CVS CAREMARK INDEMNITY LTD. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2017 AND 2016 (expressed in United States dollars) 1. Operations CVS Carema
|
|
- Branden Gordon
- 5 years ago
- Views:
Transcription
1
2
3
4
5
6
7
8 NOTES TO THE FINANCIAL STATEMENTS 1. Operations CVS Caremark Indemnity Ltd. ("The Company"), formerly known as Twinsurance Limited, was incorporated in Bermuda on March 27, 1980, and is a wholly owned subsidiary of CVS Foreign, Inc. (the "Parent"), a United States of America corporation. The Company was licensed as a Class 2 reinsurer under the Insurance Act, 1978 of Bermuda and the related regulations up to March 28, 2011 and as a Class 3A insurer effective March 29, The ultimate parent company is CVS Health Corporation, an SEC registrant, incorporated in the United States of America. Effective October 31, 2008, Twinsurance Limited and Caremark Indemnity Ltd., an affiliate, amalgamated pursuant to the provisions of the Companies Act, 1981 of Bermuda. The amalgamated Company continued under the name CVS Caremark Indemnity Ltd. Prior to 1988, the Company participated in a reinsurance pool and various quota share reinsurance treaties with unrelated parties. As of May 31, 1998, participation in the pool and treaties were either canceled or commuted. As of August 1, 1998, the Company commenced providing the Parent and affiliates coverage for general liability, auto liability and workers compensation risks with limits of up to $4,000,000 per occurrence and no annual aggregate. The Company also entered into a Pharmacy Provider Indemnity Policy, which insured the risks of unrelated third parties. The Pharmacy Provider Indemnity Policy was cancelled effective May 7, All other policies remain in effect with the same limits per occurrence. Caremark Indemnity Ltd., formerly MP Indemnity Ltd., was incorporated in Bermuda on November 28, 1994, under the provisions of the Companies Act Prior to the amalgamation, it was a wholly owned subsidiary of Caremark International L.L.C., a company incorporated in the United States of America, and its ultimate parent was CVS Health Corporation. The Company's principal activity was to reinsure excess layers of pharmaceutical plans offered by its Parent. The policies written are no longer active, and no known or estimated liabilities exist. As of January 1, 2011, the Company entered into quota share reinsurance agreements reinsuring Medicare Part D prescription drug coverage with Accendo Insurance Company and Silverscript Insurance Company, both wholly owned subsidiaries of CVS Health Corporation. Under the terms of the reinsurance agreement the Company participates in a 20% quota share on a funds withheld basis. On January 1, 2014, the Company has not renewed its quota share reinsurance agreement with Accendo Insurance Company. 7
9 2. Significant accounting policies (a) Basis of preparation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). (b) Cash and cash equivalents The Company considers all highly liquid instruments that are readily convertible to known amounts of cash or purchased with a maturity of three months or less to be cash equivalents. (c) Premiums and acquisition costs Premiums written and acquisition costs are reported as earned on the accrual basis and are included in income on a pro-rated basis over the term of the policies. The policies are co-terminus with the Company s year-end and accordingly, there are no unearned premiums and deferred acquisition costs at the balance sheet date. Certain of the quota share reinsurance treaties have retrospectively rated premium provisions, whereby additional/return premium assessments are made as a result of loss activity. The Company records such premium assessments as premiums assumed, when reported by the ceding insurance companies. (d) Losses and loss expenses Losses and loss expenses are recorded when advised by the ceding insurance company. Reserve for losses and loss expenses comprise estimates of the amount of reported losses and loss expenses received from the ceding insurance company plus a provision for losses incurred but not reported based on the recommendations of an independent actuary. The selected loss development patterns are based on a blend of actual Company experience and the benchmark loss development patterns. 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. Accordingly, ultimate losses may vary materially from the amounts provided in the 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 results of operations in the period in which they become known and are accounted for as changes in estimates. (e) Income taxes The Company reports its liability and expense for income taxes under the requirements of Accounting Standards Codification ("ASC") No. 740, Income Taxes. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes, measured by applying currently enacted tax laws. A valuation 8
