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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 10-QA
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(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT of 1934 for the quarterly period ended September 30, 1998,
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from _______ to _______.
For the Quarter Ended September 30, 1998 Commission file number 1-11688
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American Re Corporation
(Exact name of registrant as specified in its charter)
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Delaware 13-3672116
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
555 College Road East
Princeton, New Jersey 08543-5241
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (609) 243-4200
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 the latest practicable date.
Common Stock -$.01 par value 149.49712
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Description of Class Shares Outstanding
as of November 12, 1998
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AMERICAN RE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
(Dollars in millions)
(unaudited)
<TABLE>
<CAPTION>
Three-month period Nine-month period
ended September 30, ended September 30,
1998 1997 1998 1997
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Revenue:
<S> <C> <C> <C> <C>
Premiums written.............................................$ 557.6 $ 550.0 $ 1,803.9 $ 2,026.6
Change in unearned premium reserve........................... 24.2 2.8 (53.1) (139.7)
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Premiums earned........................................ 581.8 552.8 1,750.8 1,886.9
Net investment income......................................... 103.3 107.6 319.4 317.5
Net realized capital gains.................................... 20.1 26.3 79.9 70.1
Other income.................................................. 7.9 11.5 26.2 34.8
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Total revenue........................................... 713.1 698.2 2,176.3 2,309.3
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Losses and expenses:
Losses and loss adjustment expenses........................... 441.4 398.4 1,231.6 1,317.7
Commission expense............................................ 136.5 148.7 413.8 464.3
Operating expense............................................. 53.4 49.5 164.0 158.6
Interest expense.............................................. 10.5 10.6 31.6 32.2
Other expense................................................. 28.1 20.3 77.2 187.4
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Total losses and expenses............................... 669.9 627.5 1,918.2 2,160.2
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Income before income taxes, minority
interest, and distributions on
preferred securities of subsidiary trust............ 43.2 70.7 258.1 149.1
Federal and foreign income taxes.............................. 7.3 16.5 68.6 9.3
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Income before minority interest and
distributions on preferred securities of
subsidiary trust.................................... 35.9 54.2 189.5 139.8
Minority interest............................................. --- -- -- 6.8
Distributions on preferred securities of
subsidiary trust, net of applicable
income tax of $1.7 and $5.3, respectively.................. (3.3) (3.3) (9.8) (9.8)
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Net income to common stockholders......................$ 32.6 $ 50.9 $ 179.7 $ 136.8
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</TABLE>
See accompanying notes to consolidated interim financial statements.
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AMERICAN RE CORPORATION
Notes to Consolidated Interim Financial Statements
September 30, 1998
(Dollars in millions)
(unaudited)
AMERICAN RE CORPORATION
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.
AMERICAN RE CORPORATION
(Registrant)
/S/ ROBERT K. BURGESS
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Robert K. Burgess
Duly Authorized Officer, Executive Vice President,
General Counsel, and Secretary
/S/ GEORGE T. O'SHAUGHNESSY, JR.
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George T. O'Shaughnessy, Jr.
Executive Vice President and
Chief Financial and Accounting Officer
Dated: November 13, 1998
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