the criteria which differentiate standard from nonstandard
insurance risks change. The size of the voluntary nonstandard
market is also affected by the rate levels adopted by state
administered involuntary plans. Although these factors make it
difficult to estimate the size of the nonstandard market,
management believes that the voluntary nonstandard market has
accounted for approximately 15% of total private passenger
automobile insurance premiums written in recent years.
The NSA Group attributes its premium growth in recent years
primarily to entry into additional states, increased market
penetration in its existing states, overall growth in the
nonstandard market, premium rate increases and its purchase of
Leader National. Management believes the nonstandard 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. The U.S. geographic distribution of the NSA Group's
statutory written premiums in 1995 compared to 1991 is presented
below. All business written in Texas and included in the table
was assumed from an affiliate. In addition, the NSA Group writes
approximately $50 million (4%) of its net premiums annually in
the United Kingdom.
State 1995 1991 State 1995 1991
Texas 11.6% - % Pennsylvania 3.8% -%
Florida 11.0 21.5 Oklahoma 3.8 1.7
Georgia 9.9 20.5 Indiana 3.6 4.2
California 8.1 - Mississippi 3.4 4.3
Connecticut 5.4 5.6 Alabama 3.1 4.0
Arizona 4.4 2.7 Other 27.8 29.9
Tennessee 4.1 5.6 100.0% 100.0%
Management believes that the NSA Group's underwriting
success as compared to the automobile insurance industry as a
whole has been due, in part, to the refinement of various risk
profiles, thereby dividing the consumer market into more defined
segments which can be underwritten or priced properly. The NSA
Group also generally writes policies of short duration which
allow more frequent 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.
4
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The following table presents certain information for the NSA
Group (dollars in millions).
1995 1994 1993
Net written premiums $1,203.2 $1,154.1 $ 901.9
Net earned premiums $1,191.4 $1,071.9 $ 804.4
Loss and LAE 997.0 813.7 575.8
Underwriting expenses 262.1 256.3 204.4
Underwriting profit (loss) $ (67.7) $ 1.9 $ 24.2
GAAP ratios:
Loss and LAE ratio 83.7% 75.9% 71.6%
Underwriting expense ratio 22.0 23.9 25.4
Combined ratio 105.7% 99.8% 97.0%
Statutory ratios: (a)
Loss and LAE ratio 83.7% 76.0% 72.5%
Underwriting expense ratio 21.4 23.7 24.4
Combined ratio 105.1% 99.7% 96.9%
Industry statutory combined
ratio (b) 102.3% 101.3% 101.7%
(a)Excludes non-U.S. operations, for which statutory accounting
is not comparable.
(b)Industry information was derived from "Best's Review -
Property/Casualty" (January 1996 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
nonstandard automobile insurance industry, the Company
believes that such a combined ratio would be lower than the
private passenger automobile industry average shown above.
Marketing. Each of the 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 several thousand independent agents.
Of the approximately one million NSA Group policies in force
at December 31, 1995, approximately 90% had policy limits of
$50,000 or less 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 1995 amounted to less than 1% of net written premiums of the
NSA Group for the period.
Competition. A large number of national, regional and local
insurers write nonstandard 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
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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. 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.
Regulation. The Company's insurance subsidiaries are
subject to regulation in the jurisdictions in which they do
business. In general, the insurance laws of the various states
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. Without such approval, the
maximum amount of dividends that may be paid by the NSA Group to
the Company during 1996 is $50.9 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 1995, the NSA Group companies were assessed
approximately $100,000 by such associations.
In addition, many states have created "assigned risk" plans
or 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 otherwise. Automobile insurers in those states
are required to provide such coverage to a proportionate number
of those drivers applying as assigned risks. 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. Assigned
risks accounted for less than 1% of net written premiums of the
NSA Group companies in 1995.
In 1995, the NSA Group received approximately $91 million in
direct written premiums from California. In 1988, California
voters approved Proposition 103 which required insurance
companies to roll back automobile insurance rates to 80% of year-
earlier levels, maintain those rates for one year and obtain
prior approval of rate increases thereafter. 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, current legislation in California generally
provides that applications for rate increases 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.
6
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Workers' Compensation Insurance
General. Republic Indemnity has been engaged in the sale of
workers' compensation insurance in California for many years.
More than 96% of its business in 1995 was written in California.
In addition, it is licensed to write business in Arizona, which
contributed approximately 3% of direct written premium in 1995,
and 22 other states. In November 1995, A.M. Best downgraded its
rating of Republic Indemnity from "A+" (Superior) to "A"
(Excellent). In announcing the rating adjustment of Republic
Indemnity, A.M. Best expressed its opinion that this new rating
reflects primarily the "significant financial leverage" of AFG.
At the time of the Mergers, AFG's ratio of debt to total capital
was nearly 60%; at December 31, 1995, the ratio had improved to
approximately 30%.
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 stress and trauma claims.
Historically, the incidence of higher claims costs would
ultimately have been reflected in premium rate adjustments. With
the advent of the Reform Legislation as defined below under
"Competition", such increases in claims costs might not
necessarily be used in the setting of premium rates, which may
unfavorably affect underwriting results.
7
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The following table presents certain information for
Republic Indemnity (dollars in millions).
1995 1994 1993
Net written premiums $287.5 $479.5 $465.8
Net earned premiums $303.5 $483.8 $458.5
Loss and LAE 202.9 276.7 270.2
Underwriting expenses 68.9 88.3 70.6
Policyholder dividends (5.0) 75.7 93.2
Underwriting profit $ 36.7 $ 43.1 $ 24.5
GAAP ratios:
Loss and LAE ratio 66.8% 57.2% 59.0%
Underwriting expense ratio 22.7 18.3 15.4
Policyholder dividend ratio (1.6) 15.6 20.3
Combined ratio 87.9% 91.1% 94.7%
Statutory ratios:
Loss and LAE ratio 66.8% 57.2% 59.0%
Underwriting expense ratio 23.1 18.3 15.4
Policyholder dividend ratio 14.8 20.4 13.7
Combined ratio 104.7% 95.9% 88.1%
Industry statutory combined
ratio (a) 103.0% 101.4% 109.1%
(a)Industry information was derived from "Best's Review -
Property/Casualty" (January 1996 edition).
Marketing. Republic Indemnity writes insurance through
approximately 700 independent property and casualty insurance
agents. In 1995, none of these produced more than 4.5% of total
premiums. The largest three of these produced approximately 9%
of total premiums. Republic Indemnity has in excess of 10,000
policies in force, the largest of which represents approximately
three-tenths of 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 40
reinsurance companies. Premiums for reinsurance ceded by
Republic Indemnity in 1995 were less than 1% of net written
premiums for the period. Republic Indemnity generally does not
assume reinsurance, except as an accommodation to policyholders
who have a small percentage of their employees outside the state
of California.
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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 recent years, the State Fund has
written approximately 15% to 20% of the direct written premiums
in the insured workers' compensation market in California. In
addition, many employers are self-insured.
In 1993, California enacted legislation (the "Reform
Legislation") effecting an immediate overall 7% 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. Before this "open rating" policy went into effect,
the Insurance Commissioner ordered additional rate decreases of
12.7% (effective January 1, 1994) and 16% (effective
October 1, 1994).
The Reform Legislation has had a significant effect on
competition within the California workers' compensation market.
Prior to the repeal of the minimum rate law, competition was
based primarily on an insurer's reputation for paying dividends
to policyholders as a refund of premiums paid when experience
with such policyholders was more favorable than certain specified
levels, subject to the approval of the Board of Directors.
Management believes that Republic Indemnity's record and
reputation for paying relatively high policyholder dividends had
enhanced its competitive position. With the repeal of the
minimum rate law, the premium rate levels offered by an insurer,
rather than its reputation for paying policyholder dividends, has
become the most important factor affecting competition. As a
result, Republic Indemnity has modified its rate levels to
reflect a change in its mix of business toward non-participating
policies which are not subject to payment of policyholder
dividends.
Other competitive factors in the California workers'
compensation market include loss control services, claims
service, service to agents and commission schedules. While
several companies, including certain of the largest writers,
specialize in writing California workers' compensation insurance,
Republic Indemnity believes its exclusive concentration in the
workers' compensation field yields certain cost advantages and
other favorable effects 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 competitors are larger and/or have greater
resources than Republic Indemnity.
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The repeal of the minimum rate law has prompted certain
insurers to issue policies with premium rates that are below
projected ultimate losses in an effort to gain market share.
Republic Indemnity intends to maintain its historically strict
underwriting standards as it continues to market its policies at
rates that it believes will provide for both long-term
underwriting profitability and surplus stability. Republic
Indemnity's focus on underwriting performance in an atmosphere of
extremely competitive pricing could likely prolong what
management believes is a temporary reduction in premium volume.
Republic Indemnity has remained competitive in the current
marketplace by pricing its policies to reflect, among other
things, the absence of policyholder dividend payments as
discussed above, and by reducing its expenses and pursuing
profitable business in other geographic markets.
Regulation. The maximum amount of 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 year then ended. Without such
approval, the maximum amount of such dividends that may be paid
by Republic Indemnity during 1996 is $29.5 million.
Due to the existence of the State Fund, California does not
require participation in any involuntary pools or assigned risk
plans for workers' compensation insurance. Although California
has guarantee regulations to protect policyholders of insolvent
insurance companies, no assessments were billed to Republic
Indemnity under such regulations for policy year 1995. However,
if current pricing practices were to persist in the marketplace,
management would expect assessments in future policy years.
Proposition 103, which is described more fully under
"Nonstandard Automobile Insurance" above, does not apply to
workers' compensation insurance.
Loss and Loss Adjustment Expense Reserves
The consolidated financial statements include the estimated
liability for unpaid losses and LAE of the Company's insurance
subsidiaries. This liability represents estimates of the
ultimate net cost of all unpaid losses and LAE and is determined
by using case-basis evaluations and actuarial projections. These
estimates are subject to the effects of changes in claim amounts
and frequency and are periodically reviewed and adjusted as
additional information becomes known. In accordance with
industry practices, such adjustments are reflected in current
year operations.
Future costs of claims are projected based on historical
trends adjusted for changes in underwriting standards, policy
provisions, the anticipated effect of inflation and general
economic trends. These anticipated trends are monitored based on
actual development and are reflected in estimates of ultimate
claim costs.
Generally, reserves for reinsurance and involuntary pools
and associations are reflected in the Company's results at the
amounts reported by those entities.
See Note L to the Financial Statements for an analysis of
changes in the Company's estimated liability for losses and LAE,
net of reinsurance (and grossed up), over the past three years on
a GAAP basis.
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The following table presents the development of the
liability for losses and LAE, net of reinsurance, on a GAAP basis
for 1989 (the year the Company acquired its first insurance
subsidiary) through 1995. The top line of the table shows the
estimated liability (in millions) for unpaid losses and LAE
recorded at the balance sheet date for the indicated years. The
second line shows the re-estimated liability as of December 31,
1995. The remainder of the table presents development as
percentages of the estimated liability. The development results
from additional information and experience in subsequent years.
The middle line shows a cumulative 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 loss reserves liability.
<TABLE>
<CAPTION>
1989 1990 1991 1992 1993 1994 1995
<S> <C> <C> <C> <C> <C> <C> <C>
Liability for unpaid
losses and LAE:
As originally estimated.... $369 $602 $664 $764 $916 $1,080 $1,136
As re-estimated at
December 31, 1995......... $308 $539 $607 $669 $832 $1,030
Liability re-estimated as of:
One year later ............ 97.0% 96.5% 97.0% 92.4% 91.4% 95.4%
Two years later ........... 89.7% 93.0% 93.4% 87.9% 90.8%
Three years later ......... 85.7% 91.0% 90.4% 87.6%
Four years later .......... 85.5% 89.6% 91.4%
Five years later .......... 84.7% 89.6%
Six years later ........... 83.5%
Cumulative Redundancy......... 16.5% 10.4% 8.6% 12.4% 9.2% 4.6% N/A
Cumulative paid as of:
One year later ............ 19.5% 43.0% 44.1% 40.6% 40.9% 44.5%
Two years later ........... 49.1% 64.4% 64.5% 59.3% 61.3%
Three years later ......... 64.6% 75.2% 74.2% 72.0%
Four years later .......... 71.4% 79.8% 80.7%
Five years later .......... 75.1% 82.3%
Six years later ......... 76.0%
</TABLE>
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 1995, but
incurred in 1989, would be included in the re-estimated liability
and cumulative redundancy percentage for each of the years 1989
through 1994. 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.
The differences between the liability for losses and LAE
reported in the annual statements filed with the state insurance
departments in accordance with statutory accounting principles
("SAP") and that reported in the accompanying consolidated
financial statements in accordance with GAAP at December 31,
1995, are as follows (in millions):
Liability reported on a SAP basis $1,116
Reinsurance recoverables 59
Reserves of foreign operations 20
Liability reported on a GAAP basis $1,195
11
<PAGE>
Investment Portfolio
General. The following tables present the percentage
distribution and yields of the Company's insurance operations'
investment portfolio (excluding investment in equity securities of
investee corporations) as reflected in its financial statements.
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Cash and Short-term Investments 3.8% 4.6% 4.9% 5.4% 5.1%
Fixed Maturity Securities:
U.S. Government and Agencies 4.2 4.3 3.2 3.3 2.8
State and Municipal .5 .6 .9 .7 1.3
Public Utilities 12.5 11.8 13.2 15.2 19.2
Mortgage-Backed Securities 9.0 7.3 9.1 11.8 8.9
Corporate and Other 66.5 72.6 67.2 62.4 62.7
96.5 101.2 98.5 98.8 100.0
Net Unrealized Gain (Loss) on Fixed
Maturity Securities Available for Sale 3.5 (1.2) 1.5 1.2 -
100.0% 100.0% 100.0% 100.0% 100.0%
Yield on Fixed Maturity Securities:
Excluding realized gains and losses 7.9% 7.7% 8.3% 9.2% 9.8%
Including realized gains and losses 9.3% 7.7% 9.3% 11.1% 11.8%
</TABLE>
Fixed Maturity Investments. Unlike most insurance groups
which have portfolios that are invested heavily in tax-exempt
bonds, the Company invests substantial amounts in taxable bonds.
The NAIC assigns quality ratings which range from Class 1
(highest quality) to Class 6 (lowest quality). The following
table shows the Company's bonds and mandatory redeemable
preferred stocks, by NAIC designation (and comparable Standard &
Poor's Corporation rating) as of December 31, 1995 (dollars in
millions):
NAIC Amortized Market Value
Rating Comparable S&P Rating Cost Amount %
1 AAA, AA, A $1,264 $1,326 70%
2 BBB 429 447 24
Total investment grade 1,693 1,773 94
3 BB 66 67 4
4 B 42 40 2
5 CCC, CC, C - - -
6 D - - -
Total non-investment grade 108 107 6
Total $1,801 $1,880 100%
Risks inherent in connection with fixed income securities
include loss upon default and market price volatility. Factors
which can affect the market price of securities include:
creditworthiness, changes in interest rates, the number of market
makers and investors, defaults by major issuers of securities and
public concern about concentrations in certain types of
securities by institutions.
12
<PAGE>
Non-Insurance Assets
Businesses Divested. In February 1995, the Company
completed the divestiture of its last industrial business with
the sale of its Apparatus unit, which manufactured aerial lift
trucks, for approximately $13 million.
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 1995, the leased coal properties produced
royalties of approximately
$6 million.
GCT and Related Development Rights. Subsidiaries of the
Company own Grand Central Terminal ("GCT") in New York City and
rights (the "Development 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") for a term expiring in 2274. Payments received on
the lease amount to $2.4 million annually. The MTA also has the
option to purchase the leased property in 2019.
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.
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 has fractional interests
in oil and gas properties located in the United States. These
properties produced revenues of $.8 million, $2.0 million and
$2.0 million in 1995, 1994 and 1993, respectively.
Management Company. Buckeye Management Company ("Buckeye")
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. In March 1996, the
Company sold Buckeye to an investment group consisting of members
of Buckeye's management and employees.
Employees
The Company and its consolidated subsidiaries employed
approximately 3,700 persons at December 31, 1995.
13
<PAGE>
ITEM 2
Properties
The Company's operations are conducted principally within
the United States, and the Company believes that its principal
facilities are maintained in good operating condition and are
adequate for the present needs of its operations.
Insurance
The Company's insurance operations lease offices in the
following locations:
Square Lease
Feet Expiration
NSA Group: Birmingham, Alabama 68,000 2005
Atlanta, Georgia 81,000 1998
Norcross, Georgia 147,000 2000
Independence, Ohio 43,000 1998
Republic Indemnity: Encino, California 72,000 2003
San Francisco, California 57,000 2001
San Diego, California 11,000 1998
Other 16,000 1996-2000
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 two-thirds 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 Grand Central Terminal and rights to develop floor
space in New York City.
Real Estate The Company's real estate inventory at December
31, 1995 included approximately 8,400 acres of real estate spread
throughout 12 states.
Oil and Gas Properties The Company owns certain developed
and undeveloped oil and gas properties, located primarily in
Oklahoma.
14
<PAGE>
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 excess 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 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 judgment is attributable to PCTC's
alleged activities in furtherance of the conspiracy. On October
13, 1994, the U.S. District Court for the Eastern District of
Pennsylvania enjoined USX and B&LE from continuing their lawsuits
against 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 appealed the District
Court's ruling to the U.S. Court of Appeals for the Third
Circuit. On December 13, 1995, the Court of Appeals reversed the
U.S. District Court decision. In its opinion, the Court of
Appeals only addressed the Company's procedural argument that the
claims of USX could not proceed because they are barred by the
Consummation Order. The Third Circuit expressly recognized in
its opinion that it was not deciding any of the Company's
defenses on the merits.
On January 8, 1996, the Company filed a petition for
rehearing en banc, requesting all of the judges of the Third
Circuit to review the three-judge panel's decision. That
petition was denied on February 16, 1996. As a result, the
Company will petition the U.S. Supreme Court to review the
bankruptcy bar issue. In the event that subsequent reviews do
not reinstate the District Court's injunction and USX's lawsuits
are eventually permitted to go forward, the Company and its
outside counsel believe that the Company has substantial defenses
to these lawsuits and should not suffer a material loss as a
result of this litigation.
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
15
<PAGE>
environmental liabilities at such sites 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 terms of potential liability to the Company, the Company
believes that the most significant such site is the railyard at
Paoli, Pennsylvania ("Paoli Yard") which PCTC transferred to
Consolidated Rail Corporation ("Conrail") in 1976. 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. The Company has
accrued its 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.
16
<PAGE>
PART II
ITEM 5
Market for Registrant's Common Equity and Related Stockholder
Matters
Not applicable - All of Registrant's outstanding Common
Stock is owned by American Financial Group, Inc.
ITEM 6
Selected Financial Data
The following table sets forth certain data for the periods
indicated (dollars in millions). Year-to-year comparisons are
affected by business dispositions, restructuring provisions and
other non-recurring items.
1995 1994 1993 1992 1991
Earnings Statement Data (a):
Net Written Premiums $1,492 $1,636 $1,379 $1,067 $ 865
Total Revenues 1,736 1,759 1,736 1,420 1,272
Earnings from Continuing Operations
before Income Taxes 113 41 190 84 79
Earnings (loss) from:
Continuing Operations 67 1 243 51 50
Discontinued Operations - (1) (11) 1 (47)
Extraordinary Items (5) - - - -
Cumulative Effect of Accounting
Change - - - 253 -
Net Earnings 62 - 232 305 3
Balance Sheet Data:
Total Assets $3,955 $4,197 $4,053 $3,493 $3,369
Unpaid Losses and Loss Adjustment
Expenses, Unearned Premiums and
Policyholder Dividends 1,684 1,674 1,426 1,069 890
Long-term Debt:
Parent Company 321 500 516 650 650
Subsidiaries 9 10 10 10 20
Common Shareholder's Equity 1,552 1,549 1,722 1,503 1,479
(a) Amounts above include the following pretax items for the years
indicated:
1994 - Loss on sale of General Cable securities ($76 million).
1993 - Tax benefit attributable to an increase in the Company's
net deferred tax asset ($132 million); Gain on sale of
equity investments ($99 million); Provision for asset
impairment ($20 million); Loss on sale of subsidiaries
($22 million).
1991 - Provision for asset impairment ($21 million).
17
<PAGE>
ITEM 7
Management's Discussion and Analysis
of Financial Condition and Results of Operations
GENERAL
Following is a discussion and analysis of the financial
statements and other statistical data that management believes
will enhance the understanding of the Company's financial
condition and results of operations. This discussion should
be read in conjunction with the financial statements beginning
on page F-1.
In April 1995, the Company became a wholly-owned subsidiary
of American Premier Group, Inc., a new corporation formed by the
Company for the purpose of acquiring all of the common stock of
the Company and American Financial Corporation (the "Mergers").
In June 1995, American Premier Group changed its name to American
Financial Group, Inc. ("AFG"). Under terms of the Mergers, (a)
the Company merged with a subsidiary of AFG and each share of
Company Common Stock then outstanding was converted into one
share of AFG Common Stock, and (b) American Financial Corporation
("AFC") merged with another subsidiary of AFG and all shares of
AFC common stock were exchanged for 28.3 million shares of AFG
Common Stock. As a result of the Mergers, all of the common
stock of the Company and AFC is owned by AFG and AFG is the
Company's successor as the issuer of publicly held common stock.
The Company's insurance operations consist primarily of a
group of nonstandard private passenger automobile insurance
companies (the "NSA Group") and a business which sells workers'
compensation insurance principally in California ("Republic
Indemnity").
During 1995, in connection with its previously announced
divestiture effort, the Company completed the sale of its last
industrial business. In addition, in March 1996 the Company
sold its investment in a subsidiary which holds a 2% general
partnership interest in an independent pipeline common carrier
of refined petroleum products. See Note C of Notes to
Financial Statements.
LIQUIDITY AND CAPITAL RESOURCES
Ratios The following ratios may be considered relevant
indicators of the Company's liquidity and are typically presented
by the Company in its prospectuses and similar documents.
Management believes that balance sheet ratios (debt-to-equity)
are more meaningful on a parent only basis. On the other hand,
earnings statement ratios (fixed charges) are more meaningful on
a total enterprise basis since the parent only ratio is
dependent, to a great degree, on the discretionary nature of
dividend payments from subsidiaries.
The ratio of the Company's (parent-only) long-term debt to
total capital was 17%, 24% and 23% at December 31, 1995, 1994
and 1993, respectively. The Company's ratio of earnings to
fixed charges on a total enterprise basis was 3.35, 1.72 and
3.83 for the years ended December 31, 1995, 1994 and 1993,
respectively.
The National Association of Insurance Commissioners' model
law for risk based capital ("RBC") determines the amount of
capital that an insurance company needs to ensure that it has
an acceptable expectation of not becoming financially
impaired. At December 31, 1995, the capital ratios of all of
the Company's insurance companies substantially exceeded the
RBC requirements.
18
<PAGE>
Sources of Funds American Premier is organized as a holding
company with almost all of its operations being conducted by
subsidiaries. The parent corporation, however, has continuing
cash needs for administrative expenses, the payment of
principal and interest on borrowings and common stock
dividends. Thus, the Company relies primarily on dividends
and tax payments from its subsidiaries for funds to meet its
obligations.
Prior to the Mergers, the Company had substantial cash and
short-term investments at the parent company level.
Subsequent to the Mergers, the Company repurchased
approximately $180 million of its subordinated notes and made
loans to AFC under a formal credit agreement. At December 31,
1995, amounts outstanding under the AFC agreement totaled
$623.2 million. In addition, the Company entered into a
formal credit agreement with AFG. At December 31, 1995,
amounts payable to AFG under the AFG agreement totaled $84.0
million.
In December 1995, Pennsylvania Company ("Pennco"), a
wholly-owned subsidiary of the Company, entered into a new
collateralized five-year reducing revolving credit agreement
with several banks, under which it can borrow up to $75
million. At December 31, 1995, the Company had no outstanding
borrowings under the agreement.
The Company's federal income tax loss carryforward is
available to offset taxable income and, as a result, the
Company's requirement to pay federal income tax for 1996 is
substantially eliminated.
Uncertainties The Company and its subsidiaries are parties in
a number of proceedings relating to former operations. See
Note K of Notes to Financial Statements. While the results of
all such uncertainties cannot be predicted, based upon its
knowledge of the facts, circumstances and applicable laws,
management believes that sufficient reserves have been
provided.
Investments Approximately half of the Company's consolidated
assets are invested in marketable securities. The Company
attempts to optimize investment income while building the
value of its portfolio, placing emphasis upon long-term
performance. The Company's goal is to maximize return on an
ongoing basis rather than focusing on year-by-year
performance.
Fixed income investment funds are generally invested in
securities with short-term and intermediate-term maturities
with an objective of optimizing total return while allowing
flexibility to react to changes in market conditions. At
December 31, 1995, the average life of the Company's bonds and
redeemable preferred stocks was approximately 6 years.
Approximately 94% of the bonds and redeemable preferred
stocks held by the Company were rated "investment grade"
(credit rating of AAA to BBB) by nationally recognized rating
agencies at December 31, 1995. Investment grade securities
generally bear lower yields and lower degrees of risk than
those that are unrated and non-investment grade. Management
believes that the high quality investment portfolio should
generate a stable and predictable investment return.
At December 31, 1995, the Company's mortgage-backed
securities ("MBSs"), represented approximately 10% of the
Company's bonds and mandatory redeemable preferred stocks.
The Company invests primarily in MBSs which are structured to
minimize prepayment risk. In addition, the majority of MBSs
held by the Company were purchased at discounts to par value.
Management believes that the structure and discounted nature
of the
19
<PAGE>
MBSs will minimize the effect of prepayments on earnings over
the anticipated life of the MBS portfolio. Substantially all
of the Company's MBSs are rated "AAA" by Standard & Poor's
Corporation and are collateralized primarily by GNMA, FNMA and
FHLMC single-family residential pass-through certificates.
The market in which these securities trade is highly liquid.
Aside from interest rate risk, the Company does not believe a
material risk (relative to earnings and liquidity) is inherent
in holding such investments.
RESULTS OF OPERATIONS - THREE YEARS ENDED DECEMBER 31, 1995
General Pretax earnings were $113 million in 1995
compared to $41 million in 1994 and $190 million in 1993.
Results for 1995 include a $76 million decrease in
underwriting results of the Company's insurance operations
and an $8 million decrease in portfolio interest and
dividend income. These items were partially offset by $45
million of interest income from loans to AFC, $24 million
in realized gains on the sales of securities and an $8
million decrease in interest on borrowed money.
Results for 1994 include a $76 million loss on the sale of
General Cable securities and a $4 million loss on the
anticipated sale of one of the Company's non-insurance
businesses. These items were partially offset by a $26
million increase in investment income (excluding $25
million of interest income on the General Cable notes
recorded in 1993) and a $10 million decrease in interest
on borrowed money.
Results for 1993 include $99 million in gains from the
sales of the Company's shares of Tejas Gas Corporation and
limited partnership units of Buckeye Partners L.P., a $22
million improvement in underwriting results of the
Company's insurance operations and a $13 million increase
in interest income on the General Cable notes. These
items were partially offset by a $42 million loss recorded
on the anticipated sale of the Company's non-insurance
operations.
Property and Casualty Insurance - Underwriting Underwriting
profitability is measured by the combined ratio which is a sum
of the ratio of underwriting expenses, losses, and loss
adjustment expenses to premiums. When the combined ratio is
under 100%, underwriting results are generally considered
profitable; when the ratio is over 100%, underwriting results
are generally considered unprofitable. The combined ratio
does not reflect investment income, other income or federal
income taxes.
The Company manages and operates its property and casualty
business as two major sectors. The NSA Group is a group of
nonstandard automobile insurance companies which underwrite
physical damage and liability policies for "nonstandard
risks." Nonstandard insureds 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.
Republic Indemnity is engaged in the sale of workers'
compensation insurance in California and, to a lesser extent,
in Arizona. Workers' compensation policies provide coverage
for statutory prescribed benefits that employers are required
to pay employees who are injured in the course of employment
and for an employer's liability for losses suffered by its
employees which are not included within the statutory
prescribed workers' compensation coverage.
20
<PAGE>
Results for the Company's property and casualty insurance
subsidiaries are as follows (dollars in millions):
Year ended December 31,
1995 1994 1993
Net Written Premiums (GAAP)
NSA Group $1,203.2 $1,154.1 $ 901.9
Republic Indemnity 287.5 479.5 465.8
Other Lines 1.6 1.9 11.2
$1,492.3 $1,635.5 $1,378.9
Combined Ratios (GAAP)
NSA Group 105.7% 99.8% 97.0%
Republic Indemnity 87.9% 91.1% 94.7%
Aggregate 102.0% 97.0% 96.2%
NSA Group The NSA Group attributes its premium growth in
recent years primarily to entry into additional states,
increased market penetration in its existing states, overall
growth in the nonstandard market, premium rate increases and
the purchase of Leader National in May 1993. The increase in
the combined ratio for 1995 compared with 1994 was due
primarily to inadequate rate levels in certain markets and
weather-related losses principally from hailstorms in Texas
(1.3 points in the combined ratio). These factors were
partially offset by a reduction in the underwriting expense
ratio due largely to cost control measures.
Underwriting conditions in the private passenger
automobile insurance marketplace in 1994 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 claims. These trends caused a
deterioration in the NSA Group's underwriting profit margins
during 1994. These factors were partially offset by
underwriting profit from the NSA Group's entry into certain
markets, as well as improved underwriting margins in several
markets where the book of business matured and a greater
portion of new premium was derived from renewal policies.
Premium rate increases were implemented in several states
during 1994 and 1995. Rate increases implemented in various
states during 1995 averaged approximately 10% across the NSA
Group's entire book of business. The higher rate levels and
competitive pressures in the nonstandard automobile insurance
industry adversely impacted premium growth during 1995.