10 2. Significant accounting policies, cont'd. allowance against a deferred tax asset is provided for if and when the Company believes that a portion or all of the deferred tax asset may not be realized in the near term. In addition, the Company is required to recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained, assuming examination by tax authorities. The Company has not recognized any liabilities for unrecognized tax benefits as a result of this guidance. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next twelve months and classifies all income tax associated with interest and penalties as income tax expense. (f) Fair value of measurement The carrying values of the financial assets and liabilities, which consist of cash and cash equivalents, restricted cash, insurance and reinsurance balances receivable, intercompany loan receivable, accrued interest receivable, funds withheld, income tax payable and accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity. (g) Use of estimates The preparation of financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. (h) Recent accounting standards In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No , Financial Services-Insurance (Topic 944): Disclosures about Short-Duration Contracts. This ASU requires additional disclosures for insurance entities associated to the liability for unpaid claims and claim adjustment expenses for short-duration insurance contracts. The provisions of ASU are effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, The new disclosure in ASU should be applied retrospectively, except for those requirements that apply only to the current period. The Company has adopted ASU
11 (h) Recent accounting standards, cont d. In August 2014, FASB issued Accounting Standards Update (ASU) No , Disclosures of Uncertainties about an Entity s Ability to Continue as a Going Concern to address financial reporting considerations about an entity s ability to continue as a going concern. This ASU requires management to determine every interim and annual period whether conditions or events exists that raise substantial doubt about an entity s ability to continue as a going concern within one year after the date the financial statements are issued. ASU is effective for annual periods ending after December 15, 2016 and for interim periods within annual periods beginning after December 15, The Company has decided not to early adopt ASU as they want to evaluate whether to adjust internal controls or implement new controls to comply with the new requirements. 3. Reinsurance Pool business The Company participates in a reinsurance pool, the R-Pool, which is managed by United Insurance Company. The R-Pool provides reinsurance to the Company s parent and other companies domiciled in the United States. The Company records the R-Pool activity reported by the treaty manager. The policies in the R-Pool are subject to retrospective premium adjustments. A provision for premium adjustments has been included in the accompanying financial statements. Amounts included in the accompanying financial statements as at December 31, 2017 and 2016 relating to the R-Pool are as follows: Funds held by ceding reinsurers $ 195,118 $ 195,118 Insurance balance payables (31,553) (58,548) Loss and loss expenses provisions 213, ,004 Net premiums earned 18,247 (7,569) Net losses incurred and net loss expense (39,323) (402) 10
12 4. Losses and loss expenses Balance at beginning of year $ 560,738,921 $ 571,231,282 Incurred related to: Current year 756,605, ,313,146 Prior years (8,616,684) (2,425,612) Total incurred 747,988, ,887,534 Paid losses related to: Current year (582,923,520) (459,900,324) Prior years (117,639,122) (157,479,571) Total paid (700,562,642) (617,379,895) Balance at end of year $ 608,164,902 $ 560,738,921 The loss development in 2017 relating to prior years reserves of $8,616,684 is predominantly related to favorable movements on Worker s Compensation, General Liability and Pharmacy Liability lines of business as a result of lower claims activity. The loss development in 2016 relating to prior years reserves of $2,425,612 is predominantly related to favorable movements on the Workers Compensation, General Liability and Pharmacy Liability lines of business as result of lower claims activity. ( the Company ) determines its provision for reported losses on the basis of losses reported by the third party claims administrator engaged by CVS Health. The Company s provision for loss development is based on the advice of independent consulting actuaries. Please note that the following information is supplemental and unaudited. In their report, the consulting actuaries estimated that at December 31, 2017, the provision for total outstanding losses for all policy years, including the current year, on an expected undiscounted basis, is US $604,613,365 (2016: US $563,184,353). Ultimate loss and allocated loss adjustment expenses (herein referred to as loss ) were estimated on a combined basis by accident year, by business segment, and by coverage, using a variety of actuarial estimation techniques. The following is a list of the actuarial estimation techniques used: Paid and Incurred Loss Development methods; Paid and Incurred Bornhuetter-Ferguson methods; Generalized Cape Cod method; and the Loss Rate 11
