December 31, 2012 and 2011

Size: px
Start display at page:

Download "December 31, 2012 and 2011"

Transcription

1 AUDITED CONSOLIDATED FINANCIAL STATEMENTS Renaissance Reinsurance Ltd. and Subsidiaries December 31, 2012 and 2011 Ernst & Young Ltd.

2 Audited Consolidated Financial Statements Renaissance Reinsurance Ltd. and Subsidiaries December 31, 2012 and 2011

3 Ernst & Young Ltd. #3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box 463, Hamilton, HM BX, Bermuda Direct: Direct Fax: REPORT OF INDEPENDENT AUDITORS TO THE SHAREHOLDER OF RENAISSANCE REINSURANCE LTD. AND SUBSIDIARIES We have audited the accompanying consolidated financial statements of Renaissance Reinsurance Ltd. and Subsidiaries, which comprise the consolidated balance sheets as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive income, changes in shareholder s equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

4 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Renaissance Reinsurance Ltd. and Subsidiaries at December 31, 2012 and 2011, and the consolidated results of their operations and their cash flows for the years then ended in conformity with U.S. generally accepted accounting principles. Hamilton, Bermuda April 15, 2013

5 CONSOLIDATED BALANCE SHEETS AT (in thousands of United States dollars) Assets Fixed maturity investments trading, at fair value $ 1,780,731 $ 987,678 (Amortized cost $1,741,392 and $995,992 at December 31, 2012 and 2011, respectively) (Note 3) Fixed maturity investments available for sale, at fair value 83, ,052 (Amortized cost $71,445 and $131,054 at December 31, 2012 and 2011, respectively) (Note 3) Short term investments, at fair value (Note 3) 199, ,428 Other investments, at fair value (Note 3) 116, ,719 Investment in RIHL, under equity method (Note 3) 231, ,724 Investment in RIHL II, under equity method (Note 3) 185, ,623 Investment in ROIHL III, under equity method (Note 3) 336, ,325 Investment in Top Layer Re, under equity method (Note 3) 36,664 15,873 Total investments 2,970,428 2,863,422 Cash and cash equivalents 186,728 98,211 Premiums receivable (Note 8) 337, ,247 Reinsurance recoverable (Notes 5, 6 and 8) 131, ,859 Prepaid reinsurance premiums (Notes 5 and 8) 69,783 54,386 Accrued investment income 12,652 9,455 Deferred acquisition costs 36,646 33,495 Receivable for investments sold 2,207 65,249 Other assets (Note 11) 5,736 8,095 Total assets $ 3,753,039 $ 3,792,419 Liabilities and Shareholder's Equity Liabilities Reserve for claims and claim expenses (Notes 6 and 8) $ 1,350,867 $ 1,414,183 Unearned premiums (Note 8) 281, ,196 Reinsurance balances payable (Note 8) 205, ,075 Dividends payable to parent 20, ,961 Due to affiliates, net (Note 8) 70,607 35,530 Payable for investments purchased 18,672 85,887 Accounts payable and accrued liabilities 1,892 1,533 Other liabilities (Note 11) 2,874 6,054 Total liabilities 1,953,039 2,192,419 Shareholder's Equity Common shares: $1.00 par value - 200,000,000 shares authorized; 141,301,000 issued and outstanding at December 31, 2012 and 2011) (Note 7) 141, ,301 Additional paid-in capital (Note 7) 1,379,870 1,179,870 Accumulated other comprehensive income 11,997 10,998 Retained earnings 266, ,831 Total shareholder's equity 1,800,000 1,600,000 Total liabilities and shareholder's equity $ 3,753,039 $ 3,792,419 See accompanying notes to the consolidated financial statements 1

6 CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED (in thousands of United States dollars) Revenues Gross premiums written (Notes 5 and 8) $ 1,077,345 $ 1,009,406 Net premiums written (Note 5) $ 667,151 $ 644,901 Increase in net unearned premiums (12,263) (48,838) Net premiums earned (Notes 5 and 8) 654, ,063 Net investment income (Note 3) 56,226 20,441 Net foreign exchange gains (losses) 1,844 (3,763) Equity in earnings of RIHL (Note 3) 12,493 16,786 Equity in earnings of RIHL II (Note 3) 14,049 12,527 Equity in earnings of ROIHL III (Note 3) 31,763 22,189 Equity in earnings (losses) of Top Layer Re (Note 3) 20,791 (37,471) Other income (Notes 6 and 8) 4,699 33,437 Net realized and unrealized gains on investments (Note 3) 61,438 16,034 Total other-than-temporary impairments (Note 3) (395) (630) Portion recognized in other comprehensive income (Note 3) Net other-than-temporary impairments (Note 3) (343) (552) Total revenues 857, ,691 Expenses Net claims and claim expenses incurred (Notes 5, 6 and 8) 214, ,160 Acquisition expenses (Note 8) 40,719 66,272 Operational expenses (Note 8) 121, ,065 Corporate expenses Total expenses 376, ,641 Net income $ 481,049 $ 15,050 See accompanying notes to the consolidated financial statements 2

7 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED (in thousands of United States dollars) Comprehensive income Net income $ 481,049 $ 15,050 Change in net unrealized gains on investments 1,051 (8,282) Portion of other-than-temporary impairments recognized in other comprehensive income (52) (78) Comprehensive income $ 482,048 $ 6,690 Disclosure regarding net unrealized gains Total realized and net unrealized holdings gains on fixed maturity investments available for sale and net other-than-temporary impairments $ 4,219 $ (2,802) Net realized gains on fixed maturity investments available for sale (3,563) (6,110) Net other-than-temporary impairments recognized in earnings Change in net unrealized gains on fixed maturity investments available for sale $ 999 $ (8,360) See accompanying notes to the consolidated financial statements 3

8 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE YEARS ENDED (in thousands of United States dollars) Common shares $ 141,301 $ 141,301 Additional paid-in capital Balance - January 1 1,179,870 1,005,896 Capital contribution (Note 7) 200, ,974 Balance - December 31 1,379,870 1,179,870 Accumulated other comprehensive income Balance - January 1 10,998 19,358 Change in net unrealized gains on investments 1,051 (8,282) Portion of other-than-temporary impairments recognized in other comprehensive income (52) (78) Balance - December 31 11,997 10,998 Retained earnings Balance - January 1 267, ,445 Net income 481,049 15,050 Dividends declared (482,048) (180,664) Balance - December , ,831 Total shareholder's equity $ 1,800,000 $ 1,600,000 See accompanying notes to the consolidated financial statements 4

9 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED (in thousands of United States dollars) Cash flows provided by operating activities: Net income $ 481,049 $ 15,050 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and accretion 15,690 1,661 Equity in undistributed earnings of RIHL (12,493) (16,786) Equity in undistributed earnings of RIHL II (14,049) (12,527) Equity in undistributed earnings of ROIHL III (31,763) (22,189) Equity in undistributed (earnings) losses of Top Layer Re (20,791) 37,471 Net unrealized (gains) losses included in net investment income (8,645) 6,896 Net realized and unrealized gains on investments (61,438) (16,034) Net other-than-temporary impairments Change in: Premiums receivable (8,510) (95,448) Reinsurance recoverable 199,757 (253,566) Prepaid reinsurance premiums (15,397) 534 Accrued investment income (3,197) 671 Deferred acquisition costs (3,151) (7,005) Reserve for claims and claim expenses (63,316) 477,779 Unearned premiums 27,660 48,304 Reinsurance balances payable (34,633) 44,659 Due to affiliates, net 35,077 (3,605) Other, net (8,088) 490 Net cash provided by operating activities 474, ,907 Cash flows used in investing activities: Proceeds from sales and maturities of fixed maturity investments trading 2,587,105 1,233,096 Purchases of fixed maturity investments trading (3,257,009) (1,571,645) Proceeds from sales and maturities of fixed maturity investments available for sale 65, ,349 Purchases of fixed maturity investments available for sale - (4,107) Net sales (purchases) of short term investments 48,885 (41,520) Proceeds from redemptions of investment in RIHL 128, ,000 Purchases of investment in RIHL (170,000) - Proceeds from redemptions of investment in RIHL II 250,000 - Proceeds from redemptions of investment in ROIHL III 70,000 25,000 Purchases of investment in Top Layer Re - (38,500) Net sales (purchases) of other investments 73,337 (20,695) Net cash used in investing activities (204,408) (113,022) Cash flows used in financing activities: Capital contribution 45,039 - Dividends paid (226,219) (47,921) Net cash used in financing activities (181,180) (47,921) Net increase in cash and cash equivalents 88,517 45,964 Cash and cash equivalents, beginning of year 98,211 52,247 Cash and cash equivalents, end of year $ 186,728 $ 98,211 See accompanying notes to the consolidated financial statements 5