Republic Indemnity The decline in California workers'
compensation premiums reflects the impact of mandatory premium
rate reductions which were phased in over the course of policy
terms during 1994 and 1995, and extremely competitive pricing
in the marketplace as a result of the repeal of the California
workers' compensation minimum rate law effective January 1,
1995. As a consequence of the repeal of this law, Republic's
rate levels reflect the change in its mix of business toward
non-participating policies which do not require the payment of
policyholder dividends. Management expects this change toward
non-participating policies to continue. Despite lower premium
volume, the combined ratio decreased in 1995 as compared to
1994 mainly because of lower policyholder dividends and a
reduction in the amount of policyholder dividends estimated to
be incurred, partially offset by an increase in the frequency
of claims. Also, the underwriting expense ratio increased for
1995 due primarily to the decline in premiums.
21
<PAGE>
Investment Income Changes in investment income reflect
fluctuations in market rates and changes in average invested
assets.
1995 compared to 1994 Excluding interest income of $45
million earned in 1995 on amounts due from affiliates,
investment income decreased $8 million (5%) due to a decrease
in average investments held.
1994 compared to 1993 Excluding interest income of $25
million on the General Cable notes recorded in 1993,
investment income increased $26 million (18%) in 1994 due
primarily to an increase in average investments held.
Investee Corporations Equity in net earnings (losses) of
investee corporations (companies in which the Company owns a
significant portion of the voting stock) in 1995 represents
the Company's proportionate share of the losses of Chiquita
Brands. The Company purchased 3.2 million shares of Chiquita
common stock from AFC during the second quarter of 1995.
Other Income Other income includes revenues from coal, oil
and gas properties and gains and losses from real estate
sales.
Sales of Other Products and Services Sales of other products
and services represents the Company's revenues from its non-
insurance businesses, substantially all of which have been
sold.
Interest on Borrowed Money Changes in interest expense result
from changes in levels of borrowings. The Company has
generally financed its borrowings on a long-term basis which
has resulted in higher current costs.
1995 compared to 1994 Interest expense decreased by $8.3
million (16%) due primarily to the Company's repurchase
throughout 1995 of $180 million principal amount of its
Subordinated notes.
1994 compared to 1993 Interest expense decreased by $9.6
million (15%) due primarily to the Company's repurchase of
$133 million principal amount of its 11% debentures during the
1993 third quarter.
Provision for Asset Impairment Provision for asset impairment
includes expected losses associated with the intended
divestitures of the Company's non-insurance investments.
Other Operating and General Expenses Operating and general
expenses included $39.3 million and $98.6 million in 1994 and
1993, respectively, from divested, non-insurance subsidiaries.
Income Taxes See Note J of Notes to Financial Statements for
an analysis of the Company's deferred tax asset and other
items affecting the Company's effective tax rate.
The 1994 provision for income tax reflects less than full
realization of the tax benefit attributable to the net
realized capital loss recorded in that period. The 1993
income tax benefit was attributable to an increase of $132
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.
22
<PAGE>
ITEM 8
Financial Statements and Supplementary Data
Page
Number
Report of Independent Auditors F-1
Report of Prior Years' Independent Auditors F-2
American Premier Underwriters, Inc. and Subsidiaries:
Consolidated Balance Sheet-
December 31, 1995 and 1994 F-3
Consolidated Statement of Earnings-
For the years ended December 31, 1995, 1994 and 1993 F-4
Consolidated Statement of Cash Flows-
For the years ended December 31, 1995, 1994 and 1993 F-5
Notes to Consolidated Financial Statements F-6
"Selected Quarterly Financial Data" has been included in Note O
to the Consolidated Financial Statements.
ITEM 9
Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
The Company filed a report on Form 8-K on August 29, 1995,
reporting a change in its independent accountants. The report is
incorporated herein by reference.
23
<PAGE>
PART III
ITEM 10
Directors and Executive Officers of the Registrant
The directors and executive officers of the Company at
March 1, 1996 were as follows:
Executive Executive
Name Age Position Since
Carl H. Lindner 76 Chairman of the Board and Chief
Executive Officer 1982
Carl H. Lindner III 42 President and a Director 1991
S. Craig Lindner 40 Vice Chairman of the Board 1995
Keith E. Lindner 36 Vice Chairman of the Board 1995
Theodore H. Emmerich 69 Director 1988
James E. Evans 50 Senior Vice President, General
Counsel and a Director 1985
Thomas M. Hunt 72 Director 1982
William R. Martin 66 Director 1994
Alfred W. Martinelli 68 Director (resigned March 20, 1996) 1982
Neil M. Hahl 47 Senior Vice President 1982
Thomas E. Mischell 48 Senior Vice President - Taxes 1995
Fred J. Runk 53 Senior Vice President and
Treasurer 1995
Carl H. Lindner has been Chairman of the Board and Chief
Executive Officer of the Company for more than five years.
Mr. Lindner is Chairman of the Board and Chief Executive
Officer of AFG, the Company's parent, and has been Chairman of
the Board and Chief Executive Officer of AFC since it was
founded over 35 years ago. Mr. Lindner serves as Chairman of
the Board of the following additional companies: American
Annuity Group, Inc. ("AAG"), American Financial Enterprises,
Inc. ("AFEI"), Chiquita Brands International, Inc.
("Chiquita") and Citicasters Inc. ("Citicasters"). Carl H.
Lindner is the father of Carl H. Lindner III, S. Craig Lindner
and Keith E. Lindner.
Carl H. Lindner III was elected President of the Company in
February 1992. He is President and a director of AFG and AFC.
He has also been President of Great American Insurance Company
for more than five years.
S. Craig Lindner is a Vice Chairman of the Board of the
Company. He is also a Vice Chairman of AFG and AFC. He has
been President of AAG since 1993 and President of American
Money Management Corporation ("AMMC"), an AFG subsidiary
providing investment services to the Company and certain of
its affiliates, since January 1996. He had been Senior
Executive Vice President of AMMC for more than five years.
Mr. Lindner is also a director of AAG and Citicasters.
Keith E. Lindner is a Vice Chairman of the Board of the
Company. He is also a Vice Chairman of AFG and AFC. He has
been President, Chief Operating Officer and a director of
Chiquita for more than five years.
Theodore H. Emmerich is a retired managing partner of Ernst
& Young LLP, certified public accountants, Cincinnati, Ohio.
He is also a director of AFG, AFC, Citicasters, Carillon Fund,
Inc., Carrillon Investment Trust, Gradison-McDonald Municipal
Custodian Trust, Gradison-McDonald Cash Reserve Trust and
Summit Investment Trust.
24
<PAGE>
James E. Evans is Senior Vice President, General Counsel
and a director of the Company. He is also Senior Vice
President, General Counsel and a director of AFG and AFC. He
has also served as Vice President and General Counsel of AFC
for more than five years. Mr. Evans is also a director of
AFEI and Citicasters.
Thomas M. Hunt has been Chairman of the Board of Hunt
Petroleum Corporation, an oil and gas production company, for
more than five years. He is also a director of AFG and AFC.
William R. Martin has been Chairman of the Board of MB
Computing, Inc., a computer software and services company, for
more than five years. He is also a director of AFG, AFC and
AAG.
Neil M. Hahl has been a Senior Vice President of the
Company for more than five years. He is also a Senior Vice
President of AFG.
Thomas E. Mischell is Senior Vice President - Taxes of the
Company. He is also Senior Vice President - Taxes of AFG. He
has served as a Vice President of AFC for more than five
years.
Fred J. Runk is Senior Vice President and Treasurer of the
Company. He is also Senior Vice President and Treasurer of
AFG. He has served as Vice President and Treasurer of AFC for
more than five years.
In December 1993, Great American Communications Company,
which subsequently changed its name to Citicasters Inc.,
completed a comprehensive financial restructuring that
included a prepackaged plan of reorganization filed in
November of that year under Chapter 11 of the Bankruptcy Code.
Carl H. Lindner, Thomas E. Mischell and Fred J. Runk had been
executive officers of that company within two years before its
bankruptcy reorganization.
The information required by the following Items will be
provided within 120 days after the end of Registrant's fiscal
year.
ITEM 11 Executive Compensation
ITEM 12 Security Ownership of Certain Beneficial Owners and
Management
ITEM 13 Certain Relationships and Related Transactions
25
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Board of Directors
American Premier Underwriters, Inc.
We have audited the accompanying consolidated balance sheet
of American Premier Underwriters, Inc. and subsidiaries as of
December 31, 1995 and the related consolidated statements of
earnings and cash flows for the year then ended. Our audit also
included the financial statement schedules listed in the Index at
Item 14(a). These financial statements and schedules are the
responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements and
schedules based on our audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the
consolidated financial position of American Premier Underwriters,
Inc. and subsidiaries as of December 31, 1995, and the
consolidated results of their operations and their cash flows for
the year then ended, in conformity with generally accepted
accounting principles. Also, in our opinion, the related
financial statement schedules, when considered in relation to the
basic financial statements taken as a whole, present fairly in
all material respects the information set forth therein.
ERNST & YOUNG LLP
Cincinnati, Ohio
March 15, 1996
F-1
<PAGE>
REPORT OF PRIOR YEARS' INDEPENDENT AUDITORS
American Premier Underwriters, Inc.
We have audited the financial statements and the financial
statement schedules of American Premier Underwriters, Inc. and
Consolidated Subsidiaries listed in the Index to Financial
Statements and Financial Statement Schedules of American Premier
Underwriters, Inc.'s Form 10-K for the year ended December 31,
1994 (not presented separately herein). These financial
statements and the financial statement schedules are the
responsibility of the Company's management. Our responsibility
is to express an opinion on the financial statements and
financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the financial position of American Premier
Underwriters, Inc. and Consolidated Subsidiaries at December 31,
1994 and the results of its operations and its cash flows for
each of the two years in the period ended December 31, 1994 in
conformity with generally accepted accounting principles. Also,
in our opinion, such financial statement schedules, when
considered in relation to the basic financial statements taken as
a whole, present fairly in all material respects the information
shown therein.
DELOITTE & TOUCHE LLP
Cincinnati, Ohio
February 15, 1995
(March 23, 1995 with respect to the
acquisition of American Financial
Corporation as discussed in Note B to
the financial statements)
F-2
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In Millions)
<TABLE>
<CAPTION>
December 31,
1995 1994
<S> <C> <C>
Assets:
Cash and short-term investments $ 116.4 $ 287.5
Investments:
Bonds and redeemable preferred stocks:
Held to maturity - at amortized cost
(market - $342.7 and $1,441.9) 332.8 1,520.5
Available for sale - at market
(amortized cost - $1,468.5 and $846.8) 1,536.9 819.4
Other stocks - principally at market
(cost $4.2 and $6.4) 3.7 5.2
Investment in investee 41.0 -
Loans receivable 39.8 76.7
Real estate and other investments 20.4 41.3
1,974.6 2,463.1
Accrued investment income 33.8 46.6
Agents' balances and premiums receivable 326.9 343.8
Amounts due from affiliates, net 554.4 -
Recoverables from reinsurers and prepaid
reinsurance premiums 65.3 53.2
Other receivables 38.0 44.5
Deferred policy acquisition costs 89.6 92.1
Cost in excess of net assets acquired 389.9 394.5
Deferred tax asset 200.4 267.7
Other assets 165.9 204.4
$3,955.2 $4,197.4
Liabilities and Capital:
Unpaid losses and loss adjustment expenses $1,194.9 $1,130.9
Unearned premiums 437.0 440.2
Policyholder dividends 52.5 102.4
Long-term debt:
Parent Company 320.6 500.0
Subsidiaries 9.1 9.8
Minority interest - 6.2
Accounts payable and other liabilities 389.2 459.2
2,403.3 2,648.7
Common Stock, $1 par value - outstanding
47,000,000 and 46,282,157 shares 47.0 46.3
Capital surplus 579.1 662.2
Retained earnings 881.8 867.5
Net unrealized gains (losses) on marketable
securities 44.0 (27.3)
Total common shareholder's equity 1,551.9 1,548.7
$3,955.2 $4,197.4
</TABLE>
See notes to consolidated financial statements.
F-3
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(In Millions)
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Income:
Property and casualty insurance premiums earned $1,495.4 $1,557.9 $1,273.6
Net investment income 205.4 168.3 168.1
Realized gains on sales of securities 23.8 .1 123.3
Equity in net earnings (losses) of investee (2.2) - -
Sales of other products and services - 94.8 179.0
Losses on sales of subsidiaries (.3) (4.0) (22.0)
Loss on sale of General Cable securities - (75.8) -
Other income 13.4 17.6 14.3
1,735.5 1,758.9 1,736.3
Costs and Expenses:
Property and casualty insurance operations:
Losses 1,038.9 939.3 726.9
Loss adjustment expenses 159.5 151.4 130.0
Commissions and other underwriting expenses 331.1 344.8 275.3
Policyholder dividends (5.0) 75.7 93.2
Cost of sales - 60.0 80.6
Interest charges on borrowed money 44.9 53.2 62.8
Provision for asset impairment - - 19.6
Other operating and general expenses 53.1 93.3 157.8
1,622.5 1,717.7 1,546.2
Earnings before income taxes 113.0 41.2 190.1
Income tax (expense) benefit (45.9) (40.4) 52.6
Net earnings from continuing operations 67.1 .8 242.7
Discontinued operations:
Income from discontinued operations - - 2.8
Loss on disposal - (.5) (13.5)
Extraordinary loss, net of tax benefit (5.1) - -
Net earnings $ 62.0 $ .3 $ 232.0
</TABLE>
See notes to consolidated financial statements.
F-4
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Millions)
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Operating Activities:
Income from continuing operations $ 67.1 $ .8 $ 242.7
Adjustments:
Deferred Federal income tax 46.0 36.3 (57.9)
Depreciation, depletion and amortization 26.9 27.5 32.8
Equity in net losses of investee 2.2 - -
Realized (gains) losses on investing activities (25.5) 76.9 (80.6)
Increase in receivables (4.9) (54.8) (96.9)
(Increase) decrease in other assets (4.5) (5.4) 6.7
Increase (decrease) in other liabilities (24.9) (7.0) 12.7
Increase in unpaid losses and loss adjustment expenses 64.6 155.2 94.8
Increase (decrease) in policyholder dividends (49.9) (9.4) 30.4
Increase (decrease) in unearned premiums (1.9) 82.1 105.7
Litigation settlement - - 15.6
Dividends from investee .5 - -
Other, net 6.3 5.4 (1.9)
102.0 307.6 304.1
Investing Activities:
Purchases of and additional investments in:
Fixed maturity investments (514.9) (846.3) (734.5)
Equity securities (.7) (1.9) (1.0)
Affiliates and subsidiaries (57.1) (13.9) (95.3)
Property and equipment (13.8) (22.1) (17.5)
Maturities and redemptions of fixed maturity
investments 272.3 159.8 382.2
Sales of:
Fixed maturity investments 851.0 70.9 128.7
General Cable Corporation securities - 176.7 -
Equity securities 2.8 .7 178.5
Affiliates and subsidiaries 20.4 31.6 89.7
Real estate, property and equipment 23.0 1.7 .8
Cash and short-term investments of new subsidiaries - 5.0 15.3
Decrease in other investments 11.1 23.9 76.2
594.1 (413.9) 23.1
Financing Activities:
Reductions of debt (186.8) (17.5) (135.1)
Issuance of debt - 1.2 1.8
Common Stock dividends paid (57.3) (40.6) (38.2)
Exercise of stock options and conversion of Career Shares .5 19.1 24.0
Purchases of Company Common Stock (87.6) (47.7) (1.9)
Net advances to affiliates (536.0) - -
Other, net - 2.1 (1.0)
(867.2) (83.4) (150.4)
Net cash flows from continuing operations (171.1) (189.7) 176.8
Net cash from discontinued operations - - 8.3
Net Increase (Decrease) in Cash and Short-term Investments(171.1) (189.7) 185.1
Cash and short-term investments at beginning of period 287.5 477.2 292.1
Cash and short-term investments at end of period $ 116.4 $ 287.5 $ 477.2
</TABLE>
See notes to consolidated financial statements.
F-5
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
INDEX TO NOTES
A. Accounting Policies I. Capital Stock
B. Mergers J. Income Taxes
C. Divestitures K. Contingencies
D. Investments L. Insurance Operations
E. Amounts Due from Affiliates M. Statement of Cash Flows
F. Cost in Excess of Net Assets N. Transactions With Affiliates
Acquired O. Quarterly Operating Results
G. Long-Term Debt P. Other Information
H. Benefit Plans Q. Subsequent Event
A. Accounting Policies
Basis of Presentation The consolidated financial statements
include the accounts of the Company and its subsidiaries, with
the exception of the Company's defense services operations sold
in 1993 which have been classified as discontinued operations.
The Company's only industry segment is specialty property and
casualty insurance, the operations of which are located primarily
within the United States. Certain reclassifications have been
made to prior years to conform to the current year's
presentation. All significant intercompany balances and
transactions have been eliminated. All acquisitions have been
treated as purchases. The results of operations of companies
since their formation or acquisition are included in the
consolidated financial statements.
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Changes in
circumstances could cause actual results to differ materially
from those estimates.
Investments Debt securities are classified as "held to
maturity" and reported at amortized cost if the Company has the
positive intent and ability to hold them to maturity. Debt and
equity securities are classified as "available for sale" and
reported at fair value with unrealized gains and losses reported
as a separate component of shareholders' equity if the debt or
equity securities are not classified as held to maturity or
bought and held principally for selling in the near term. Only
in certain limited circumstances, such as significant issuer
credit deterioration or if required by insurance or other
regulators, may a company change its intent to hold a certain
security to maturity without calling into question its intent to
hold other debt securities to maturity in the future.
In accordance with guidance issued by the Financial Accounting
Standards Board in November 1995, the Company reassessed the
classifications of its investments and transferred fixed maturity
securities with an amortized cost of approximately $839 million
to "available for sale." This "one-time" reclassification
resulted in an increase of $43 million in carrying value of fixed
maturity investments and an increase of $28 million in
shareholders' equity. The transfer had no effect on net
earnings.
F-6
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Premiums and discounts on mortgage-backed securities are
amortized over their expected average lives using the interest
method. Gains or losses on sales of securities are recognized at
the time of disposition with the amount of gain or loss
determined on the specific identification basis. When a decline
in the value of a specific investment is considered to be other
than temporary, a provision for impairment is charged to earnings
and the carrying value of that investment is reduced.
The Company's investments in equity securities of companies that
are 20% to 50% owned by AFG and its subsidiaries are carried at
cost, adjusted for a proportionate share of their undistributed
earnings or losses.
Short-term investments are carried at cost; loans receivable are
stated primarily at the aggregate unpaid balance.
Cost in Excess of Net Assets Acquired The excess of cost of
subsidiaries over the Company's equity in the underlying net
assets ("goodwill") is being amortized over 40 years.
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.
Insurance As discussed under "Reinsurance" below, unpaid losses
and loss adjustment expenses and unearned premiums have not been
reduced for reinsurance receivable.
Reinsurance In the normal course of business, the Company's
insurance subsidiaries cede reinsurance to other companies to
diversify risk and limit maximum loss arising from large
claims. To the extent that any reinsuring companies are unable
to meet obligations under the agreements covering reinsurance
ceded, the Company's insurance subsidiaries would remain
liable. Amounts recoverable from reinsurers are estimated in a
manner consistent with the claim liability associated with the
reinsurance policies. The Company's insurance subsidiaries
report as assets (a) the estimated reinsurance recoverable on
unpaid losses, including an estimate for losses incurred but
not reported, and (b) amounts paid to reinsurers applicable to
the unexpired terms of policies in force. The Company's
insurance subsidiaries also assume reinsurance from other
companies. Income on reinsurance assumed is recognized based
on reports received from ceding reinsurers.
Deferred Policy Acquisition Costs Policy acquisition costs
(principally commissions, premium taxes and other underwriting
expenses) related to the production of new business are
deferred. The deferral of acquisition costs is limited based
upon their recoverability without any consideration for
anticipated investment income. Deferred policy acquisition
costs are charged against income ratably over the terms of the
related policies.
Unpaid Losses and Loss Adjustment Expenses The net liabilities
stated for unpaid claims and for expenses of investigation and
adjustment of unpaid claims are based upon (a) the accumulation
of case estimates for losses reported prior to the close of the
accounting period on the direct business
F-7
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
written; (b) estimates received from ceding reinsurers and
insurance pools and associations; (c) estimates of unreported
losses based on past experience and (d) estimates based on
experience of expenses for investigating and adjusting claims.
These liabilities are subject to the impact of changes in claim
amounts and frequency and other factors. In spite of the
variability inherent in such estimates, management believes that
the liabilities for unpaid losses and loss adjustment expenses
are adequate. Changes in estimates of the liabilities for losses
and loss adjustment expenses are reflected in the Statement of
Earnings in the period in which determined.
Premium Recognition Premiums are earned over the terms of the
policies on a pro rata basis. Unearned premiums represent that
portion of premiums written which is applicable to the unexpired
terms of policies in force. On reinsurance assumed from other
insurance companies or written through various underwriting
organizations, unearned premiums are based on reports received
from such companies and organizations.
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
the Statement of Earnings in the period determined. Policyholder
dividends do not become legal liabilities unless and until
declared by the boards of directors of the insurance companies.
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.
Fair Value of Financial Instruments Methods and assumptions
used in estimating fair values are described in Note P. These
fair values represent point-in-time estimates of value that might
not be particularly relevant in predicting the Company's future
earnings or cash flows.
Statement of Cash Flows For cash flow purposes, "investing
activities" are defined as making and collecting loans and
acquiring and disposing of debt or equity instruments and
property and equipment. "Financing activities" include obtaining
resources from owners and providing them with a return on their
investments, borrowing money and repaying amounts borrowed. All
other activities are considered "operating". Short-term
investments having original maturities of three months or less
when purchased are considered to be cash equivalents for purposes
of the financial statements.
B. Mergers
In April 1995, the Company became a wholly-owned subsidiary of
American Premier Group, Inc., a new corporation formed by the
Company for the purpose of acquiring all of the common stock of
the Company and American Financial Corporation (the "Mergers").
In June 1995, American Premier Group changed its name to American
Financial Group, Inc. ("AFG"). Under terms of the Mergers, (a)
the Company merged with a subsidiary of AFG and each share
F-8
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
of Company Common Stock then outstanding was converted into one
share of AFG Common Stock, and (b) American Financial Corporation
("AFC") merged with another subsidiary of AFG and all shares of
AFC common stock were exchanged for 28.3 million shares of AFG
Common Stock. As a result of the Mergers, all of the common
stock of the Company and AFC is owned by AFG and AFG is the
Company's successor as the issuer of publicly held common stock.
In connection with the Mergers, AFG reviewed the classification
of all securities held by its subsidiaries. As a result, all
securities held by the Parent Company and 44% of those held by
the Company's insurance subsidiaries at the date of the Mergers
were classified as "available for sale." These classifications
reflect transfers from "held to maturity" of $273 million for the
Parent Company and $274 million for the Insurance companies. The
cost of securities transferred approximated market value.
C. 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 approximately $13 million, net of expenses and post-closing
adjustments. A provision of $4.0 million for the anticipated
loss on this sale was recorded in 1994.
In 1994, the Company sold its 53.5% interest in operations which
provided 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.
In 1993, the Company sold its investment in Tejas Gas Corporation
("Tejas") in an underwritten public offering for net proceeds of
$106.6 million. The Company's pretax gain from the sale was
approximately $80.0 million.
In 1993, the Company sold its limited partnership interest in
Buckeye Partners, L.P. ("Buckeye Units") in an underwritten
public offering for net proceeds of $71.6 million. The Company's
pretax gain from the sale was approximately $18.5 million.
Sale of General Cable Corporation Securities As part of the
1992 spin-off of General Cable Corporation, the Company retained
a $255 million 9.98% subordinated note due 2007 issued by General
Cable (the "General Cable Note") and approximately 11.6% 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% subordinated notes ("Interest Notes")
in lieu of cash.
In February 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 Cable 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.
F-9
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
In June 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. The Company recorded a loss of approximately $75.8
million in 1994 on the disposition, and the Company did not
accrue any interest income on the General Cable Notes during
1994. 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. Immediately prior to the sale of General
Cable, AFC, which at that time 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.
Discontinued Operations In 1993, the Company sold its defense
services operations to an unaffiliated company and recognized a
loss of approximately $13.5 million from the sale. Revenues,
pretax income and net income of discontinued operations for 1993
amounted to $275 million, $4.8 million and $2.8 million,
respectively.
D. Investments Bonds, redeemable preferred stocks and other
stocks at
December 31, consisted of the following (in millions):
<TABLE>
<CAPTION>
1995
Held to Maturity
Amortized Market Gross Unrealized
Cost Value Gains Losses
<S> <C> <C> <C> <C>
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ - $ - $ - $ -
States, municipalities and
political subdivisions 8.4 9.0 .6 -
Foreign securities 13.7 14.1 .4 -
Public utilities 18.8 19.1 .3 -
Mortgage-backed securities 80.8 82.9 2.1 -
All other corporate 210.1 216.5 6.6 .2
Redeemable preferred stocks 1.0 1.1 .1 -
$ 332.8 $ 342.7 $10.1 $ .2
1995
Available for Sale
Amortized Market Gross Unrealized
Cost Value Gains Losses
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ 83.0 $ 86.5 $ 3.6 $ .1
States, municipalities and
political subdivisions 2.3 2.6 .3 -
Foreign securities 77.4 79.0 1.8 .2
Public utilities 224.9 233.7 9.7 .9
Mortgage-backed securities 96.9 100.4 3.6 .1
All other corporate 978.8 1,029.5 55.4 4.7
Redeemable preferred stocks 5.2 5.2 .1 .1
$1,468.5 $1,536.9 $74.5 $ 6.1
Other stocks $ 4.2 $ 3.7 $ - $ .5
1994
Held to Maturity
Amortized Market Gross Unrealized
Cost Value Gains Losses
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $ 50.5 $ 49.9 $ - $ .6
States, municipalities and
political subdivisions 8.0 8.5 .5 -
Foreign securities 8.6 7.7 - .9
Public utilities 230.5 215.1 .3 15.7
Mortgage-backed securities 81.3 77.4 .2 4.1
All other corporate 1,138.7 1,080.4 2.8 61.1
Redeemable preferred stocks 2.9 2.9 - -
$1,520.5 $1,441.9 $ 3.8 $82.4
1994
Available for Sale
Amortized Market Gross Unrealized
Cost Value Gains Losses
Bonds and redeemable
preferred stocks:
United States Government
and government agencies
and authorities $409.7 $ 402.2 $ .2 $ 7.7
States, municipalities and
political subdivisions 2.8 2.8 - -
Foreign securities 52.6 51.0 - 1.6
Public utilities 16.8 15.7 - 1.1
Mortgage-backed securities 57.9 54.9 .1 3.1
All other corporate 303.2 289.1 1.5 15.6
Redeemable preferred stocks 3.8 3.7 .1 .2
$846.8 $ 819.4 $ 1.9 $29.3
Other stocks $ 6.4 $ 5.2 $ - $ 1.2
</TABLE>
F-10
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
The table below sets forth the scheduled maturities of bonds and
redeemable preferred stocks based on carrying value as of
December 31, 1995. Data based on market value is generally the
same. Mortgage-backed securities had an average life of
approximately 4 years at December 31, 1995.
Held to Available
Maturity Maturity for Sale
One year or less 9% 3%
After one year through five years 28 26
After five years through ten years 34 51
After ten years 5 13
76 93
Mortgage-backed securities 24 7
100% 100%
Realized gains (losses) and changes in unrealized appreciation
(depreciation) on fixed maturity and equity security investments
are summarized as follows (in millions):
Fixed Equity Tax
Maturities Securities Effects Total
1995
Realized $ 23.8 $ - $ (9.1) $ 14.7
Change in Unrealized 184.3 .7 (27.2) 157.8
1994
Realized .1 - - .1
Change in Unrealized (192.9) (1.1) 30.4 (163.6)
1993
Realized 14.7 108.6 (57.5) 65.8
Change in Unrealized 42.3 (.2) (14.7) 27.4
Transactions in fixed maturity investments included in the
Statement of Cash Flows for 1995 consisted of the following (in millions):
1995
Held to Available
Maturity for Sale Total
Purchases $196.0 $318.9 $514.9
Maturities and redemptions 232.9 39.4 272.3
Sales - 851.0 851.0
Gross Gains 4.8 25.2 30.0
Gross Losses (1.9) (4.3) (6.2)
1994
Held to Available
Maturity for Sale Total
Purchases $337.5 $508.8 $846.3
Maturities and redemptions 144.0 15.8 159.8
Sales 5.9 65.0 70.9
Gross Gains .2 3.2 3.4
Gross Losses (.1) (3.2) (3.3)
Securities classified as "held to maturity" having an amortized
cost of $5.8 million were sold for a gain of $.1 million in 1994,
due to significant deterioration in the issuers'
creditworthiness.
Gross gains of $15.6 million and gross losses of $.9 million were
realized on sales of fixed maturity investments in 1993.
F-11
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Major categories of net investment income were as follows (in
millions):
1995 1994 1993
Fixed maturities $164.2 $171.1 $138.8
Loans to affiliates 44.0 - -
Equities .2 .1 4.3
Other - .4 28.6
Total investment income 208.4 171.6 171.7
Investment expenses (3.0) (3.3) (3.6)
Net investment income $205.4 $168.3 $168.1
The Company's investment in investee corporation reflects the
Company's 6% ownership (3.2 million shares) of the common stock
of Chiquita Brands International, Inc. ("Chiquita") which is
accounted for under the equity method. AFG and its other
subsidiaries own an additional 38% of the common stock of
Chiquita. Chiquita is a leading international marketer,
processor and producer of quality food products. The market
value of the Company's investment in Chiquita was approximately
$44.5 million at December 31, 1995.
E. Amounts Due from Affiliates
Subsequent to the Mergers, the Company entered into a credit
agreement under which loans are available to AFC of up to $675
million (the "AFC Credit Agreement"). The credit line bears
interest at 11-5/8% and converts to a four-year term loan in
March 2005 with scheduled principal payments to begin in April
2005. At December 31, 1995, amounts outstanding under the AFC
Credit Agreement totalled $623.2 million, plus $16.3 million of
accrued interest.
Also subsequent to the Mergers, the Company entered into a credit
agreement with AFG under which the Company and AFG will make
loans of up to $125 million available to each other (the "AFG
Credit Agreement"). The balance outstanding under the credit
line bears interest at a variable rate of one percent over LIBOR
and is payable on December 31, 2010. At December 31, 1995,
amounts payable to AFG under the AFG Credit Agreement totalled
$84.0 million, plus $1.1 million of accrued interest.