13 4. Losses and loss expenses, cont d. method. Incurred but not reported ("IBNR ) reserves include amounts for expected development on known claims and pure IBNR reserves. Since December 31, 2016, there have been no significant changes to the methodologies or assumptions used. A brief description of each method is as follows: a. Paid Loss Development - A loss development factor ( LDF ) is applied to cumulative paid loss as of December 31, The LDFs are selected based on a review of historical Company loss payment patterns (data triangles) and industry information. Development beyond the maturity of the historical data triangles is estimated by selecting a tail LDF. b. Incurred Loss Development - This method is similar to the Paid Loss Development method except incurred loss (paid loss plus case reserves) are used in place of paid loss. The LDFs used in this method estimate future loss payments on unreported and reopened claims, as well as changes in the incurred loss values on reported claims. c. Paid (Incurred) Bornhuetter-Ferguson This method estimates ultimate loss as the sum of two components: actual paid (incurred) loss plus expected losses unpaid (IBNR reserves). This method requires paid (incurred) LDFs and an initial expectation of the ultimate loss amount. The payment (reporting) patterns associated with the LDFs imply that a specific percentage of the ultimate loss will be paid (reported) after the evaluation date. The amount of unpaid (unreported) loss is estimated by applying this percentage to the expected ultimate loss. The initial expected ultimate loss amount is selected based on a review of charged premium (excluding premium relating to underwriting expenses) and the prior estimated ultimate loss amount. d. Generalized Cape Cod The Generalized Cape Cod method is a variant of the Expected Emergence method that includes a systematic approach for calculating the a priori expected loss. This method calculates expected loss rates based on the relationship between the exposures, the losses that have emerged as of the evaluation date, and the loss emergence pattern indicated by the selected LDFs. The method relies on a selected decay rate that governs the extent to which the expected loss rate for any given year is influenced by the data for other years. In our analysis, we used a version of the Generalized Cape Cod method that utilizes ultimate claim counts in place of exposures and expected average claim severities in place of expected loss rates. e. Loss Rate In the Loss Rate method, the ultimate losses are estimated by multiplying the exposures by a selected ultimate loss rate. The Loss Rate method was used to estimate expected losses for the expected paid and incurred emergence methods for accident year 2017 and projected losses for The selected ultimate loss rates were selected based on a review of ultimate loss rates for prior years, 12
14 4. Losses and loss expenses, cont d. adjusted for loss and exposure trend and benefit level changes and premium level changes where appropriate. After reviewing the results of each method, weights are assigned to each, resulting in a selected ultimate loss amount. IBNR reserves are then calculated as the difference between the selected ultimate loss amount and incurred loss as of December 31, The total loss and loss adjustment expenses reserves displayed on the balance sheet as of December 31, 2017 are not discounted for the time value of money. Reported claims used in the Actuary s analysis are aggregated on an occurrence basis (e.g. a claim with multiple claimants is considered to be one claim/occurrence) and include both claims closed with and without payments. Re-opened claims are not considered to be a newly reported claim. For determining claim frequency, the chain ladder approach is used. Year over year frequency (estimated ultimate claims per exposure unit) are compared as a check of reasonableness. There have been no changes in the methodologies used. The following supplemental financial information summarizes incurred claims, cumulative number of reported claims (unaudited) and cumulative paid claims data by accident year and line of business as of December 31, 2017: Auto Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ 1,064 $ 1,169 $ 1,136 $ 1,025 $ 1,091 $ 1,057 $ 1,057 $ 1,057 $ 1,057 $ 1,057 $ ,476 1,855 2,609 2,714 2,911 2,911 2,914 3,026 3, ,765 1,918 2,286 2,241 2,468 2,519 2,512 2, ,755 1,372 1, ,195 1,781 1,666 1,708 1,646 1, ,083 2,269 3,267 3,310 3, , , , ,816 2, ,552 1, Total $ 18,276 13
15 4. Losses and loss expenses, cont d. Auto Liability Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ 314 $ 758 $ 916 $ 918 $ 1,043 $ 1,057 $ 1,057 $ 1,057 $ 1,057 $ 1, ,947 2,563 2,581 2,588 2,597 2,616 3, ,583 1,717 2,150 2,182 2,512 2, ,542 1,621 1, ,881 3,033 3, Total 14,907 All outstanding liabilities before 2008, net of reinsurance $ - Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,369 General Liablity Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ 24,813 $ 24,710 $ 24,409 $ 23,889 $ 22,977 $ 22,570 $ 22,514 $ 22,472 $ 22,107 $ 21,891 $ 59 7, ,620 28,550 29,155 29,325 29,312 29,121 29,323 31,802 32, , ,486 30,631 31,983 30,388 31,030 31,256 31,221 30, , ,105 32,265 29,323 28,942 27,523 28,697 27, , ,021 32,643 31,663 31,889 31,099 31,985 1,096 9, ,266 33,993 32,349 32,813 32,411 2,326 8, ,634 33,237 34,172 34,021 4,410 9, ,813 24,694 28,534 7,702 9, ,251 28,412 15,893 8, ,693 25,329 8,426 Total $ 299,699 General Liablity Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ 1,439 $ 5,923 $ 10,342 $ 16,516 $ 19,774 $ 21,293 $ 21,802 $ 21,823 $ 21,826 $ 21, ,539 6,232 13,503 20,327 24,520 26,343 26,789 30,244 31, ,638 7,313 16,607 20,114 25,619 26,499 28,881 29, ,548 7,434 13,897 20,033 21,264 25,559 26, ,853 8,174 14,509 19,142 24,592 26, ,931 7,828 11,922 22,233 27, ,388 5,689 13,467 20, ,183 13, ,161 5, ,049 Total 202,628 All outstanding liabilities before 2008, net of reinsurance 231 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 97,302 14