10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. ORGANIZATION Renaissance Reinsurance Ltd. ( Renaissance Reinsurance ) was incorporated under the laws of Bermuda in Renaissance Reinsurance provides property catastrophe reinsurance coverage to insurers and reinsurers on a worldwide basis. Renaissance Reinsurance also writes specialty reinsurance in certain lines, including catastropheexposed workers compensation, surety, terrorism, energy, aviation, crop, political risk, trade credit, financial, mortgage guarantee, catastrophe-exposed personal lines property, casualty clash, certain other casualty lines and other specialty lines of reinsurance that Renaissance Reinsurance collectively defines as specialty reinsurance. Renaissance Reinsurance is a wholly-owned subsidiary of RenaissanceRe Holdings Ltd. ( RenaissanceRe ), which was also formed under the laws of Bermuda. The consolidated financial statements of Renaissance Reinsurance include the financial position and results of operations of its wholly-owned subsidiaries, Renaissance Reinsurance of Europe ( Renaissance Europe ) and RenaissanceRe Corporate Capital (UK) Limited ( RenaissanceRe CCL ) (collectively referred to as the Company ). Renaissance Europe was incorporated in October 1998 under the laws of Ireland to provide certain property catastrophe reinsurance coverage in Europe. During 2012, Overseas Partners Cat Ltd. ( OPCat ), which was incorporated under the laws of Bermuda and previously in run off, was liquidated. RenaissanceRe CCL, a wholly owned subsidiary of the Company, was incorporated in March 2009 and is the sole corporate member for RenaissanceRe s Lloyd s syndicate, RenaissanceRe Syndicate 1458 ( Syndicate 1458 ). NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States ( GAAP ) and include the accounts of Renaissance Reinsurance and its wholly-owned subsidiaries, which are collectively referred to herein as the Company. All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. Use of Estimates in Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses, reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible, estimates of written and earned premiums, fair value, including the fair value of investments, financial instruments and derivatives and impairment charges. 6

11 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Premiums and Related Expenses Premiums are recognized as income, net of any applicable retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro-rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition costs, consisting principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued, are deferred and amortized over the period in which the related premiums are earned. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. Claims and Claim Expenses The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported ( IBNR ). The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management s estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Additionally, the Company does not have the benefit of a significant amount of its own historical experience in certain lines of its specialty reinsurance line. Accordingly, the setting and reserving for incurred losses in this line of business could be subject to greater variability. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverables on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a valuation allowance for estimated uncollectible recoveries. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. 7

12 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Investments, Cash and Cash Equivalents Fixed Maturity Investments Investments in fixed maturities are classified as available for sale or trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income in the consolidated statements of changes in shareholder s equity and comprehensive income. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains on investments in the consolidated statements of operations. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. Other-Than-Temporary Impairments The Company recognizes other-than-temporary impairments in earnings for its impaired fixed maturity securities available for sale (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total other-thantemporary impairment related to the credit loss is recognized in earnings. The amount of the total other-thantemporary impairment related to all other factors is recognized in other comprehensive income. In periods after the recognition of other-than-temporary impairments on the Company s fixed maturity securities available for sale, the Company accounts for such securities as if they had been purchased on the measurement date of the other-thantemporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-thantemporary impairment recognized in earnings. For debt securities in which other-than-temporary impairments were recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. 8

13 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Renaissance Investment Holdings Ltd. ( RIHL ) The Company s investments include an interest in RIHL. RIHL was formed to enhance administrative efficiency and take advantage of the increased benefits and reduced costs ordinarily associated with the management of large investment portfolios of different subsidiaries in the same group. Through RIHL, the Company invests in a diversified portfolio of highly liquid fixed income securities which are recorded at fair value. The dollar weighted average rating of the securities held through RIHL is A. The Company may redeem its interest in RIHL at the current net asset value no more frequently than monthly. Third party service providers perform custodial functions in respect of RIHL, including valuation of the investment assets held through RIHL. Currently, external investment managers manage the assets held through RIHL, pursuant to written investment guidelines. Renaissance Investment Holdings II Ltd. ( RIHL II ) The Company s investments include an interest in RIHL II. RIHL II was formed to enhance administrative efficiency and take advantage of the increased benefits and reduced costs ordinarily associated with the management of large investment portfolios of different subsidiaries in the same group. Through RIHL II, the Company invests in a diversified portfolio of fixed income securities and certain derivative products, both of which are recorded at fair value. The dollar weighted average rating of the securities held through RIHL II is AA. The Company may redeem its interest in RIHL II at the current net asset value no more frequently than bi-monthly. Third party service providers perform custodial functions in respect of RIHL II, including valuation of the investment assets held through RIHL II. Currently, external investment managers manage the assets held through RIHL II, pursuant to written investment guidelines. Renaissance Other Investments Holdings III Ltd. ( ROIHL III ) The Company s investments include an interest in ROIHL III. ROIHL III was established to hold Renaissance Investment Management Company Limited ( RIMCO ), a Bermuda domiciled investment management company, which invests in private equity and hedge fund investments. RIHL, RIHL II and ROIHL III, at their sole discretion may require any shareholder to surrender some, or all of such shareholder s shares for redemption upon prior written notice in accordance with the normal redemption notice period. In addition, RIHL, RIHL II and ROIHL III shall redeem all outstanding shares by a date, no later than December 31, The Company s ownership in RIHL, RIHL II and ROIHL III are recorded using the equity method of accounting. The Company s share of RIHL, RIHL II and ROIHL III s net income is included in equity in earnings of RIHL, equity in earnings of RIHL II and equity in earnings of ROIHL III, respectively, in the consolidated statements of operations. Any decline in the value of the Company s share of RIHL, RIHL II or ROIHL III considered by management to be other-than-temporary is charged to earnings in the period in which it is determined. 9

14 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Investment in Top Layer Reinsurance Ltd. ( Top Layer Re ) The Company has significant influence over the operating and financial policies of Top Layer Re and its 50.0% ownership is accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from Top Layer Re in its results for the period. Any decline in value of the Company s investment in Top Layer Re considered by management to be other-than-temporary is charged to income in the period in which it is determined. Short Term Investments and Cash and Cash Equivalents Short term investments, which are managed as part of the Company s investment portfolio and have a maturity of one year or less when purchased, are carried at amortized cost, which approximates fair value. In certain cases, fair value is determined in a manner similar to the Company s fixed maturity investments noted above, and accordingly, the net unrealized appreciation or depreciation on these short term investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. Other Investments The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) Financial Instruments, with interest, dividend income, income distributions and realized and unrealized gains and losses included in net investment income. The fair value of certain of the Company s fund investments, which principally include senior secured bank loan funds, are recorded on its consolidated balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Certain of the Company s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for senior secured bank loan funds. In certain cases, management s judgment may also be required to estimate fair value. Actual final valuations may differ, perhaps materially so, from the Company s estimates and these differences are recorded in the Company s consolidated statements of operations in the period they are reported to the Company as a change in estimate. The Company's other investments also include investments in catastrophe bonds which are recorded at fair value and is based on broker or underwriter bid indications. Derivatives The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts in order to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting. The fair value of the Company s derivatives are estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. 10

