<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 2000
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 1-10545
-----------------
TRANSATLANTIC HOLDINGS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 13-3355897
- ------------------------------------------------ -------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
80 Pine Street, New York, New York 10005
- ------------------------------------------------ -------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 770-2000
---------------------------
</TABLE>
NONE
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
----------- ----------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of March 31, 2000 34,733,921
----------
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
(Unaudited)
2000 1999
----------- --------
ASSETS (in thousands, except share data)
<S> <C> <C>
Investments and cash:
Fixed maturities:
Bonds held to maturity, at amortized cost (market value: 2000-$1,067,934;
1999-$1,083,740) $1,039,701 $1,062,968
Bonds available for sale, at market value (amortized cost: 2000-$2,452,424;
1999-$2,479,930) 2,395,804 2,399,158
Equities:
Common stocks available for sale, at market value (cost: 2000-$419,547;
1999-$408,465) 553,473 537,149
Nonredeemable preferred stocks available for sale, at market value
(cost: 2000-$29,011; 1999-$52,324) 26,413 51,192
Other invested assets 185,427 173,043
Short-term investments, at cost which approximates market value 2,786 5,935
Cash and cash equivalents 127,294 104,017
---------- ----------
Total investments and cash 4,330,898 4,333,462
Accrued investment income 76,528 73,578
Premium balances receivable, net 213,326 208,525
Reinsurance recoverable on paid and unpaid losses and loss adjustment expenses:
Affiliates 279,935 294,147
Other 291,218 274,414
Deferred acquisition costs 71,384 71,022
Prepaid reinsurance premiums 41,668 32,188
Deferred income taxes 152,775 153,548
Other assets 36,611 39,314
---------- ----------
Total assets $5,494,343 $5,480,198
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses $3,250,231 $3,304,931
Unearned premiums 409,258 397,783
Reinsurance balances payable 60,536 82,942
Other liabilities 74,037 52,025
---------- ----------
Total liabilities 3,794,062 3,837,681
---------- ----------
Commitments and contingent liabilities
Preferred Stock, $1.00 par value; shares authorized: 5,000,000 -- --
Common Stock, $1.00 par value; shares authorized: 100,000,000;
shares issued: 2000-35,533,921; 1999-35,527,822 35,534 35,528
Additional paid-in capital 200,834 200,567
Accumulated other comprehensive income 23,687 18,212
Retained earnings 1,450,226 1,398,210
Treasury Stock, at cost; 800,000 shares (10,000) (10,000)
---------- ----------
Total stockholders' equity 1,700,281 1,642,517
---------- ----------
Total liabilities and stockholders' equity $5,494,343 $5,480,198
========== ==========
</TABLE>
The accompanying notes are an integral part of the condensed consolidated
financial statements.
- 1 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
------------ -------------
(in thousands, except per share data)
<S> <C> <C>
Income:
Net premiums written $392,513 $357,218
Increase in net unearned premiums (2,331) (25,177)
-------- --------
Net premiums earned 390,182 332,041
Net investment income 58,637 55,313
-------- --------
448,819 387,354
-------- --------
Expenses:
Net losses and loss adjustment expenses 288,889 244,419
Net commissions 88,806 78,678
Other operating expenses 13,205 13,387
Increase in deferred acquisition costs (362) (4,087)
-------- --------
390,538 332,397
-------- --------
58,281 54,957
Realized net capital gains 13,877 41,728
-------- --------
Operating income 72,158 96,685
Other deductions (549) (27)
-------- --------
Income before income taxes 71,609 96,658
Income taxes 15,251 22,430
-------- --------
Net income $ 56,358 $ 74,228
======== ========
Net income per common share:
Basic $1.62 $2.14
Diluted 1.61 2.13
Dividends per common share 0.125 0.11
Weighted average common shares outstanding:
Basic 34,731 34,682
Diluted 34,913 34,871
</TABLE>
The accompanying notes are an integral part of the condensed consolidated
financial statements.