16 4. Losses and loss expenses, cont d. Druggist Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ 31,505 $ 32,812 $ 33,154 $ 31,748 $ 30,003 $ 28,007 $ 29,016 $ 29,250 $ 29,116 $ 29,102 $ 300 3, ,153 31,288 30,352 29,309 29,767 30,599 31,133 33,124 33, , ,181 36,308 36,359 33,961 33,912 34,102 33,544 33, , ,286 31,096 30,535 32,549 31,965 30,700 32,707 1,342 2, ,919 33,641 37,560 41,314 50,022 50,156 2,698 3, ,823 33,021 29,044 28,133 27,845 4,296 3, ,116 41,880 46,446 48,239 7,904 3, ,922 35,272 41,480 10,370 2, ,857 35,549 17,633 2, ,987 29,747 2,013 Total $ 370,327 Druggist Liability Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ 2,791 $ 9,733 $ 17,435 $ 21,950 $ 23,878 $ 25,843 $ 28,391 $ 28,325 $ 28,560 $ 28, ,598 10,871 17,641 23,169 26,355 27,669 28,888 32,459 32, ,468 10,294 20,901 24,381 30,188 30,726 31,321 32, ,684 9,972 16,450 25,568 27,264 28,476 28, ,592 10,626 22,958 30,191 41,933 45, ,825 8,953 14,403 18,905 21, ,410 13,858 25,389 31, ,662 14,541 21, ,586 7, ,443 Total 252,639 All outstanding liabilities before 2008, net of reinsurance 442 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 118,130 Healthcare Professional Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ - $ 796 $ 268 $ 157 $ 141 $ 130 $ 118 $ 115 $ 115 $ 112 $ , , ,595 1,627 3,545 2,913 2,826 2,565 3, ,374 1, , , ,197 1,483 2, , ,317 1,660 1,257 1, , ,845 1,271 1, , ,896 1,699 1,278 3, ,302 1,918 2,372 Total $ 12,985 15
17 4. Losses and loss expenses, cont d. Healthcare Professional Liability Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ - $ 84 $ 107 $ 112 $ 112 $ 112 $ 112 $ 112 $ 112 $ ,607 1,905 2, ,237 2, Total 7,558 All outstanding liabilities before 2008, net of reinsurance 0 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,427 Worker's Compensation Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ 65,224 $ 62,496 $ 65,840 $ 70,004 $ 76,086 $ 76,010 $ 77,580 $ 78,402 $ 78,843 $ 78,977 $ 5,485 5, ,849 82,407 91,469 95,106 97,453 97,356 98,631 99,748 98,809 8,827 6, , , , , , , , ,758 13,464 6, ,648 90,231 89,977 90,820 89,250 89,995 88,623 12,570 6, ,771 92,686 92,416 92,337 88,904 87,590 14,392 5, ,960 98,434 94,412 90,397 87,534 17,847 5, ,670 99,049 89,594 86,393 22,696 6, ,719 98,081 95,350 31,069 6, ,322 95,535 42,552 6, ,686 65,981 6,262 Total $ 940,255 Worker's Compensation Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ 13,286 $ 28,856 $ 39,703 $ 47,169 $ 54,050 $ 60,033 $ 64,450 $ 67,469 $ 69,058 $ 70, ,930 36,909 50,604 60,449 68,763 73,833 78,413 81,862 83, ,676 44,759 62,343 75,436 84,025 90,884 95,825 99, ,061 35,248 48,301 57,108 62,786 67,912 70, ,453 34,603 48,760 58,652 64,423 67, ,193 34,656 47,715 54,971 60, ,009 32,198 44,910 53, ,103 33,731 48, ,366 32, ,420 Total 598,652 All outstanding liabilities before 2008, net of reinsurance 22,941 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 364,544 16
18 4. Losses and loss expenses, cont d. Health (Excluding Medicare Part D Exposures) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ ,575 14,575 0 Total $ 14,575 Health (Excluding Medicare Part D Exposures) Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total - All outstanding liabilities before 2008, net of reinsurance $ - Liabilities for claims and claim adjustment expenses, net of reinsurance $ 14,575 Property (Inventory Shrink) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ ,013 3,013 0 Total $ 3,013 17
19 4. Losses and loss expenses, cont d. Property (Inventory Shrink) Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total - All outstanding liabilities before 2008, net of reinsurance $ - Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,013 All Coverages Combined (Excluding Medicare Part D Exposures, Reinsurance Pool Reserves, and Corridor Deductible Losses) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year Claims Claims 2008 $ 122,606 $ 121,983 $ 124,807 $ 126,822 $ 130,299 $ 127,774 $ 130,285 $ 131,296 $ 131,237 $ 131,140 $ 5,843 16, , , , , , , , , ,086 9,481 18, , , , , , , , ,810 14,674 18, , , , , , , ,062 14,493 18, , , , , , ,183 18,205 18, , , , , ,478 24,583 19, , , , ,031 35,334 21, , , ,323 49,823 20, , ,209 77,976 20, , ,425 19,503 Total $ 1,655,754 All Coverages Combined (Excluding Medicare Part D Exposures, Reinsurance Pool Reserves, and Corridor Deductible Losses) Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year $ 17,830 $ 45,353 $ 68,504 $ 86,665 $ 98,857 $ 108,338 $ 115,812 $ 118,787 $ 120,614 $ 121, ,408 54,700 83, , , , , , , ,240 63, , , , , , , ,709 53,436 79, , , , , ,291 54,239 87, , , , ,420 52,330 77, , , ,101 52,224 84, , ,895 54,029 83, ,704 46, ,178 Total 1,076,384 All outstanding liabilities before 2008, net of reinsurance 23,614 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 606,359 18