15 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Fair Value The Company accounts for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholder s equity. Foreign Exchange The Company s functional currency is the United States ( U.S. ) dollar. Revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates in effect at the balance sheet date, which may result in the recognition of exchange gains or losses which are included in the determination of net income. Recently Issued Accounting Pronouncements Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts In October 2010, the FASB issued Accounting Standards Update ( ASU ) No , Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts ( ASU ), which amends FASB ASC Topic Financial Services - Insurance. ASU modifies the definition of the types of costs that can be capitalized in relation to the acquisition of new and renewal insurance contracts. The amended guidance requires costs to be incremental and directly related to the successful acquisition of new or renewal contracts in order to be capitalized as a deferred acquisition cost. Capitalized costs would include incremental direct costs, such as commissions paid to brokers. Additionally, the portion of employee salaries and benefits directly related to time spent for acquired contracts would be capitalized. Costs that fall outside the revised definition must be expensed when incurred. ASU became effective for fiscal periods beginning on or after December 15, 2011, and as a result, the Company adopted ASU effective January 1, The adoption of ASU did not have a material impact on the Company's consolidated statements of operations and financial condition. Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs In May 2011, the FASB issued ASU No , Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ( ASU ), which amends FASB ASC Topic Fair Value Measurement. ASU was issued to provide largely identical guidance about fair value measurement and disclosure requirements with the International Accounting Standards Board's new International Financial Reporting Standards ( IFRS ) 13, Fair Value Measurement. ASU does not extend the use of fair value but, rather, provides guidance about how fair value should be applied where it is already required or permitted under GAAP and requires enhanced disclosures covering all transfers between Levels 1 and 2 of the fair value hierarchy. Additional disclosures covering Level 3 assets are also required. ASU became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and as a result, the Company adopted ASU effective January 1, The adoption of ASU did not have a material impact on the Company's consolidated statements of operations and financial condition. The additional disclosures required by ASU have been provided in Note 4. Fair Value Measurements. 11

16 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES, cont d. Presentation of Comprehensive Income In June 2011, the FASB issued ASU No , Presentation of Comprehensive Income ( ASU ), which amends FASB ASC Topic Comprehensive Income. ASU increases the prominence of items reported in other comprehensive income and eliminates the option to present components of other comprehensive income as part of the statement of changes in shareholders' equity. ASU requires that all non-owner changes in shareholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with retroactive application required. The Company adopted ASU effective January 1, 2012 and it did not have a material impact on the Company's consolidated statements of operations and financial condition. Recently Issued Accounting Pronouncements Not Yet Adopted Disclosures About Offsetting Assets and Liabilities In December 2011, the FASB issued ASU No , Disclosures about Offsetting Assets and Liabilities ( ASU ). The objective of ASU is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU is effective for interim and annual periods beginning on or after January 1, 2013, with retrospective presentation of the new disclosure required. In January 2013, the FASB issued a related scope clarification, limiting the applicability of the requirements to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing/lending transactions. The Company is currently evaluating the impact of this guidance; however, since this update affects disclosures only, it is not expected to have a material impact on the Company's consolidated financial statements. Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the FASB issued ASU No , Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ( ASU ). The objective of ASU is to improve the reporting of classifications out of accumulated other comprehensive income by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional details about those amounts. ASU is effective for interim and annual reporting periods beginning after December 15, The Company is currently evaluating the impact of this guidance; however, since this update affects disclosures only, it is not expected to have a material impact on the Company's consolidated financial statements. 12

17 NOTE 3. INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading: At December 31, U.S. treasuries $ 480,650 $ 206,841 Agencies 83,768 13,463 Non-U.S. government (Sovereign debt) 97, ,642 FDIC guaranteed corporate - 39,674 Non-U.S. government-backed corporate 161, ,229 Corporate 522, ,615 Agency mortgage-backed 49,230 21,536 Non-agency mortgage-backed 214,721 71,258 Commercial mortgage-backed 170,725 96,420 Fixed Maturity Investments Available for Sale $ 1,780,731 $ 987,678 The following tables summarize the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale: At December 31, 2012 Amortized Cost Included in Accumulated Other Comprehensive Income Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Corporate $ 7,065 $ 1,002 $ (93) $ 7,974 $ (85) Agency mortgage-backed 8, ,912 - Non-agency mortgage-backed 14,613 2,989 (10) 17,592 (835) Commercial mortgage-backed 37,292 7,229-44,521 - Asset-backed 4, ,443 - $ 71,445 $ 12,100 $ (103) $ 83,442 $ (920) 13

18 NOTE 3. INVESTMENTS, cont d. At December 31, 2011 Amortized Cost Included in Accumulated Other Comprehensive Income Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Non-U.S. government (Sovereign debt) $ 10,088 $ 921 $ (12) $ 10,997 $ - Non-U.S. government-backed corporate Corporate 18,449 1,535 (517) 19,467 (873) Agency mortgage-backed 12,635 1,071-13,706 - Non-agency mortgage-backed 21,096 1,862 (284) 22,674 (1,837) Commercial mortgage-backed 63,654 6,191 (1) 69,844 - Asset-backed 4, ,039 - $ 131,054 $ 11,812 $ (814) $ 142,052 $ (2,710) (1) Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income since the adoption of guidance related to the recognition and presentation of other-thantemporary impairments under FASB ASC Topic Investments - Debt and Equity Securities, during the second quarter of 2009, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. Contractual maturities of fixed maturity investments are as follows. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2012 Trading Available for Sale Total Amortized Amortized Amortized Cost Fair Value Cost Fair Value Cost Fair Value Due in less than one year $ 196,224 $ 196,390 $ 501 $ 674 $ 196,725 $ 197,064 Due after one through five years 850, ,255 3,043 3, , ,636 Due after five through ten years 234, ,180 2,331 2, , ,717 Due after ten years 44,920 47,230 1,190 1,382 46,110 48,612 Mortgage-backed 415, ,676 60,185 71, , ,701 Asset-backed - - 4,195 4,443 4,195 4,443 $ 1,741,392 $ 1,780,731 $ 71,445 $ 83,442 $ 1,812,837 $ 1,864,173 14

19 NOTE 3. INVESTMENTS, cont d. Pledged Investments At December 31, 2012, $1,064.3 million ( $986.5 million) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of various counterparties, including with respect to the Company s principal letter of credit facility. Of this amount, $383.0 million ( $273.7 million) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities and primarily relates to the Company s multibeneficiary reinsurance trust ( MBRT ). See Note 10. Statutory Requirements for additional information regarding the Company s MBRT. Net Investment Income, Net Realized and Unrealized Gains on Fixed Maturity Investments and Net Other-Than- Temporary Impairments The components of net investment income are as follows: Year ended December 31, Fixed maturity investments $ 46,560 $ 23,489 Short term investments Other investments 15, Cash and cash equivalents ,040 24,697 Investment expenses (5,814) (4,256) Net investment income $ 56,226 $ 20,441 Net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments are as follows: Year ended December 31, Gross realized gains $ 30,688 $ 26,148 Gross realized losses (7,110) (6,850) Net realized gains on fixed maturity investments 23,578 19,298 Net unrealized gains (losses) on fixed maturity investments trading 37,860 (3,264) Net realized and unrealized gains on fixed maturity investments 61,438 16,034 Net other-than-temporary impairments (343) (552) Change in net unrealized gains on fixed maturity investments available for sale included in accumulated other comprehensive income 1,051 (8,282) Total net realized and unrealized gains, net other-than-temporary impairments and change in net unrealized gains on fixed maturity investments $ 62,146 $ 7,200 15