- 2 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
--------- ---------
(in thousands)
<S> <C> <C>
Net cash (used in) provided by operating activities $ (42,337) $ 65,143
--------- ---------
Cash flows from investing activities:
Proceeds of bonds available for sale sold 104,128 124,306
Proceeds of bonds held to maturity redeemed 29,693 683
Proceeds of bonds available for sale redeemed or matured 71,417 73,579
Proceeds of equities sold 206,274 192,311
Purchase of bonds held to maturity (5,989) --
Purchase of bonds available for sale (165,945) (347,225)
Purchase of equities (175,474) (115,091)
Net purchase of other invested assets (15,328) (68,362)
Net proceeds (purchase) of short-term investments 3,147 (8,193)
Change in other liabilities for securities in course of settlement 22,396 68,655
Other, net 565 10,289
--------- ---------
Net cash provided by (used in) investing activities 74,884 (69,048)
--------- ---------
Cash flows from financing activities:
Dividends to stockholders (4,342) (3,816)
Proceeds from common stock issued 273 997
Net disbursements from reinsurance deposits (2,039) (1,556)
--------- ---------
Net cash used in financing activities (6,108) (4,375)
--------- ---------
Effect of exchange rate changes on cash and cash equivalents (3,162) (1,396)
--------- ---------
Change in cash and cash equivalents 23,277 (9,676)
Cash and cash equivalents, beginning of period 104,017 70,589
--------- ---------
Cash and cash equivalents, end of period $ 127,294 $ 60,913
========= =========
</TABLE>
The accompanying notes are an integral part of the condensed consolidated
financial statements.
- 3 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
-------- -------
(in thousands)
<S> <C> <C>
Net income $ 56,358 $ 74,228
-------- --------
Other comprehensive income (loss):
Net unrealized appreciation (depreciation) of investments:
Net unrealized holding gains (losses) arising during period 38,860 (16,583)
Related income tax effect (13,601) 5,804
Reclassification adjustment for gains included in net income (13,877) (41,728)
Related income tax effect 4,857 14,605
-------- --------
16,239 (37,902)
-------- --------
Net unrealized currency translation loss (16,561) (20,687)
Related income tax effect 5,797 7,241
-------- --------
(10,764) (13,446)
-------- --------
Other comprehensive income (loss) 5,475 (51,348)
-------- --------
Comprehensive income $ 61,833 $ 22,880
======== =========
</TABLE>
The accompanying notes are an integral part of the condensed consolidated
financial statements.
- 4 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
1. General
The condensed consolidated financial statements are unaudited, but have
been prepared on the basis of accounting principles generally accepted in the
United States and, in the opinion of management, reflect all adjustments
(consisting of normal accruals) necessary for a fair presentation of results for
such periods. The results of operations and cash flows for any interim period
are not necessarily indicative of results for the full year.
2. Per Common Share Information
Net income per common share for the periods presented has been computed
below in accordance with Statement of Financial Accounting Standards (SFAS)
No. 128, "Earnings Per Share," and is based on the weighted average number of
common shares outstanding.
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
------ ------
(in thousands, except
per share data)
<S> <C> <C>
Net income (numerator) $56,358 $74,228
======= =======
Weighted average common shares outstanding
used in the computation of net income per share:
Average shares issued 35,531 35,482
Less: Average shares in treasury 800 800
------- -------
Average outstanding shares - basic (denominator) 34,731 34,682
Average potential shares, principally stock options 182 189
------- -------
Average outstanding shares - diluted (denominator) 34,913 34,871
======= =======
Net income per common share:
Basic $ 1.62 $ 2.14
Diluted 1.61 2.13
</TABLE>
- 5 -
<PAGE>
3. Reinsurance
Premiums written and earned and losses and loss adjustment expenses
incurred were comprised of the following:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
------ ------
(in thousands)
<S> <C> <C>
Gross premiums written $452,539 $406,103
Reinsurance ceded (60,026) (48,885)
-------- --------
Net premiums written $392,513 $357,218
======== ========
Gross premiums earned $440,727 $369,720
Reinsurance ceded (50,545) (37,679)
-------- --------
Net premiums earned $390,182 $332,041
======== ========
Gross incurred losses and
loss adjustment expenses $352,860 $280,178
Reinsurance ceded (63,971) (35,759)
-------- --------
Net losses and loss
adjustment expenses $288,889 $244,419
======== ========
</TABLE>
4. Dividends
During the first quarter of 2000, the Board of Directors of Transatlantic
Holdings, Inc. declared a dividend of $4,350,000 or $0.125 per common share.