20 4. Losses and loss expenses, cont d. The following reconciles the above cumulative incurred and paid data to the liability for unpaid losses and loss adjustment expenses as of December 31, 2017: Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses 2017 Net outstanding liabilities Auto Liability $ 3,369 General Liability 97,302 Druggist Liability 118,130 Healthcare Professional Liability 5,427 Worker's Compensation 364,544 Health 14,575 Property (Inventory Shrink) Liabilities for unpaid claims and claim 3,013 adjustment expenses, net of reinsurance 606,359 Reinsurance recoverable on unpaid claims Auto Liability $ - Workers Compensation $ - Total reinsurance recoverable on unpaid claims $ - Unallocated claims adjustment expenses $ - Impact of discounting $ - $ - Other lines of business excluded from the above $ 1,806 Total gross liability for unpaid claims and claim adjustment expense $ 608,165 The following summarizes the average annual percentage payout of incurred claims by age: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year Auto Liability 20.7% 20.8% 28.1% 13.1% 6.9% 0.6% 3.4% 0.2% 7.3% 0.0% General Liablity 5.1% 16.9% 22.4% 21.4% 13.7% 7.3% 3.5% 4.4% 2.2% 0.0% Druggist Liability 7.6% 21.8% 22.8% 16.2% 11.8% 4.6% 3.9% 4.8% 0.4% 0.5% Healthcare Professional Liability 8.0% 20.6% 12.5% 15.1% 20.0% 7.1% 8.9% 0.0% 0.0% 0.0% Workers Compensation 15.5% 21.7% 14.7% 9.9% 7.2% 5.4% 4.2% 3.4% 1.9% 1.5% Health 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Property (Inventory Shrinkage) 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% All Coverages Excl. Medicare Part D 11.7% 20.6% 18.1% 13.6% 9.7% 5.7% 4.2% 3.8% 1.8% 1.0% 19
21 5. Concentrations of credit risk The Company is party to financial instruments with concentration of credit risk. These financial instruments include cash and cash equivalents, restricted cash, and funds withheld. As of December 31, 2017 and 2016, all cash and cash equivalents, restricted cash, and funds withheld are held with two financial institutions. Credit risk arises from the failure of the counter-party to perform according to the terms of a contract. Except as disclosed in Note 6, the Company does not require collateral or other security to support financial instruments with credit risk. 6. Letters of credit In the normal course of reinsurance operations, the Company has issued letters of credit in the amount of $483,509 ( $483,509) in favor of the ceding insurance companies. At December 31, 2017, the letters of credit were collateralized by cash and cash equivalents of $483,509 ( $1,043,409). 7. Restricted Cash On June 24, 2010, the Company entered into an assignment agreement with National Union Fire Insurance Company (NUFIC) to assign its deductible reimbursement policies to NUFIC. NUFIC requires collateral for the Workers' Compensation Large Deductible policies issued in the US. A trust agreement is being used to satisfy a portion of these collateral requirements. At December 31, 2017, the Company had $190,501,650 ( $148,913,369) in trust with the Bank of New York to satisfy the collateral requirements. Prior to June 24, 2010 the collateral was provided by the parent company. 8. Related party transactions Premiums written and losses paid are all with related parties. The Company assumes risks associated with premiums, claims and expenses under a 20% quota share reinsurance agreement with Silverscript Insurance Company. Silverscript Insurance Company is a wholly owned subsidiary of CVS Health Corporation, which is also the ultimate parent of the Company. Under the agreement, the Company nets off amounts recoverable and amounts payable. As at December 31, 2017, the Company was owed $63,501,872 ( $56,095,558) from Silverscript Insurance Company. During the year, the Company paid a commission expense of $85,983,837 ( $117,474,989) to Silverscript Insurance Company in respect of the above agreement. On October 30, 2015, the Company issued a $500,000,000 loan to the Ultimate Parent 20
22 8. Related party transactions, cont d. payable upon demand or until July 29, During the year ended December 31, 2017, the applicable interest rate on the loan was 1.405% until April 29, 2017, increasing to 1.756% then increasing to % in October 2017 and % thereafter. Interest is payable on the last day of the applicable interest period. As at December 31, 2017, $1,807,485 of interest was accrued on the loan. 9. Share capital Authorized, issued and fully paid: 850,000 voting common shares of $1 par value each $ 850,000 $ 850, Taxes Under current Bermuda Law, the Company is not required to pay any taxes in Bermuda on either income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that in the event of any such taxes being imposed, the Company will be exempted from taxation until the year However, the Company has made an irrevocable election under Section 953(d) of the Internal Revenue Code of 1986, as amended, to be taxed as a US domestic corporation. As a result of this "domestic election", the Company is subject to U.S. taxation on its worldwide income as if it was a U.S. corporation. The Company accounts for income taxes under the provision of ASC 740. The significant temporary difference that gives rise to the deferred tax assets relate to the discounted loss reserves, incentive pool accrual and advance premiums. The deferred tax asset reflects the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes multiplied by the enacted tax rate when the temporary differences are expected to reverse. Income taxes attributable to continuing operations for the year ended December 31, 2017 and 2016 consist of the following: Current tax expense $ (69,007,726) $ (27,630,282) Deferred tax benefit (expense) 12,018,272 (5,492,201) Income tax expense $ (56,989,454) $ (33,122,483) 21