20 NOTE 3. INVESTMENTS, cont d. The following table provides an analysis of the length of time the Company s fixed maturity investments available for sale in an unrealized loss have been in a continual unrealized loss position. At December 31, 2012 Less than 12 Months 12 Months or Greater Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Corporates $ 598 $ (30) $ 440 $ (63) $ 1,038 $ (93) Non-agency mortgage-backed (10) 101 (10) $ 598 $ (30) $ 541 $ (73) $ 1,139 $ (103) At December 31, 2012, the Company held 28 fixed maturity investments available for sale securities that were in an unrealized loss position ( ), including 11 fixed maturity available for sale securities that were in an unrealized loss position for twelve months or greater ( ). The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The Company performed reviews of its fixed maturity investments available for sale for the years ended December 31, 2012 and 2011, respectively, in order to determine whether declines in the fair value below the amortized cost basis were considered other-than-temporary in accordance with the applicable guidance, as discussed below. Other-Than-Temporary Impairment Process The Company s process for assessing whether declines in the fair value of its fixed maturity investments available for sale represent impairments that are other-than-temporary includes reviewing each fixed maturity investment available for sale that is impaired and determining: (i) if the Company has the intent to sell the debt security or (ii) if it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery; and (iii) whether a credit loss exists, that is, where the Company expects that the present value of the cash flows expected to be collected from the security are less than the amortized cost basis of the security. In assessing the Company s intent to sell securities, the Company s procedures may include actions such as discussing planned sales with its third party investment managers, reviewing sales that have occurred shortly after the balance sheet date, and consideration of other qualitative factors that may be indicative of the Company s intent to sell or hold the relevant securities. For the year ended December 31, 2012, the Company recognized $Nil of other-than-temporary impairments due to the Company s intent to sell these securities as of December 31, 2012 ( $Nil). In assessing whether it is more likely than not that the Company will be required to sell a security before its anticipated recovery, the Company considers various factors including its future cash flow forecasts and requirements, legal and regulatory requirements, the level of its cash, cash equivalents, short term investments, fixed maturity investments trading and fixed maturity investments available for sale in an unrealized gain position, and other relevant factors. For the year ended December 31, 2012, the Company recognized $Nil of other-thantemporary impairments due to required sales ( $Nil). 16

21 NOTE 3. INVESTMENTS, cont d. In evaluating credit losses, the Company considers a variety of factors in the assessment of a security including: (i) the time period during which there has been a significant decline below cost; (ii) the extent of the decline below cost and par; (iii) the potential for the security to recover in value; (iv) an analysis of the financial condition of the issuer; (v) the rating of the issuer; (vi) the implied rating of the issuer based on an analysis of option adjusted spreads; (vii) the absolute level of the option adjusted spread for the issuer; and (viii) an analysis of the collateral structure and credit support of the security, if applicable. Once the Company determines that it is possible that a credit loss may exist for a security, the Company performs a detailed review of the cash flows expected to be collected from the issuer. The Company estimates expected cash flows by applying estimated default probabilities and recovery rates to the contractual cash flows of the issuer, with such default and recovery rates reflecting long-term historical averages adjusted to reflect current credit, economic and market conditions, giving due consideration to collateral and credit support, if applicable, and discounting the expected cash flows at the purchase yield on the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into: (i) the amount of the total other-than-temporary impairment related to the credit loss; and (ii) the amount of the total other-than-temporary impairment related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the other-thantemporary impairment related to all other factors is recognized in other comprehensive income. For the year ended December 31, 2012, the Company recognized $0.3 million of credit related other-than-temporary impairments which were recognized in earnings and $52 thousand related to other factors which were recognized in other comprehensive income ( $0.6 million and $78 thousand, respectively). The following table provides a rollforward of the amount of other-than-temporary impairments related to credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income: Balance - January 1 $ 2,370 $ 3,098 Additions: Amount related to credit loss for which an other-than-temporary impairment was not previously recognized Amount related to credit loss for which an other-than-temporary impairment was previously recognized Reductions: Securities sold during the period (1,650) (1,007) Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security - - Increases in cash flows expected to be collected that are recognized over the remaining life of the security - - Balance - December 31 $ 838 $ 2,370

22 NOTE 3. INVESTMENTS, cont d. Other Investments The table below shows the fair value of the Company s portfolio of other investments: At December 31, Senior secured bank loan funds $ 111,765 $ 149,797 Catastrophe bonds 5,065 5,060 Non-U.S. fixed income funds - 28,862 $ 116,830 $ 183,719 Interest income, income distributions and realized and unrealized gains on other investments are included in net investment income and totaled $15.0 million ( $0.4 million) of which $6.4 million was related to net unrealized gains ( $6.9 million was related to net unrealized losses). The Company has committed capital to a senior secured bank loan fund of $50.0 million of which $32.6 million has been contributed at December 31, The Company s remaining commitments to this fund at December 31, 2012 totaled $17.5 million. In the future, the Company may enter into additional commitments in respect of investment opportunities. RIHL At December 31, 2012, the Company owned 91.0% of RIHL s mandatorily redeemable preferred shares ( %). The dollar weighted average rating of the securities held through RIHL is A. The table below shows the Company s share of RIHL s net assets: At December 31, Fixed maturity investments trading $ 222,721 $ 464,282 Short term investments 16,360 20,595 Accrued interest 1,378 2,169 Net unsettled trades (9,263) (3,322) Other assets 21 - $ 231,217 $ 483,724 18

23 NOTE 3. INVESTMENTS, cont d. The following table summarizes the fair value of fixed maturity investments trading included in the Company s share of RIHL: At December 31, U.S. treasuries $ 20,625 $ 199,916 Agencies 3,620 11,327 Non-U.S. government (Sovereign debt) - 10,431 Non-U.S. government-backed corporate 5,239 83,795 Corporate 113,327 79,393 Agency mortgage-backed 36,752 50,032 Commercial mortgage-backed 43,158 29,388 $ 222,721 $ 464,282 Contractual maturities of fixed maturity investments trading included in the Company s share of RIHL s net assets are as follows. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2012 Amortized Cost Fair Value Due in less than one year $ 2,782 $ 2,784 Due after one through five years 109, ,125 Due after five through ten years 27,102 27,303 Due after ten years 1,521 1,599 Mortgage-backed 79,089 79,910 The Company s equity in earnings on its investment in RIHL are as follows: $ 219,729 $ 222,721 Year ended December 31, Net investment income $ 5,259 $ 10,107 Net realized gains on fixed maturity investments trading 9,532 1,688 Net unrealized (losses) gains on fixed maturity investments trading (2,298) 4,991 Equity in earnings of RIHL $ 12,493 $ 16,786 19

December 31, 2011 and 2010

December 31, 2011 and 2010 AUDITED CONSOLIDATED FINANCIAL STATEMENTS Renaissance Reinsurance Ltd. and Subsidiaries December 31, 2011 and 2010 Ernst & Young Ltd. Audited Consolidated Financial Statements Renaissance Reinsurance Ltd.

