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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ________ to ________
Commission File Number: 0-15286
CHANDLER INSURANCE COMPANY, LTD.
(Exact name of registrant as specified in its charter)
Cayman Islands None
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5th Floor Anderson Square N/A
P.O. Box 1854 (Zip Code)
Grand Cayman, Cayman Islands B.W.I.
(Address of principal executive offices)
Registrant's telephone number, including area code: 809-949-8177
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
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The number of Common Shares, $1.67 par value, of the registrant outstanding
on July 31, 1996 was 6,941,708. This excludes 567,350 Common Shares owned by
Chandler (U.S.A.), Inc., a subsidiary of registrant, which are eligible to vote.
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<PAGE>
AMENDMENT NO. 1
Chandler Insurance Company, Ltd. hereby amends the following financial
statements of its Quarterly Report on Form 10-Q for the quarter ended June 30,
1996 as set forth below:
Part I, Item 1. Financial Statements
Consolidated Balance Sheets - June 30, 1996 and December 31, 1995.
Amended to correct a amount of Covenants Not to Compete, Net.
<PAGE>
CHANDLER INSURANCE COMPANY, LTD. PAGE 5
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands except per share amounts)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
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<S> <C> <C>
ASSETS
Investments
Fixed maturities available for sale,
at estimated fair value........................$ 96,679 $ 108,096
Fixed maturities held to maturity, at
amortized cost (estimated fair value $3,751
and $6,147 in 1996 and 1995, respectively)..... 3,664 5,941
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Total investments.............................. 100,343 114,037
Cash and cash equivalents............................ 11,771 8,524
Premiums receivable, less allowance for
non-collection of $197 and $177
at 1996 and 1995, respectively.................... 32,235 35,058
Reinsurance recoverable on paid losses, less
allowance for non-collection of $390 and
$307 at 1996 and 1995, respectively............... 3,980 4,485
Reinsurance recoverable on unpaid losses,
less allowance for non-collection of $0 and
$307 at 1996 and 1995, respectively............... 42,063 46,777
Prepaid reinsurance premiums......................... 4,488 5,170
Deferred policy acquisition costs.................... 3,986 3,800
Property and equipment, net.......................... 6,057 6,188
Other assets......................................... 10,460 10,617
Licenses, net........................................ 4,568 4,643
Excess of cost over net assets acquired, net......... 6,224 6,517
Covenants not to compete, net........................ 933 1,133
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Total assets.........................................$ 227,108 $ 246,949
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Unpaid losses and loss adjustment expenses........$ 117,427 $ 128,794
Unearned premiums................................. 27,552 31,280
Policyholder deposits............................. 4,248 4,484
Accrued taxes and other payables.................. 4,261 5,969
Premiums payable.................................. 2,183 2,972
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Total liabilities.............................. 155,671 173,499
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Shareholders' equity
Common stock, $1.67 par value, 10,000,000 shares
authorized, 7,509,058 shares issued............ 12,540 12,540
Paid-in surplus................................... 36,143 36,143
Retained earnings................................. 26,856 25,926
Unrealized gain (loss) on investments
available for sale, net of tax................. (1,954) 989
Less: Stock held by subsidiary, at cost
(567,350 shares)............................... (2,148) (2,148)
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Total shareholders' equity..................... 71,437 73,450
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Total liabilities and shareholders' equity...........$ 227,108 $ 246,949
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</TABLE>
See accompanying Notes to Interim Consolidated Financial Statements.<PAGE>
PAGE 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: September 17, 1996 CHANDLER INSURANCE COMPANY, LTD.
By: /s/ Brent LaGere
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Brent LaGere
Chairman of the Board of
Directors and Chief Executive
Officer
(Principal Executive Officer)
By: /s/ Mark T. Paden
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Mark T. Paden
Vice President - Finance and
Chief Financial Officer
(Principal Accounting and
Financial Officer)