F. Cost in Excess of Net Assets Acquired At December 31, 1995 and
1994, accumulated amortization of the excess of cost over net assets
of purchased subsidiaries amounted to approximately $63 million and
$53 million, respectively. Amortization expense was $11.8 million in
1995, $11.4 million in 1994 and $10.5 million in 1993.
G. Long-Term Debt
Long-term debt consisted of the following at December 31, (in
millions):
1995 1994
Parent Company:
Subordinated notes, 10 7/8%, due 2011 $ 50.5 $150.0
Subordinated notes, 10 5/8%, due 2000 113.0 150.0
Subordinated notes, 9 3/4%, due 1999 157.1 200.0
320.6 500.0
Subsidiaries:
Other 9.1 9.8
Total $329.7 $509.8
F-12
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
In December 1995, Pennsylvania Company ("Pennco"), a wholly-owned
subsidiary of the Company, entered into a new collateralized five-
year reducing revolving credit agreement with several banks,
under which it can borrow up to $75 million. Borrowings bear
interest at floating rates based on prime or LIBOR and are
collateralized by certain stock of an operating subsidiary. At
December 31, 1995, the Company had no outstanding borrowings
under the agreement.
In May 1995, rating agencies downgraded the Company's
subordinated notes (the "Notes"). As a result of the Mergers and
the subsequent ratings downgrade, the holders of the Notes had
the right to require the Company to purchase all or any portion
of the Notes on August 10, 1995 at par plus accrued interest (the
"Put Right"). The Put Right was exercised for approximately $40
million of the 9-3/4% Notes and approximately $4 million of the
other two issues.
In addition, during 1995, the Company repurchased $2.9 million of
its 9-3/4% subordinated notes, $34.8 million of its 10-5/8%
subordinated notes and $98.3 million of its 10-7/8% subordinated
notes for approximately $142.7 million which resulted in an
extraordinary loss of $5.1 million. During the first two months
of 1996, the Company repurchased an additional $19.0 million of
its 9-3/4% subordinated notes, $7.5 million of its 10-5/8%
subordinated notes and $2.2 million of its 10-7/8% subordinated
notes.
In March 1994, the Company redeemed all $16.2 million principal
amount of its 9 1/2% subordinated debentures due August 2002 at
the redemption price of 100% of principal.
At December 31, 1995, scheduled principal payments on debt for
the subsequent five years were as follows 1996--$.8 million, 1997-
- -$.8 million, 1998--$.9 million, 1999--$157.5 million and 2000--
$114.5 million.
At December 31, 1995, the Company had outstanding letter of
credit facilities totaling $38.6 million which, if drawn, will
bear interest at rates which approximate the prime rates offered
by various banks.
Cash interest payments of $48.7 million, $52.7 million and $62.7
million were made on debt in 1995, 1994 and 1993, respectively.
H. Benefit Plans
The Company provides retirement benefits, primarily through
contributory and noncontributory defined contribution plans, for
the majority of its regular full-time employees. Company
contributions under the defined contribution plans approximate,
on average, 4% 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 1995, 1994 and 1993 totaled $5.6 million,
$5.8 million and $5.5 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.
Under the Company's Stock Option Plan, options to purchase shares
of Common Stock were granted to certain officers and other key
employees, and to non-employee directors of the Company. Under
the now terminated Career Share
F-13
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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) which were
convertible, at the holder's option, into a specified number of
shares of Common Stock. The Company's Employee Stock Purchase
Plan ("ESPP") provided eligible employees with the opportunity to
purchase from the Company, through regular payroll deductions,
shares of the Company's Common Stock at 85% of its fair market value
on the purchase date. In connection with the Mergers described in Note
B, each outstanding Career Share was converted into a share of
AFG convertible preferred stock and each stock option outstanding
under the Company's Stock Option Plan was converted into an
option to purchase AFG common stock. In addition, AFG succeeded
the Company under all provisions of the Stock Option Plan, the
Career Share Plan and the ESPP.
I. Capital Stock The Company is authorized to issue 200,000,000
shares of Common Stock. At December 31, 1995, there were
47,000,000 shares of Common Stock outstanding, all of which were
owned by AFG. A progression of the Company's shareholder's
equity is as follows (dollars in millions):
<TABLE>
<CAPTION>
Unrealized
Common Stock Gains(Losses)
Common and Capital Retained on Marketable
Shares Surplus Earnings Securities
<S> <C> <C> <C> <C>
Balance, December 31, 1992 46,382,170 $785.3 $707.0 $ 10.5
Net earnings - - 232.0 -
Dividends declared on Common Stock - - (40.0) -
Exercise of stock options and
conversion of Career Shares 1,072,397 22.9 - -
Purchases of Company Common Stock (45,522) (1.3) - -
Issuance of Common Stock under ESPP 37,049 1.1 - -
Adjustment of estimated net pre-
reorganization liabilities - (14.0) - -
Adjustment to the distribution of
equity to shareholders from
spin-off of General Cable - - 13.3 -
Change in net unrealized gains
(losses) on investments - - - 5.9
Other, net - (.4) - -
Balance, December 31, 1993 47,446,094 $793.6 $912.3 $ 16.4
Net earnings - - .3 -
Dividends declared on Common Stock - - (42.9) -
Exercise of stock options and
conversion of Career Shares 892,968 18.4 - -
Purchases of Company Common Stock (2,099,600) (52.5) - -
Issuance of Common Stock under
ESPP and employee stock bonus 42,695 1.1 - -
Adjustment of estimated net pre-
reorganization liabilities - (52.0) - -
Adjustment to the distribution of
equity to shareholders from
spin-off of General Cable - - (2.2) -
Change in net unrealized gains
(losses) on investments - - - (43.7)
Other, net - (.1) - -
Balance, December 31, 1994 46,282,157 $708.5 $867.5 $(27.3)
Net earnings - - 62.0 -
Dividends declared on Common Stock - - (10.8) -
Purchases of Company Common Stock (3,259,697) (82.8) - -
Exercise of stock options 16,582 .3 - -
Issuance of Common Stock under ESPP 4,239 .1 - -
Change in net unrealized gains
(losses) on investments - - - 71.3
Conversion of shares to shares of
American Financial Group, Inc. (43,043,281) - - -
Post-Mergers shares outstanding 47,000,000 - - -
Dividends to American
Financial Group, Inc. - - (36.9) -
Balance, December 31, 1995 47,000,000 $626.1 $881.8 $ 44.0
</TABLE>
F-14
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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 based on information which became available to it
in 1994. The accrual includes the estimated costs to the Company
related to remediation of environmental conditions allegedly
caused or contributed to by PCTC and 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. The foregoing estimates were based on information
available to the Company at that time and are subject to future
change as additional information becomes available. Offsetting
the increase in these accruals was a $13.8 million credit resulting
from a judgment 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 had been 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 spin-off of General
Cable, 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 was accounted for as an adjustment to
the distribution of equity to shareholders resulting from the
spin-off of General Cable.
J. Income Taxes The Company files a consolidated income tax return
which includes all 80%-owned U.S. subsidiaries and the AFG parent
company.
For income tax purposes, the Company had the following
carryforwards available at December 31, 1995 (in millions):
Expiring Amount
Operating loss 1996 $476
Capital loss 1997-1999 311
Other - tax credits 23
The total income tax (provision) credit consists of (in
millions):
1995 1994 1993
Current
Federal $ (.5) $(2.8) $(4.4)
Foreign .6 (1.3) (.1)
State & Local - - (.8)
Deferred
Federal (46.0) (36.3) 59.4
Foreign - - -
State & Local - - (1.5)
($45.9) ($40.4) $52.6
F-15
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
The following is a reconciliation of income taxes at the
statutory rate of 35% and income taxes as shown in the Statement
of Earnings (in millions):
1995 1994 1993
Earnings before income taxes
and extraordinary items $113.0 $ 41.2 $190.1
Extraordinary items before income taxes (7.8) - -
Adjusted earnings before income taxes $105.2 $ 41.2 $190.1
Income taxes at statutory rate ($ 36.8) ($ 14.4) ($ 66.5)
Effect of:
Amortization of goodwill (4.0) (4.0) (3.8)
Revision to valuation allowance - - 132.0
Loss disallowance - (21.4) (6.9)
Other, net (2.4) (.6) (2.2)
Total provision (43.2) (40.4) 52.6
Amounts applicable to extraordinary items (2.7) - -
Provision for income taxes as shown
on the Statement of Earnings ($ 45.9) ($ 40.4) $ 52.6
Earnings before income taxes consisted of the following (in
millions):
1995 1994 1993
Subject to tax in:
United States $114.8 $ 38.9 $190.1
Foreign jurisdictions (1.8) 2.3 -
$113.0 $ 41.2 $190.1
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, "Accounting for
Income Taxes", 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-16
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
The significant components of the deferred tax asset included in
the Balance Sheet at December 31, were as follows (in millions):
1995 1994
Deferred tax assets:
Net operating loss carryforward $166.5 $176.7
Capital loss carryforwards 108.7 115.5
Insurance claims and reserves 102.9 120.1
Other, net 91.3 101.3
469.4 513.6
Valuation allowance for deferred
tax assets (214.0) (213.5)
255.4 300.1
Deferred tax liabilities:
Deferred acquisition costs (31.2) (32.4)
Investment securities (23.8) -
(55.0) (32.4)
Net deferred tax asset $200.4 $267.7
Cash payments for income taxes, net of refunds, were $1.9
million, $3.7 million and $1.0 million for 1995, 1994 and 1993,
respectively. Substantially all of such payments were for
alternative minimum taxes.
K. Contingencies
In management's opinion, the outcome of the items discussed below
will not, individually or in the aggregate, have a material
adverse effect on the Company's financial condition or results of
operations.
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.
USX Litigation Lawsuits have been 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 amounts that USX paid in satisfaction of
a judgment against B&LE for its participation in an unlawful
antitrust conspiracy among certain railroads. The lawsuits argue
that USX's liability for that payment was attributable to PCTC's
alleged activities in furtherance of the conspiracy. The Company
and its outside counsel believe that the Company has substantial
defenses to these lawsuits and should not suffer a material loss
as a result of this litigation.
Environmental Matters The Company's liability for
environmental claims ($64.3 million at December 31, 1995,
before claims for recovery of $9.5 million) consists of a
number of proceedings and claims seeking to impose
responsibility for hazardous waste remediation costs at
certain railroad
F-17
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
sites formerly owned by PCTC and at certain other sites where
hazardous waste was allegedly generated by PCTC's railroad
operations. It is difficult to estimate remediation costs for
a number of reasons, including the number and financial
resources of other potentially responsible parties, the range
of costs for remediation alternatives, changing technology and
the time period over which these matters develop. The
Company's liability is based on information currently
available and is subject to future change as additional
information becomes available.
Personal Injury Matters The Company's liability for
occupational injury and disease claims ($80.6 million at
December 31, 1995, before claims for recovery of $62.1
million) includes pending and expected claims by former
employees of PCTC of injury or disease allegedly caused by
exposure to excessive noise, asbestos or other substances in
the railroad workplace. Recorded amounts are based on the
accumulation of estimates of reported and unreported claims
and related expenses and estimates of probable recoveries from
insurance carriers.
Other Matters
In connection with the Company's sale of its General Cable
Corporation securities, the Company assumed responsibility for
certain actual and potential environmental and other liabilities
in consideration of an indemnity payment of $19.2 million.
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
facilities and transportation equipment.
L. Insurance Operations
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 Parent Company without prior regulatory approval.
Without such approval, the maximum amount of dividends which can
be paid to the Parent Company during 1996 by these subsidiaries
is $80.4 million. At December 31, 1995 and 1994, statutory
capital and surplus totaled $629.6 million and $643.6 million,
respectively.
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
F-18
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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 (in
millions):
1995 1994 1993
Reinsurance ceded:
Premiums written
Non-affiliates $ 15.5 $20.4 $ 9.3
Premiums earned
Non-affiliates 13.6 18.7 8.9
Incurred losses and LAE:
Affiliates .6 (1.8) (2.5)
Non-affiliates 20.4 15.9 3.8
Reinsurance assumed:
Premiums written:
Affiliates 134.3 167.6 101.2
Non-affiliates 22.9 36.4 74.4
Premiums earned:
Affiliates 128.8 139.4 78.2
Non-affiliates 28.8 50.1 60.1
December 31,
1995 1994
Reinsurance ceded:
Reserves for unpaid loss and LAE:
Affiliates $ 7.2 $10.2
Non-affiliates 52.2 40.7
The allowance for uncollectible reinsurance was $1.5 million at
December 31, 1995 and 1994.
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 (in millions).
1995 1994 1993
Balance at beginning of year, net of
reinsurance $1,080 $ 916 $ 764
Provision for losses and LAE occurring
in the current year 1,247 1,170 915
Net decrease in provision for claims
occurring in prior years (49) (79) (58)
1,198 1,091 857
Payments for losses and LAE occurring during:
Current year 662 554 413
Prior years 480 386 346
1,142 940 759
Loss and LAE reserves of subsidiaries
purchased - 13 54
Balance at end of year, net of
reinsurance 1,136 1,080 916
Reinsurance receivable on unpaid losses
and LAE at end of year 59 51 45
Balance at end of period, gross of
reinsurance receivable $1,195 $1,131 $ 961
F-19
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
The decreases in the provision for claims occurring in prior
years resulted from reductions in the estimated ultimate losses
and LAE related to such claims.
Other Statutory net income for 1995, 1994 and 1993 was $61.0
million, $79.6 million and $93.0 million, respectively. Deferred
policy acquisition costs amortized to income were $298.2 million,
$292.3 million and $243.8 million for 1995, 1994 and 1993,
respectively. Net written premiums for 1995, 1994 and 1993 were
$1,492 million, $1,636 million and $1,379 million, respectively.
At December 31, 1995 and 1994, reserves for uncollectible
premiums receivable were $6.6 million and $5.9 million,
respectively.
During 1995, 1994 and 1993, 41%, 89% and 95%, respectively, of
net premiums written in the workers' compensation insurance
operations were for policies eligible for policyholder dividend
consideration.
M. Statement of Cash Flows
In February 1994, General Cable delivered to the Company $41.7
million in promissory notes as a partial payment of the General
Cable Notes. 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.
N. Transactions With Affiliates
Various business has been transacted between the Company and
certain affiliate companies including rentals, investment
management services, insurance and sales of assets. Unless
otherwise disclosed, none of these transactions had a material
effect on the net earnings or equity of the Company. Aggregate
charges for these services within the Company and its
subsidiaries have been insignificant in relation to consolidated
revenues.
During 1995, the Company purchased 3.2 million shares of Chiquita
from AFC for $43.7 million. Also during 1995, the Company sold
(i) certain properties to a subsidiary of AFC for aggregate
proceeds of $15.9 million; (ii) a small reinsurance subsidiary to
AFC for $13.7 million; and (iii) shares of an affiliate to AFC
for $553,000. The Company recognized a loss of $2.1 million on
the sales.
During 1990, the Company acquired the nonstandard automobile
insurance business (the "NSA Group") from AFC. The purchase
price was subject to adjustment in 1995, based on 1991-1994
pretax 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 that
it was highly probable that the maximum adjustment would be
payable by the Company, paid $40.0 million, plus $12.8 million of
interest, to a subsidiary of AFC, in full settlement in order to
cut off the accrual of interest at the relatively high rate
prescribed by the acquisition agreement. Also, as part
F-20
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
of the agreement for the purchase of the NSA Group, AFC, through
a subsidiary, provided stop-loss protection to the Company which,
in effect, guaranteed 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. By mutual agreement, effective December 31, 1995, the
parties cancelled this arrangement and settled all amounts due.
In 1988, the Company's workers' compensation insurance operations
("Republic Indemnity") entered into a reinsurance contract with
Great American Insurance Company ("GAI") to cover the aggregate
losses on workers' compensation coverage for the accident years
1980-1987, inclusive. The contract provides for coverage by GAI
of net aggregate paid losses of Republic Indemnity in excess of a
certain threshold, up to a maximum of $35.1 million. Cumulative
paid losses at December 31, 1995 pertaining to claims during this
period exceeded the threshold amount by approximately $1 million.
In addition, GAI has agreed to reimburse Republic Indemnity for
its loss adjustment expenses pertaining to this period up to a
maximum of $4.9 million.
O. Quarterly Operating Results (Unaudited)
Summarized quarterly financial data for 1995 and 1994 are set
forth below (in millions).
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Total
1995:
Revenues $432.8 $437.2 $433.3 $432.2 $1,735.5
Net earnings from
continuing operations 16.3 13.6 18.2 19.0 67.1
Net earnings 16.3 9.5 17.6 18.6 62.0
1994:
Revenues 357.3 467.9 475.8 457.9 $1,758.9
Net earnings (loss) from
continuing operations (55.9) 16.6 25.2 14.9 .8
Net earnings (loss) (55.9) 15.2 26.1 14.9 .3
The first quarter 1994 results include a pretax loss of $76
million on the sale of General Cable securities. Realized gains
(losses) on sales of securities amounted to (in millions):
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Total
1995 $(.2) $1.6 $7.1 $15.3 $23.8
1994 .6 1.3 (1.0) (.8) .1
P. Additional Information
Total rental expense recorded under various operating leases
related to certain administrative facilities and transportation
equipment was $13.3 million in 1995, $12.9 million in 1994, and
$13.3 million 1993.
F-21
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Future minimum rentals required under noncancelable lease
agreements at December 31, 1995, related principally to certain
administrative facilities and transportation equipment, were as
follows: 1996--$12.3 million, 1997--$11.5 million, 1998--$9.3
million, 1999--$7.6 million, 2000--$5.8 million and $10.6 million
thereafter.
Other operating and general expenses included charges for
possible losses on agents' balances, reinsurance recoverables and
other receivables in the following amounts: 1995 - $0, 1994 - $1
million and 1993 - $6 million. The aggregate allowance for such
losses amounted to approximately $14 million at December 31, 1995
and 1994.
Fair Value of Financial Instrument The following table presents
(in millions) the carrying value and estimated fair value of the
Company's financial instruments at December 31.
1995 1994
Carrying Fair Carrying Fair
Value Value Value Value
Assets:
Bonds and redeemable
preferred stocks $1,870 $1,880 $2,340 $2,261
Other stocks 4 4 5 5
Liabilities:
Long-term debt:
Parent company $ 321 $ 344 $ 500 $ 519
Other subsidiaries 9 9 10 10
When available, fair values are based on prices quoted in the
most active market for each security. If quoted prices are
not available, fair value is estimated based on present
values, discounted cash flows, fair value of comparable
securities, or similar methods.
Q. Subsequent Event (Unaudited)
In March 1996, the Company sold the stock of a subsidiary,
Buckeye Management Company ("Buckeye"), to an investment group
consisting of members of Buckeye's management team and employees
for approximately $63 million in cash. Buckeye holds, directly
and indirectly, a 2% general partnership interest in Buckeye
Partners, L.P. which, through its subsidiary entities, is an
independent pipeline common carrier of refined petroleum
products. The Company's pretax gain of approximately $53 million
from the sale will be reported in 1996. The Chairman of the
Board and Chief Executive Officer of Buckeye was also a director
of the Company, until resigning in March 1996.
F-22
<PAGE>
PART IV
ITEM 14
Exhibits, Financial Statement Schedules and Reports on Form
8-K
(a) Documents filed as part of this Report:
1. Financial Statements are included in Part II, Item 8.
2. Financial Statement Schedules:
A. Selected Quarterly Financial Data is included in
Note O to the Consolidated Financial Statements.
B. Schedules filed herewith for 1995, 1994 and 1993:
Page
III - Condensed Financial Information of Registrant S-2
All other schedules for which provisions are made in the
applicable regulation of the Securities and Exchange
Commission have been omitted as they are not
applicable, not required, or the information required
thereby is set forth in the Financial Statements or
the notes thereto.
3. Exhibits - see Exhibit Index on page E-1.
(b) Reports on Form 8-K:
Date of Report Item Reported
December 13, 1995 Court of Appeals Ruling - USX
Litigation
S-1
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
SCHEDULE III - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(In Millions)
Condensed Statement of Earnings
<TABLE>
<CAPTION>
Year Ended December 31,
1995 1994 1993
<S> <C> <C> <C>
Income:
Equity in earnings of subsidiaries $161.5 $184.6 $279.6
Net investment income 3.9 11.1 33.0
Losses on sales of subsidiaries - (4.0) (21.5)
Loss on sale of General Cable Corporation
securities - (75.8) -
Realized gains (losses) on sales of
securities (.9) .2 9.2
Other income 23.7 14.3 9.8
188.2 130.4 310.1
Costs and Expenses:
Interest and debt expense 44.9 52.8 62.6
Provision for asset impairment - - 16.4
Other operating and general expenses 29.7 37.7 41.9
74.6 90.5 120.9
Earnings before income taxes 113.6 39.9 189.2
Income tax (expense) benefit (46.5) (39.1) 53.5
Net earnings from continuing operations 67.1 .8 242.7
Discontinued Operations:
Equity in earnings of subsidiaries - - 2.8
Loss from disposal of businesses - (.5) (13.5)
Extraordinary loss, net of tax benefit (5.1) - -
Net Earnings $ 62.0 $ .3 $232.0
Condensed Balance Sheet
December 31,
1995 1994
Assets
Cash and short-term investments $ 37.4 $ 99.9
Receivables from subsidiaries 325.8 403.1
Investments in subsidiaries 1,948.5 1,735.6
Other investments 24.7 173.0
Deferred tax asset 200.4 267.7
Other assets 109.3 123.1
$2,646.1 $ 2,802.4
Liabilities and Capital
Accounts payable, accrued expenses and other
liabilities $ 254.5 $ 308.4
Payables to subsidiaries 434.0 445.3
Long-term debt 320.6 500.0
Payable to American Financial Group, Inc. 85.1 -
Other capital 1,551.9 1,548.7
$2,646.1 $2,802.4
</TABLE>
S-2
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
SCHEDULE III - CONDENSED FINANCIAL INFORMATION OF REGISTRANT -
CONTINUED
(In Millions)
Condensed Statement of Cash Flows
<TABLE>
<CAPTION>
Year Ended December 31,
Operating Activities: 1995 1994 1993
<S> <C> <C> <C>
Net earnings from continuing operations $ 67.1 $ .8 $ 242.7
Adjustments:
Equity in earnings of subsidiaries (161.5) (184.6) (279.6)
Deferred Federal income tax 46.0 36.3 (57.9)
Net (gain) loss on disposal of businesses,
investments, and PP&E (16.8) 77.9 28.7
Cash received from subsidiaries 87.7 114.1 127.4
Litigation settlement - - 15.6
Other, net (9.0) 9.4 (34.6)
13.5 53.9 42.3
Investing Activities:
Purchases of other investments (1.1) (128.8) (11.4)
Sales of other investments 158.2 36.3 102.4
Sale of General Cable Corporation
Securities - 176.7 -
Other, net 11.0 11.5 5.7
168.1 95.7 96.7
Financing Activities:
Purchases of Company Common Stock (87.6) (47.7) (1.9)
Repayment of debt (186.1) (16.3) (133.7)
Common Stock dividends (57.3) (40.6) (38.2)
Advances from American Financial
Group, Inc. 86.7 - -
Other, net .2 18.1 23.4
(244.1) (86.5) (150.4)
Net increase (decrease) in cash and short-term
investments from continuing operations (62.5) 63.1 (11.4)
Net increase in cash and short-term
investments from discontinued operations - - 8.3
Net increase (decrease) in cash and short-term
Investments (62.5) 63.1 (3.1)
Cash and short-term investments at beginning
of period 99.9 36.8 39.9
Cash and short-term investments at end
of period $ 37.4 $ 99.9 $ 36.8
Cash dividends received from equity method
accounting investees $ - $ - $ 1.9
</TABLE>
S-3
<PAGE>
Signatures
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, American Premier Underwriters, Inc. has duly
caused this Report to be signed on its behalf by the undersigned, duly
authorized.
American Premier Underwriters, Inc.
Signed: March 27, 1996 BY:s/CARL H. LINDNER
Carl H. Lindner
Chairman of the Board and
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated:
Signature Capacity Date
s/CARL H. LINDNER Chairman of the Board March 27, 1996
Carl H. Lindner of Directors
s/THEODORE H. EMMERICH Director* March 27, 1996
Theodore H. Emmerich
s/JAMES E. EVANS Director March 27, 1996
James E. Evans
s/THOMAS M. HUNT Director March
27, 1996
Thomas M. Hunt
s/S. CRAIG LINDNER Director March 27, 1996
S. Craig Lindner
s/KEITH E. LINDNER Director March 27, 1996
Keith E. Lindner
s/CARL H. LINDNER III Director March 27, 1996
Carl H. Lindner III
s/WILLIAM R. MARTIN Director* March 27, 1996
William R. Martin
s/FRED J. RUNK Senior Vice President and March 27, 1996
Fred J. Runk Treasurer (Principal
Financial and Accounting
Officer)
* Member of the Audit Committee
<PAGE>
INDEX TO EXHIBITS
AMERICAN PREMIER UNDERWRITERS, INC.
Number Exhibit Description
<TABLE>
<CAPTION>
<S> <C> <C>
2 Agreement and Plan of Acquisition (*)
and Reorganization, filed as Exhibit 2
to the Registration Statement on
Form S-4 No. 33-56813 (effective
February 17, 1995) of American Premier
Group, Inc. (now American Financial
Group, Inc.)
3 (a) Amended and Restated Articles of (*)
Incorporation, as amended effective
March 25, 1994, filed as Exhibit 3(i)
to the Company's Form 10-K for 1993.
3 (b) By-Laws, as amended February 15, 1995, (*)
filed as Exhibit 3(ii) to the Company's
Form 10-K for 1994.
4 (a) Order No. 3708 of the United States (*)
District 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,
filed as Exhibit 4 to Form 8-K Current
Report of Penn Central Transportation
Company for August 1978.
4 (b) Instruments defining the Registrant has no outstanding
rights of security holders. debt issues exceeding 10% of
the assets of Registrant and
consolidated subsidiaries. Upon
request, the Company hereby agrees
to furnish supplementally
to the Securities and Exchange
Commission a copy of each
instrument with respect to long-
term debt which does not exceed
10% of total assets.
10 (a) Management Agreement effective as of (*)
January 1, 1991, by and between
Dixie Insurance Company (now Infinity
Insurance Company) and Stonewall
Insurance Company, filed as Exhibit
(10)(iii)(o)(iii) to the Company's
Form 10-K for 1990.
10 (b) Assumption and Bulk Reinsurance Agreement, (*)
effective December 31, 1994, between
Stonewall Insurance Company and
Infinity Insurance Company, filed as
Exhibit (10)(iii)(h)(iv) to the Company's
Form 10-K for 1994.
</TABLE>
E-1
<PAGE>
10 (c) Premium Payment Agreement, effective as of (*)
January 1, 1991, by and between Great
American Insurance Company and the Company
filed as Exhibit (10)(iii)(q) to the Company's
Company's Form 10-K for 1990.
10 (d) Excess of Loss Agreement, effective (*)
March 31, 1988, between Republic Indemnity
Company of America and Great American
Insurance Company, filed as Exhibit (g)(l)
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").
10 (e) First Amendment to Excess of Loss (*)
Agreement, effective March 31, 1988, between
Republic Indemnity Company of America and
Great American Insurance Company, filed as
Exhibit (g)(2) to the Schedule 13E-3 Amendment.
10 (f) Business Assumption Agreement, effective (*)
as of December 31, 1990, between Stonewall
Insurance Company and Dixie Insurance
Company (now Infinity Insurance Company),
filed as Exhibit (10)(iii)(o)(i) to the
Company's Form 10-K for 1990.
10 (g) Quota Share Agreements, effective (*)
December 31, 1990, between Stonewall
Insurance Company and Dixie Insurance
Company (now Infinity Insurance Company),
filed as Exhibit (10)(iii)(o)(ii) to
the Company's Form 10-K for 1990.
10 (h) Letter dated April 9, 1987 from the (*)
Company to Neil M. Hahl, an executive
officer of the Company, with respect to
severance arrangements, as supplemented
by a letter dated June 26, 1987 to
Neil M. Hahl, incorporated by reference
to Exhibit (10)(iii)(a) to the Company's
Form 10-Q Quarterly Report for the Quarter
Ended June 30, 1987.
10 (i) Stock Purchase Agreement Relating to the _____
Acquisition of Buckeye Management Company
by BMC Acquisition Company dated
January 5, 1996.
12 Computation of ratio of earnings _____
to fixed charges.
16 Letter on change in certifying accountant (*)
filed as Exhibit 16 to the Company's
Form 8-K Current Report for August 29, 1995.
E-2
<PAGE>
21 Subsidiaries of the Registrant. _____
27 Financial data schedule (**)
28 Information from reports furnished to _____
state insurance regulatory authorities.
(*) Incorporated herein by reference
(**) Copy included in Report filed electronically with the Securities
and Exchange Commission.
E-3
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC. AND CONSOLIDATED SUBSIDIARIES
EXHIBIT 12 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
<TABLE>
<CAPTION>
Year Ended December 31,
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Pretax income excluding
discontinued operations $113.0 $ 41.2 $190.1 $ 84.1 $ 79.4
Less undistributed equity in
(earnings) losses of affiliates 2.7 - - - -
Fixed charges:
Interest expense 44.9 53.2 62.8 69.6 65.3
One-third of rentals 4.4 4.3 4.4 4.4 3.7
EARNINGS $165.0 $ 98.7 $257.3 $158.1 $148.4
Fixed charges:
Interest expense $ 44.9 $ 53.2 $ 62.8 $ 69.6 $ 65.3
One-third of rentals 4.4 4.3 4.4 4.4 3.7
FIXED CHARGES $ 49.3 $ 57.5 $ 67.2 $ 74.0 $ 69.0
Ratio of Earnings to Fixed Charges 3.35 1.72 3.83 2.14 2.15
Earnings in Excess of Fixed
Charges $115.7 $ 41.2 $190.1 $ 84.1 $ 79.4
</TABLE>
E-4
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
EXHIBIT 21 - SUBSIDIARIES OF THE REGISTRANT
The following is a list of subsidiaries of American Premier
Underwriters, Inc. (the "Company") included in the Company's
continuing operations at December 31, 1995. All corporations are
subsidiaries of the Company and, if indented, subsidiaries of the
company under which they are listed.