More information

AUDITED FINANCIAL STATEMENTS. RenaissanceRe Specialty Risks Ltd. and Subsidiary. December 31, 2015 and 2014

AUDITED FINANCIAL STATEMENTS. RenaissanceRe Specialty Risks Ltd. and Subsidiary. December 31, 2015 and 2014 AUDITED FINANCIAL STATEMENTS RenaissanceRe Specialty Risks Ltd. and Subsidiary December 31, 2015 and 2014 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM08, Bermuda P.O. Box HM 463 Hamilton, HM BX, Bermuda

More information

AUDITED FINANCIAL STATEMENTS. DaVinci Reinsurance Ltd. December 31, 2017 and 2016

AUDITED FINANCIAL STATEMENTS. DaVinci Reinsurance Ltd. December 31, 2017 and 2016 AUDITED FINANCIAL STATEMENTS DaVinci Reinsurance Ltd. December 31, 2017 and 2016 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box 463 Hamilton HM BX, Bermuda Tel: +1 441 295 7000 Fax:

More information

Endurance Specialty Insurance Ltd. Years Ended December 31, 2012 and 2011 With Report of Independent Auditors

Endurance Specialty Insurance Ltd. Years Ended December 31, 2012 and 2011 With Report of Independent Auditors A UDITED CONSOLIDATED FINANCIAL STATEMENTS Endurance Specialty Insurance Ltd. Years Ended December 31, 2012 and 2011 With Report of Independent Auditors Ernst & Young Ltd. INDEX TO CONSOLIDATED FINANCIAL

More information

Aspen Bermuda Limited. Financial Statements. (With Independent Auditor s Report Thereon) December 31, 2012 and 2011

Aspen Bermuda Limited. Financial Statements. (With Independent Auditor s Report Thereon) December 31, 2012 and 2011 Financial Statements (With Independent Auditor s Report Thereon) ABCD KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton HM DX Bermuda Telephone

More information

A UDITED C ONSOLIDATED F INANCIAL S TATEMENTS

A UDITED C ONSOLIDATED F INANCIAL S TATEMENTS A UDITED C ONSOLIDATED F INANCIAL S TATEMENTS Hamilton Re, Ltd. With Report of Independent Auditors Ernst & Young Ltd. Audited Consolidated Financial Statements For theyear Ended December 31, 2013 and

More information

Validus Reinsurance, Ltd. (Incorporated in Bermuda)

Validus Reinsurance, Ltd. (Incorporated in Bermuda) (Incorporated in Bermuda) Consolidated Financial Statements For the Years Ended December 31, 2012 and 2011 (Expressed in U.S. dollars) Independent Auditor s Report To the Board of Directors and Shareholder

More information

FERGUS REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

FERGUS REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 FINANCIAL STATEMENTS (AND INDEPENDENT AUDITORS REPORT THEREON) FOR THE YEARS ENDED FINANCIAL STATEMENTS AS AT CONTENTS Independent Auditors Report... 2 Statements of Financial Position... 3 Statements

More information

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended November 30, 2016 and 2015

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended November 30, 2016 and 2015 Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

AAA REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

AAA REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 FINANCIAL STATEMENTS (AND INDEPENDENT AUDITORS REPORT THEREON) FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 FINANCIAL STATEMENTS AS AT DECEMBER 31, 2017 AND 2016 CONTENTS Independent Auditors Report....

More information

MAIDEN REINSURANCE LTD. Financial Statements

MAIDEN REINSURANCE LTD. Financial Statements Financial Statements Years Ended December 31, 2016 and 2015 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of

More information

Validus Reinsurance, Ltd. (Incorporated in Bermuda)

Validus Reinsurance, Ltd. (Incorporated in Bermuda) (Incorporated in Bermuda) Consolidated Financial Statements (Expressed in U.S. dollars) April 15, 2014 Independent Auditor s Report To the Board of Directors and Shareholder of Validus Reinsurance, Ltd.

More information

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended November 30, 2013 and 2012

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended November 30, 2013 and 2012 Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended ABCD KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended November 30, 2017 and 2016

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended November 30, 2017 and 2016 Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 3 Consolidated

More information

ABR REINSURANCE LTD. Financial Statements. December 31, 2016 and 2015

ABR REINSURANCE LTD. Financial Statements. December 31, 2016 and 2015 Financial Statements December 31, 2016 and 2015 Index to Financial Statements Independent Auditor s Report...1 Balance Sheets as of December 31, 2016 and 2015...2 Statements of Income for the year ended

More information

ACE Bermuda Insurance Ltd. and Subsidiaries. Consolidated Financial Statements December 31, 2008 and 2007

ACE Bermuda Insurance Ltd. and Subsidiaries. Consolidated Financial Statements December 31, 2008 and 2007 Consolidated Financial Statements PricewaterhouseCoopers Chartered Accountants Dorchester House 7 Church Street Hamilton HM 11 Bermuda Telephone +1 (441) 295 2000 Facsimile +1 (441) 295 1242 www.pwc.com/bermuda

More information

Associated Electric & Gas Insurance Services Limited

Associated Electric & Gas Insurance Services Limited Associated Electric & Gas Insurance Services Limited Consolidated Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report ASSOCIATED ELECTRIC & GAS

More information

ABR REINSURANCE LTD. Financial Statements. December 31, 2017 and 2016

ABR REINSURANCE LTD. Financial Statements. December 31, 2017 and 2016 Financial Statements December 31, 2017 and 2016 Index to Financial Statements Independent Auditor s Report...1 Balance Sheets as of December 31, 2017 and 2016...3 Statements of Income for the years ended

More information

ABR REINSURANCE LTD. Financial Statements for the period ended. December 31, 2015

ABR REINSURANCE LTD. Financial Statements for the period ended. December 31, 2015 Financial Statements for the period ended December 31, 2015 Index to Financial Statements Pages Report of Independent Auditors...1 Balance Sheet as of December 31, 2015...2 Statement of Income for the

More information

Associated Electric & Gas Insurance Services Limited

Associated Electric & Gas Insurance Services Limited Associated Electric & Gas Insurance Services Limited Consolidated Financial Statements as of December 31, 2017 and 2016 and for the Years Ended December 31, 2017, 2016 and 2015 and Independent Auditors

More information

Validus Reinsurance, Ltd. (Incorporated in Bermuda)

Validus Reinsurance, Ltd. (Incorporated in Bermuda) (Incorporated in Bermuda) Consolidated financial statements For the Years Ended December 31, 2010 and 2009 (expressed in U.S. dollars) Consolidated Balance Sheets As at December 31, 2010 and 2009 December

More information

Allied World Assurance Company, Ltd. Consolidated Financial Statements and Independent Auditors' Report

Allied World Assurance Company, Ltd. Consolidated Financial Statements and Independent Auditors' Report Allied World Assurance Company, Ltd Consolidated Financial Statements and Independent Auditors' Report December 31, 2015 and 2014 INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of

More information

EVEREST REINSURANCE (BERMUDA), LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the Years Ended December 31,

EVEREST REINSURANCE (BERMUDA), LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the Years Ended December 31, EVEREST REINSURANCE (BERMUDA), LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the 2015 and 2014 Independent Auditor's Report To the Shareholder of Everest Reinsurance

More information

Ironshore Inc. Consolidated Financial Statements December 31, 2014

Ironshore Inc. Consolidated Financial Statements December 31, 2014 Consolidated Financial Statements December 31, 2014 Ernst & Young LLP 5 Times Square New York, NY 10036-6530 Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com Report of Independent Registered Public Accounting

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 3 Consolidated

More information

AXIS Specialty Limited. Financial Statements and Independent Auditors Report

AXIS Specialty Limited. Financial Statements and Independent Auditors Report AXIS Specialty Limited Financial Statements and Independent Auditors Report 1 Pages No. Independent Auditors Report 3 Balance Sheets as at 4 Statements of Operations and Comprehensive Income (Loss) for

More information

Consolidated Financial Statements. XL Group Reinsurance. For the Year Ended 31 December XL Re Ltd

Consolidated Financial Statements. XL Group Reinsurance. For the Year Ended 31 December XL Re Ltd Consolidated Financial Statements XL Group Reinsurance For the Year Ended 31 December 2013 XL Re Ltd XL Re Ltd Consolidated Balance Sheets Assets Investments available for sale: December 31, 2013 December

More information

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2013

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2013 American Overseas Group Limited Consolidated Financial Statements For the Year Ended December 31, 2013 CONSOLIDATED BALANCE SHEETS December 31, 2013 and 2012 2013 2012 ASSETS Investments: Fixed-maturity

More information

Partner Reinsurance Company Ltd.