5. Income Taxes
Income taxes paid, net, in the first quarter totaled $3,948,000 and
$3,911,000 in 2000 and 1999, respectively.
- 6 -
<PAGE>
6. Segment Information
The following table presents a summary of comparative financial data by
segment:
<TABLE>
<CAPTION>
International
----------------------------
Domestic Europe(3) Other Consolidated
------------ ---------- ------- -------------
(in thousands)
<S> <C> <C> <C> <C>
Three Months Ended March 31, 2000:
Revenues(1)(2) $251,367 $149,654 $61,675 $462,696
Income before income taxes(2) 66,508 2,702 2,399 71,609
Three Months Ended March 31, 1999:
Revenues(1)(2) $251,053 $135,300 $42,729 $429,082
Income before income taxes(2) 80,440 13,243 2,975 96,658
</TABLE>
- ------------------
(1) Revenues represent the sum of net premiums earned, net investment income and
realized net capital gains.
(2) Domestic revenues and income before income taxes include realized net
capital gains of $12,252 and $41,494 for the three months ended March 31,
2000 and 1999, respectively. Realized net capital gains for other segments
in each of the periods presented is not material.
(3) Includes revenues from the London, England office of $89,988 and $85,554 for
the three months ended March 31, 2000 and 1999, respectively.
7. Additional Information
For further information, refer to the Transatlantic Holdings, Inc. Form
10-K filing for the year ended December 31, 1999.
- 7 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
MARCH 31, 2000
OPERATIONAL REVIEW. The following table presents net premiums written, net
premiums earned and net investment income for the periods indicated:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
2000 1999 Change
-----------------------------------
(dollars in millions)
<S> <C> <C> <C>
Net premiums written $392.5 $357.2 9.9%
Net premiums earned 390.2 332.0 17.5
Net investment income 58.6 55.3 6.0
</TABLE>
Net premiums written for the first quarter of 2000 exceeded the same 1999
period due to increases in domestic and, to a lesser extent, international
treaty business. Domestic net premiums written in first quarter 2000 exceeded
the comparable 1999 amount due largely to an increase in the aviation line,
principally from experience rated treaties. The increase in international
business emanated, in large part, from the auto physical damage line,
particularly from Latin America and Asia. International business represented 48
percent of worldwide net premiums written for the first quarter of 2000 compared
to 49 percent for the same 1999 period. While rate firming was evident in
certain classes of business, the reinsurance marketplace worldwide remained
highly competitive.
The increase in net investment income for the first quarter of 2000 versus
the comparable 1999 period resulted from continued investment of positive
operating cash flow in recent periods, excluding the first quarter of 2000, a
period in which operating cash flow was negative. (See discussion of cash flow
under FINANCIAL CONDITION AND LIQUIDITY.)
The following table presents loss and loss adjustment expense ratios,
underwriting expense ratios and combined ratios for the periods indicated:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------
2000 1999
-----------------------
<S> <C> <C>
Loss and loss adjustment
expense ratio 74.0 73.6
Underwriting expense ratio 26.0 25.8
Combined ratio 100.0 99.4
</TABLE>
There was no significant catastrophe loss activity in the 2000 or 1999
first quarter results. The increase in the underwriting expense ratio is caused
by an increase of 0.6 in the ratio of net commissions to net premiums written
partially offset by a reduction of 0.4 in the ratio of other operating expenses
to net premiums written.
Realized net capital gains on the disposition of investments totaled $13.9
million in the first quarter of 2000 compared with $41.7 million for the same
period of 1999. The redeployment of a portion of the equity portfolio generally
into fixed income investments accounted for the high level of realized capital
gains in the first quarter of 1999.