Jurisdiction Percentage of
of Common Equity
Incorporation Ownership
Pennsylvania Company Delaware 100%
Atlanta Casualty Company (1) Illinois 100
American Premier Insurance Company Indiana 100
Atlanta Specialty Insurance Company Iowa 100
Mr. Agency of Georgia, Inc. Georgia 100
Atlanta Casualty General Agency, Inc. Texas 100
Atlanta Insurance Brokers, Inc. Georgia 100
Treaty House, Ltd. (d/b/a Mr. Budget) Nevada 100
Penn Central U.K. Limited United Kingdom 100
Insurance (GB) Limited United Kingdom 100
Buckeye Management Company Delaware 100
Buckeye Pipe Line Company Delaware 100
Great Southwest Corporation Delaware 100
World Houston, Inc. Delaware 100
Hangar Acquisition Corporation Ohio 100
Infinity Insurance Company Florida 100
Infinity Agency of Texas, Inc. Texas 100
The Infinity Group, Inc. Indiana 100
Infinity Select Insurance Company Indiana 100
Infinity Southern Insurance Corporation Alabama 100
Leader National Insurance Company Ohio 100
Budget Insurance Premiums, Inc. Ohio 100
Leader National Agency, Inc. Ohio 100
Leader National Agency of Texas, Inc. Texas 100
Leader National Insurance Agency of Arizona
Arizona 100
Leader Preferred Insurance Company Ohio 100
Leader Specialty Insurance Company Indiana 100
PCC Technical Industries, Inc. California 100
ESC, Inc. California 100
Marathon Manufacturing Companies, Inc. Delaware 100
Marathon Manufacturing Company Delaware 100
PCC Maryland Realty Corp. Maryland 100
Penn Camarillo Realty Corp. California 100
Republic Indemnity Company of America California 100
Republic Indemnity Company of California California 100
Timberglen Limited United Kingdom 100
Risico Management Corporation Delaware 100
Windsor Insurance Company (1) Indiana 100
American Deposit Insurance Company Oklahoma 100
Granite Finance Co., Inc. Texas 100
Coventry Insurance Company Ohio 100
El Aguila Compania de Seguros, S.A. de C.V. Mexico 100
E-5
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
EXHIBIT 21 - SUBSIDIARIES OF THE REGISTRANT - CONTINUED
Jurisdiction Percentage of
of Common Equity
Incorporation Ownership
Moore Group Inc. Georgia 100%
Casualty Underwriters, Inc. Georgia 51
Dudley L. Moore Insurance, Inc. Louisiana 100
Hallmark General Insurance Agency, Inc. Oklahoma 100
Middle Tennessee Underwriters, Inc. Tennessee 100
Insurance Finance Company Tennessee 100
Windsor Group, Inc. Georgia 100
Regal Insurance Company Indiana 100
Texas Windsor Group, Inc. Texas 100
PCC Real Estate, Inc. New York 100
PCC Chicago Realty Corp. New York 100
PCC Gun Hill Realty Corp. New York 100
PCC Michigan Realty, Inc. Michigan 100
PCC Scarsdale Realty Corp. New York 100
Scarsdale Depot Associates, L.P. Delaware 80
Penn Central Energy Management Company Delaware 100
______________
(1) 90.05% owned by Pennsylvania Company and 9.95% owned by
Republic Indemnity Company of America.
The names of certain subsidiaries are omitted, as such subsidiaries
in the aggregate would not constitute a significant subsidiary.
E-6
<PAGE>
AMERICAN PREMIER UNDERWRITERS, INC.
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 American Premier
Underwriters, Inc.'s consolidated property and casualty
subsidiaries. The following is a summary of Schedule P
reserves (in millions):
Schedule P - Part 1 Summary - col. 33 $ 903
- col. 34 213
Statutory Loss and Loss Adjustment Expense Reserves $1,116
B. UNCONSOLIDATED SUBSIDIARIES None
C. 50% OR LESS OWNED PROPERTY AND CASUALTY INVESTEES None
E-7
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
This schedule contains summary financial information extracted from American
Premier Underwriters, Inc. 10-K for December 31, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<DEBT-HELD-FOR-SALE> 1,536,900
<DEBT-CARRYING-VALUE> 332,800
<DEBT-MARKET-VALUE> 342,700
<EQUITIES> 44,700<F1>
<MORTGAGE> 0
<REAL-ESTATE> 8,900
<TOTAL-INVEST> 1,974,600<F2>
<CASH> 116,400
<RECOVER-REINSURE> 6,300
<DEFERRED-ACQUISITION> 89,600
<TOTAL-ASSETS> 3,955,200
<POLICY-LOSSES> 1,194,900
<UNEARNED-PREMIUMS> 437,000
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 52,500
<NOTES-PAYABLE> 329,700
<COMMON> 47,000
0
0
<OTHER-SE> 1,504,900
<TOTAL-LIABILITY-AND-EQUITY> 3,955,200
1,495,400
<INVESTMENT-INCOME> 205,400
<INVESTMENT-GAINS> 23,800
<OTHER-INCOME> 10,900<F3>
<BENEFITS> 1,198,400
<UNDERWRITING-AMORTIZATION> 0
<UNDERWRITING-OTHER> 331,100
<INCOME-PRETAX> 113,000<F4>
<INCOME-TAX> (45,900)
<INCOME-CONTINUING> 67,100
<DISCONTINUED> 0
<EXTRAORDINARY> (5,100)
<CHANGES> 0
<NET-INCOME> 62,000
<EPS-PRIMARY> 0<F5>
<EPS-DILUTED> 0<F5>
<RESERVE-OPEN> 1,131,000
<PROVISION-CURRENT> 1,247,000
<PROVISION-PRIOR> (49,000)
<PAYMENTS-CURRENT> 662,000
<PAYMENTS-PRIOR> 480,000
<RESERVE-CLOSE> 1,195,000<F6>
<CUMULATIVE-DEFICIENCY> 50,000<F7>
<FN>
<F1>Includes an investment in investee of $41.0 million.
<F2>Includes loans receivable of $39.8 million and other investments of
$11.5 million.
<F3>Includes equity in net losses of investee of $2.2 million, losses on
sales of subsidiaries of $.3 million and other income of $13.4 million.
<F4>Includes policyholder dividends of ($5.0) million, interest charges on
borrowed money of $44.9 million and other operating and general expenses
of $53.1 million.
<F5>Not applicable since all common shares are owned by American Financial
Group, Inc.
<F6>Gross of reinsurance receivable of $59 million.
<F7>Cumulative redundancy in restated reserve at December 31, 1994, as
re-estimated at December 31, 1995.
</FN>
</TABLE>
SHARE PURCHASE AGREEMENT
Relating to the Acquisition of
BUCKEYE MANAGEMENT COMPANY
by
BMC ACQUISITION COMPANY
Dated: January 5, 1996
TABLE OF CONTENTS
Page
ARTICLE 1 SALE AND PURCHASE OF SHARES 1
1.1 Sale and Purchase of the Shares 1
1.2 The Purchase Price 1
ARTICLE 2 THE CLOSING 2
2.1 Closing Date 2
2.2 Deliveries 2
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE
SHAREHOLDER 2
3.1 Organization and Standing 2
3.2 Capitalization and Share Ownership 3
3.3 Authority and Binding Effect 3
3.4 Validity of Contemplated Transactions 3
3.5 Subsidiaries 4
3.6 Taxes 4
3.7 No Material Undisclosed Facts 5
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE BUYER 5
4.1 Organization and Standing 5
4.2 Authority and Binding Effect 5
4.3 Validity of Contemplated Transactions 5
4.4 Purchase for Investment 6
4.5 Available Financing 6
4.6 Financial Projections 6
4.7 Investigation and Evaluation 6
4.8 Securities Law Matters 7
ARTICLE 5 CERTAIN COVENANTS 8
5.1 Conduct of Business Pending Closing 8
5.2 Approvals 9
5.3 Confidential Information. 9
5.4 Public Announcements 10
5.5 Tax Matters 10
5.6 Audit Adjustments. 12
5.7 Certain Employee Benefit Arrangements 13
5.8 Insurance Arrangements 14
5.9 NJ Environmental Liabilities 16
5.10 Prudential Financing and Special Committee
Approval 17
5.11 No Solicitation of Transactions 17
ARTICLE 6 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE
BUYER 18
6.1 Representations and Warranties 18
6.2 Performance by the Shareholder 18
6.3 Certificates 18
6.4 Intentionally Omitted 18
6.5 Litigation Affecting Closing 18
6.6 Regulatory Compliance and Approvals 18
6.7 Consents 19
6.8 Financing 19
6.9 Special Committee 19
ARTICLE 7 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE
SHAREHOLDER 19
7.1 Buyer Representations True at Closing 19
7.2 Performance by the Buyer 19
7.3 Officer's Certificate 19
7.4 Demand Notes 20
7.5 Incumbency Certificate 20
7.6 Opinion of Counsel 20
7.7 Litigation Affecting Closing 20
7.8 Regulatory Compliance and Approval 20
7.9 Special Committee 20
ARTICLE 8 MISCELLANEOUS 20
8.1 No Survival of Representation and Warranties 20
8.2 Payment of Expenses 21
8.3 Termination 21
8.4 Brokers' and Finders' Fees 21
8.5 Assignment and Binding Effect 22
8.6 Waiver 22
8.7 Notices 22
8.8 Pennsylvania Law to Govern 23
8.9 Remedies Not Exclusive 23
8.10 No Benefit to Others 23
8.11 Contents of Agreement 23
8.12 Section Headings and Gender 24
8.13 Cooperation 24
8.14 Severability 24
8.15 Counterparts 24
Annex I Certain Defined Terms
Schedule 4.1 List of Common Stock Subscribers
<PAGE>
SHARE PURCHASE AGREEMENT
This SHARE PURCHASE AGREEMENT is dated as of January 5,
1996. The parties are PENNSYLVANIA COMPANY, a Delaware
corporation (the "Shareholder"), being the owner of all of the
issued and outstanding shares of capital stock of BUCKEYE
MANAGEMENT COMPANY, a Delaware corporation (the "Company"), and
BMC ACQUISITION COMPANY, a Delaware corporation (the "Buyer").
PREAMBLE
The Shareholder owns 1,000 shares of Common Stock, par
value $1.00 per share (the "Common Stock"), of the Company which
constitutes all of the issued and outstanding shares of capital
stock of the Company (the "Shares"). The Buyer desires to
purchase from the Shareholder, and the Shareholder desires to
sell to the Buyer, all of the Shares in exchange for the Purchase
Price in accordance with the terms and conditions set forth in
this Agreement. The parties hereto have determined to make an
election under Section 338(h)(10) of the Internal Revenue Code of
1986, as amended and in effect on the date hereof (the "Code"),
to have the purchase and sale of the Shares hereunder treated for
Federal income tax purposes as a purchase of assets by the Buyer
from the Shareholder.
For convenience and brevity, certain terms used in
various parts of this Agreement are listed in alphabetical order
and defined or referred to on Annex I hereto (such terms to be
equally applicable to both singular and plural forms of the terms
defined).
NOW, THEREFORE, in consideration of the respective
covenants, representations and warranties herein contained, and
intending to be legally bound hereby, the parties hereto agree as
follows:
ARTICLE 1
SALE AND PURCHASE OF SHARES
1.1 Sale and Purchase of the Shares. On the Closing
Date and subject to the terms and conditions hereinafter set
forth and on the basis of and in reliance upon the
representations, warranties, obligations and agreements set forth
herein, the Shareholder shall sell to the Buyer and the Buyer
shall purchase from the Shareholder all of the Shares in exchange
for the payment to the Shareholder of the Purchase Price.
1.2 The Purchase Price. On the Closing Date and
subject to the terms and conditions hereinafter set forth and on
the basis of and in reliance upon the representations,
warranties, obligations and agreements set forth herein, the
Buyer shall pay to the Shareholder $63,000,000 (the "Purchase
Price"), payable by wire transfer of immediately available funds
to such account as the Shareholder shall designate.
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ARTICLE 2
THE CLOSING
2.1 Closing Date. The Closing (the "Closing") of the
sale and purchase of the Shares shall take place at the offices
of Morgan, Lewis & Bockius LLP, 2000 One Logan Square,
Philadelphia, Pennsylvania at 10:00 A.M. local time, on the later
of (i) March 8, 1996, (ii) the fifth business day following the
satisfaction or waiver of all of the conditions set forth in
Articles 6 and 7 hereof, or (iii) at such other time or place or
on such other date as the Buyer and the Shareholder may agree to
in writing. The date of the Closing is hereinafter sometimes
referred to as the "Closing Date." The Closing shall be deemed
to have occurred as of the close of business on the Closing Date.
2.2 Deliveries. At the Closing, subject to the
provisions of this Agreement, the Shareholder shall deliver to
the Buyer, free and clear of all Liens, the certificates for the
Shares to be sold by such Shareholder, duly endorsed in blank, or
with separate stock transfer powers attached thereto and signed
in blank, and the Buyer shall deliver to the Shareholder the
Purchase Price by wire transfer of immediately available funds.
At the Closing, the Shareholder shall also deliver to the Buyer,
and the Buyer shall deliver to the Shareholder, the certificates,
opinions and other instruments and documents referred to in
Articles 6 and 7. The Buyer and the Shareholder shall deliver
executed copies of IRS Form 8023 making the joint election under
Section 338(h)(10) of the Code, and in the case of the Buyer the
election under Section 338(g) of the Code to allow the election
under Section 338(h)(10) of the Code to be made. The parties
shall cooperate with each other to reach agreement upon a
schedule of the allocation of the Purchase Price to be attached
to the IRS Form 8023 by each of the Buyer and the Shareholder.
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER
The Shareholder hereby represents and warrants to the
Buyer that:
3.1 Organization and Standing. The Company is a
corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware, having full corporate
power and authority to carry on its business as it is now being
conducted and to own, lease and operate its assets. The Company
is duly qualified to do business and is in good standing in every
jurisdiction in which its business or the character of its assets
requires such qualification and in which the failure to be so
qualified would have a Company Material Adverse Effect.
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3.2 Capitalization and Share Ownership. The Company's
authorized capital stock consists of 1,000 shares of Common
Stock, par value $1.00 per share, of which 1,000 shares are
presently outstanding (previously defined as the "Shares"), which
Shares are owned by the Shareholder free and clear of any Liens.
All of the Shares have been duly authorized and validly issued,
are fully paid and nonassessable, were not issued in violation of
the terms of any Contract binding upon the Company, and were
issued in compliance with all applicable charter documents of the
Company. No equity securities of the Company, other than the
Shares, are issued or outstanding. There are, and have been, no
preemptive rights with respect to the issuance of the Shares.
There are no existing Contracts, subscriptions, options,
warrants, calls, commitments or rights of any character to
purchase or otherwise acquire any capital stock or other
securities of the Company, whether or not presently issued or
outstanding, from the Shareholder or the Company, at any time, or
upon the happening of any stated event.
3.3 Authority and Binding Effect. The Shareholder has
the full corporate power, authority and legal right to execute,
deliver and perform this Agreement. The execution, delivery and
performance of this Agreement by the Shareholder has been duly
authorized by all necessary corporate and shareholder action.
This Agreement has been, and the other agreements, documents and
instruments required to be delivered by the Shareholder in
accordance with the provisions hereof (the "Shareholder
Documents") will be, duly executed and delivered on behalf of the
Shareholder by duly authorized officers of the Shareholder, and
this Agreement constitutes, and the Shareholder Documents will
constitute, the legal, valid and binding obligations of the
Shareholder, enforceable against the Shareholder in accordance
with their respective terms, except as may be limited by
bankruptcy or insolvency laws and other similar laws or equitable
principles affecting rights of creditors generally.
3.4 Validity of Contemplated Transactions. Neither
the execution and delivery of this Agreement by the Shareholder
nor the consummation of the transactions contemplated hereby will
contravene or violate the charter documents or by-laws of the
Shareholder or the Company or any Regulation or Court Order which
is applicable to the Company or the Shareholder, or will result
in a Default under, or require the consent or approval of any
party to, any material Contract relating to its business or its
assets or to or by which the Company or the Shareholder is a
party or otherwise bound or affected, or, to the Shareholder's
knowledge based upon oral opinions of counsel, require the
Company or the Shareholder to notify or obtain any License from
any federal, state, local or other court or governmental agency
or body or from any other regulatory authority, except for public
utility commission or environmental approvals required to be
obtained by the Company.
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3.5 Subsidiaries. Except for interests in Buckeye
Pipe Line Company, a Delaware corporation (the "Management
Subsidiary"), and the Master Partnership, and the interests of
the Management Subsidiary in each of the Operating Partnerships,
neither the Company nor the Management Subsidiary has any
subsidiaries or stock or other equity or ownership interest
(whether controlling or not) in any corporation, association,
partnership, limited liability company, joint venture or other
entity. The Company owns of record and beneficially (i) all of
the issued and outstanding capital stock of the Management
Subsidiary free and clear of any Liens, and (ii) a 1% general
partnership interest in the Master Partnership in accordance with
the Master Partnership Agreement. The Company is the general
partner of the Master Partnership. The Management Subsidiary
owns of record and beneficially a 1% general partnership interest
in each of the Operating Partnerships in accordance with the
Operating Partnership Agreements related thereto and a .99%
limited partnership interest in Buckeye Pipe Line Company of
Michigan, L.P. pursuant to its Operating Partnership Agreement.
The Management Subsidiary is the sole general partner of the
Operating Partnerships. There are: (a) no existing Contracts,
subscriptions, options, warrants, calls, commitments or rights of
any character to purchase or otherwise acquire from the Company
or the Management Subsidiary at any time, or upon the happening
of any stated event, any capital shares or other securities of
the Company, the Management Subsidiary, the Master Partnership,
or the Operating Partnerships, whether or not presently issued or
outstanding; (b) no outstanding securities of the Management
Subsidiary that are convertible into or exchangeable for capital
shares or other securities of the Management Subsidiary; and (c)
no Contracts, subscriptions, options, warrants, calls,
commitments or rights to purchase or otherwise acquire from the
Company or the Management Subsidiary any such convertible or
exchangeable securities.
3.6 Taxes. All United States Federal income tax
returns and all other material tax returns which are required to
be filed with respect to the Company and the Management
Subsidiary have been filed (except in instances in which there is
an effective extension of the time in which to file a tax return)
and all taxes due with respect thereto or pursuant to any
assessment with respect to the Company or the Management
Subsidiary have been paid, except for assessments the validity of
which is being contested in good faith by appropriate
proceedings.
3.7 No Material Undisclosed Facts. The Shareholder
has not omitted to disclose to the Buyer any material fact with
respect to the Company or the Management Subsidiary, actually
known by the Shareholder which is not known to the Company or the
Management Subsidiary.
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE BUYER
The Buyer hereby represents and warrants to the Company
and the Shareholder as follows:
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4.1 Organization and Standing. The Buyer is a
corporation duly organized, validly existing and in good standing
under the laws of Delaware, having all requisite corporate power
and authority to perform its obligations under this Agreement.
As of the date hereof, the Buyer has received legally binding
subscriptions from the persons listed on Schedule 4.1 to
contribute not less than $5 million to the Company on or before
the Closing Date in return for common stock of the Buyer. (In
the case of Alfred W. Martinelli, his subscription is subject to
financing to be provided by the Shareholder or its affiliates in
the event that the Closing Date occurs prior to March 13, 1996.)
The Buyer has no assets or liabilities except for its rights and
obligations under this Agreement, the subscriptions and
Prudential Commitment Letter.
4.2 Authority and Binding Effect. The Buyer has the
corporate power and authority to execute, deliver and perform
this Agreement and the other agreements, documents and
instruments required to be delivered by the Buyer in accordance
with the provisions hereof (the "Buyer Documents"), and has taken
all actions necessary to secure all approvals required in
connection therewith. The execution, delivery and performance of
this Agreement and the Buyer Documents by the Buyer has been duly
authorized by all necessary corporate and shareholder action.
This Agreement has been, and the Buyer Documents will be, duly
executed and delivered on behalf of the Buyer by duly authorized
officers of the Buyer, and this Agreement constitutes, and the
Buyer Documents will constitute, the legal, valid and binding
obligation of the Buyer, enforceable against it in accordance
with their respective terms, except as may be limited by
bankruptcy or insolvency and other similar laws or equitable
principles affecting rights of creditors generally.
4.3 Validity of Contemplated Transactions. Neither
the execution and delivery of this Agreement by the Buyer nor the
consummation of the transactions contemplated hereby by the Buyer
will contravene or violate any Regulation or Court Order which is
applicable to the Buyer, or the charter documents or By-Laws of
the Buyer, or will result in a Default under any Contract to
which the Buyer is a party or by which it is otherwise bound, or
require the Buyer to notify or obtain any License from any
federal, state, local or other court or governmental agency or
body or from any other regulatory authority.
4.4 Purchase for Investment. The Buyer is acquiring
the Shares solely for its own account for investment and not with
a view to or for the sale or distribution thereof. The Buyer
acknowledges that the Shares are not registered under the
Securities Act of 1933, as amended, and that such Shares may not
be transferred or sold except pursuant to the registration
provisions of the Securities Act or pursuant to an applicable
exemption therefrom.
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<PAGE>
4.5 Available Financing. The Buyer has delivered to
the Shareholder a commitment letter (the "Prudential Commitment
Letter") from Prudential Capital Group to lend the Buyer up to
$63,000,000 to purchase the Shares. The Buyer has no reason to
believe that Prudential Capital Group and the Buyer will not be
able to reach agreement on the form and substance of a definitive
agreement reflecting the terms of the Prudential Commitment
Letter or that all conditions precedent to the obligations of
Prudential Capital Group contained therein or in the Prudential
Commitment Letter will not be satisfied.
4.6 Financial Projections. The Buyer has provided to
the Shareholder financial projections for the Buyer, the Company,
and the Management Subsidiary, supported by a cost reduction
proposal, which reflects the financial impact of the Company's
results of operations, reimbursements from the Master Partnership
and Operating Partnerships, sources of expense savings, repayment
of the financing described in the Prudential Commitment Letter,
and the payment by the Buyer, the Company and the Management
Subsidiary of their obligations as they become due (the
"Financial Information"). The Buyer represents that (i) such
Financial Information was prepared in good faith, (ii) the Buyer
reasonably believes the assumptions upon which the projections
contained in the Financial Information are based are reasonable
and (iii) the Buyer currently intends to operate the Company and
the Management Subsidiary in a manner consistent in all material
respects with the assumptions contained in the Financial
Information.
4.7 Investigation and Evaluation. The Buyer
acknowledges that (a) the Buyer is experienced in the operation
of the type of business conducted by the Company, the Management
Subsidiary, the Master Partnership and the Operating
Partnerships, (b) the Buyer and its directors, officers,
attorneys, accountants and advisors have been given the
opportunity to examine to the full extent deemed necessary by the
Buyer all books, records and other information with respect to
the Company, the Management Subsidiary, the Master Partnership
and the Operating Partnerships, (c) the Buyer has taken full
responsibility for determining the scope of its investigations of
the Company, the Management Subsidiary, the Master Partnership
and the Operating Partnerships, and for the manner in which such
investigations have been conducted, and has examined the Company,
the Management Subsidiary, the Master Partnership and the
Operating Partnerships to the Buyer's full satisfaction, (d) the
Buyer is fully capable of evaluating the adequacy and accuracy of
the information and material obtained by the Buyer in the course
of such investigations, (e) the Buyer has not relied on the
Shareholder with respect to any matter in connection with the
Buyer's evaluation of the Company, the Management Subsidiary, the
Master Partnership and the Operating Partnerships, other than the
representations and warranties specifically set forth in Article
3, and (f) the Shareholder is making no representations or
warranties, express or implied, of any nature whatever with
respect to the Company, the
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<PAGE>
Management Subsidiary, the Master Partnership and the Operating
Partnerships, other than the representations and warranties of
the Shareholder specifically set forth in Article 3. The Buyer
acknowledges that (a) the Buyer has taken full responsibility for
evaluating the adequacy, completeness and accuracy of various
forecasts, projections, opinions and similar material heretofore
furnished by the Shareholder, its affiliates or their
representatives to the Buyer in connection with the Buyer's
investigations of the Company, the Management Subsidiary, the
Master Partnership, and the Operating Partnerships and their
respective businesses, assets and liabilities; (b) there are
uncertainties inherent in attempting to make projections and
forecasts and render opinions, the Buyer is familiar with such
uncertainties, and the Buyer is not relying on any projections,
forecasts or opinions furnished to it by the Shareholder, or any
affiliate thereof or any of their representatives; and (c)
neither the Shareholder nor any affiliate of the Shareholder
makes any representations or warranties concerning any such
forecasts or projections.
4.8 Securities Law Matters. To the knowledge of the
Buyer, neither this Agreement, nor any other agreement, document,
certificate or written statement furnished to the Buyer by or on
behalf of the Shareholder in connection with the transactions
contemplated hereby contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make
the statements contained herein or therein not misleading. The
Buyer, for itself, its employees, shareholders and affiliates,
irrevocably acknowledges and confirms that the Shareholder has
complied in all respects with its obligations to the Buyer, if
any, under Rule 10b-5 under the Securities Exchange Act of 1934,
as amended, and under all other federal and state securities laws
in connection with the transactions contemplated hereby.
ARTICLE 5
CERTAIN COVENANTS
5.1 Conduct of Business Pending Closing. Until the
Closing Date, except as may be approved by the Buyer in writing
or as otherwise provided in this Agreement, the Shareholder shall
use its reasonable efforts (subject to the fiduciary duty of the
Company and the Management Subsidiary to the Master Partnership
and the Operating Partnerships) to cause the Company and the
Management Subsidiary to:
(A) operate the business of the Company, the
Management Subsidiary, the Master Partnership and the Operating
Partnerships solely in the ordinary course and in substantially
the same manner as such business has been operated in the past;
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<PAGE>
(B) not issue, repurchase or redeem or commit to
issue, repurchase or redeem, or permit the Master Partnership to
issue, repurchase or redeem, any shares of capital stock or
partnership units, any options or other rights to acquire such
stock or units or any securities convertible into or exchangeable
for such stock or units except pursuant to the Buckeye Partners,
L.P. Unit Option and Distribution Equivalent Plan;
(C) not declare or pay any dividend on, or make any
other distribution with respect to, the Shares;
(D) not declare, pay or make any other distribution
with respect to, the partnership units of the Master Partnership,
except for periodic distributions by the Master Partnership with
respect to such units in amounts and at times which are
consistent with past practice;
(E) not (1) incur a material amount of long or
short-term debt for money borrowed, (2) guarantee or agree to
guarantee the obligations of others, (3) indemnify or agree to
indemnify others, or (4) incur any other material Liabilities, in
each case other than those incurred in the ordinary course of
business consistent with past practice;
(F) use its reasonable efforts to retain the employees
of the Management Subsidiary and maintain the respective
businesses of the Company and the Management Subsidiary so that
employees will remain available to the Management Subsidiary on
and after the Closing Date and to maintain existing relationships
with suppliers, customers and others having business dealings
with the Company or the Management Subsidiary;
(G) not amend its Certificate of Incorporation or
By-Laws or the Master Partnership Agreement or the Operating
Partnership Agreements;
(H) not merge with or into any other corporation or,
except in the ordinary course of business, sell, assign,
transfer, pledge or encumber any part of the assets of the
Company or the Management Subsidiary or agree to do any of the
foregoing;
(I) except in the ordinary course of business, not
enter into any Contract on their own behalf, rather than as agent
for or a partner of the Master Partnership or any of the
Operating Partnerships, that is material, or permit any amendment
or termination of any such material Contract to which the Company
or the Management Subsidiary is a party;
(J) except in the ordinary course of business, not
waive any rights of material value that would otherwise accrue to
the Company after the Closing Date;
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<PAGE>
(K) except in the ordinary course of business (or as
disclosed in the Disclosure Letter), not increase the salaries or
benefits of, or make any bonus or similar payments to or
establish or modify any Employee Benefit Plans for, any of the
Company's directors, officers or employees or enter into or
modify any employment, consulting or similar Contracts with any
such persons or agree to do any of the foregoing;
(L) use its reasonable efforts to obtain any consents
or approvals required under any material Contracts that are
necessary to complete the Acquisition or to avoid a Default under
any such Contracts; and
(M) not make any capital expenditures on its own
behalf, rather than as agent for or a partner of the Master
Partnership or any of the Operating Partnerships, in excess of
$1,000,000.
5.2 Approvals. The Buyer and the Shareholder shall
use their reasonable efforts to obtain promptly all Licenses from
all Regulatory Bodies and all consents required under the terms
of any Contracts which are required in connection with the
consummation of the Acquisition.
5.3 Confidential Information. Promptly, but in no
event later than 5 business days, following the later of (a) the
approval by the Special Committee of the matters described in
Section 7.9 and (b) the delivery by the Buyer to the Shareholder
of written confirmation from Prudential Capital Group that the
Finance Committee of the Board of Directors of The Prudential
Insurance Company of America has authorized Prudential Capital
Group to purchase a note or notes in accordance with the
Prudential Commitment Letter, the Shareholder shall cause Furman
Selz LLC to require all parties to any confidentiality agreement
between Furman Selz LLC on behalf of the Shareholder and any
other party with respect to a sale of the Company to return or
destroy all confidential information of the Company, the
Management Subsidiary, the Master Partnership and the Operating
Partnerships in accordance with the terms of such confidentiality
agreements. At the Closing, the Shareholder will, to the extent
legally assignable, assign all of its rights under such
confidentiality agreements to the Company.
5.4 Public Announcements. The Buyer and the
Shareholder shall not make any public announcement of the
transactions contemplated hereby without the prior written
consent of the other party. Nothing contained herein shall
prevent either party at any time from furnishing any information
to any governmental agency or pursuant to any Court Order or
which is required by any Regulation or any rule of the New York
Stock Exchange.
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5.5 Tax Matters.