23 10. Taxes, cont d. Income tax expense attributable to continuing operations for the year ended December 31, 2017 and 2016 differs from the amount computed by applying the U.S. federal income tax rate of 35 percent to net income before tax due to state income taxes. For federal income tax purposes, the Company joins in a consolidated income tax return filing with its ultimate parent company, CVS Health Corporation, and other affiliated companies. For state income tax purposes, the Company is included in the Parent s unitary filings on multiple state jurisdictions. The method of allocation between the companies is subject to a written tax allocation agreement. The provision for income taxes is recorded in the amounts that would have been provided had the Company filed separate federal and state income tax returns. Intercompany income tax balances are settled between the Company and its ultimate parent on a timely basis after income tax returns have been filed with the Internal Revenue Service and appropriate state jurisdictions. All material U.S. Federal income tax matters through December 31, 2014 have been concluded. State income tax audits are ongoing. The tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows: Deferred tax asset: Discount on loss and loss adjustment expenses $ 12,096,857 $ 20,367,375 Advance premiums 20,325,593 - Incentive pool accrual 5,448 42,251 Deferred tax asset $ 32,427,898 $ 20,409,626 There was no valuation allowance for deferred tax assets as of December 31, 2017 and 2016 as management believes that it is more likely than not that the deferred tax assets will be realized. However, the amount of the deferred tax asset could be reduced in the near term if estimates of future taxable income are reduced. On December 22, 2017, the Tax Cuts and Jobs Act ( the Act ) was signed into law. The Act significantly lowers the corporate tax rate from 35% to 21% beginning in 2018, among other changes. Because the Act was enacted in 2017, certain accounting adjustments were required to be made in 2017, most notably the re-valuation of deferred tax assets and liabilities (DTAs and DTLs) from 35% to the enacted tax rate of 21%. The impact of revaluation was $20,325,593, the effect of which was included in the income statement as a deferred tax expense. SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) describes three scenarios associated with a company s status of accounting for income tax reform. The Company has made a policy to adopt SAB 118 in 22
24 10. Taxes, cont d. the current year. Under the SAB 118 guidance, the Company has determined that while the accounting is incomplete, the Company is able to make reasonable estimates for certain effects of tax reform. In the 2017 financial statements, the Company has recognized provisional amounts for deferred income taxes based on reasonable estimates. However, as of the date of this report, the Company is continuing to evaluate the accounting implications of the Tax Act and continues to assemble and analyze all the information required to prepare and analyze these effects and awaits additional guidance from the U.S. Treasury Department, Internal Revenue Service or other standard-setting bodies. Additionally, the Company continues to analyze other information and regulatory guidance and accordingly may record additional provisional amounts or adjustments to provisional amounts in future periods. 11. Statutory requirements The Insurance Act 1978, amendments thereto and the Insurance Account Rules 2016 (the Legislation ) requires the Company to meet a minimum solvency margin. Statutory capital and surplus at December 31, 2017 was $434,463,478 and the amount required to be maintained by the Company was $208,791,516. This requirement was met at December 31, In this regard, the declaration of dividends from retained earnings and returns of additional paid-in capital are limited to the extent that the above requirements are met. Further, under the Insurance Act, the Company must maintain capital at a level equal to its enhanced capital requirement ( ECR ) which is established by reference to the Bermuda Solvency Capital Requirement ( BSCR ) model. The BSCR is a standard mathematical model designed to give the Bermuda Monetary Authority ( BMA ) more advanced methods for determining an insurer s capital adequacy. Underlying the BSCR is the belief that all insurers should operate on an ongoing basis with a view to maintaining their capital at a prudent level in excess of the minimum solvency margin otherwise prescribed under the Insurance Act. Alternatively, under the Insurance Act, insurers may, subject to the terms of the Insurance Act and to the BMA s oversight, elect to utilize an approved internal capital model to determine regulatory capital. In either case, the ECR shall at all times equal or exceed the respective Class 3A insurer s Minimum Solvency Margin and may be adjusted in circumstances where the BMA concludes that the insurer s risk profile deviates significantly from the assumptions underlying its ECR or the insurer s assessment of its risk management policies and practices used to calculate the ECR applicable to it. While not specifically referred to in the Insurance Act, the BMA has also established a target capital level ( TCL ) for each Class 3A insurer equal to 120% of its respective ECR. While a Class 3A insurer is not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an underlying warning toll for the BMA and failure 23