- 8 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS - CONT'D
MARCH 31, 2000
Income before income taxes in the first quarter of 2000 totaled $71.6
million versus $96.7 million recorded in the same 1999 period. Overall, the
decline in income before income taxes was principally due to a reduction in
realized net capital gains in the 2000 first quarter. Domestically, the decrease
in income before income taxes resulted primarily from the aforementioned
reduction in realized net capital gains partially offset by improved
underwriting results. In addition, income before income taxes declined in
Europe in 2000 versus the comparable 1999 period due largely to increased loss
activity in the London market.
The effective tax rates for the first quarters of 2000 and 1999 were 21.3
percent and 23.2 percent, respectively. The decreased effective tax rate in 2000
resulted from the fact that tax-exempt interest income represented a higher
percentage of income before income taxes in 2000 than in 1999.
First quarter net income includes realized capital gains, net of income
taxes, of $9.1 million, or $0.25 per common share (diluted), and $27.1 million,
or $0.78 per common share (diluted), in 2000 and 1999, respectively.
Net income in the first quarter of 2000 totaled $56.4 million compared
with $74.2 million in the same period of 1999. On a diluted per common share
basis, net income for the first quarters of 2000 and 1999 were $1.61 and $2.13,
respectively. Reasons for the decreases are as discussed above.
In March 2000, the Board of Directors declared a quarterly dividend of
$0.125 per common share to stockholders of record as of June 2, 2000, payable on
June 16, 2000.
FINANCIAL CONDITION AND LIQUIDITY. Unpaid losses and loss adjustment
expenses declined by $54.7 million in the first quarter of 2000. The decline in
unpaid losses and loss adjustment expenses in the 2000 first quarter was due
largely to the payment of previously reserved claims, including 1999 catastrophe
losses, in the 2000 first quarter.
Stockholders' equity totaled $1,700.3 million at March 31, 2000, an
increase of $57.8 million from year-end 1999. The increase in stockholders'
equity is primarily composed of net income of $56.4 million, an increase in
accumulated other comprehensive income of $5.5 million (consisting of an
increase in net unrealized appreciation of investments, net of taxes, of $16.2
million partially offset by net unrealized currency translation losses, net of
taxes, of $10.7 million) less dividends of $4.4 million.
First quarter 2000 operating cash flow was negative, a substantial
reduction from the 1999 first quarter positive amount. This reduction was caused
by significant negative underwriting cash flow resulting, in large part, from
paid losses relating to 1999 catastrophes. Transatlantic Holdings, Inc. and
subsidiaries (TRH) believes that its liquidity has not materially changed since
the end of 1999.
TRH's operations are exposed to market risk. Market risk is the risk of
loss of fair market value resulting from adverse fluctuations in interest rates,
equity prices and foreign currency exchange rates.
Measuring potential losses in fair values is the focus of risk management
efforts by many companies. Such measurements are performed through the
application of various statistical techniques. One such technique is Value at
Risk (VaR). VaR is a summary statistical measure that uses historical interest
and foreign currency exchange rates and equity prices and estimates the
volatility and correlation of each of these rates and prices to calculate the
maximum loss that could occur over a defined period of time given a certain
probability.
- 9 -
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS - CONT'D
MARCH 31, 2000
TRH believes that statistical models alone do not provide a reliable
method of monitoring and controlling market risk. While VaR models are
relatively sophisticated, the quantitative market risk information generated is
limited by the assumptions and parameters established in creating the related
models. Therefore, such models are tools and do not substitute for the
experience or judgment of senior management.
TRH has performed VaR analyses to estimate the maximum potential loss of
fair value for financial instruments for each type of market risk. In these
analyses, financial instrument assets include all investments and cash and
accrued investment income. Financial instrument liabilities include unpaid
losses and loss adjustment expenses, net of reinsurance, and unearned premiums.