(A) Section 338(h)(10) Election. The Shareholder and
the Buyer shall make a timely joint election under Section
338(h)(10) of the Code and pursuant to the applicable provisions
of the Temporary Treasury Regulations in order that the
transaction contemplated by this Agreement will be treated for
Federal income tax purposes as a purchase of assets by the Buyer
from the Company. Any liability for taxes resulting from the
election by the Buyer and the Shareholder under Section
338(h)(10) of the Code will be paid by the Shareholder.
(B) Taxes Prior to and After the Closing Date. The
Shareholder shall include the Company in the applicable
consolidated federal income tax return for the period prior to
and including the Closing Date. Taxes as a result of the joint
election under Section 338(h)(10) will be borne by the
Shareholder. Any adjustments in taxes of the Company for the
period to and including the Closing Date shall be borne by the
Shareholder. The liability for any taxes of the Company for the
periods beginning after the Closing Date shall be borne by the
Company and the Buyer. The Buyer shall make an election under
Section 338(g) of the Code to the extent necessary to allow the
Section 338(h)(10) election to be made. The Buyer will indemnify
and hold harmless the Shareholder and the Company against any and
all liability (including, without limitation, interest, additions
to tax and penalties) for or with respect to federal, state or
local income taxes of the Company claimed or assessed for all
taxable periods beginning after the Closing Date. The
Shareholder will indemnify and hold harmless the Buyer and the
Company against any and all liability (including, without
limitation, interest, additions to tax and penalties) for or with
respect to federal, state or local income taxes of the Company
claimed or assessed for all taxable periods including periods to
and including the Closing Date.
(C) Indemnification With Respect to Taxes. Without
limiting the indemnification obligations of any party contained
elsewhere herein: After the Closing, the Shareholder will
indemnify and hold harmless the Buyer and the Company against any
and all liability (including, without limitation, interest,
additions to tax and penalties) for or with respect to federal
income taxes (and state or local income taxes in states in which
tangible personal property or real property of the Company is
located) of the Company claimed or assessed for all taxable
periods ending on or prior to the Closing Date attributable to
gain realized by the Company as a result of the purchase and sale
of the Shares pursuant hereto and the making of the joint
election by the Shareholder and the Buyer under Section
338(h)(10) of the Code (and by the Buyer under Section 338(g) of
the Code but only to the extent it is required for the election
under Section 338(h)(10) of the Code)), net of any tax benefit
resulting from such payment. If the parties are unable to agree
with respect to the amount of any payment due under the preceding
sentence, the matter shall be submitted to an independent
accounting firm selected by both parties. The decision of such
independent accounting firm shall be binding upon both parties
and the expense of such independent accounting firm shall be
borne equally by the parties.
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(D) Prior Period Adjustments. The Shareholder shall
have the right to contest any adjustment that increases the
liability of the Company or the Shareholder for taxes which arose
during the period or periods ending on or prior to the Closing
Date (including federal income taxes (and state or local income
taxes in states which tangible personal property or real property
of the Company is located) attributable to gain realized by the
Company as a result of the purchase and sale of the Shares
pursuant hereto and the making of the joint election by the
Shareholder and Buyer under Section 338(h)(10) of the Code (and
by the Buyer under Section 338(g) of the Code but only to the
extent it is required for the election under Section 338(h)(10)
of the Code)). The Buyer agrees to cooperate or cause the
Company to cooperate in the negotiation, settlement or litigation
of any such adjustment. All decisions with respect to the
negotiation, settlement or litigation of any such adjustment
shall be made by the Shareholder and shall be binding upon the
Buyer. All expenses to contest such adjustment on behalf of the
Company shall be borne by the Shareholder. Any indemnity payable
by the Shareholder to the Buyer or the Company pursuant to this
Section 5.5(D) shall be payable within 10 days of the Buyer's
and/or the Company's request therefor, which request shall be no
sooner than within 20 days of the required remittance to the tax
authority. The parties agree that any payment made pursuant to
this Section 5.5(D) shall be deemed an adjustment to the Purchase
Price hereunder.
(E) Cooperation. After the Closing Date, the Buyer,
the Shareholder and the Company shall cooperate fully with each
other and shall make available to the other, as reasonably
requested, and to any taxing authority, all information, records
or documents relating to tax liabilities or potential tax
liabilities of the Company for all periods prior to or ending on
the Closing Date and shall preserve all such information, records
and documents until the expiration of any applicable statutes of
limitation or extensions thereof. The Buyer, the Shareholder and
the Company shall also make available to each other, as
reasonably requested, personnel responsible for preparing or
maintaining information, records and documents in connection with
tax matters.
(F) Audits. So long as taxable periods of the Company
ending on or before the Closing Date remain open, the Buyer and
the Shareholder shall promptly notify the other in writing within
10 days from receipt by the Buyer or the Shareholder of notice of
(i) any pending or threatened federal, state or local income tax
audits or assessments of the Company, and (ii) any pending or
threatened federal, state or local income tax audits or
assessments of the Buyer which may affect the tax liabilities of
the Company for taxable periods ending on or before the Closing
Date. The Shareholder shall have the right to represent the
interests of the Company in any tax audit or administrative or
court proceeding relating to fiscal periods ending on or before
the Closing and to employ counsel of its choice at its expense.
The Buyer agrees that it will, at the Shareholder's expense,
cooperate fully with the Shareholder and its counsel in the
defense against or compromise of any claim in any said
proceeding.
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5.6 Audit Adjustments.
(A) If, as a result of the examination of the
consolidated federal, state or local income tax return of the
Shareholder or the Company (or any predecessor) for a taxable
year ending on or before or including the Closing Date, there
shall be any adjustment which decreases deductions, losses or
credits against taxes ("Tax Benefits") or which increases income,
gains or recaptures of credits against taxes ("Tax Detriments")
for any such taxable year and which will permit the Buyer or the
Company (or any corporation in an affiliated group of which the
Buyer or the Company is a member) to increase the Tax Benefits or
decrease the Tax Detriments to which they would otherwise have
been entitled for any taxable year beginning on or after the
Closing Date, the Shareholder will notify the Buyer of such
adjustment and provide the Buyer with such information as may be
necessary for the Buyer to take account of such increases or
decreases through the filing of a claim for refund or otherwise.
The Buyer shall take such action as is necessary to secure the
benefit of such increases or decreases and shall pay the
Shareholder the amount of such benefit (together with interest,
if any, received), such amount to be paid when and as such
benefit is realized, less the amount, if any, of the Buyer's
reasonable expenses incurred in securing such benefit for the
Shareholder.
(B) If, as a result of the examination of the
consolidated or separate federal, state or local income tax
return of any group of corporations of which the Buyer or the
Company (or any successor) is a member for a taxable year
beginning on or after the Closing Date, there shall be any
adjustment which decreases Tax Benefits or increases Tax
Detriments for any such taxable year and which will permit the
Shareholder or any member of the Shareholder's consolidated group
to increase Tax Benefits or decrease Tax Detriments to which the
Shareholder would otherwise have been entitled for any taxable
year ending on or before and including the Closing Date, the
Buyer will notify the Shareholder of such adjustment and provide
the Shareholder with such information as may be necessary for the
Shareholder to take account of such increase or decrease through
the filing of a claim for refund or otherwise. The Shareholder
shall take such action as is necessary to secure the benefit of
such increases or decreases and shall pay to the Buyer the amount
of such benefit (together with interest, if any, received), such
amount to be paid when and as such benefit is realized, less the
amount, if any, of the Shareholder's reasonable expenses incurred
in securing such benefit for the Buyer.
5.7 Certain Employee Benefit Arrangements. From and
after the Closing:
(A) The Buckeye Pipe Line Company Retirement Income
Guarantee Plan. The Buckeye Pipe Line Company Retirement Income
Guarantee Plan (the "RIGP") is funded through a master defined
benefit trust (the "Master DB
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Trust"). After the Closing Date, Buckeye Pipe Line Company will
continue to be the "Plan Sponsor", as defined in ERISA, for such
RIGP (and will continue to be responsible for any contributions
required or due with respect to the RIGP). Within 45 days after
the Closing Date, the Buyer shall identify a successor trust to
hold the assets of the RIGP, and promptly after identification of
such successor trust, the trustee of the Master DB Trust shall
transfer the pro rata share of the assets of the Master DB Trust
allocable to the RIGP to the trustee of such successor trust.
(B) The Buckeye Pipe Line Company Retirement and
Savings Plan. After the Closing Date, Buckeye Pipe Line Company
will continue to be the "Plan Sponsor", as defined in ERISA, with
respect to the Buckeye Pipe Line Company Retirement and Savings
Plan (the "RASP") (and will continue to be responsible for any
contributions required or due with respect to the RASP). The
Buyer agrees to retain, through the end of 1996, the provision in
the RASP allowing participants in the RASP to transfer their
account balances from the RASP to the American Premier Retirement
and Savings Plan. A portion of the assets of the RASP are
invested in a trust which holds fixed income assets on behalf of
the RASP and other qualified retirement plans (the "Fixed Income
Trust"). Within 45 days after the Closing Date, the Buyer shall
identify a successor trust to hold the assets of the RASP
invested in the Fixed Income Trust and, promptly after
identification of such successor trust, the trustee of the Fixed
Income Trust shall transfer a pro rata share of the assets in the
Fixed Income Trust allocable to the RASP to the trustee of such
successor trust.
5.8 Insurance Arrangements. From and after the
Closing:
(a) The Company and the Management Subsidiary
shall cease to be covered with respect to any occurrence after
the Closing under the insurance policies and agreements obtained
and maintained by the Shareholder and its affiliates covering the
Company and the Management Subsidiary, (the "Policies"). All
such occurrences prior to the Closing which are insured under the
Policies shall continue to be so insured, and the Company and
Management Subsidiary shall be entitled to the benefits thereof,
subject to applicable Retention Levels. The Buyer shall cause
the Company and the Management Subsidiary to pay to the
Shareholder and its affiliates any retrospective premium
adjustments and premium audit adjustments payable to insurance
carriers and all retention payments in respect of insurance
covering the Company and the Management Subsidiary for periods
prior to the Closing Date. The Shareholder shall, or shall cause
its affiliates to, pay to the Company any rebate received with
respect to any premiums paid prior to the Closing Date in respect
of Policies covering the Company and the Management Subsidiary
for periods subsequent to the Closing Date as a result of the
removal of the Company and the Management Subsidiary from
coverage under such Policies.
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(b) Provided the Buyer is not in breach of its
obligations under subsection (c) hereof, the Shareholder shall
indemnify and hold the Company and the Management Subsidiary to
the extent they are named insured under the applicable Policy or
Policies harmless from and against any and all Insured Losses to
the extent such Insured Losses exceed the applicable Retention
Level of the Company or the Management Subsidiary but do not
exceed the Retention Level applicable to the Shareholder and its
affiliates with respect thereto. Neither the Shareholder nor its
affiliates shall have any liability to the Company or the
Management Subsidiary for any Insured Losses to the extent such
Insured Losses (a) are within the applicable Retention Level for
the particular company or (b) exceed the applicable Retention
Level for the Shareholder and its affiliates. In addition, the
Shareholder and its affiliates shall have no liability to the
Buyer, the Company or the Management Subsidiary for any Loss
which would not be covered by the insuring terms and conditions
of the applicable Policy, assuming a Retention Level for the
Shareholder and its affiliates of zero.
(c) The Company and the Management Subsidiary
shall be liable and responsible for all the Insured Losses that
are within the Retention Levels applicable to them. Accordingly,
provided the Shareholder and its affiliates are not in breach of
their obligations under section (b) hereof, the Buyer will cause
the Company and the Management Subsidiary to either, as the
Shareholder shall direct, (a) reimburse the Shareholder and its
affiliates for such payments as the Shareholder and its
affiliates may make in the normal course of their claims
management program to the applicable insurer or claims
administrator of Insured Losses that are within the Retention
Levels of the Company and the Management Subsidiary, such
reimbursement to be made promptly and in any event within 15 days
of presentation of the Shareholder's written invoices therefor or
(b) pay such Insured Losses directly to the applicable insurer or
claims administrator. The Buyer will, and will cause the Company
and the Management Subsidiary to, negotiate in good faith to
settle all claims under the Policies within the applicable
Retention Levels of the Company and the Management Subsidiary and
promptly notify and consult with the Shareholder regarding any
such claim that may exceed the applicable Retention Levels of the
Company and the Management Subsidiary. The Shareholder shall
have the right to control and direct the defense of any such
claim that is likely to exceed the Retention Levels of the
Company and the Management Subsidiary.
(d) The parties hereto shall give, and shall
cause the Company and the Management Subsidiary to give, to each
other prompt notice of the assertion by any person of any claim
against the Shareholder or any of its affiliates, or the Company
and the Management Subsidiary, as the case may be, which might be
subject to the insurance coverage or related obligations
described in this Section 5.8. The parties hereto shall
cooperate, and shall cause the Company and the Management
Subsidiary to cooperate, with the Shareholder and its affiliates,
or the Company and the Management Subsidiary, as the case may be,
and any applicable insurance carrier or claims administrator in
any investigation by the Shareholder and its affiliates, or
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by the Company and the Management Subsidiary, as the case may be,
or any applicable insurance carrier or claims administrator, of
any such claim, including without limitation any currently
pending claim which relates to a pre-Closing occurrence; and the
Buyer shall give, and shall cause the Company and the Management
Subsidiary to give, to the Shareholder and its affiliates, and
any applicable insurance carrier or claims administrator,
reasonable access to the books, records and personnel of the
Company and the Management Subsidiary to the extent reasonably
necessary to enable the Shareholder or any of its affiliates, and
any applicable insurance carrier or claims administrator, to
investigate such claim.
5.9 NJ Environmental Liabilities. From and after the
Closing, the Shareholder or an affiliate of the Shareholder (the
Shareholder and each of its affiliates, the "Shareholder Group")
shall continue to retain the liabilities described that certain
Administrative Consent Order, dated November 17, 1986, issued by
the New Jersey Department of Environmental Protection (such
liabilities, the "NJ Environmental Liabilities"). In connection
with the NJ Environmental Liabilities, the parties agree as
follows:
(a) The Buyer shall cooperate, and cause the
employees and officers of the Company and the Management
Subsidiary to cooperate, with the Shareholder Group in connection
with all matters related to the NJ Environmental Liabilities and
shall provide, at no charge, such administrative assistance with
respect thereto as the Shareholder may reasonably request (which
may include, without limitation, review of documents and
attendance at meetings and teleconferences regarding the NJ
Environmental Liabilities).
(b) The Buyer shall, and shall cause the
Company and the Management Subsidiary to, provide to the
Shareholder Group such services, labor and materials, to the
extent reasonably available, as the Shareholder may request in
connection with the NJ Environmental Liabilities. The
Shareholder shall reimburse the Buyer, the Company or the
Management Subsidiary, as appropriate, for such entity's direct,
out-of-pocket cost (i) of all hourly labor furnished by such
entity at the request of the Shareholder, (ii) of all services
provided by non-employees of the Buyer, the Company or the
Management Subsidiary at the request of the Shareholder, and
(iii) of all materials provided by such entity at the request of
the Shareholder. The Shareholder Group shall have the right to
use, without cost, the water filtration system/waste recovery
system and plant located at the Linden, New Jersey premises of
the Operating Partnerships (the "Waste Recovery System") in
connection with the activities of the Shareholder Group related
to the NJ Environmental Liabilities, subject to reimbursement by
the Shareholder Group of any costs incurred for activated carbon
attributed solely to the Shareholder Group's utilization of the
Waste Recovery System.
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(c) Without the prior consent of the Shareholder,
the Buyer shall not take any action which it knows is reasonably
likely to increase the amount of the NJ Environmental
Liabilities. In addition, the Buyer shall, and shall cause the
Company and the Management Subsidiary to, take all commercially
reasonable actions to mitigate the expense and liability of the
Shareholder Group with respect to the NJ Environmental
Liabilities.
(d) In connection with the NJ Environmental
Liabilities, the Shareholder Group agrees to use commercially
reasonable efforts to obtain a Declaration of Environmental
Restriction ("DER"). Buyer hereby consents to the issuance of a
DER, and agrees that it shall execute, and shall cause the
Company, the Management Subsidiary, the Master Partnership and
the Operating Partnership, to execute all commercially reasonable
documents necessary to obtain a DER.
(e) Upon request of the Shareholder the Buyer
will use reasonable efforts to support and facilitate any
reasonable proposal from the Shareholder Group that the Master
Partnership, in consideration for a payment by the Shareholder
Group, assume the remaining costs anticipated to be associated
with the NJ Environmental Liabilities.
(f) The Buyer acknowledges on its own behalf and
on behalf of The Company and the Management Subsidiary that there
are no unpaid charges for services, labor, materials or
facilities provided by the Company or the Management Subsidiary
in connection with the NJ Environmental Liabilities.
(g) The Buyer acknowledges that the Shareholder
Group will not be liable for any environmental liability or
expense related to, or arising out of the business of, the
Company, the Management Subsidiary, the Master Partnership, or
any of the Operating Partnerships, other than the NJ
Environmental Liabilities.
(h) The Buyer shall indemnify the Shareholder
Group against any failure by the Company, the Management
Subsidiary, the Master Partnership and the Operating Partnerships
to comply with the provisions of this Section 5.9.
5.10 Prudential Financing and Special Committee
Approval. The Buyer shall use its best efforts to diligently and
as promptly as practicable (i) obtain the approval of the Special
Committee of the matters described in Section 6.9 hereof and
provide such information in connection therewith as the Special
Committee may request; and (ii) negotiate, execute and deliver,
and consummate a definitive agreement with Prudential Capital
Group providing for the financing described in the Prudential
Commitment Letter. Upon the Shareholder's request from time to
time, the Buyer shall report to the Shareholder concerning the
status of such matters.
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<PAGE>
5.11 No Solicitation of Transactions. Prior to the
termination of this Agreement pursuant to Section 8.3, none of
the Shareholder or any of its affiliates or any of their
respective directors, officers, employees, representatives,
investment bankers or agents shall, directly or indirectly,
solicit or initiate inquiries or proposals form, or provide
confidential information to or participate in any discussions or
negotiations with, any corporation, partnership, person, trust or
other entity or group (other than the Buyer and its affiliates
and representatives) concerning the sale of stock of the Company
or the Management Subsidiary or any of their respective assets or
any merger, consolidation, recapitalization, liquidation or
similar transaction involving the Company or the Management
Subsidiary. This Section 5.11 shall not be considered to limit
any rights or remedies the Buyer may have a result of a breach of
this Agreement by the Shareholder.
ARTICLE 6
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE BUYER
Subject to waiver as set forth in Section 8.6, the
obligations of the Buyer under this Agreement are subject to the
fulfillment prior to or at the Closing of each of the following
conditions:
6.1 Representations and Warranties. The
representations and warranties of the Shareholder set forth in
Article 3 shall be true and correct in all material respects on
the Closing Date with the same effect as if made at that time.
6.2 Performance by the Shareholder. The Shareholder
shall have performed and satisfied in all material respects all
agreements and conditions which it is required by this Agreement
to perform or satisfy prior to or on the Closing Date.
6.3 Certificates. The Buyer shall have received
certificates from the Shareholder dated the Closing Date
certifying in such detail as the Buyer may reasonably request
that each of the conditions described in Sections 6.1 and 6.2 has
been fulfilled.
6.4 Intentionally Omitted.
6.5 Litigation Affecting Closing. No Court Order
shall have been issued or entered which prohibits the completion
of the Acquisition.
6.6 Regulatory Compliance and Approvals. All
approvals required under any Regulations to carry out the
Acquisition shall have been obtained and the Company and the
Shareholder shall have complied in all material respects with all
Regulations applicable to the Acquisition.
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6.7 Consents. The Shareholder or the Company shall
have delivered to the Buyer all consents required to be obtained
in connection with the Acquisition in order to avoid a Default
under any material Contract to or by which the Company is a party
or may be bound.
6.8 Financing. The Buyer and Prudential Capital Group
shall have entered into a definitive agreement reflecting the
terms of the Prudential Commitment Letter and the Prudential
Capital Group shall be prepared to fund the loan provided for
thereby in the amount of $63,000,000 contemporaneously with the
Closing.
6.9 Special Committee. A committee of independent
directors of the Company which will exclude all directors who are
employees of the Shareholder, the Company or their affiliates
(the "Special Committee") shall have approved on behalf of the
Master Partnership (i) the form of opinion of Morgan, Lewis &
Bockius LLP relating to the satisfaction by the Buyer of the
Company's capital requirement in compliance with Sections 17.6
and 19.1 of the Master Partnership Agreement after giving effect
to the cancellation of the Demand Notes and (ii) the Buyer's
employee stock ownership plan as a fringe benefit, the cost of
which may be reasonably allocated to the Partnership pursuant to
Section 7.4 of the Master Partnership Agreement.
ARTICLE 7
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SHAREHOLDER
Subject to waiver as set forth in Section 8.6, the
obligations of the Shareholder under this Agreement are subject
to the fulfillment prior to or at the Closing of each of the
following conditions:
7.1 Buyer Representations True at Closing. The
representations and warranties of the Buyer set forth in Article
4 shall be true and correct in all material respects on the
Closing Date with the same effect as if made at that time.
7.2 Performance by the Buyer. The Buyer shall have
performed and satisfied all agreements and conditions which it is
required by this Agreement to perform or satisfy prior to or on
the Closing Date.
7.3 Officer's Certificate. The Shareholder shall have
received a certificate from an appropriate officer of the Buyer
dated the Closing Date certifying in such detail as the
Shareholder may reasonably request that each of the conditions
described in Sections 7.1 and 7.2 has been fulfilled.
7.4 Demand Notes. The Shareholder shall have been
released from its obligations under the Demand Notes, and the
Buyer shall have provided for capitalization of the Company in
the amount of at least $6 million.
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7.5 Incumbency Certificate. The Shareholder shall
have received a certificate of the Secretary or an Assistant
Secretary of the Buyer dated the Closing Date certifying to the
incumbency of the officers of the Buyer signing for it and as to
the authenticity of their signatures.
7.6 Opinion of Counsel. The Shareholder shall have
received the written opinion dated the Closing Date of Morgan,
Lewis & Bockius LLP, counsel for the Buyer, in form and substance
reasonably satisfactory to the Shareholder.
7.7 Litigation Affecting Closing. No Court Order
shall have been issued or entered which would be prohibits the
completion of the Acquisition. No person who or which is not a
party to this Agreement shall have commenced or threatened to
commence any Litigation seeking to restrain or prohibit, or to
obtain substantial damages in connection with, this Agreement or
the transactions contemplated by this Agreement.
7.8 Regulatory Compliance and Approval. All approvals
required under any Regulations to carry out the Acquisition shall
have been obtained and that the Buyer shall have complied in all
material respects with all Regulations applicable to the
Acquisition.
7.9 Special Committee. The Special Committee shall
have approved on behalf of the Master Partnership (i) the form of
opinion of Morgan, Lewis & Bockius LLP relating to the
satisfaction by the Buyer of the Company's capital requirement in
compliance with Sections 17.6 and 19.1 of the Master Partnership
Agreement after giving effect to the cancellation of the Demand
Notes, (ii) cancellation of the Demand Notes effective at the
Closing and (iii) the Buyer's employee stock ownership plan as a
fringe benefit, the cost of which may be reasonably allocated to
the Partnership pursuant to Section 7.4 of the Master Partnership
Agreement.
ARTICLE 8
MISCELLANEOUS
8.1 No Survival of Representation and Warranties.
None of the representations, warranties, covenants and agreements
made by each party in this Agreement or in any attachment,
Exhibit, certificate, document or list delivered by any such
party pursuant hereto or in connection with the Acquisition shall
survive the Closing.
8.2 Payment of Expenses. The Buyer shall pay all
legal, accounting and other fees and expenses which it incurs in
connection with this Agreement and the transactions contemplated
hereby, and all legal, accounting and other fees and expenses
incurred by the Shareholder in connection with this Agreement
shall be paid by the Shareholder (other than expenses and costs
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incurred for, by or on account of employees of the Company or the
Company's auditors and other than expenses and costs, including
without limitation reasonable attorney's fees, related to the
securing of all requisite Regulatory Approvals, all of which
shall be paid by the Company).
8.3 Termination. This Agreement may be terminated
before the Closing occurs only as follows:
(a) By written consent of the Shareholder and the
Buyer;
(b) By written notice by the Shareholder to the
Buyer at any time after February 22, 1996, unless on or prior
thereto the Buyer shall have provided the Shareholder with
satisfactory evidence that the Special Committee has approved the
matters described in Section 7.9 hereof;
(c) By written notice by the Shareholder to the
Buyer at any time after February 22, 1996, unless on or prior
thereto the Buyer shall have delivered to the Shareholder written
confirmation from Prudential Capital Group that the Finance
Committee of the Board of Directors of The Prudential Insurance
Company of America has authorized Prudential Capital Group to
purchase a note or notes in accordance with the Prudential
Commitment Letter;
(d) By written notice by the Shareholder to the
Buyer, at any time after April 15, 1995, except that no such
notice may be given under this clause (d) if as of the date of
such notice the only condition specified in Article 7 that is not
satisfied or able to be satisfied is the condition specified in
Section 7.8; or
(e) By written notice by the Shareholder or the
Buyer to the other at any time after June 30, 1995.
8.4 Brokers' and Finders' Fees. The Shareholder and
the Buyer each to the other represents and warrants that all
negotiations relative to this Agreement have been carried on by
them directly without the intervention of any person, firm,
corporation or other entity who or which may be entitled to any
brokerage fee or other commission in respect of the execution of
this Agreement or the consummation of the transactions
contemplated hereby except for (i) Furman Selz LLC, whose fees
shall be paid by the Shareholder and (ii) Houlihan, Lokey, Howard
& Zukin, Inc., whose fees shall be paid by the Buyer, and each of
them shall indemnify and hold the other or any affiliate of them
harmless against any and all claims, losses, liabilities or
expenses which may be asserted against any of them as a result of
any dealings, arrangements or agreements by the indemnifying
party with any such person, firm, corporation or other entity.
8.5 Assignment and Binding Effect. This Agreement may
not be assigned prior to the Closing by any party hereto without
the prior written consent of the other parties. Subject to the
foregoing, all of the terms and provisions of this Agreement
shall be binding upon and inure to the benefit of and be
enforceable by the successors and assigns of the Shareholder and
by the successors and assigns of the Buyer.
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8.6 Waiver. Any term or provision of this Agreement
may be waived at any time by the party entitled to the benefit
thereof by a written instrument executed by such party.
8.7 Notices. Any notice, request, demand, waiver,
consent, approval or other communication which is required or
permitted hereunder shall be in writing and shall be deemed given
only if delivered personally to the address set forth below (to
the attention of the person identified below) or sent by
facsimile message, Federal Express (or other reputable overnight
delivery service) or by registered or certified mail, postage
prepaid, as follows:
If to the Buyer, to:
BMC Acquisition Company
5 Radnor Corporate Center
100 Matson Ford Road
Radnor, PA 19087
Attention: A. W. Martinelli
With required copies to:
Buckeye Management Company
If by mail: If by Federal Express:
P.O. Box 368 3900 Hamilton Boulevard
Emmaus, PA 18049 Allentown, PA 18103
Attention: Stephen C. Muther, Esquire
If to the Shareholder, to:
American Financial Group, Inc.
One East Fourth Street
Cincinnati, OH 45202
Attention: Neil M. Hahl
With a required copy to the Corporate Secretary of
the Shareholder at the same address.
or to such other address as the addressee may have specified in a
notice duly given to the sender as provided herein. Such notice,
request, demand, waiver, consent, approval or other communication
will be deemed to have given as of the date so delivered or sent
by facsimile message, the day after the date sent when sent by
Federal Express (or other reputable overnight delivery service),
or, if mailed, three business days after the date so mailed.
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8.8 Pennsylvania Law to Govern. This Agreement shall
be governed by and interpreted and enforced in accordance with
the substantive laws of the Commonwealth of Pennsylvania
applicable to contracts made and to be performed in that
Commonwealth.
8.9 Remedies Not Exclusive. Nothing in this Agreement
shall be deemed to limit or restrict in any manner other rights
or remedies that any party may have against any other party at
law, in equity or otherwise.
8.10 No Benefit to Others. The representations,
warranties, covenants and agreements contained in this Agreement
are for the sole benefit of the parties hereto and the Company
and their successors and assigns, and they shall not be construed
as conferring and are not intended to confer any rights on any
other persons.
8.11 Contents of Agreement. This Agreement sets forth
the entire agreement of the parties hereto with respect to the
transactions contemplated hereby. This Agreement may not be
amended except by an instrument in writing signed by the parties
hereto, and no claimed amendment, modification, termination or
waiver shall be binding unless in writing and signed by the party
against whom or which such claimed amendment, modification,
termination or waiver is sought to be enforced. The Shareholder
agrees that upon request of the Buyer, it will amend this
Agreement and take such other action as may be necessary to
modify the structure of the transaction contemplated hereby from
a stock purchase to a partial stock purchase and partial stock
redemption, except that the Shareholder shall be so obligated
only if such modification will not have an adverse effect on the
Shareholder or its affiliates.
8.12 Section Headings and Gender. All section headings
and the use of a particular gender are for convenience only and
shall in no way modify or restrict any of the terms or provisions
hereof. Any reference in this Agreement to a Section, Annex or
Exhibit shall be deemed to be a reference to a Section, Annex or
Exhibit of this Agreement unless the context otherwise expressly
requires.
8.13 Cooperation. Subject to the provisions hereof,
the parties hereto shall use their reasonable efforts to take, or
cause to be taken, such action, to execute and deliver, or cause
to be executed and delivered, such additional documents and
instruments and to do, or cause to be done, all things necessary,
proper or advisable under the provisions of this Agreement and
under applicable law to consummate and make effective the
transactions contemplated by this Agreement.
8.14 Severability. Any provision of this Agreement
which is invalid or unenforceable in any jurisdiction shall be
ineffective to the extent of such invalidity or unenforceability
without invalidating or rendering unenforceable the remaining
provisions hereof, and any such invalidity or unenforceability in
any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.
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<PAGE>
8.15 Counterparts. This Agreement may be executed in
two or more counterparts, each of which is an original and all of
which together shall be deemed to be one and the same instrument.
This Agreement shall become binding when one or more counterparts
taken together shall have been executed and delivered by all of
the parties. It shall not be necessary in making proof of this
Agreement or any counterpart hereof to produce or account for any
of the other counterparts.
IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date first written above.
PENNSYLVANIA COMPANY
By: /s/ Neil M. Hahl
Title: Senior Vice President
BMC ACQUISITION COMPANY
By: /s/ A.W. Martinelli
Title: Chairman
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ANNEX I
CERTAIN DEFINED TERMS
"Acquisition" means the acquisition of all of the Shares by
the Buyer and all related transactions provided for in or
contemplated by this Agreement.
"Agreement" means this Share Purchase Agreement.
"Buyer" means BMC, a Delaware corporation.
"Company Material Adverse Effect" shall mean a material
adverse change in, or material adverse effect on, the results of
operations, financial condition or business of the Company and
the Management Subsidiary, taken as a whole; but in any case
after application of the proceeds of any insurance or indemnity
under any contract or agreement with any third party.
"Contract" means any written or oral contract, agreement,
lease, instrument or other commitment that is binding on any
person or its property under applicable law.
"Court Order" means any judgment, decree, injunction, order
or ruling of any federal, state or local court or governmental or
regulatory body or authority that is binding on any person or its
property under applicable law.
"Default" means (1) a material breach of or material default
under any Contract, (2) the occurrence of an event that with the
passage of time or the giving of notice or both would constitute
a material breach of or material default under any Contract, or
(3) the occurrence of an event that with or without the passage
of time or the giving of notice or both would give rise to a
right of termination, renegotiation or acceleration under any
Contract.
"Demand Notes" mean that certain Demand Promissory Note,
dated November 18, 1986, in the aggregate principal amount of
$24,000,000, by the Shareholder to the Company, and that certain
Demand Promissory Note, dated December 23, 1986, in the aggregate
principal amount of $4,000,000, by the Shareholder to the
Company.
"Employee Benefit Plans" means "employee benefit plans" as
defined in section 3(3) of ERISA and any other plan, policy,
program, practice or arrangement providing benefits to any
officer or employee of the Company, the Management Subsidiary, or
any dependent or beneficiary thereof, which are now maintained by
the Company or the Management Subsidiary, or under which the
Company or the Management Subsidiary has any obligation or
liability, including, without limitation, all incentive, bonus,
deferred compensation, medical, disability, share purchase, unit
purchase, retirement or other similar plans, policies, programs,
practices or arrangements; provided, however, that such term
shall not include (i) any employment agreements entered into by
the Company or the Management Subsidiary with their respective
employees, or (ii) any regular payroll practices of the Company
or the Management Subsidiary.
<PAGE>
"ERISA" means the Employee Retirement Income Security Act of
1974, as amended.
"Insured Losses" shall mean Losses under the Policies and
any related loss adjustment expense, including attorney fees and
claims administration and handling costs.
"IRS" means the Internal Revenue Service.
"Liability" means any direct or indirect liability,
indebtedness, obligation, expense, claim, deficiency, guaranty or
endorsement of or by any person (other than endorsements of
notes, bills and checks presented to banks for collection or
deposit in the ordinary course of business).
"Licenses" means licenses, franchises, permits, easements,
rights and other authorizations.
"Lien" means any mortgage, lien, security interest, pledge,
encumbrance, restriction on transferability, defect of title,
charge or claim of any nature whatsoever on any property or
property interest.
"Litigation" means any lawsuit, action, arbitration,
administrative or other proceeding, criminal prosecution or
governmental investigation or inquiry involving the Company, the
Management Subsidiary, their respective businesses or assets, or
any Contracts to which the Company or the Management Subsidiary
is a party or by which it or any of their respective businesses
or assets may be bound.
"Loss" or "Losses" shall mean: liabilities, damages, costs,
judgments, costs of investigating claims, amounts paid in
settlement, interest, penalties, assessments and out-of-pocket
expenses (including reasonable attorneys' and auditors' and
actuaries' fees) actually incurred.
"Master Partnership" means Buckeye Partners, L.P., a
Delaware limited partnership.
"Master Partnership Agreement" means that certain Amended
and Restated Agreement of Limited Partnership of the Master
Partnership, dated as of December 23, 1986.
"Operating Partnerships" means Buckeye Pipe Line Company,
L.P., a Delaware limited partnership, Buckeye Pipe Line Company
of Michigan, L.P., a Delaware limited partnership, Buckeye Tank
Terminals Company, L.P., a Delaware limited partnership,
Everglades Pipe Line Company, L.P., a Delaware limited
partnership, and Laurel Pipe Line Company, L.P., a Delaware
limited partnership.
<PAGE>
"Regulation" means any statute, law, ordinance, regulation,
order or rule of any federal, state, local or other governmental
agency or body or of any other type of regulatory body,
including, without limitation, those covering environmental,
energy, safety, health, transportation, bribery, recordkeeping,
zoning, antidiscrimination, antitrust, wage and hour, and price
and wage control matters.
"Retention Levels" shall mean the retention levels specified
in the Policies for the respective companies, time periods and
types of insurance coverage specified thereon.
<PAGE>
INDEX OF DEFINED TERMS
Acquisition 26
Agreement 26
Buyer 1
Buyer Documents 5
Closing 2
Closing Date. 2
Code 1
Common Stock 1
Company 1
Company Material Adverse Effect 26
Contract 26
Court Order 26
Default 26
Demand Notes 26
Employee Benefit Plans 26
ERISA 27
Financial Information 6
Fixed Income Trust 14
Insured Losses 27
IRS 27
Liability 27
Licenses 27
Lien 27
Litigation 27
Loss or Losses 27
Management Subsidiary 4
Master DB Trust 13
Master Partnership 27
Master Partnership Agreement 27
Operating Partnerships 28
Plan Sponsor 13
Policies 14
Prudential Commitment Letter 6
Purchase Price 2
RASP 13
Regulation 28
Retention Levels 28
RIGP 13
Shareholder 1
Shareholder Documents 3
Shares 1
Special Committee 19
Tax Benefits 12
Tax Detriments 12
<PAGE>
SCHEDULE 4.1
(Names of subscribers for common stock)
Alfred W. Martinelli
C. Richard Wilson
Stephen C. Muther
Steven C. Ramsey
Michael P. Epperly
<PAGE>
AMENDMENT TO SHARE PURCHASE AGREEMENT
THIS AMENDMENT is made as of this 22nd day of March, 1996 by
Pennsylvania Company, a Delaware corporation (the "Shareholder")
and BMC Acquisition Company, a Delaware corporation (the
"Buyer").
WHEREAS, the Shareholder and the Buyer have entered into a
Share Purchase Agreement (the "Agreement") dated as of January 5,
1996 providing for the acquisition of all of the issued and
outstanding shares of capital stock of Buckeye Management
Company, a Delaware corporation ("Company") by the Buyer from the
Shareholder; and
WHEREAS, the Shareholder and the Buyer desire to amend the
Agreement as set forth in this Amendment.
NOW, THEREFORE, intending to be legally bound, the parties
hereto agree as follows:
1. The Shareholder and the Buyer hereby agree that, prior
to the Closing, the Buyer may terminate the existing subscription
agreements from the persons listed on the form of Schedule 4.1
originally attached to the Agreement and simultaneously enter
into a new subscription agreement with Glenmoor Partners, LLP, a
Pennsylvania limited liability partnership, to acquire not less
than $5,000,000 of common stock of the Buyer on or before the
Closing Date.
2. The Shareholder and the Buyer hereby agree that the
date "April 15, 1995" in Section 8.3(d) and the date "June 30,
1995" in Section 8.3(e) were intended to be and are hereby
amended to be "April 15, 1996" and "June 30, 1996" respectively.
3. The Shareholder and the Buyer hereby agree that Section
8.1 of the Agreement shall be amended to insert the phrase
"Except as otherwise specifically set forth in this Agreement in
the case of covenants and agreements," at the beginning of such
section.
4. Buyer shall use commercially reasonable efforts to
obtain as soon as practicable following the Closing Date, but in
no event later than August 14, 1996, the release of Shareholder
and its affiliates from all surety bonds for which Shareholder or
any of its affiliates is a guarantor or an account party, but
which relate to the operations of the Company, the Master
Partnership and the Operating Partnerships. Shareholder agrees
to keep any such surety bonds in place until August 14, 1996,
after which time Shareholder or its affiliates may give notice of
cancellation with respect to their guaranty. Buyer agrees to
indemnify and hold harmless Seller and its affiliates from any
loss arising out of such surety bonds.
5. All capitalized terms used in this Amendment but not
defined herein shall have the same meaning as such term has in
the Agreement.
6. Any provision of this Amendment that is inconsistent
with the provisions of the Agreement shall be deemed amended to
effectuate the intention of the parties as expressed herein.
Every other provision of the Agreement shall remain unchanged and
shall remain in full force and effect.
7. This Amendment may be executed in two or more
counterparts, each of which is an original, and all of which
together shall be deemed to be one and the same instrument. This
Amendment shall become binding when one or more counterparts
taken together shall have been executed and delivered by both of
the parties. It shall not be necessary in making proof of this
Amendment or any counterpart hereof to produce or account for any
of the other counterparts.
IN WITNESS WHEREOF, the parties hereto have duly executed
this Amendment as of the date first written above.
PENNSYLVANIA COMPANY
By: /s/ Neil M. Hahl
Name: Neil M. Hahl
Title: Senior Vice President
BMC ACQUISITION COMPANY
By: /s/ C. Richard Wilson
Name: C. Richard Wilson
Title: President
AMERICAN PREMIER INSURANCE GROUP
SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES
NOTES TO SCHEDULE P
1. THE PARTS OF SCHEDULE P:
PART 1 - DETAILED INFORMATION ON LOSSES AND LOSS EXPENSES.
PART 2 - HISTORY OF INCURRED LOSSES AND ALLOCATED EXPENSES.
PART 3 - HISTORY OF LOSS AND ALLOCATED EXPENSE PAYMENTS.
PART 4 - HISTORY OF BULK AND INCURRED-BUT-NOT-REPORTED RESERVES.
PART 5 - HISTORY OF CLAIMS.
PART 6 - HISTORY OF PREMIUMS EARNED.
PART 7 - HISTORY OF LOSS SENSITIVE CONTRACTS.
SCHEDULE P INTERROGATORIES.
2. LINES OF BUSINESS A THROUGH M, R & S ARE GROUPINGS OF THE LINES OF BUSINESS
USED ON THE STATE PAGE.
3. REINSURANCE A, B, C, AND D (LINES N TO Q) ARE:
REINSURANCE A = NONPROPORTIONAL PROPERTY (1988 AND SUBSEQUENT)
REINSURANCE B = NONPROPORTIONAL LIABILITY (1988 AND SUBSEQUENT)
REINSURANCE C = FINANCIAL LINES (1988 AND SUBSEQUENT)
REINSURANCE D = OLD SCHEDULE O LINE 30 (1987 AND PRIOR)
SCHEDULE P - PART 1 - SUMMARY
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 3,080 2,021 460
02 1986 393,189 64,369 328,820 232,598 36,973 20,236
03 1987 475,384 32,712 442,672 265,116 9,167 23,113
04 1988 571,139 26,339 544,800 328,932 8,019 27,677
05 1989 652,660 8,277 644,383 390,484 8,098 29,907
06 1990 778,802 8,696 770,106 491,814 24,016 36,565
07 1991 984,295 9,184 975,111 570,736 1,320 42,880
08 1992 1,128,469 10,174 1,118,295 583,001 3,774 39,395
09 1993 1,331,001 10,573 1,320,428 660,780 1,633 34,899
10 1994 1,546,551 8,331 1,538,220 764,633 1,953 30,184
11 1995 1,482,078 9,487 1,472,590 575,279 2,394 15,704
12 TOTAL XXX XXX XXX 4,866,451 99,368 301,022
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 354 38 196 1,361 XXX 14,236
02 1986 2,850 5,077 16,008 229,018 XXX 1,970
03 1987 686 5,893 22,091 300,467 XXX 3,650
04 1988 1,244 8,810 27,674 375,020 XXX 4,667
05 1989 1,473 13,290 33,245 444,065 XXX 15,478
06 1990 521 17,485 40,088 543,932 XXX 14,559
07 1991 243 19,895 55,506 667,558 XXX 22,999
08 1992 17 21,308 58,024 676,630 XXX 36,877
09 1993 77 26,867 63,964 757,931 XXX 74,048
10 1994 5 27,690 72,859 865,720 XXX 172,875
11 1995 16 14,426 66,881 655,453 XXX 384,165
12 TOTAL 7,486 160,780 456,534 5,517,155 XXX 745,524
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 9,962 12,527 8,926 850 492 1,773
02 1986 1,809 -2 0 83 0 336
03 1987 3,571 29 0 13 0 680
04 1988 1,065 49 0 59 0 843
05 1989 7,691 213 0 208 0 1,603
06 1990 2,263 518 0 579 57 1,341
07 1991 918 919 12 565 0 1,812
08 1992 61 2,393 46 1,597 0 4,343
09 1993 1,114 34,587 328 5,180 0 22,243
10 1994 3,067 41,731 20 11,340 0 26,762
11 1995 6,089 112,943 1,659 25,002 135 30,993
12 TOTAL 37,610 205,907 10,991 45,476 684 92,726
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 752 0 975 10,229 XXX XXX
02 1986 234 4 284 628 XXX 272,191
03 1987 374 4 541 968 XXX 315,233
04 1988 12 87 710 5,251 XXX 390,611
05 1989 26 119 701 10,486 XXX 471,838
06 1990 24 447 1,312 15,964 XXX 586,778
07 1991 19 756 2,351 27,694 XXX 697,766
08 1992 2 1,601 3,027 48,124 XXX 728,655
09 1993 109 3,118 14,488 148,996 XXX 910,188
10 1994 6 7,803 23,547 273,164 XXX 1,143,935
11 1995 157 22,977 29,675 574,738 XXX 1,240,726
12 TOTAL 1,717 36,917 77,612 1,116,244 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 1986 42,545 229,646 69.227 66.095 69.839 0
03 1987 13,798 301,435 66.311 42.180 68.094 0
04 1988 10,340 380,271 68.392 39.257 69.800 0
05 1989 17,289 454,549 72.295 208.880 70.540 0
06 1990 26,881 559,897 75.344 309.119 72.704 0
07 1991 2,513 695,253 70.890 27.363 71.300 0
08 1992 3,901 724,754 64.570 38.343 64.809 0
09 1993 3,261 906,927 68.384 30.843 68.684 0
10 1994 5,052 1,138,883 73.967 60.641 74.039 0
11 1995 10,535 1,230,191 83.715 111.047 83.539 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 7,875 2,354
02 1986 0 .000 159 469
03 1987 0 .000 108 860
04 1988 0 .000 3,651 1,600
05 1989 0 .000 8,000 2,486
06 1990 0 .000 12,814 3,150
07 1991 0 .000 22,987 4,709
08 1992 0 .000 39,161 8,963
09 1993 0 .000 107,195 41,801
10 1994 0 .000 211,519 61,644
11 1995 0 .000 489,361 85,378
12 TOTAL 0 XXX 902,830 213,414
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 0 0 0
02 1986 1,743 284 1,459 1,335 174 48
03 1987 1,792 98 1,694 1,211 3 68
04 1988 2,325 49 2,276 1,524 0 98
05 1989 3,018 57 2,961 2,698 0 231
06 1990 3,230 89 3,141 2,918 0 277
07 1991 3,106 94 3,012 2,823 0 309
08 1992 2,451 112 2,339 5,101 2,211 260
09 1993 1,929 180 1,749 1,657 0 141
10 1994 343 114 229 578 0 32
11 1995 6 0 6 13 0 1
12 TOTAL XXX XXX XXX 19,858 2,388 1,465
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 0 0 XXX 0
02 1986 17 76 79 1,271 1,253 0
03 1987 0 7 77 1,353 1,242 0
04 1988 0 32 91 1,713 1,410 0
05 1989 0 42 204 3,133 2,222 31
06 1990 0 7 192 3,387 2,543 0
07 1991 0 30 226 3,358 1,856 0
08 1992 0 100 313 3,463 1,669 0
09 1993 0 6 147 1,945 1,008 0
10 1994 0 0 41 651 189 6
11 1995 0 0 0 14 3 0
12 TOTAL 17 300 1,370 20,288 XXX 37
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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 11 0 5 0 -5
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 11 0 5 0 -5
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 1986 0 0 0 0 0 1,462
03 1987 0 0 0 0 0 1,356
04 1988 0 0 0 0 0 1,713
05 1989 0 0 1 43 0 3,176
06 1990 0 0 0 0 0 3,387
07 1991 0 0 0 0 0 3,358
08 1992 0 0 0 0 0 5,674
09 1993 0 0 0 0 1 1,945
10 1994 0 0 0 6 4 657
11 1995 0 0 0 0 23 14
12 TOTAL 0 0 1 49 28 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 1986 191 1,271 83.878 67.253 87.114 0
03 1987 3 1,353 75.669 3.061 79.870 0
04 1988 0 1,713 73.677 .000 75.263 0
05 1989 0 3,176 105.235 .000 107.261 0
06 1990 0 3,387 104.860 .000 107.831 0
07 1991 0 3,358 108.113 .000 111.487 0
08 1992 2,211 3,463 231.497 1,974.107 148.054 0
09 1993 0 1,945 100.829 .000 111.206 0
10 1994 0 657 191.545 .000 286.899 0
11 1995 0 14 233.333 .000 233.333 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 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 42 1
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 6 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 48 1
SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 1,280 1,003 34
02 1986 123,900 34,573 89,327 88,522 23,139 6,484
03 1987 150,498 10,441 140,057 106,829 4,452 8,960
04 1988 201,127 12,566 188,561 142,835 5,040 11,809
05 1989 225,533 1,407 224,126 170,362 6,571 13,409
06 1990 283,731 1,923 281,808 219,786 20,567 15,701
07 1991 417,551 2,335 415,216 277,020 568 17,211
08 1992 492,753 1,974 490,779 308,309 549 17,272
09 1993 585,829 3,194 582,635 366,948 1,486 17,288
10 1994 714,296 4,104 710,192 423,230 1,902 14,479
11 1995 792,713 6,561 786,152 257,215 1,921 6,740
12 TOTAL XXX XXX XXX 2,362,333 67,198 129,387
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 183 16 70 198 XXX 178
02 1986 1,768 874 3,826 73,925 50,083 127
03 1987 422 1,356 5,924 116,839 54,877 26
04 1988 935 1,951 8,411 157,080 64,612 158
05 1989 1,269 2,795 11,556 187,487 77,213 530
06 1990 190 3,852 13,953 228,682 101,548 2,186
07 1991 200 5,195 24,392 317,854 134,615 2,438
08 1992 4 6,222 26,486 351,512 155,285 6,615
09 1993 11 7,640 29,343 412,083 191,687 20,724
10 1994 5 6,532 33,987 469,788 249,317 71,089
11 1995 11 2,736 30,157 292,181 237,192 220,490
12 TOTAL 4,999 39,167 188,104 2,607,629 XXX 324,560
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 0 0 0 55 0 0
02 1986 0 -1 0 83 0 -9
03 1987 0 -1 0 13 0 0
04 1988 0 -5 0 59 0 -5
05 1989 0 62 0 208 0 1
06 1990 400 214 0 503 57 105
07 1991 4 421 3 558 0 235
08 1992 61 1,148 13 1,578 0 612
09 1993 161 3,070 17 5,123 0 629
10 1994 534 18,255 20 11,106 0 4,485
11 1995 2,277 89,477 631 22,628 113 14,089
12 TOTAL 3,437 112,640 684 41,914 170 20,140
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 16 249 28 XXX
02 1986 0 0 8 208 4 99,487
03 1987 0 0 1 39 6 121,752
04 1988 0 4 12 219 19 163,274
05 1989 0 6 51 852 49 196,179
06 1990 0 27 173 2,726 115 252,621
07 1991 0 58 193 3,838 318 322,467
08 1992 0 336 487 10,365 948 362,504
09 1993 0 727 1,248 30,615 3,411 444,372
10 1994 0 2,263 4,193 108,574 14,191 580,823
11 1995 37 6,197 18,910 362,535 55,212 659,775
12 TOTAL 37 9,618 25,292 520,217 74,301 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 1986 25,354 74,133 80.296 73.335 82.991 0
03 1987 4,874 116,878 80.899 46.681 83.450 0
04 1988 5,975 157,299 81.180 47.549 83.421 0
05 1989 7,840 188,339 86.985 557.214 84.033 0
06 1990 21,214 231,407 89.035 1,103.172 82.115 0
07 1991 775 321,692 77.228 33.191 77.476 0
08 1992 627 361,877 73.567 31.763 73.735 0
09 1993 1,676 442,696 75.854 52.473 75.982 0
10 1994 2,462 578,361 81.314 59.990 81.437 0
11 1995 5,060 654,715 83.230 77.122 83.281 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 178 71
02 1986 0 .000 126 82
03 1987 0 .000 25 14
04 1988 0 .000 153 66
05 1989 0 .000 592 260
06 1990 0 .000 2,000 725
07 1991 0 .000 2,852 986
08 1992 0 .000 7,689 2,675
09 1993 0 .000 23,616 6,998
10 1994 0 .000 88,790 19,785
11 1995 0 .000 307,059 55,476
12 TOTAL 0 XXX 433,080 87,138
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 0 1
02 1986 3,632 1,438 2,194 2,693 1,718 477
03 1987 7,747 1,525 6,222 4,274 1,615 458
04 1988 9,378 2,007 7,371 4,970 994 921
05 1989 10,888 2,070 8,818 5,842 900 803
06 1990 11,958 1,703 10,255 9,553 3,020 1,175
07 1991 12,263 2,354 9,909 6,501 351 796
08 1992 13,094 3,206 9,888 4,589 104 743
09 1993 13,654 1,984 11,670 5,523 146 496
10 1994 10,085 -332 10,417 3,455 0 192
11 1995 10,978 -546 11,524 1,988 0 60
12 TOTAL XXX XXX XXX 49,386 8,848 6,122
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 1 0 0 0 XXX 0
02 1986 335 700 161 1,277 387 1
03 1987 146 1 314 3,285 903 0
04 1988 203 56 329 5,023 1,206 0
05 1989 92 43 434 6,086 1,436 0
06 1990 380 67 675 8,003 1,674 16
07 1991 42 97 565 7,467 1,775 362
08 1992 13 67 511 5,728 1,890 664
09 1993 65 56 614 6,422 2,104 2,538
10 1994 0 38 604 4,249 2,076 2,263
11 1995 0 31 441 2,490 1,926 4,353
12 TOTAL 1,276 1,158 4,645 50,031 XXX 10,195
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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 243 0 0 0 0 1
07 1991 147 15 9 0 0 48
08 1992 0 73 33 2 0 94
09 1993 952 558 311 1 0 416
10 1994 0 633 0 52 0 337
11 1995 0 1,554 0 152 0 609
12 TOTAL 1,342 2,831 353 207 0 1,505
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 1986 0 0 0 1 0 3,346
03 1987 0 0 0 0 0 5,046
04 1988 0 0 0 0 0 6,220
05 1989 0 0 0 0 7 7,078
06 1990 21 0 1 -247 6 11,420
07 1991 13 0 28 283 41 8,313
08 1992 2 0 55 852 79 6,732
09 1993 109 11 239 2,379 231 10,382
10 1994 0 40 218 3,503 462 7,752
11 1995 0 65 423 7,091 515 9,580
12 TOTAL 147 117 964 13,861 1,341 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 1986 2,068 1,278 92.126 143.811 58.250 0
03 1987 1,761 3,285 65.135 115.475 52.797 0
04 1988 1,197 5,023 66.325 59.641 68.145 0
05 1989 993 6,085 65.007 47.971 69.007 0
06 1990 3,664 7,756 95.501 215.150 75.631 0
07 1991 563 7,750 67.789 23.917 78.212 0
08 1992 153 6,579 51.413 4.772 66.535 0
09 1993 1,583 8,799 76.036 79.788 75.398 0
10 1994 0 7,752 76.867 .000 74.417 0
11 1995 0 9,580 87.265 .000 83.131 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 1986 0 .000 1 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 -228 -19
07 1991 0 .000 221 62
08 1992 0 .000 704 148
09 1993 0 .000 1,832 547
10 1994 0 .000 2,896 607
11 1995 0 .000 5,906 1,184
12 TOTAL 0 XXX 11,332 2,529
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 1,542 776 341
02 1986 189,815 7,735 182,080 99,441 1,046 11,456
03 1987 233,967 14,258 219,709 110,497 1,265 11,859
04 1988 257,276 6,103 251,173 116,337 100 12,154
05 1989 300,377 4,024 296,353 141,567 710 12,304
06 1990 340,583 4,099 336,484 182,280 0 15,805
07 1991 352,547 3,924 348,623 180,437 0 19,911
08 1992 398,609 4,553 394,056 149,283 0 16,468
09 1993 463,151 4,695 458,456 135,730 0 10,938
10 1994 488,014 4,295 483,719 115,434 0 7,349
11 1995 305,872 2,738 303,134 47,654 0 2,032
12 TOTAL XXX XXX XXX 1,280,202 3,897 120,617
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 87 0 125 1,145 XXX 5,862
02 1986 204 0 10,359 120,006 32,916 1,843
03 1987 50 0 13,172 134,213 35,233 3,625
04 1988 71 0 15,364 143,684 34,360 4,520
05 1989 44 1,899 16,368 169,485 37,802 14,926
06 1990 0 3,089 20,198 218,283 43,008 11,812
07 1991 0 2,140 21,307 221,655 40,054 20,214
08 1992 0 1,805 20,965 186,716 39,336 29,645
09 1993 0 2,731 22,205 168,873 40,201 50,944
10 1994 0 529 23,278 146,061 46,533 101,826
11 1995 0 85 15,930 65,616 35,869 141,203
12 TOTAL 456 12,278 179,271 1,575,737 XXX 386,420
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 4,881 0 0 0 0 1,082
02 1986 1,809 0 0 0 0 346
03 1987 3,571 31 0 0 0 680
04 1988 1,065 61 0 0 0 848
05 1989 7,691 147 0 0 0 1,602
06 1990 1,620 312 0 0 0 1,234
07 1991 767 478 0 0 0 1,523
08 1992 0 1,133 0 0 0 3,612
09 1993 0 30,779 0 0 0 21,149
10 1994 2,533 23,433 0 0 0 21,953
11 1995 3,706 8,147 1,000 0 0 14,874
12 TOTAL 27,643 64,521 1,000 0 0 68,903
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 303 0 809 2,569 122 XXX
02 1986 234 4 276 422 109 123,721
03 1987 374 4 540 931 175 140,404
04 1988 12 71 698 5,050 209 149,982
05 1989 26 89 650 9,608 330 187,564
06 1990 3 354 1,097 12,832 643 232,738
07 1991 6 607 2,125 23,567 1,176 245,995
08 1992 0 946 2,473 36,863 1,499 223,579
09 1993 0 1,759 12,967 115,839 2,449 284,712
10 1994 6 3,275 18,995 163,668 4,881 312,268
11 1995 112 3,292 8,645 168,051 10,549 238,485
12 TOTAL 1,076 10,401 49,275 539,400 22,142 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 1986 3,293 120,428 65.180 42.573 66.140 0
03 1987 5,260 135,144 60.010 36.892 61.510 0
04 1988 1,248 148,734 58.296 20.449 59.216 0
05 1989 8,471 179,093 62.443 210.512 60.432 0
06 1990 1,623 231,115 68.335 39.595 68.685 0
07 1991 773 245,222 69.777 19.699 70.340 0
08 1992 0 223,579 56.090 .000 56.738 0
09 1993 0 284,712 61.473 .000 62.102 0
10 1994 2,539 309,729 63.988 59.115 64.031 0
11 1995 4,818 233,667 77.969 175.968 77.084 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 981 1,588
02 1986 0 .000 34 388
03 1987 0 .000 85 846
04 1988 0 .000 3,516 1,534
05 1989 0 .000 7,382 2,226
06 1990 0 .000 10,504 2,328
07 1991 0 .000 19,925 3,642
08 1992 0 .000 30,778 6,085
09 1993 0 .000 81,723 34,116
10 1994 0 .000 122,726 40,942
11 1995 0 .000 144,644 23,407
12 TOTAL 0 XXX 422,298 117,102
SCHEDULE P - PART 2 - SUMMARY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 108,351 118,727 118,805 123,658 123,235 124,814
02 1986 209,439 215,757 214,663 216,308 212,115 213,482
03 1987 XXX 287,534 288,567 288,732 279,112 277,577
04 1988 XXX XXX 372,439 373,357 377,083 362,938
05 1989 XXX XXX XXX 442,107 454,471 438,800
06 1990 XXX XXX XXX XXX 538,189 542,154
07 1991 XXX XXX XXX XXX XXX 657,497
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2 - SUMMARY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 126,649 131,507 131,504 131,613 109 106
02 1986 213,086 213,648 213,179 213,355 176 -293
03 1987 278,469 279,823 278,168 278,802 634 -1,021
04 1988 356,093 353,759 352,419 351,887 -532 -1,872
05 1989 428,759 423,512 420,414 420,605 191 -2,907
06 1990 533,389 523,847 518,099 518,496 397 -5,351
07 1991 657,466 650,932 638,726 637,398 -1,328 -13,534
08 1992 738,233 704,486 682,461 663,703 -18,758 -40,783
09 1993 XXX 869,758 832,123 828,477 -3,646 -41,281
10 1994 XXX XXX 1,070,403 1,042,475 -27,928 XXX
11 1995 XXX XXX XXX 1,133,637 XXX XXX
12 TOTAL -50,685 -106,936
SCHEDULE P - PART 3 - SUMMARY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 48,638 76,195 99,823 107,392 113,609
02 1986 79,264 131,083 165,831 186,501 199,246 206,243
03 1987 XXX 107,055 184,419 222,532 249,685 264,119
04 1988 XXX XXX 145,024 235,471 287,382 321,597
05 1989 XXX XXX XXX 172,066 285,645 353,918
06 1990 XXX XXX XXX XXX 182,650 352,766
07 1991 XXX XXX XXX XXX XXX 287,018
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3 - SUMMARY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 117,963 120,244 121,194 122,359 XXX XXX
02 1986 209,426 211,363 212,553 213,011 XXX XXX
03 1987 271,437 275,473 277,105 278,375 XXX XXX
04 1988 334,237 341,375 345,325 347,345 XXX XXX
05 1989 387,178 400,231 407,024 410,820 XXX XXX
06 1990 434,417 479,932 495,817 503,843 XXX XXX
07 1991 471,782 554,865 592,570 612,052 XXX XXX
08 1992 313,209 505,614 584,908 618,605 XXX XXX
09 1993 XXX 382,665 608,748 693,969 XXX XXX
10 1994 XXX XXX 500,560 792,858 XXX XXX
11 1995 XXX XXX XXX 588,575 XXX XXX