Partner Reinsurance Company Ltd. Consolidated Financial Statements and Independent Auditors' Report December 31, 2017 and 2016 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box HM 463 Hamilton HM BX, Bermuda Tel: +1

More information

METTLESOME (BERMUDA) LIMITED Financial Statements. For the period January 18, 2017 to December 31, 2017

METTLESOME (BERMUDA) LIMITED Financial Statements. For the period January 18, 2017 to December 31, 2017 METTLESOME (BERMUDA) LIMITED Financial Statements For the period January 18, 2017 to Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box HM 463 Hamilton HM BX, Bermuda Tel: +1 441 295

More information

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2017

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2017 American Overseas Group Limited Consolidated Financial Statements For the Year Ended December 31, 2017 Deloitte Ltd. Corner House 20 Parliament Street P.O. Box HM 1556 Hamilton HM FX Bermuda Tel: + 1 (441)

More information

Zenith National Insurance Corp. and Subsidiaries Consolidated Financial Statements and Supplementary Consolidating Information December 31, 2015 and

Zenith National Insurance Corp. and Subsidiaries Consolidated Financial Statements and Supplementary Consolidating Information December 31, 2015 and Zenith National Insurance Corp. and Subsidiaries Consolidated Financial Statements and Supplementary Consolidating Information December 31, 2015 and 2014 and for the Three Years Ended December 31, 2015

More information

KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda. Independent Auditor s Report

KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda. Independent Auditor s Report kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton HM DX Bermuda Telephone +1 441 295 5063 Fax +1 441 295 9132 Internet www.kpmg.bm

More information

SANDELL HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

SANDELL HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 CONSOLIDATED FINANCIAL STATEMENTS (AND INDEPENDENT AUDITOR S REPORT THEREON) FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 CONSOLIDATED FINANCIAL STATEMENTS AS AT CONTENTS Independent Auditor s Report...

More information

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditors Report Thereon)

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditors Report Thereon) Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended ABCD KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

Allied World Assurance Company, Ltd. Consolidated Financial Statements and Independent Auditors Report

Allied World Assurance Company, Ltd. Consolidated Financial Statements and Independent Auditors Report Allied World Assurance Company, Ltd Consolidated Financial Statements and Independent Auditors Report December 31, 2008 and 2007 CONSOLIDATED BALANCE SHEETS as of December 31, 2008 and 2007 (Expressed

More information

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2012 Table of Contents Report of Independent Auditors... 2 Consolidated Balance Sheets 2012 and 2011... 3 Consolidated Statements of Operations Years Ended

More information

American International Reinsurance Company, Ltd. and Subsidiary Audited GAAP Consolidated Financial Statements. December 31, 2017 and 2016

American International Reinsurance Company, Ltd. and Subsidiary Audited GAAP Consolidated Financial Statements. December 31, 2017 and 2016 American International Reinsurance Company, Ltd. and Subsidiary Audited GAAP Consolidated Financial Statements December 31, 2017 and 2016 Table of Contents FINANCIAL STATEMENTS Page Independent Auditor

More information

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2013 Table of Contents Report of Independent Auditors... 2 Consolidated Balance Sheets 2013 and 2012... 3 Consolidated Statements of Operations Years Ended

More information

Ironshore Inc. Consolidated Financial Statements December 31, 2015

Ironshore Inc. Consolidated Financial Statements December 31, 2015 Consolidated Financial Statements December 31, 2015 Ernst & Young LLP 5 Times Square New York, NY 10036-6530 Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com The Board of Directors and Shareholders Ironshore

More information

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditors Report Thereon)

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditors Report Thereon) Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended ABCD KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 3 Consolidated Statement

More information

XL Re Ltd. Consolidated Financial Statements

XL Re Ltd. Consolidated Financial Statements XL Re Ltd Consolidated Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2010 1 2 XL Re Ltd Consolidated Balance Sheets (US Dollars in thousands) December 31, December 31, Assets 2010 2009 Investments

More information

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor's Report Thereon) Years Ended November 30,2015 and 2014

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditor's Report Thereon) Years Ended November 30,2015 and 2014 OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements With Independent Auditor's Report Thereon) Years Ended November 30,2015 and 2014 KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton

More information

EVEREST INTERNATIONAL REINSURANCE, LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the Years Ended December

EVEREST INTERNATIONAL REINSURANCE, LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the Years Ended December EVEREST INTERNATIONAL REINSURANCE, LTD. (a wholly owned subsidiary of Everest Re Group, Ltd.) GAAP Financial Statements For the 2012 and 2011 Independent Auditor's Report To the Board of Directors and

More information

WIND RIVER REINSURANCE COMPANY, LTD. Consolidated Financial Statements For the Years Ended December 31, 2012 and 2011

WIND RIVER REINSURANCE COMPANY, LTD. Consolidated Financial Statements For the Years Ended December 31, 2012 and 2011 Consolidated Financial Statements For the Years Ended December 31, 2012 and 2011 Table of Contents Report of Independent Auditors Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated

More information

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditors' Report Thereon) Years Ended November 30, 2014 and 2013

OIL CASUALTY INSURANCE, LTD. Consolidated Financial Statements (With Independent Auditors' Report Thereon) Years Ended November 30, 2014 and 2013 Consolidated Financial Statements (With Independent Auditors' Report Thereon Years Ended KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton

More information

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditor s Report Thereon)

CITADEL REINSURANCE COMPANY LIMITED. Consolidated Financial Statements (With Independent Auditor s Report Thereon) Consolidated Financial Statements (With Independent Auditor s Report Thereon) Years Ended kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906

More information

Ariel Indemnity Limited. Audited Condensed General Purpose Financial Statements December 31, 2016 (U.S. dollars)

Ariel Indemnity Limited. Audited Condensed General Purpose Financial Statements December 31, 2016 (U.S. dollars) Ariel Indemnity Limited Audited Condensed General Purpose Financial Statements December 31, 2016 (U.S. dollars) Table of Contents Report of Independent Auditors... 1-2 Condensed Financial Statements Condensed

More information

OXBRIDGE RE HOLDINGS Ltd

OXBRIDGE RE HOLDINGS Ltd SECURITIES & EXCHANGE COMMISSION EDGAR FILING OXBRIDGE RE HOLDINGS Ltd Form: 10-Q Date Filed: 2016-11-14 Corporate Issuer CIK: 1584831 Copyright 2016, Issuer Direct Corporation. All Right Reserved. Distribution

More information

ACE INA Overseas Insurance Company and its subsidiaries (Incorporated in Bermuda)

ACE INA Overseas Insurance Company and its subsidiaries (Incorporated in Bermuda) ACE INA Overseas Insurance Company and its subsidiaries (Incorporated in Bermuda) Consolidated GAAP Financial Statements (in thousands of U.S. dollars) Report of Independent Auditors To the Board of Directors

More information

Consolidated Financial Statements. Transatlantic Holdings, Inc. and Subsidiaries (A Wholly Owned Subsidiary of Alleghany Corporation)

Consolidated Financial Statements. Transatlantic Holdings, Inc. and Subsidiaries (A Wholly Owned Subsidiary of Alleghany Corporation) Consolidated Financial Statements Transatlantic Holdings, Inc. and Subsidiaries As of and for the years ended December 31, 2015 and 2014. With Report of Independent Auditors Ernst & Young LLP 5 Times Square

More information

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS

SCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 Table of Contents Report of Independent Auditors... 2 Consolidated Balance Sheets 2011 and 2010... 3 Consolidated Statements of Operations Years Ended

More information

New Castle Reinsurance Company Ltd. (Incorporated in Bermuda) Financial Statements December 31, 2008 and 2007 (expressed in U.S.