TRH calculated the VaR as of December 31, 1999 and 1998. Through March 31,
2000 and 1999, the economic facts and circumstances had not significantly
changed from the respective prior year ends. Therefore, the VaR amounts at
December 31, 1999 and 1998 are representative of the VaRs which could be
calculated at March 31, 2000 and 1999, respectively. The VaR calculations as of
December 31, 1999 and 1998 used the variance-covariance (delta-normal)
methodology. The calculation also used daily historical interest and foreign
currency exchange rates and equity prices in the two years ended December 31,
1999 and 1998, as applicable. The VaR model estimated the volatility of each of
these rates and equity prices and the correlation among them. For interest
rates, each country's yield curve was constructed using eleven separate points
on this curve to model possible curve movements. Inter-country correlations were
also used. The redemption experience of municipal and corporate fixed maturities
as well as the use of financial modeling were employed in the analysis process.
Thus, the VaR measured the sensitivity of the asset and the liability portfolios
to each of the aforementioned market risk exposures. Each sensitivity was
estimated separately to capture the market risk. The following table presents
the VaR of each component of market risk as of December 31, 1999 and 1998:
<TABLE>
<CAPTION>
Market Risk 1999 1998
- ----------- ---- ----
(in millions)
<S> <C> <C>
Interest rate $38 $24
Equity 65 62
Currency 8 8
</TABLE>
Each sensitivity was then applied to a database which contained both
historical ranges of movements in all market factors and the correlations among
them. The results were aggregated to provide a single amount that depicts the
maximum potential loss in fair value at a confidence level of 95% for a time
period of one month. VaR with respect to the aggregate of the three components
of market risk cannot be derived by summing the individual risk amounts in the
table above. At December 31, 1999 and 1998, the VaR for TRH's financial
instruments were approximately $76 million and $69 million, respectively.
Any statements contained in this discussion that are not historical facts,
or that might be considered an opinion or projection, whether expressed or
implied, are meant as, and should be considered, forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on assumptions and opinions concerning a
variety of known and unknown risks. If any assumptions or opinions prove
incorrect, any forward-looking statements made on that basis may also prove
materially incorrect.
- 10 -
<PAGE>
PART II - OTHER INFORMATION
ITEM #6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
See accompanying Exhibit index.
(b) There were no reports on form 8-K for the three
months ended March 31, 2000.
Omitted from this Part II are items which are inapplicable or to which
the answer is negative for the period covered.
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.
TRANSATLANTIC HOLDINGS, INC.
-----------------------------
(Registrant)
/s/ STEVEN S. SKALICKY
------------------------------
Steven S. Skalicky
On behalf of the registrant and in his capacity as
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated May 11, 2000
- 11 -
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description Location
------- ----------- --------
<S> <C> <C>
27.0 Financial data schedule Provided herewith.
</TABLE>
- 12 -
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
TRANSATLANTIC HOLDINGS, INC.'S FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. (IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS)
</LEGEND>
<S> <C>
<MULTIPLIER> 1,000
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<DEBT-HELD-FOR-SALE> 2,395,804
<DEBT-CARRYING-VALUE> 1,039,701
<DEBT-MARKET-VALUE> 1,067,934
<EQUITIES> 579,886
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 4,203,604
<CASH> 127,294
<RECOVER-REINSURE> 571,153
<DEFERRED-ACQUISITION> 71,384
<TOTAL-ASSETS> 5,494,343
<POLICY-LOSSES> 3,250,231
<UNEARNED-PREMIUMS> 409,258
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
0
0
<COMMON> 35,534
<OTHER-SE> 1,664,747
<TOTAL-LIABILITY-AND-EQUITY> 5,494,343
390,182
<INVESTMENT-INCOME> 58,637
<INVESTMENT-GAINS> 13,877
<OTHER-INCOME> (549)
<BENEFITS> 288,889
<UNDERWRITING-AMORTIZATION> (362)
<UNDERWRITING-OTHER> 102,011
<INCOME-PRETAX> 71,609
<INCOME-TAX> 15,251
<INCOME-CONTINUING> 56,358
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 56,358
<EPS-BASIC> 1.62
<EPS-DILUTED> 1.61
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