SCHEDULE P - PART 4 - SUMMARY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 14,389 14,603 10,001 6,920 4,421 4,016
02 1986 27,365 16,447 10,718 8,219 3,307 1,804
03 1987 XXX 48,449 16,991 13,552 7,848 3,149
04 1988 XXX XXX 67,409 26,425 19,646 9,480
05 1989 XXX XXX XXX 86,782 38,436 19,093
06 1990 XXX XXX XXX XXX 110,994 39,637
07 1991 XXX XXX XXX XXX XXX 105,004
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4 - SUMMARY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 3,847 4,762 4,803 4,622
02 1986 914 393 122 101
03 1987 1,946 592 224 335
04 1988 4,526 2,059 1,077 880
05 1989 9,765 4,175 1,893 1,790
06 1990 18,352 7,904 2,839 1,835
07 1991 35,021 15,642 5,330 2,695
08 1992 126,464 56,140 29,375 6,686
09 1993 XXX 155,919 80,952 56,402
10 1994 XXX XXX 164,793 68,522
11 1995 XXX XXX XXX 142,121
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 -1 13
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 0 -1 13
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 26 0 0 -12 XXX 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 26 0 0 -12 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 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 0 0 0 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 0 0 XXX
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 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 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 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 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 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 1986 5 1 4 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 94 4 90 29 0 3
06 1990 197 13 184 72 0 6
07 1991 307 20 287 112 0 14
08 1992 446 46 400 277 0 38
09 1993 550 45 505 261 0 46
10 1994 262 0 262 82 0 12
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 834 0 118
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 1986 0 0 0 0 XXX 0
03 1987 0 0 0 0 XXX 0
04 1988 0 0 0 0 XXX 0
05 1989 0 1 21 53 XXX 0
06 1990 0 2 6 84 XXX 0
07 1991 0 1 9 135 XXX 0
08 1992 0 0 18 334 XXX 0
09 1993 0 3 26 333 XXX 0
10 1994 0 0 11 104 XXX 0
11 1995 0 0 3 3 XXX 0
12 TOTAL 0 7 93 1,045 XXX 0
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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 0 0 0 0
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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 53
06 1990 0 0 0 0 0 84
07 1991 0 0 0 0 0 135
08 1992 0 0 0 0 0 334
09 1993 0 0 0 0 0 334
10 1994 0 0 0 0 0 104
11 1995 0 0 0 0 0 3
12 TOTAL 0 0 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 53 56.383 .000 58.889 0
06 1990 0 84 42.640 .000 45.652 0
07 1991 0 135 43.974 .000 47.038 0
08 1992 0 334 74.888 .000 83.500 0
09 1993 0 334 60.727 .000 66.139 0
10 1994 0 104 39.695 .000 39.695 0
11 1995 0 3 .000 .000 .000 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 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 0 0
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 274 250 58
02 1986 6,512 2,406 4,106 2,345 290 133
03 1987 3,688 1,474 2,214 1,632 177 93
04 1988 1,893 683 1,210 1,616 253 49
05 1989 1,026 373 653 418 3 61
06 1990 857 341 516 348 0 20
07 1991 69 1 68 0 0 0
08 1992 55 49 6 0 0 0
09 1993 34 116 -82 0 0 0
10 1994 1 0 1 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 6,633 973 414
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 56 0 1 27 XXX 8,185
02 1986 3 0 35 2,220 46 0
03 1987 0 0 27 1,575 33 0
04 1988 0 0 43 1,455 38 0
05 1989 0 0 13 489 34 0
06 1990 0 0 10 378 42 0
07 1991 0 0 0 0 47 0
08 1992 0 0 0 0 68 0
09 1993 0 0 1 1 93 0
10 1994 0 0 0 0 124 0
11 1995 0 0 0 0 107 0
12 TOTAL 59 0 130 6,145 XXX 8,185
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 5,081 12,527 8,926 795 492 691
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 7 0 0 0 0
10 1994 0 100 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 5,081 12,634 8,926 795 492 691
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 449 0 150 7,400 104 XXX
02 1986 0 0 0 0 0 2,513
03 1987 0 0 0 0 0 1,752
04 1988 0 0 0 0 0 1,708
05 1989 0 0 0 0 0 492
06 1990 0 0 0 0 0 378
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 7 1 8
10 1994 0 0 0 100 4 100
11 1995 0 0 0 0 23 0
12 TOTAL 449 0 150 7,507 132 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 1986 293 2,220 38.590 12.178 54.067 0
03 1987 177 1,575 47.505 12.008 71.138 0
04 1988 253 1,455 90.227 37.042 120.248 0
05 1989 3 489 47.953 .804 74.885 0
06 1990 0 378 44.107 .000 73.256 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 8 23.529 .000 -9.756 0
10 1994 0 100 10,000.000 .000 10,000.000 0
11 1995 0 0 .000 .000 .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 6,705 695
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 7 0
10 1994 0 .000 100 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 6,812 695
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 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 1994 0 0 0 0 XXX 0
03 1995 0 0 0 0 XXX 0
04 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 XXX
SCHEDULE P - PART 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 1994 0 0 .000 .000 .000 0
03 1995 0 0 .000 .000 .000 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 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 1994 0 .000 0 0
03 1995 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 -1,747 -42 718
02 1994 333,546 151 333,395 221,854 51 8,120
03 1995 372,508 735 371,773 268,408 473 6,871
04 TOTAL XXX XXX XXX 488,515 482 15,709
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 13 1,701 -15 -1,015 XXX 313
02 1994 0 20,590 14,937 244,860 237,108 -2,308
03 1995 5 11,572 20,350 295,151 261,017 18,120
04 TOTAL 18 33,864 35,271 538,995 XXX 16,125
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 0 194 0 150 0 83
02 1994 0 -688 0 182 0 -13
03 1995 106 13,763 28 2,222 22 1,423
04 TOTAL 106 13,267 28 2,554 22 1,493
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 1,136 92 832 222 XXX
02 1994 0 2,225 142 -2,685 5,319 242,227
03 1995 8 13,425 1,696 37,059 29,977 332,868
04 TOTAL 8 16,784 1,930 35,206 35,518 XXX
SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 51 242,176 72.622 33.775 72.639 0
03 1995 657 332,211 89.359 89.388 89.359 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 507 325
02 1994 0 .000 -2,997 311
03 1995 0 .000 31,747 5,312
04 TOTAL 0 XXX 29,257 5,948
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 1994 2 0 2 0 0 0
03 1995 1 0 1 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 1994 0 0 0 0 XXX 0
03 1995 0 0 0 0 XXX 0
04 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 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 1994 0 0 0 0 0 0
03 1995 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 1994 0 0 0 0 0 0
03 1995 0 0 0 2 0 2
04 TOTAL 0 0 0 2 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 1994 0 0 .000 .000 .000 0
03 1995 0 2 200.000 .000 200.000 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 1994 0 .000 0 0
03 1995 0 .000 2 0
04 TOTAL 0 XXX 2 0
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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 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 1994 0 0 0 0 XXX 0
03 1995 0 0 0 0 XXX 0
04 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 XXX
SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 0 0 .000 .000 .000 0
03 1995 0 0 .000 .000 .000 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 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 1994 0 .000 0 0
03 1995 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 1986 -22 -1 -21 0 0 0
03 1987 15 0 15 0 0 0
04 1988 16 1 15 0 0 0
05 1989 -1 0 -1 0 0 0
06 1990 -1 0 -1 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 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 1986 0 0 0 0 XXX 0
03 1987 0 0 0 0 XXX 0
04 1988 0 0 0 0 XXX 0
05 1989 0 0 0 0 XXX 0
06 1990 0 0 0 0 XXX 0
07 1991 0 0 0 0 XXX 0
08 1992 0 0 0 0 XXX 0
09 1993 0 0 0 0 XXX 0
10 1994 0 0 0 0 XXX 0
11 1995 0 0 0 0 XXX 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1M - INTERNATIONAL
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 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 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1N - REINSURANCE A
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1N - REINSURANCE A
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1N - REINSURANCE A
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1N - REINSURANCE A
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1N - REINSURANCE A
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1O - REINSURANCE B
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 1988 21 0 21 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1O - REINSURANCE B
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1O - REINSURANCE B
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1O - REINSURANCE B
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1O - REINSURANCE B
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1O - REINSURANCE B
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1P - REINSURANCE C
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1P - REINSURANCE C
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1P - REINSURANCE C
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 0 0 0 0 0 0
07 1994 0 0 0 0 0 0
08 1995 0 0 0 0 0 0
09 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1P - REINSURANCE C
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 1988 0 0 0 0 XXX 0
02 1989 0 0 0 0 XXX 0
03 1990 0 0 0 0 XXX 0
04 1991 0 0 0 0 XXX 0
05 1992 0 0 0 0 XXX 0
06 1993 0 0 0 0 XXX 0
07 1994 0 0 0 0 XXX 0
08 1995 0 0 0 0 XXX 0
09 TOTAL 0 0 0 0 XXX XXX
SCHEDULE P - PART 1P - REINSURANCE C
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 1988 0 0 .000 .000 .000 0
02 1989 0 0 .000 .000 .000 0
03 1990 0 0 .000 .000 .000 0
04 1991 0 0 .000 .000 .000 0
05 1992 0 0 .000 .000 .000 0
06 1993 0 0 .000 .000 .000 0
07 1994 0 0 .000 .000 .000 0
08 1995 0 0 .000 .000 .000 0
09 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1P - REINSURANCE C
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 1988 0 .000 0 0
02 1989 0 .000 0 0
03 1990 0 .000 0 0
04 1991 0 .000 0 0
05 1992 0 .000 0 0
06 1993 0 .000 0 0
07 1994 0 .000 0 0
08 1995 0 .000 0 0
09 TOTAL 0 XXX 0 0
SCHEDULE P - PART 1Q - REINSURANCE D
($000 OMITTED)
1 PREMIUMS EARNED LOSS AND LOSS EXPENSE PAYMENTS
YEARS IN 2 3 4 ALLOCATED LOSS
WHICH PRE- LOSS PAYMENTS EXP PAYMENTS
MIUMS WERE DIRECT NET 5 6 7
EARNED AND AND CEDED (2 - 3) DIRECT DIRECT
LOSSES ASSUMED AND CEDED AND
WERE INC ASSUMED ASSUMED
01 PRIOR XXX XXX XXX 0 0 0
02 1986 199 0 199 293 0 0
03 1987 6 0 6 6 0 0
04 1988 XXX XXX XXX 299 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 1986 0 0 0 293 XXX 0
03 1987 0 0 0 6 XXX 0
04 1988 0 0 0 299 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 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 1986 0 0 0 0 XXX 293
03 1987 0 0 0 0 XXX 6
04 1988 0 0 0 0 XXX 0
SCHEDULE P - PART 1Q - REINSURANCE D
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1986 0 293 147.236 .000 147.236 0
03 1987 0 6 100.000 .000 100.000 0
04 1988 XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1Q - REINSURANCE D
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 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 1986 1,632 612 1,020 1,230 557 41
03 1987 1,159 479 680 407 3 23
04 1988 656 251 405 251 0 18
05 1989 323 131 192 172 16 12
06 1990 318 151 167 81 0 5
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL XXX XXX XXX 2,141 576 99
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 1986 1 0 12 725 9 0
03 1987 0 0 9 436 4 0
04 1988 0 0 7 276 0 0
05 1989 0 0 3 171 0 0
06 1990 0 0 6 92 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 1 0 37 1,700 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 1,283
03 1987 0 0 0 0 0 439
04 1988 0 0 0 0 0 276
05 1989 0 0 0 0 0 187
06 1990 0 0 0 0 0 92
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 558 725 78.615 91.176 71.078 0
03 1987 3 436 37.877 .626 64.118 0
04 1988 0 276 42.073 .000 68.148 0
05 1989 16 171 57.895 12.214 89.063 0
06 1990 0 92 28.931 .000 55.090 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 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 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 0 0 0 0 0 0
10 1994 0 0 0 0 0 0
11 1995 0 0 0 0 0 0
12 TOTAL 0 0 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 1986 0 0 .000 .000 .000 0
03 1987 0 0 .000 .000 .000 0
04 1988 0 0 .000 .000 .000 0
05 1989 0 0 .000 .000 .000 0
06 1990 0 0 .000 .000 .000 0
07 1991 0 0 .000 .000 .000 0
08 1992 0 0 .000 .000 .000 0
09 1993 0 0 .000 .000 .000 0
10 1994 0 0 .000 .000 .000 0
11 1995 0 0 .000 .000 .000 0
12 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1986 0 .000 0 0
03 1987 0 .000 0 0
04 1988 0 .000 0 0
05 1989 0 .000 0 0
06 1990 0 .000 0 0
07 1991 0 .000 0 0
08 1992 0 .000 0 0
09 1993 0 .000 0 0
10 1994 0 .000 0 0
11 1995 0 .000 0 0
12 TOTAL 0 XXX 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 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL XXX XXX XXX 0 0 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 LOSS AND LOSS EXPENSE PAYMENTS LOSSES UNPAID
YEARS IN ALLOC LOSS 9 10 11 12 CASE BASIS
WHICH PRE- EXPENSE NUMBER OF
MIUMS WERE PAYMENTS SALVAGE UNALLOCATED TOTAL CLAIMS 13
EARNED AND 8 AND LOSS NET PAID REPORTED - DIRECT
LOSSES CEDED SUBROGATION EXPENSE (5 - 6 + 7 DIRECT AND AND
WERE INC RECEIVED PAYMENTS - 8 + 10) ASSUMED ASSUMED
01 PRIOR 0 0 0 0 XXX 0
02 1994 0 0 0 0 XXX 0
03 1995 0 0 0 0 XXX 0
04 TOTAL 0 0 0 0 XXX 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 LOSSES UNPAID ALLOCATED LOSS EXPENSES UNPAID
YEARS IN CASE BASIS BULK + IBNR CASE BASIS BULK + IBNR
WHICH PRE-
MIUMS WERE 14 15 16 17 18 19
EARNED AND DIRECT DIRECT DIRECT
LOSSES CEDED AND CEDED AND CEDED AND
WERE INC ASSUMED ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 0
02 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 21 22 23 24 TOTAL LOSSES
YEARS IN BULK + IBNR & LOSS EXP
WHICH PRE- NUMBER OF INCURRED
MIUMS WERE 20 SALVAGE UNALLOCATED TOTAL CLAIMS 25
EARNED AND AND LOSS NET LOSSES OUTSTANDING DIRECT
LOSSES CEDED SUBROGATION EXPENSES & EXPENSES DIRECT AND AND
WERE INC ANTICIPATED UNPAID UNPAID ASSUMED ASSUMED
01 PRIOR 0 0 0 0 0 XXX
02 1994 0 0 0 0 0 0
03 1995 0 0 0 0 0 0
04 TOTAL 0 0 0 0 0 XXX
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 TOTAL LOSSES AND LOSS LOSS AND LOSS EXPENSE PERCENTAGE DISCOUNT FOR
YEARS IN EXPENSES INCURRED (INCURRED/PREMIUMS EARNED) TIME VALUE
WHICH PRE- OF MONEY
MIUMS WERE 26 27 28 29 30 31
EARNED AND DIRECT
LOSSES CEDED NET* AND CEDED NET LOSS
WERE INC ASSUMED
01 PRIOR XXX XXX XXX XXX XXX 0
02 1994 0 0 .000 .000 .000 0
03 1995 0 0 .000 .000 .000 0
04 TOTAL XXX XXX XXX XXX XXX 0
SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 DISCOUNT FOR 33 NET BALANCE SHEET
YEARS IN TIME VALUE RESERVES AFTER DISCOUNT
WHICH PRE- OF MONEY INTER-
MIUMS WERE 32 COMPANY 34 35
EARNED AND POOLING LOSS
LOSSES LOSS PARTICIPATION LOSSES EXPENSES
WERE INC EXPENSE PERCENTAGE UNPAID UNPAID
01 PRIOR 0 XXX 0 0
02 1994 0 .000 0 0
03 1995 0 .000 0 0
04 TOTAL 0 XXX 0 0
SCHEDULE P - PART 2A - HOMEOWNERS/FARMOWNERS
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 175 155 152 180 189 260
02 1986 1,415 1,253 1,198 1,182 1,189 1,236
03 1987 XXX 1,413 1,290 1,288 1,275 1,325
04 1988 XXX XXX 1,636 1,612 1,632 1,739
05 1989 XXX XXX XXX 2,744 2,924 3,085
06 1990 XXX XXX XXX XXX 3,444 3,530
07 1991 XXX XXX XXX XXX XXX 3,433
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2A - HOMEOWNERS/FARMOWNERS
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 263 258 224 224 0 -34
02 1986 1,223 1,193 1,193 1,193 0 0
03 1987 1,308 1,275 1,276 1,276 0 1
04 1988 1,686 1,621 1,621 1,621 0 0
05 1989 3,021 2,948 2,959 2,971 12 23
06 1990 3,333 3,227 3,209 3,195 -14 -32
07 1991 3,228 3,144 3,133 3,132 -1 -12
08 1992 3,824 3,179 3,105 3,151 46 -28
09 1993 XXX 1,810 1,827 1,804 -23 -6
10 1994 XXX XXX 623 616 -7 XXX
11 1995 XXX XXX XXX 14 XXX XXX
12 TOTAL 13 -88
SCHEDULE P - PART 2B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 25,598 39,120 39,032 37,070 37,149 37,283
02 1986 66,945 68,638 70,633 70,684 70,416 70,439
03 1987 XXX 101,414 108,109 110,179 111,326 111,574
04 1988 XXX XXX 137,924 146,252 152,574 151,053
05 1989 XXX XXX XXX 183,169 183,552 181,902
06 1990 XXX XXX XXX XXX 232,005 218,294
07 1991 XXX XXX XXX XXX XXX 317,568
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 37,164 38,139 37,207 37,058 -149 -1,081
02 1986 70,389 70,343 70,272 70,300 28 -43
03 1987 111,460 111,212 110,929 110,952 23 -260
04 1988 149,712 149,099 148,927 148,875 -52 -224
05 1989 178,598 177,758 176,683 176,732 49 -1,026
06 1990 217,693 216,485 215,994 217,282 1,288 797
07 1991 299,827 297,362 297,218 297,108 -110 -254
08 1992 360,506 340,597 335,336 334,907 -429 -5,690
09 1993 XXX 426,301 410,506 412,106 1,600 -14,195
10 1994 XXX XXX 543,701 540,181 -3,520 XXX
11 1995 XXX XXX XXX 605,647 XXX XXX
12 TOTAL -1,271 -21,975
SCHEDULE P - PART 2C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 2,318 2,740 2,657 603 1,406 1,249
02 1986 1,782 1,953 1,899 1,146 1,070 1,379
03 1987 XXX 4,798 4,756 3,141 3,249 3,000
04 1988 XXX XXX 5,899 4,575 4,968 4,846
05 1989 XXX XXX XXX 5,395 5,408 5,529
06 1990 XXX XXX XXX XXX 7,540 6,848
07 1991 XXX XXX XXX XXX XXX 7,084
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 1,317 1,273 1,251 1,250 -1 -23
02 1986 1,101 1,093 1,118 1,118 0 25
03 1987 2,978 2,970 2,972 2,972 0 2
04 1988 4,726 4,749 4,694 4,694 0 -55
05 1989 5,527 5,763 5,720 5,652 -68 -111
06 1990 7,144 7,664 7,363 7,079 -284 -585
07 1991 7,639 7,763 7,224 7,161 -63 -602
08 1992 7,686 7,041 6,517 6,014 -503 -1,027
09 1993 XXX 10,699 8,421 7,948 -473 -2,751
10 1994 XXX XXX 8,000 6,931 -1,069 XXX
11 1995 XXX XXX XXX 8,716 XXX XXX
12 TOTAL -2,461 -5,127
SCHEDULE P - PART 2D - WORKERS' COMPENSATION
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 75,565 71,814 65,671 73,859 72,909 74,098
02 1986 104,600 111,647 108,666 111,982 108,309 109,352
03 1987 XXX 145,390 131,617 131,679 120,814 119,364
04 1988 XXX XXX 160,365 156,541 153,615 141,133
05 1989 XXX XXX XXX 172,326 187,969 174,457
06 1990 XXX XXX XXX XXX 209,512 232,976
07 1991 XXX XXX XXX XXX XXX 211,992
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2D - WORKERS' COMPENSATION
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 75,305 76,301 76,829 76,835 6 534
02 1986 109,354 110,011 109,629 109,793 164 -218
03 1987 120,494 120,159 120,823 121,432 609 1,273
04 1988 136,082 134,238 133,117 132,672 -445 -1,566
05 1989 168,268 163,809 161,908 162,075 167 -1,734
06 1990 224,789 216,044 211,079 209,820 -1,259 -6,224
07 1991 238,574 234,271 222,874 221,790 -1,084 -12,481
08 1992 234,957 231,720 217,915 200,141 -17,774 -31,579
09 1993 XXX 257,841 252,710 249,540 -3,170 -8,301
10 1994 XXX XXX 280,662 267,456 -13,206 XXX
11 1995 XXX XXX XXX 209,092 XXX XXX
12 TOTAL -35,992 -60,296
SCHEDULE P - PART 2E - COMMERICAL MULTIPLE PERIL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 630 374 432 486 543 559
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2E - COMMERICAL MULTIPLE PERIL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 695 550 551 550 -1 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL -1 0
SCHEDULE P - PART 2F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 142 165 149 114 117 117
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 33 32 32
06 1990 XXX XXX XXX XXX 75 88
07 1991 XXX XXX XXX XXX XXX 154
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2G - SPECIAL LIABILITY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 117 117 117 117 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 32 32 32 32 0 0
06 1990 79 76 78 78 0 2
07 1991 127 126 126 126 0 0
08 1992 400 320 320 315 -5 -5
09 1993 XXX 287 331 308 -23 21
10 1994 XXX XXX 113 94 -19 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL -48 17
SCHEDULE P - PART 2H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 3,774 4,653 6,780 6,851 6,937 7,519
02 1986 3,472 3,139 3,079 2,289 2,185 2,185
03 1987 XXX 1,668 1,736 1,648 1,548 1,548
04 1988 XXX XXX 1,537 1,380 1,412 1,412
05 1989 XXX XXX XXX 643 511 489
06 1990 XXX XXX XXX XXX 529 518
07 1991 XXX XXX XXX XXX XXX 144
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 8,250 11,335 11,787 12,061 274 726
02 1986 2,185 2,185 2,185 2,185 0 0
03 1987 1,548 1,548 1,548 1,548 0 0
04 1988 1,412 1,412 1,412 1,412 0 0
05 1989 537 476 476 476 0 0
06 1990 418 368 368 368 0 0
07 1991 100 0 0 0 0 0
08 1992 112 67 0 0 0 -67
09 1993 XXX 100 7 7 0 -93
10 1994 XXX XXX 100 100 0 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL 274 566
SCHEDULE P - PART 2H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2I - SPECIAL PROPERTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0 0 0
02 1994 XXX XXX 0 0 0 XXX
03 1995 XXX XXX XXX 0 XXX XXX
04 TOTAL 0 0
SCHEDULE P - PART 2J - AUTO PHYSICAL DAMAGE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2J - AUTO PHYSICAL DAMAGE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 32,150 15,683 14,728 -955 -17,422
02 1994 XXX XXX 237,200 227,096 -10,104 XXX
03 1995 XXX XXX XXX 310,166 XXX XXX
04 TOTAL -11,076 -16,150
SCHEDULE P - PART 2K - FIDELITY, SURETY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2K - FIDELITY, SURETY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 5 0 0 0 -5
02 1994 XXX XXX 2 0 -2 XXX
03 1995 XXX XXX XXX 2 XXX XXX
04 TOTAL -2 -5
SCHEDULE P - PART 2L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0 0 0
02 1994 XXX XXX 0 0 0 XXX
03 1995 XXX XXX XXX 0 XXX XXX
04 TOTAL 0 0
SCHEDULE P - PART 2M - INTERNATIONAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 153 169 222 260 272 272
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2M - INTERNATIONAL
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 272 272 272 272 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2N - REINSURANCE A
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2O - REINSURANCE B
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2O - REINSURANCE B
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2P - REINSURANCE C
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
09 TOTAL
SCHEDULE P - PART 2P - REINSURANCE C
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 1988 0 0 0 0 0 0
02 1989 0 0 0 0 0 0
03 1990 0 0 0 0 0 0
04 1991 0 0 0 0 0 0
05 1992 0 0 0 0 0 0
06 1993 XXX 0 0 0 0 XXX
07 1994 XXX XXX 0 0 0 XXX
08 1995 XXX XXX XXX 0 XXX XXX
09 TOTAL 0 0
SCHEDULE P - PART 2Q - REINSURANCE D
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 126 209 266 332 346 346
02 1986 189 179 263 282 293 293
03 1987 XXX 0 0 0 6 6
04 1988
SCHEDULE P - PART 2Q - REINSURANCE D
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 346 346 346 346 0 0
02 1986 293 293 293 293 0 0
03 1987 6 6 6 6 0 0
04 1988 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 357 449 614 1,065 1,168 1,168
02 1986 811 834 858 799 713 713
03 1987 XXX 440 421 423 427 427
04 1988 XXX XXX 253 268 269 269
05 1989 XXX XXX XXX 145 168 168
06 1990 XXX XXX XXX XXX 86 86
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 1,168 1,168 1,168 1,168 0 0
02 1986 713 713 713 713 0 0
03 1987 427 427 427 427 0 0
04 1988 269 269 269 269 0 0
05 1989 168 168 168 168 0 0
06 1990 86 86 86 86 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 XXX XXX XXX 0 XXX XXX
12 TOTAL 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
12 TOTAL
SCHEDULE P - PART 2R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 XXX
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
04 TOTAL
SCHEDULE P - PART 2S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 INCURRED LOSSES AND ALLOCATED EXPENSES REPORTED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 ONE YEAR TWO YEAR
LOSSES WERE DEVELOPMENT DEVELOPMENT
INCURRED
01 PRIOR XXX 0 0 0 0 0
02 1994 XXX XXX 0 0 0 XXX
03 1995 XXX XXX XXX 0 XXX XXX
04 TOTAL 0 0
SCHEDULE P - PART 3A - HOMEOWNERS/FARMOWNERS
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 99 103 156 154 165
02 1986 796 1,188 1,182 1,183 1,184 1,193
03 1987 XXX 1,008 1,233 1,256 1,275 1,275
04 1988 XXX XXX 1,283 1,521 1,622 1,632
05 1989 XXX XXX XXX 2,035 2,845 2,912
06 1990 XXX XXX XXX XXX 2,238 2,855
07 1991 XXX XXX XXX XXX XXX 2,489
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3A - HOMEOWNERS/FARMOWNERS
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 171 182 224 224 57 19
02 1986 1,193 1,193 1,193 1,193 914 337
03 1987 1,275 1,275 1,276 1,276 912 297
04 1988 1,621 1,621 1,621 1,621 1,030 378
05 1989 2,927 2,928 2,926 2,929 1,496 721
06 1990 2,959 3,193 3,194 3,195 1,621 924
07 1991 3,001 3,130 3,129 3,132 1,350 507
08 1992 3,404 3,059 3,081 3,150 1,237 433
09 1993 XXX 1,444 1,785 1,798 735 274
10 1994 XXX XXX 492 610 144 44
11 1995 XXX XXX XXX 14 63 24
SCHEDULE P - PART 3B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 19,463 28,813 34,077 34,820 35,582
02 1986 29,689 51,701 62,843 68,121 69,523 70,327
03 1987 XXX 46,530 84,104 97,932 104,590 108,786
04 1988 XXX XXX 61,268 111,975 132,534 143,716
05 1989 XXX XXX XXX 72,214 128,581 158,216
06 1990 XXX XXX XXX XXX 62,239 156,613
07 1991 XXX XXX XXX XXX XXX 131,690
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 36,997 37,250 36,697 36,825 0 0
02 1986 69,934 70,081 70,107 70,099 46,481 23,973
03 1987 110,030 110,635 110,865 110,914 50,431 24,120
04 1988 147,300 147,982 148,409 148,667 62,001 27,642
05 1989 172,609 174,973 175,994 175,930 87,345 38,216
06 1990 192,407 210,414 213,790 214,731 104,672 46,531
07 1991 239,677 275,333 287,859 293,462 127,541 53,622
08 1992 149,288 272,150 311,342 325,028 138,696 58,551
09 1993 XXX 184,903 336,244 382,740 161,354 71,278
10 1994 XXX XXX 238,996 435,802 193,415 84,252
11 1995 XXX XXX XXX 262,024 125,645 60,068
SCHEDULE P - PART 3C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 525 813 1,220 1,272 1,177
02 1986 565 1,118 1,400 857 971 1,229
03 1987 XXX 1,528 3,028 2,294 2,742 2,947
04 1988 XXX XXX 1,834 2,092 3,247 4,391
05 1989 XXX XXX XXX 1,050 2,762 4,573
06 1990 XXX XXX XXX XXX 1,976 3,373
07 1991 XXX XXX XXX XXX XXX 1,690
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 1,211 1,249 1,250 1,250 0 0
02 1986 1,039 1,093 1,116 1,117 0 0
03 1987 2,949 2,970 2,971 2,972 0 0
04 1988 4,573 4,648 4,694 4,694 0 0
05 1989 5,168 5,345 5,540 5,652 1,025 113
06 1990 5,457 6,332 7,333 7,328 1,150 169
07 1991 3,900 5,909 6,511 6,905 1,274 378
08 1992 1,986 3,280 4,801 5,216 1,393 616
09 1993 XXX 2,033 3,969 5,807 1,407 763
10 1994 XXX XXX 1,640 3,647 1,349 536