New Castle Reinsurance Company Ltd. (Incorporated in Bermuda) Financial Statements December 31, 2008 and 2007 (expressed in U.S. (Incorporated in Bermuda) Financial Statements December 31, 2008 and 2007 Balance Sheet 2008 2007 Assets Cash and cash equivalents (note 3, 4, 10) $ 680,306,336 $ 746,021,343 Investments in fixed maturity

More information

The Long Term Care Business of MedAmerica

The Long Term Care Business of MedAmerica The Long Term Care Business of MedAmerica Combined Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report THE LONG TERM CARE BUSINESS OF MEDAMERICA

More information

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2016

American Overseas Group Limited. Consolidated Financial Statements For the Year Ended December 31, 2016 American Overseas Group Limited Consolidated Financial Statements For the Year Ended December 31, 2016 CONSOLIDATED BALANCE SHEETS December 31, 2016 and 2015 2016 2015 Assets Fixed-maturity securities

More information

AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2013

AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2013 AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2013 FIRST CITIZENS BANCSHARES, INC. One First Citizens Place Dyersburg, TN 38024 2 First Citizens Bancshares, Inc. Management s Annual Report on Internal Control

More information

WATFORD RE LTD. AND SUBSIDIARIES

WATFORD RE LTD. AND SUBSIDIARIES Consolidated Financial Statements For the Years Ended December 31, 2017 and 2016 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm... 2 Consolidated

More information

IPCRE LIMITED AND SUBSIDIARY. Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended December 31, 2008 and 2007

IPCRE LIMITED AND SUBSIDIARY. Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended December 31, 2008 and 2007 Consolidated Financial Statements (With Independent Auditors Report Thereon) Years Ended INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of IPCRe Limited We have audited the accompanying

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2013 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

More information

AAA REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

AAA REINSURANCE LIMITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 FINANCIAL STATEMENTS (AND INDEPENDENT AUDITORS REPORT THEREON) FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 FINANCIAL STATEMENTS AS AT DECEMBER 31, 2016 AND 2015 CONTENTS Independent Auditors Report....

More information

Energy Insurance Mutual Limited. Audited Financial Statements. Years ended December 31, 2017 and 2016 with Report of Independent Auditors

Energy Insurance Mutual Limited. Audited Financial Statements. Years ended December 31, 2017 and 2016 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2017 and 2016 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2017 and 2016 Contents Report of Independent

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2015 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

More information

Aurigen Reinsurance Limited

Aurigen Reinsurance Limited Consolidated Financial Statements of Year ended December 31, 2017 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box HM 463 Hamilton HM BX, Bermuda Tel: +1 441 295 7000 Fax: +1 441 295

More information

Sura Re Ltd. Financial Statements. From the January 01, 2017 to December 31, (expressed in U.S. dollars)

Sura Re Ltd. Financial Statements. From the January 01, 2017 to December 31, (expressed in U.S. dollars) Financial Statements From the January 01, 2017 to December 31, 2017 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box HM 463 Hamilton HM BX, Bermuda Tel: +1 441 295 7000 Fax: +1 441

More information

Mutual of Omaha Insurance Company and Subsidiaries

Mutual of Omaha Insurance Company and Subsidiaries Mutual of Omaha Insurance Company and Subsidiaries Consolidated Financial Statements as of and for the Years Ended December 31, 2017 and 2016, and Independent Auditors Report INDEPENDENT AUDITORS REPORT

More information

2 3 Independent Auditor's Report To the Board of Directors and Stockholders Woodlands Financial Services Company and Subsidiaries Williamsport, Pennsylvania Report on the Financial Statements We have audited

More information

Ecclesia Assurance Company

Ecclesia Assurance Company Ecclesia Assurance Company Independent Auditors Report, Financial Statements and Exhibits As of and for the Years Ended December 31, 2014 and 2013 Accounting Tax Advisory Independent Auditors Report To

More information

CUNA Mutual Holding Company and Subsidiaries

CUNA Mutual Holding Company and Subsidiaries CUNA Mutual Holding Company and Subsidiaries Consolidated Financial Statements As of December 31, 2013 and 2012 and for the Three Years Ended December 31, 2013 And Independent Auditors Report Table of

More information

Montpelier Reinsurance Ltd. and its subsidiary. Consolidated Financial Statements December 31, 2014 and 2013 (expressed in millions of U.S.

Montpelier Reinsurance Ltd. and its subsidiary. Consolidated Financial Statements December 31, 2014 and 2013 (expressed in millions of U.S. Montpelier Reinsurance Ltd. and its subsidiary Consolidated Financial Statements Consolidated Balance Sheets As at (expressed in millions of U.S. dollars, except share and per share amounts) 2014 2013

More information

Liberty Mutual Holding Company Inc. Second Quarter Consolidated Financial Statements

Liberty Mutual Holding Company Inc. Second Quarter Consolidated Financial Statements Second Quarter 2017 Consolidated Financial Statements Consolidated Statements of Income 2017 2016 2017 2016 Revenues Premiums earned $ 9,313 $ 8,618 $ 18,208 $ 17,082 Net investment income 733 597 1,499

More information

Mutual of Omaha Insurance Company and Subsidiaries

Mutual of Omaha Insurance Company and Subsidiaries Mutual of Omaha Insurance Company and Subsidiaries Consolidated Financial Statements as of and for the Years Ended December 31, 2015 and 2014, and Independent Auditors Report INDEPENDENT AUDITORS REPORT

More information

ARGUS INSURANCE COMPANY LIMITED. Consolidated financial statements (With Independent Auditor s Report Thereon) March 31, 2017

ARGUS INSURANCE COMPANY LIMITED. Consolidated financial statements (With Independent Auditor s Report Thereon) March 31, 2017 Consolidated financial statements (With Independent Auditor s Report Thereon) kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Independent Auditor s Report Mailing Address:

More information

Years ended December 31, 2016 and 2015 with Report of Independent Auditors

Years ended December 31, 2016 and 2015 with Report of Independent Auditors Harco National Insurance Company and Affiliates Combined Audited Financial Statements - Statutory Basis Years ended December 31, 2016 and 2015 with Report of Independent Auditors Harco National Insurance

More information

Financials ACE HARDWARE 2011 ANNUAL REPORT

Financials ACE HARDWARE 2011 ANNUAL REPORT Financials ACE HARDWARE 2011 ANNUAL REPORT ACE HARDWARE CORPORATION INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 1 2 3 4 5 6 Report of Independent Auditors Consolidated Balance Sheets

More information

Bank-Fund Staff Federal Credit Union. Financial Statements

Bank-Fund Staff Federal Credit Union. Financial Statements Bank-Fund Staff Federal Credit Union Financial Statements For the Years Ended December 31, 2011 and 2010 Financial Statements C O N T E N T S Page Independent Auditor s Report... 1 Financial Statements:

More information

Sirius International Insurance Group, Ltd. Consolidated Financial Statements For the years ended December 31, 2016, 2015, and 2014

Sirius International Insurance Group, Ltd. Consolidated Financial Statements For the years ended December 31, 2016, 2015, and 2014 Consolidated Financial Statements For the years ended December 31, 2016, 2015, and 2014 Consolidated Financial Statements For the years ended December 31, 2016, 2015, and 2014 Report of Independent Auditors

More information

Montpelier Reinsurance Ltd. Consolidated Financial Statements December 31, 2010 and 2009 (expressed in millions of U.S. dollars)

Montpelier Reinsurance Ltd. Consolidated Financial Statements December 31, 2010 and 2009 (expressed in millions of U.S. dollars) Consolidated Financial Statements Report of Independent Auditors To: The Board of Directors and Shareholder of Montpelier Reinsurance Ltd.: In our opinion, the accompanying consolidated balance sheets

More information

Bangor Bancorp, MHC, Parent of Bangor Savings Bank Consolidated Financial Statements March 31, 2016 and 2015

Bangor Bancorp, MHC, Parent of Bangor Savings Bank Consolidated Financial Statements March 31, 2016 and 2015 Bangor Bancorp, MHC, Parent of Bangor Savings Bank Consolidated Financial Statements Page 1 Table of Contents Page(s) Independent Auditor s Report... 1 Consolidated Financial Statements Balance Sheets...