25 11. Statutory requirements, cont d. to maintain statutory capital at least equal to the TCL will likely result in increased BMA regulatory oversight. 12. Indemnifications and warranties In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such event is remote. 13. Subsequent events Subsequent events were evaluated to June 29, 2018, the date the financial statements were available to be issued. No events have occurred subsequently to December 31, 2017 requiring adjustments or disclosure in these financial statements. 24
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 informationAllied 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 informationAAA 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 informationA 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 informationAllied 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 informationYears 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 informationNew 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 informationWATFORD 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 informationMAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012
MAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012 Index Page(s) Report of Independent Auditors... 1 2 Financial Statements - Statements of Admitted
More informationMaine Employers Mutual Insurance Company. Financial Statements (Statutory Basis) December 31, 2016 and 2015
Maine Employers Mutual Insurance Company Financial Statements December 31, 2016 and 2015 Index Page(s) Independent Auditor s Report... 1 2 Financial Statements - Statements of Admitted Assets, Liabilities
More informationConsolidated 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 informationAAA 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 informationFERGUS 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 informationEndurance 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 informationStarr 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 informationSPORTING 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 informationAudited Financial Statements
Audited Financial Statements For the Year Ended December 31, 2017 and the period from May 27, 2016 With Report of Independent Auditors Audited Financial Statements For the Year Ended December 31, 2017
More informationAUDITED 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 informationKINGSTONE COMPANIES, INC.
SECURITIES & EXCHANGE COMMISSION EDGAR FILING KINGSTONE COMPANIES, INC. Form: 10-Q Date Filed: 2014-11-13 Corporate Issuer CIK: 33992 Symbol: KINS SIC Code: 6411 Fiscal Year End: 12/31 Copyright 2014,
More informationAUDITED 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 informationAspen 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 informationThe 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 informationNew Disclosures for Insurance Contracts
New Disclosures for Insurance Contracts Table of Contents BACKGROUND... 3 NEW DISCLOSURES... 3 CHANGES IN JUDGMENT... 3 CLAIMS DEVELOPMENT TABLES... 3 HISTORY OF CLAIMS DURATION... 4 FREQUENCY & SEVERITY
More informationMULTI-STRAT RE LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015
CONSOLIDATED FINANCIAL STATEMENTS (AND INDEPENDENT AUDITOR S REPORT THEREON) FOR THE YEARS ENDED MULTI -STRAT RE LTD. CONSOLIDATED FINANCIAL STATEMENTS AS AT CONTENTS Independent Auditor s Report... 2
More informationMaine Employers Mutual Insurance Company. MEMIC Indemnity Company. MEMIC Casualty Company
Maine Employers Mutual Insurance Company Financial Statements page 2 MEMIC Indemnity Company Financial Statements page 43 MEMIC Casualty Company Financial Statements page 80 Maine Employers Mutual Insurance
More informationABR 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 informationEnergy 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 informationCompany: Disclosure Requirements for Insurance Entities GAAP Balance Sheet Date: December 31, 2017
Explanatory Comments The following is a list of the disclosure requirements for financial statements of insurance entities as required by generally accepted accounting principles (GAAP). This is not a
More informationFINANCIAL 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 informationAccounting Update: ASU Charles Lenz, Perr & Knight Sean Nakamura, Accuity LLP Gordon Tom, KMH LLP
Accounting Update: ASU 2015-09 Charles Lenz, Perr & Knight Sean Nakamura, Accuity LLP Gordon Tom, KMH LLP Agenda Introduction Existing Guidance What s Changing Applicability & Effective Date Examples Implementation
More informationHERITAGE INSURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report
More informationValidus 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 informationAUDITED 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 informationSANDELL 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 informationAmerican 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 informationDecember 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 informationGLOBAL 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 informationWIND 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 informationAmerican 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 informationXL 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 informationDecember 31, 2012 and 2011
AUDITED CONSOLIDATED FINANCIAL STATEMENTS Renaissance Reinsurance Ltd. and Subsidiaries December 31, 2012 and 2011 Ernst & Young Ltd. Audited Consolidated Financial Statements Renaissance Reinsurance Ltd.