11 1995 XXX XXX XXX 2,048 1,031 435
SCHEDULE P - PART 3D - WORKERS' COMPENSATION
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 27,610 45,443 56,365 63,133 67,627
02 1986 22,442 49,581 72,810 89,028 97,446 103,399
03 1987 XXX 23,579 55,383 81,025 99,029 109,070
04 1988 XXX XXX 23,996 57,813 86,412 106,183
05 1989 XXX XXX XXX 29,877 74,974 112,077
06 1990 XXX XXX XXX XXX 43,713 109,469
07 1991 XXX XXX XXX XXX XXX 49,706
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3D - WORKERS' COMPENSATION
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 70,910 72,765 74,055 75,075 0 0
02 1986 106,196 107,990 109,171 109,647 30,089 2,718
03 1987 114,895 118,388 119,810 121,041 32,114 2,944
04 1988 116,766 123,065 126,524 128,320 31,406 2,745
05 1989 133,238 143,753 149,375 153,117 34,403 3,069
06 1990 153,929 179,579 191,040 198,085 37,965 4,400
07 1991 116,989 162,166 186,763 200,348 35,123 3,755
08 1992 47,277 107,203 146,140 165,751 34,357 3,480
09 1993 XXX 51,319 108,967 146,668 34,355 3,397
10 1994 XXX XXX 54,719 122,783 38,040 3,612
11 1995 XXX XXX XXX 49,686 23,054 2,266
SCHEDULE P - PART 3E - COMMERICAL MULTIPLE PERIL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 97 171 246 286 381
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3E - COMMERICAL MULTIPLE PERIL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 465 558 562 550 0 1
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 XXX XXX XXX 0 0 0
SCHEDULE P - PART 3F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 52 65 68 117 117
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 22 32 32
06 1990 XXX XXX XXX XXX 59 76
07 1991 XXX XXX XXX XXX XXX 115
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3G - SPECIAL LIABILITY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 117 117 117 117 XXX XXX
02 1986 0 0 0 0 XXX XXX
03 1987 0 0 0 0 XXX XXX
04 1988 0 0 0 0 XXX XXX
05 1989 32 32 32 32 XXX XXX
06 1990 79 79 78 78 XXX XXX
07 1991 126 126 126 126 XXX XXX
08 1992 189 315 315 315 XXX XXX
09 1993 XXX 189 239 308 XXX XXX
10 1994 XXX XXX 93 94 XXX XXX
11 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 845 2,073 2,744 4,247 4,391
02 1986 0 79 169 238 2,185 2,185
03 1987 XXX 0 0 120 1,548 1,548
04 1988 XXX XXX 0 526 1,412 1,412
05 1989 XXX XXX XXX 0 411 414
06 1990 XXX XXX XXX XXX 368 368
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 4,435 4,614 4,785 4,811 36 54
02 1986 2,185 2,185 2,185 2,185 0 0
03 1987 1,548 1,548 1,548 1,548 0 0
04 1988 1,412 1,412 1,412 1,412 2 0
05 1989 434 476 476 476 1 2
06 1990 368 368 368 368 0 1
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3I - SPECIAL PROPERTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 0 0 XXX XXX
02 1994 XXX XXX 0 0 XXX XXX
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3J - AUTO PHYSICAL DAMAGE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 14,430 13,540 137,759 44,487
02 1994 XXX XXX 204,622 229,924 165,916 61,507
03 1995 XXX XXX XXX 274,803 124,861 47,640
SCHEDULE P - PART 3K - FIDELITY, SURETY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3K - FIDELITY, SURETY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 0 0 XXX XXX
02 1994 XXX XXX 0 0 XXX XXX
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 0 0 XXX XXX
02 1994 XXX XXX 0 0 XXX XXX
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 7 46 88 272 272
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3M - INTERNATIONAL
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 272 272 272 272 XXX XXX
02 1986 0 0 0 0 XXX XXX
03 1987 0 0 0 0 XXX XXX
04 1988 0 0 0 0 XXX XXX
05 1989 0 0 0 0 XXX XXX
06 1990 0 0 0 0 XXX XXX
07 1991 0 0 0 0 XXX XXX
08 1992 0 0 0 0 XXX XXX
09 1993 XXX 0 0 0 XXX XXX
10 1994 XXX XXX 0 0 XXX XXX
11 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3N - REINSURANCE A
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3N - REINSURANCE A
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3O - REINSURANCE B
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3O - REINSURANCE B
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3P - REINSURANCE C
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3P - REINSURANCE C
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 1988 0 0 0 0 XXX XXX
02 1989 0 0 0 0 XXX XXX
03 1990 0 0 0 0 XXX XXX
04 1991 0 0 0 0 XXX XXX
05 1992 0 0 0 0 XXX XXX
06 1993 XXX 0 0 0 XXX XXX
07 1994 XXX XXX 0 0 XXX XXX
08 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 3Q - REINSURANCE D
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 32 49 80 346 346
02 1986 0 29 44 63 293 293
03 1987 XXX 0 0 0 6 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 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 346 346 346 346 XXX XXX
02 1986 293 293 293 293 XXX XXX
03 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 124 219 308 1,168 1,168
02 1986 0 0 9 69 713 713
03 1987 XXX 0 0 0 427 427
04 1988 XXX XXX 0 2 269 269
05 1989 XXX XXX XXX 0 168 168
06 1990 XXX XXX XXX XXX 86 86
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 1,168 1,168 1,168 1,168 0 0
02 1986 713 713 713 713 0 0
03 1987 427 427 427 427 0 0
04 1988 269 269 269 269 0 0
05 1989 168 168 168 168 0 0
06 1990 86 86 86 86 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 0 0 0 0 0 0
04 1988 0 0 0 0 0 0
05 1989 0 0 0 0 0 0
06 1990 0 0 0 0 0 0
07 1991 0 0 0 0 0 0
08 1992 0 0 0 0 0 0
09 1993 XXX 0 0 0 0 0
10 1994 XXX XXX 0 0 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 3S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 CUMULATIVE PAID LOSSES AND ALLOCATED EXPENSES AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995 NUMBER OF NUMBER OF
LOSSES WERE CLMS CLOSED CLMS CLOSED
INCURRED WITH LOSS WITHOUT LOSS
PAYMENT PAYMENT
01 PRIOR XXX 0 0 0 XXX XXX
02 1994 XXX XXX 0 0 XXX XXX
03 1995 XXX XXX XXX 0 XXX XXX
SCHEDULE P - PART 4A - HOMEOWNERS/FARMOWNERS
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 39 10 0 0 0 25
02 1986 138 40 10 0 0 44
03 1987 XXX 139 40 0 0 50
04 1988 XXX XXX 167 0 0 85
05 1989 XXX XXX XXX 217 0 154
06 1990 XXX XXX XXX XXX 217 232
07 1991 XXX XXX XXX XXX XXX 497
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4A - HOMEOWNERS/FARMOWNERS
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 6 0 0 0
02 1986 30 0 0 0
03 1987 33 0 0 0
04 1988 44 0 0 0
05 1989 78 2 -5 6
06 1990 91 5 15 0
07 1991 107 14 4 0
08 1992 475 77 13 1
09 1993 XXX 72 30 6
10 1994 XXX XXX 15 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 2,671 7,750 4,632 137 120 55
02 1986 8,709 2,065 1,327 427 284 128
03 1987 XXX 14,571 5,216 2,767 1,145 573
04 1988 XXX XXX 24,341 7,862 5,550 2,445
05 1989 XXX XXX XXX 42,368 15,689 6,418
06 1990 XXX XXX XXX XXX 66,813 17,128
07 1991 XXX XXX XXX XXX XXX 63,813
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 43 85 64 0
02 1986 51 57 -6 -10
03 1987 181 122 1 -1
04 1988 784 374 122 -10
05 1989 2,226 897 110 41
06 1990 5,049 1,702 201 208
07 1991 16,076 4,068 1,238 480
08 1992 70,431 18,032 5,363 1,560
09 1993 XXX 76,625 15,928 3,530
10 1994 XXX XXX 93,102 22,772
11 1995 XXX XXX XXX 102,897
SCHEDULE P - PART 4C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 165 404 215 48 64 2
02 1986 424 263 188 134 32 52
03 1987 XXX 776 486 306 318 17
04 1988 XXX XXX 711 699 464 113
05 1989 XXX XXX XXX 1,664 837 414
06 1990 XXX XXX XXX XXX 2,222 1,083
07 1991 XXX XXX XXX XXX XXX 1,861
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 6 0 0 0
02 1986 15 0 0 0
03 1987 4 0 0 0
04 1988 35 16 0 0
05 1989 109 74 31 0
06 1990 537 275 8 -20
07 1991 1,344 534 151 41
08 1992 2,381 1,522 694 132
09 1993 XXX 3,626 1,522 553
10 1994 XXX XXX 2,413 969
11 1995 XXX XXX XXX 2,162
SCHEDULE P - PART 4D - WORKERS' COMPENSATION
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 9,251 7,982 3,755 3,667 2,694 1,696
02 1986 12,033 10,362 5,668 5,262 2,947 1,580
03 1987 XXX 29,130 9,394 8,735 6,276 2,508
04 1988 XXX XXX 37,532 16,490 13,231 6,679
05 1989 XXX XXX XXX 37,036 21,197 11,753
06 1990 XXX XXX XXX XXX 34,825 20,600
07 1991 XXX XXX XXX XXX XXX 31,028
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4D - WORKERS' COMPENSATION
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 862 842 909 779
02 1986 818 336 130 112
03 1987 1,728 470 228 337
04 1988 3,653 1,668 963 897
05 1989 7,114 3,164 1,775 1,723
06 1990 12,258 5,833 2,623 1,543
07 1991 17,469 10,819 3,869 1,995
08 1992 44,120 34,386 23,047 4,745
09 1993 XXX 62,287 62,034 51,928
10 1994 XXX XXX 51,587 45,380
11 1995 XXX XXX XXX 21,909
SCHEDULE P - PART 4E - COMMERICAL MULTIPLE PERIL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4E - COMMERICAL MULTIPLE PERIL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4G - SPECIAL LIABILITY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 47 36 62 25 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 2 2
07 1991 XXX XXX XXX XXX XXX 21
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4G - SPECIAL LIABILITY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 1 0 0 0
08 1992 57 5 5 0
09 1993 XXX 54 48 0
10 1994 XXX XXX 21 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 805 1,228 1,846 2,463 1,441 2,165
02 1986 3,294 2,796 2,650 1,782 0 0
03 1987 XXX 1,621 1,490 1,350 0 0
04 1988 XXX XXX 1,011 854 0 0
05 1989 XXX XXX XXX 643 100 0
06 1990 XXX XXX XXX XXX 161 100
07 1991 XXX XXX XXX XXX XXX 144
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4H - SECTION 1 - OTHER LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 2,852 3,773 3,830 3,843
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 100 0 0 0
08 1992 112 67 0 0
09 1993 XXX 100 7 7
10 1994 XXX XXX 100 100
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4H - SECTION 2 - OTHER LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4I - SPECIAL PROPERTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4I - SPECIAL PROPERTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1994 XXX XXX 0 0
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4J - AUTO PHYSICAL DAMAGE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 15,453 1,526 202
02 1994 XXX XXX 17,555 -701
03 1995 XXX XXX XXX 15,150
SCHEDULE P - PART 4K - FIDELITY, SURETY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4K - FIDELITY, SURETY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 5 0 0
02 1994 XXX XXX 2 0
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1994 XXX XXX 0 0
03 1995 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 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 14 3 3 3 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4M - INTERNATIONAL
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4N - REINSURANCE A
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4N - REINSURANCE A
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4O - REINSURANCE B
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4O - REINSURANCE B
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4P - REINSURANCE C
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4P - REINSURANCE C
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 4Q - REINSURANCE D
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 21 25 25 27 0 0
02 1986 150 93 99 96 0 0
03 1987 XXX 0 0 0 0 0
SCHEDULE P - PART 4Q - REINSURANCE D
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 123 113 121 334 0 0
02 1986 807 756 765 519 0 0
03 1987 XXX 439 417 398 0 0
04 1988 XXX XXX 248 257 0 0
05 1989 XXX XXX XXX 120 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS MADE
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
LOSSES WERE
INCURRED
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1994 XXX XXX XXX XXX XXX XXX
03 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
1 BULK & INCURRED BUT NOT REPORTED RESERVES ON LOSSES & ALLOCATED EXPENSES
AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
LOSSES WERE
INCURRED
01 PRIOR XXX 0 0 0
02 1994 XXX XXX 0 0
03 1995 XXX XXX XXX 0
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 1,428 1,435 1,436
02 1986 18 21 21 886 892 893
03 1987 XXX 2 2 897 909 909
04 1988 XXX XXX 0 1,010 1,027 1,030
05 1989 XXX XXX XXX 1,127 1,478 1,493
06 1990 XXX XXX XXX XXX 1,390 1,608
07 1991 XXX XXX XXX XXX XXX 1,169
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1,436 1,436 1,436 1,436
02 1986 893 893 893 893
03 1987 909 909 910 910
04 1988 1,030 1,030 1,030 1,030
05 1989 1,497 1,498 1,498 1,498
06 1990 1,618 1,621 1,621 1,619
07 1991 1,334 1,350 1,350 1,348
08 1992 1,042 1,231 1,236 1,235
09 1993 XXX 656 734 734
10 1994 XXX XXX 135 144
11 1995 XXX XXX XXX 2
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 10 4 4 4 2 3
02 1986 125 7 3 3 1 1
03 1987 XXX 181 10 4 4 4
04 1988 XXX XXX 183 11 1 2
05 1989 XXX XXX XXX 328 12 4
06 1990 XXX XXX XXX XXX 240 10
07 1991 XXX XXX XXX XXX XXX 162
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 3 3 3 3
02 1986 1 1 1 1
03 1987 4 4 4 4
04 1988 1 1 1 1
05 1989 2 1 3 3
06 1990 5 1 1 0
07 1991 9 9 1 0
08 1992 196 8 2 0
09 1993 XXX 71 1 0
10 1994 XXX XXX 11 1
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 68 76 76 941 1,253 1,253
03 1987 XXX 33 37 936 1,241 1,241
04 1988 XXX XXX 2 1,023 1,409 1,410
05 1989 XXX XXX XXX 1,455 2,213 2,218
06 1990 XXX XXX XXX XXX 2,464 2,536
07 1991 XXX XXX XXX XXX XXX 1,771
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 1,253 1,253 1,253 1,253
03 1987 1,241 1,241 1,242 1,242
04 1988 1,410 1,410 1,410 1,410
05 1989 2,219 2,220 2,222 2,222
06 1990 2,543 2,545 2,545 2,543
07 1991 1,849 1,856 1,858 1,856
08 1992 1,617 1,668 1,671 1,669
09 1993 XXX 973 1,009 1,008
10 1994 XXX XXX 185 189
11 1995 XXX XXX XXX 3
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 25,440 38,055 38,083
02 1986 21,016 29,804 30,987 36,839 36,998 37,062
03 1987 XXX 23,799 33,615 42,012 42,662 42,873
04 1988 XXX XXX 30,202 51,838 54,565 55,399
05 1989 XXX XXX XXX 44,928 64,667 68,099
06 1990 XXX XXX XXX XXX 53,811 79,117
07 1991 XXX XXX XXX XXX XXX 72,909
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 38,100 38,061 38,494 38,495
02 1986 37,089 37,101 37,109 37,100
03 1987 42,981 43,028 43,032 43,039
04 1988 55,672 55,813 55,870 55,928
05 1989 69,148 69,611 69,703 68,562
06 1990 83,193 84,430 84,869 82,962
07 1991 100,434 104,618 105,484 103,819
08 1992 80,679 111,190 115,893 116,932
09 1993 XXX 94,700 129,662 140,329
10 1994 XXX XXX 118,979 169,472
11 1995 XXX XXX XXX 125,365
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 345 488 226 246 144 82
02 1986 10,263 2,231 932 320 132 56
03 1987 XXX 12,369 2,806 1,032 440 185
04 1988 XXX XXX 13,699 3,902 1,470 547
05 1989 XXX XXX XXX 21,046 4,631 1,546
06 1990 XXX XXX XXX XXX 26,653 5,328
07 1991 XXX XXX XXX XXX XXX 27,156
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 46 28 18 28
02 1986 33 12 6 6
03 1987 92 28 11 6
04 1988 235 77 35 19
05 1989 633 172 80 57
06 1990 1,799 649 223 129
07 1991 5,089 1,628 629 332
08 1992 28,563 5,527 1,763 970
09 1993 XXX 35,331 7,031 3,442
10 1994 XXX XXX 44,192 14,242
11 1995 XXX XXX XXX 56,402
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 40,677 45,767 46,425 57,913 57,822 759,856
03 1987 XXX 44,574 50,689 64,753 65,035 65,161
04 1988 XXX XXX 55,808 78,631 79,652 80,008
05 1989 XXX XXX XXX 88,800 98,580 99,736
06 1990 XXX XXX XXX XXX 107,034 120,257
07 1991 XXX XXX XXX XXX XXX 135,934
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 57,854 57,889 57,876 57,832
03 1987 65,231 65,283 65,290 65,289
04 1988 80,148 80,231 80,269 80,368
05 1989 100,175 100,352 100,398 100,527
06 1990 121,755 122,262 122,444 122,592
07 1991 151,019 152,883 153,452 149,564
08 1992 150,213 169,467 171,565 165,398
09 1993 XXX 182,440 206,784 198,897
10 1994 XXX XXX 231,639 253,088
11 1995 XXX XXX XXX 242,031
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 838 838
02 1986 157 247 275 287 289 290
03 1987 XXX 331 561 610 630 639
04 1988 XXX XXX 392 677 758 799
05 1989 XXX XXX XXX 557 865 963
06 1990 XXX XXX XXX XXX 682 1,007
07 1991 XXX XXX XXX XXX XXX 786
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 838 838 838 838
02 1986 291 292 292 292
03 1987 639 641 641 641
04 1988 811 816 818 818
05 1989 994 1,005 1,011 1,014
06 1990 1,072 1,106 1,133 1,135
07 1991 1,126 1,208 1,241 1,245
08 1992 930 1,229 1,297 1,322
09 1993 XXX 952 1,266 1,355
10 1994 XXX XXX 837 1,192
11 1995 XXX XXX XXX 1,031
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 4 2 1
02 1986 91 43 18 6 4 2
03 1987 XXX 297 92 36 17 4
04 1988 XXX XXX 474 172 80 23
05 1989 XXX XXX XXX 448 163 67
06 1990 XXX XXX XXX XXX 446 138
07 1991 XXX XXX XXX XXX XXX 412
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 1 0 0 0
02 1986 1 0 0 0
03 1987 3 0 0 0
04 1988 10 4 0 0
05 1989 25 17 6 6
06 1990 56 29 4 5
07 1991 129 55 24 38
08 1992 386 132 50 75
09 1993 XXX 517 153 216
10 1994 XXX XXX 411 431
11 1995 XXX XXX XXX 527
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 316 381 384 387 387 387
03 1987 XXX 776 888 895 903 903
04 1988 XXX XXX 1,061 1,197 1,205 1,206
05 1989 XXX XXX XXX 1,262 1,423 1,431
06 1990 XXX XXX XXX XXX 1,465 1,653
07 1991 XXX XXX XXX XXX XXX 1,520
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 387 387 387 387
03 1987 903 903 903 903
04 1988 1,206 1,207 1,206 1,206
05 1989 1,432 1,434 1,432 1,438
06 1990 1,660 1,667 1,673 1,676
07 1991 1,719 1,738 1,746 1,778
08 1992 1,646 1,822 1,838 1,895
09 1993 XXX 1,814 1,934 2,110
10 1994 XXX XXX 1,569 2,099
11 1995 XXX XXX XXX 1,966
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 28,613 29,283 29,655
03 1987 XXX 0 0 29,417 30,590 31,290
04 1988 XXX XXX 0 27,330 28,807 30,093
05 1989 XXX XXX XXX 21,021 30,026 31,953
06 1990 XXX XXX XXX XXX 24,613 32,667
07 1991 XXX XXX XXX XXX XXX 22,184
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 29,879 29,977 30,032 30,089
03 1987 31,726 31,921 32,032 32,114
04 1988 30,732 31,045 31,272 31,406
05 1989 33,228 33,789 34,176 34,403
06 1990 35,029 36,599 37,467 37,965
07 1991 30,139 32,487 34,160 35,123
08 1992 23,147 30,993 33,081 34,357
09 1993 XXX 23,421 32,621 34,355
10 1994 XXX XXX 27,833 38,040
11 1995 XXX XXX XXX 23,054
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 4,250 2,735 1,524 1,421 446
02 1986 8,432 3,738 2,430 1,569 922 550
03 1987 XXX 10,649 3,886 2,760 1,653 967
04 1988 XXX XXX 10,034 4,087 2,790 1,522
05 1989 XXX XXX XXX 10,929 4,516 2,715
06 1990 XXX XXX XXX XXX 11,401 5,789
07 1991 XXX XXX XXX XXX XXX 12,126
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 245 183 150 122
02 1986 309 209 161 109
03 1987 533 353 240 175
04 1988 850 559 329 209
05 1989 1,458 908 545 330
06 1990 3,537 1,988 1,131 643
07 1991 6,110 3,796 2,133 1,176
08 1992 11,566 4,743 2,779 1,499
09 1993 XXX 11,759 4,103 2,449
10 1994 XXX XXX 12,915 4,881
11 1995 XXX XXX XXX 10,549
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 32,729 32,809 32,855
03 1987 XXX 0 0 34,840 35,015 35,101
04 1988 XXX XXX 0 33,747 34,070 34,198
05 1989 XXX XXX XXX 33,737 37,191 37,518
06 1990 XXX XXX XXX XXX 39,205 42,432
07 1991 XXX XXX XXX XXX XXX 36,723
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5D - WORKERS' COMPENSATION
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 32,881 32,894 32,908 32,916
03 1987 35,150 35,187 35,211 35,233
04 1988 34,263 34,316 34,339 34,360
05 1989 37,667 37,734 37,777 37,802
06 1990 42,754 42,898 42,967 43,008
07 1991 39,583 39,859 39,995 40,054
08 1992 37,014 38,995 39,234 39,336
09 1993 XXX 37,698 39,982 40,201
10 1994 XXX XXX 43,487 46,533
11 1995 XXX XXX XXX 35,869
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 6 0 0 10 10 10
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 35 35 35 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 22 12 9 6 7 8
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 1 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4 4 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5E - COMMERICAL MULTIPLE PERIL
SECTION 3
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 2 2 1
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 4 0 0 7 7 7
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 2 2
05 1989 XXX XXX XXX 0 1 1
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 11 31 40 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 2 2 2 2
05 1989 1 1 1 1
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 349 421 494 287 189 155
02 1986 0 0 0 9 0 0
03 1987 XXX 0 0 5 0 0
04 1988 XXX XXX 0 3 0 1
05 1989 XXX XXX XXX 0 0 1
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 150 165 167 106
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 1 0 0 0
06 1990 1 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 21 24 24
03 1987 XXX 0 0 5 7 7
04 1988 XXX XXX 0 3 6 6
05 1989 XXX XXX XXX 0 2 3
06 1990 XXX XXX XXX XXX 0 1
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 24 24 24 24
03 1987 7 7 7 7
04 1988 6 4 4 4
05 1989 3 3 3 3
06 1990 1 2 2 2
07 1991 0 1 1 1
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE NO OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT & ASSUMED YR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 61 0 0
02 1986 0 0 0 5 0 0
03 1987 XXX 0 0 2 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 5 9 9
03 1987 XXX 0 0 2 4 4
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 3A
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 9 9 9 9
03 1987 4 4 4 4
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX XXX XXX
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 3B
1 CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR XXX XXX XXX XXX
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 13,652 13,273 13,273
10 1994 XXX XXX 10,098 8,538
11 1995 XXX XXX XXX 10,973
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 1,984 1,984 1,984
10 1994 XXX XXX -332 -332
11 1995 XXX XXX XXX -546
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 466,746 470,985 470,149
10 1994 XXX XXX 483,709 490,900
11 1995 XXX XXX XXX 316,271
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6D - WORKERS' COMPENSATION
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 4,731 4,768 4,761
10 1994 XXX XXX 4,257 4,319
11 1995 XXX XXX XXX 2,720
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6E - COMMERICAL MULTIPLE PERIL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6M - INTERNATIONAL
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6N - REINSURANCE A
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 1
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 1988 XXX XXX 0 0 0 0
02 1989 XXX XXX XXX 0 0 0
03 1990 XXX XXX XXX XXX 0 0
04 1991 XXX XXX XXX XXX XXX 0
05 1992 XXX XXX XXX XXX XXX XXX
06 1993 XXX XXX XXX XXX XXX XXX
07 1994 XXX XXX XXX XXX XXX XXX
08 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6O - REINSURANCE B
SECTION 2
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 1988 0 0 0 0
02 1989 0 0 0 0
03 1990 0 0 0 0
04 1991 0 0 0 0
05 1992 0 0 0 0
06 1993 XXX 0 0 0
07 1994 XXX XXX 0 0
08 1995 XXX XXX XXX 0
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 1A
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 1B
1 CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE
SECTION 2A
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 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 1986 1987 1988 1989 1990 1991
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS MADE
SECTION 2B
1 CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (000 OMITTED)
YEARS 8 9 10 11 12 13
IN WHICH 1992 1993 1994 1995
PREMS WERE
EARNED &
LOSSES INC
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
1 2 3 4 5 6 7
TOTAL NET LOSSES LOSS NET PREMIUMS LOSS
SCH P NET LOSSES & EXPENSES SENSITIVE TOTAL NET WRITTEN ON SENSITIVE
PART & EXPENSES UNPAID ON AS PREMIUMS LOSS AS
1 UNPAID LOSS SENSITI PERCENTAGE WRITTEN SENSITIVE PERCENTAGE
CONTRACTS OF TOTAL CONTRACTS OF TOTAL
01 0 0 .000 0 0 .000
02 0 0 .000 0 0 .000
03 0 0 .000 0 0 .000
04 0 0 .000 0 0 .000
05 0 0 .000 0 0 .000
06 0 0 .000 0 0 .000
07 0 0 .000 0 0 .000
08 0 0 .000 0 0 .000
09 0 0 .000 0 0 .000
10 0 0 .000 0 0 .000
11 0 0 .000 0 0 .000
12 0 0 .000 0 0 .000
13 0 0 .000 0 0 .000
14 0 0 .000 0 0 .000
15 0 0 .000 0 0 .000
16 XXX XXX XXX XXX XXX XXX
17 XXX XXX XXX XXX XXX XXX
18 XXX XXX XXX XXX XXX XXX
19 XXX XXX XXX XXX XXX XXX
20 0 0 .000 0 0 .000
21 0 0 .000 0 0 .000
22 0 0 .000 0 0 .000
23 0 0 .000 0 0 .000
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7A - PRIMARY LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
1 2 3 4 5 6 7
TOTAL NET LOSSES LOSS NET PREMIUMS LOSS
SCH P NET LOSSES & EXPENSES SENSITIVE TOTAL NET WRITTEN ON SENSITIVE
PART & EXPENSES UNPAID ON AS PREMIUMS LOSS AS
1 UNPAID LOSS SENSITI PERCENTAGE WRITTEN SENSITIVE PERCENTAGE
CONTRACTS OF TOTAL CONTRACTS OF TOTAL
01 0 0 .000 0 0 .000
02 0 0 .000 0 0 .000
03 0 0 .000 0 0 .000
04 0 0 .000 0 0 .000
05 0 0 .000 0 0 .000
06 0 0 .000 0 0 .000
07 0 0 .000 0 0 .000
08 0 0 .000 0 0 .000
09 0 0 .000 0 0 .000
10 0 0 .000 0 0 .000
11 0 0 .000 0 0 .000
12 0 0 .000 0 0 .000
13 0 0 .000 0 0 .000
14 0 0 .000 0 0 .000
15 0 0 .000 0 0 .000
16 0 0 .000 0 0 .000
17 0 0 .000 0 0 .000
18 0 0 .000 0 0 .000
19 0 0 .000 XXX XXX XXX
20 0 0 .000 0 0 .000
21 0 0 .000 0 0 .000
22 0 0 .000 0 0 .000
23 0 0 .000 0 0 .000
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 2
1 INCURRED LOSSES & ALLOCATED EXPENSES REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 3
1 BULK & IBNR RESERVES FOR LOSSES & ALLOC EXPENSE AT YR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 4
1 NET EARNED PREMIUMS REPORTED AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 5
1 NET RESERVE FOR PREMIUM ADJMNTS & ACCRUED RETRO PREMIUMS ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 6
1 INCURRED ADJUSTABLE COMMISSIONS REPORTED YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 6
1 INCURRED ADJUSTABLE COMMISSIONS REPORTED YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 7
1 RESERVES FOR COMMISSION ADJUSTMENTS AT YEAR END ($000 OMITTED)
YEARS 2 3 4 5 6 7
IN WHICH 1986 1987 1988 1989 1990 1991
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0 0 0
02 1986 0 0 0 0 0 0
03 1987 XXX 0 0 0 0 0
04 1988 XXX XXX 0 0 0 0
05 1989 XXX XXX XXX 0 0 0
06 1990 XXX XXX XXX XXX 0 0
07 1991 XXX XXX XXX XXX XXX 0
08 1992 XXX XXX XXX XXX XXX XXX
09 1993 XXX XXX XXX XXX XXX XXX
10 1994 XXX XXX XXX XXX XXX XXX
11 1995 XXX XXX XXX XXX XXX XXX
SCHEDULE P - PART 7B - REINSURANCE LOSS SENSITIVE CONTRACTS
SECTION 7
1 RESERVES FOR COMMISSION ADJUSTMENTS AT YEAR END ($000 OMITTED)
YEARS 8 9 10 11
IN WHICH 1992 1993 1994 1995
POLICIES
WERE ISSUED
01 PRIOR 0 0 0 0
02 1986 0 0 0 0
03 1987 0 0 0 0
04 1988 0 0 0 0
05 1989 0 0 0 0
06 1990 0 0 0 0
07 1991 0 0 0 0
08 1992 0 0 0 0
09 1993 XXX 0 0 0
10 1994 XXX XXX 0 0
11 1995 XXX XXX XXX 0