More information

FPB FINANCIAL CORP. AND SUBSIDIARIES

FPB FINANCIAL CORP. AND SUBSIDIARIES FPB FINANCIAL CORP. AND SUBSIDIARIES Audits of Consolidated Financial Statements December 31, 2015 and 2014 Contents Independent Auditor s Report 1-2 Basic Consolidated Financial Statements Consolidated

More information

The Progressive Corporation 2009 Annual Report to Shareholders

The Progressive Corporation 2009 Annual Report to Shareholders everythingelse The Progressive Corporation 2009 Annual Report to Shareholders THE PROGRESSIVE CORPORATION 2009 ANNUAL REPORT TO SHAREHOLDERS App.-A-1 Annual Report The Progressive Corporation and Subsidiaries

More information

BERMUDA LIFE INSURANCE COMPANY LIMITED. Consolidated financial statements (With Independent Auditor s Report Thereon) March 31, 2018

BERMUDA LIFE INSURANCE COMPANY LIMITED. Consolidated financial statements (With Independent Auditor s Report Thereon) March 31, 2018 Consolidated financial statements (With Independent Auditor s Report Thereon) kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton HM

More information

COMMUNITY FIRST BANCORPORATION, INC. AND SUBSIDIARIES KENNEWICK, WA

COMMUNITY FIRST BANCORPORATION, INC. AND SUBSIDIARIES KENNEWICK, WA COMMUNITY FIRST BANCORPORATION, INC. AND SUBSIDIARIES KENNEWICK, WA AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION C O N T E N T S PAGE AUDITED CONSOLIDATED FINANCIAL STATEMENTS:

More information

ALPS Corporation and Subsidiaries. Consolidated Financial Statements (With Independent Auditor s Report Thereon) December 31, 2017 and 2016

ALPS Corporation and Subsidiaries. Consolidated Financial Statements (With Independent Auditor s Report Thereon) December 31, 2017 and 2016 ALPS Corporation and Subsidiaries Consolidated Financial Statements (With Independent Auditor s Report Thereon) December 31, 2017 and 2016 Contents Independent auditor s report 1 Financial statements Consolidated

More information

GLOBAL INDEMNITY REINSURANCE COMPANY, LTD. Consolidated Financial Statements For the Years Ended December 31, 2017 and 2016

GLOBAL INDEMNITY REINSURANCE COMPANY, LTD. Consolidated Financial Statements For the Years Ended December 31, 2017 and 2016 . Consolidated Financial Statements For the Years Ended December 31, 2017 and 2016 . Table of Contents Report of Independent Auditors 2 Consolidated Balance Sheets 3 Consolidated Statements of Operations

More information

THE PROGRESSIVE CORPORATION. Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to Shareholders

THE PROGRESSIVE CORPORATION. Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to Shareholders THE PROGRESSIVE CORPORATION Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to Shareholders THE PROGRESSIVE CORPORATION 2017 ANNUAL REPORT TO SHAREHOLDERS

More information

Alabama Retail Association Workers Compensation Self-Insurance Fund d/b/a Alabama Retail Comp

Alabama Retail Association Workers Compensation Self-Insurance Fund d/b/a Alabama Retail Comp Workers Compensation Self-Insurance Fund FINANCIAL STATEMENTS December 31, 2014 and 2013 Table of Contents December 31, 2014 and 2013 TAB: REPORT Independent Auditors Report 1 TAB: FINANCIAL STATEMENTS

More information

Ariel Indemnity Limited. Audited Condensed General Purpose Financial Statements December 31, 2017 (U.S. dollars)

Ariel Indemnity Limited. Audited Condensed General Purpose Financial Statements December 31, 2017 (U.S. dollars) Ariel Indemnity Limited Audited Condensed General Purpose Financial Statements December 31, 2017 (U.S. dollars) Table of Contents Report of Independent Auditors... 1-2 Condensed Financial Statements Condensed

More information

ANNUAL REPORT

ANNUAL REPORT 2 0 1 7 ANNUAL REPORT 2017 Annual Report Table of Contents Independent Auditor s Report... 1 Balance Sheets... 2 Income Statements... 3 Statements of Comprehensive Income... 4 Statements of Changes in

More information

AMENDED

AMENDED AMENDED AMENDED AMENDED AMENDED AMENDED AMENDED AMENDED CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Page Independent Auditor's Report... 2 Consolidated Balance Sheets... 3 Consolidated Statements

More information

Berkshire Bancorp Inc. and Subsidiaries Consolidated Financial Statements December 31, 2018 and 2017

Berkshire Bancorp Inc. and Subsidiaries Consolidated Financial Statements December 31, 2018 and 2017 MAZARS USA LLP Berkshire Bancorp Inc. and Subsidiaries Consolidated Financial Statements MAZARS USA LLP IS AN INDEPENDENT MEMBER FIRM OF MAZARS GROUP. Berkshire Bancorp Inc. and Subsidiaries Table of Contents

More information

Colonial Medical Insurance Company Limited Year Ended December 31, 2016 With Independent Auditors Report

Colonial Medical Insurance Company Limited Year Ended December 31, 2016 With Independent Auditors Report A UDITED F INANCIAL S TATEMENTS Colonial Medical Insurance Company Limited Year Ended December 31, 2016 With Independent Auditors Report Ernst & Young Ltd. Audited Financial Statements Year Ended December

More information

SPORTING ACTIVITIES INSURANCE LIMITED. Financial Statements (With Auditor s Report Thereon) Years Ended November 30, 2017 and 2016

SPORTING ACTIVITIES INSURANCE LIMITED. Financial Statements (With Auditor s Report Thereon) Years Ended November 30, 2017 and 2016 Financial Statements (With Auditor s Report Thereon) Years Ended kpmg KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton HM DX Bermuda Telephone

More information

Radian Asset Assurance Inc. Report of Independent Registered Public Accounting Firm

Radian Asset Assurance Inc. Report of Independent Registered Public Accounting Firm Radian Asset Assurance Inc. Report of Independent Registered Public Accounting Firm Consolidated Financial Statements Years Ended December 31, 2007, 2006 and 2005 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

More information

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 Tel: +1 617 266 2000 Fax: +1 617 266 5843 ey.com Report of Independent Registered Public Accounting Firm The Board of Directors Liberty Mutual Holding

More information

Sun Life Financial (Bermuda) Reinsurance Ltd.

Sun Life Financial (Bermuda) Reinsurance Ltd. Sun Life Financial (Bermuda) Reinsurance Ltd. Independent Auditors Report, Condensed General Purpose Financial Statements as of December 31, 2016 and for the Period from February 1, 2016 (Commencement

More information

AUDITED FINANCIAL STATEMENTS. Ardellis Insurance Ltd. Years Ended December 31,2016 and December 26, 2015 With Report of Independent Auditors

AUDITED FINANCIAL STATEMENTS. Ardellis Insurance Ltd. Years Ended December 31,2016 and December 26, 2015 With Report of Independent Auditors AUDITED FINANCIAL STATEMENTS Ardellis Insurance Ltd. Years Ended December 31,2016 and December 26, 2015 With Report of Independent Auditors Audited Financial Statements Years Ended December 31, 2016 and

More information

Alabama Retail Association Workers Compensation Self-Insurance Fund d/b/a Alabama Retail Comp

Alabama Retail Association Workers Compensation Self-Insurance Fund d/b/a Alabama Retail Comp FINANCIAL STATEMENTS December 31, 2016 and 2015 Table of Contents December 31, 2016 and 2015 TAB: REPORT Independent Auditors Report 1 TAB: FINANCIAL STATEMENTS Balance Sheets 3 Statements of Income and

More information

FINANCIAL INFORMATION

FINANCIAL INFORMATION FINANCIAL INFORMATION ANNUAL REPORT 2014 II INDEX Report of Independent Auditors 2 Consolidated Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Income 6 Consolidated Statements

More information