More informationABR 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 informationSpirit Mountain Insurance Company Risk Retention Group, Inc.
Spirit Mountain Insurance Company Risk Retention Group, Inc. Independent Auditors Report, Financial Statements and Exhibits As of and for the Years Ended December 31, 2009 and 2008 Spirit Mountain Insurance
More informationABR 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 informationYears 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 informationMAIDEN 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 informationSCOTTISH 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 informationACE 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 informationSCOTTISH 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 informationOMNI HEALTH, INC. OTC:OMHE FINANCIALS STATEMENTS FOR THE YEAR ENDING APRIL 30, 2018
OMNI HEALTH, INC. OTC:OMHE FINANCIALS STATEMENTS FOR THE YEAR ENDING APRIL 30, 2018 Omni Health, Inc. and SUBSIDIARIES Consolidated Balance Sheets ASSETS For the year ending April 30, 2018 Current Assets
More informationValidus 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 informationPREMERA. Consolidated Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report
PREMERA Consolidated Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report PREMERA TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 2 CONSOLIDATED
More informationStarr 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 informationSun 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 informationAmerican 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* * Mutual of Omaha Insurance Company
* 71412201622000100* MUTUAL OF OMAHA INSURANCE COMPANY Audited Financial Statement Mutual of Omaha Insurance Company Statutory Financial Statements as of and for the Years Ended December 31, 2016 and 2015,
More informationJLM Couture, Inc. and Subsidiaries. Unaudited Consolidated Financial Report July 31, 2016
JLM Couture, Inc. and Subsidiaries Unaudited Consolidated Financial Report July 31, 2016 1 Contents Financial Statements Consolidated balance sheets at July 31, 2016 (Unaudited) and October 31, 2015 3
More informationSCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2012
CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2012 (These consolidated financial statements are unaudited.) Table of Contents Consolidated Balance Sheets (unaudited) and December 31, 2011... 2 Consolidated
More informationLiberty Mutual Holding Company Inc. Third Quarter Consolidated Financial Statements
Third Quarter 2017 Consolidated Financial Statements Consolidated Statements of Operations 2017 2016 2017 2016 Revenues Premiums earned $ 9,858 $ 8,888 $ 28,066 $ 25,970 Net investment income 836 659 2,335
More informationSCOTTISH RE GROUP LIMITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2012
CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2012 (These financial statements are unaudited.) Table of Contents Consolidated Balance Sheets (unaudited) and December 31, 2011... 2 Consolidated Statements
More informationLiberty Mutual Holding Company Inc. Second Quarter Consolidated Financial Statements
Second Quarter 2018 Consolidated Financial Statements Consolidated Statements of Income Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues Premiums earned $ 9,398 $ 8,787
More informationSCOTTISH 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 informationCITADEL 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 informationAXIS 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 informationLiberty 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 informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
UNITED OF OMAHA LIFE INSURANCE COMPANY *69868201722000100* Audited Financial Report United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial
More informationNorth Carolina Insurance Underwriting Association
Financial Report (Statutory Basis) 09.30.2009 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. Contents Independent Auditor s Report
More informationNorth Carolina Joint Underwriting Association. Statutory Financial Statements With Independent Auditor s Report Thereon September 30, 2012 and 2011
North Carolina Joint Underwriting Association Statutory Financial Statements With Independent Auditor s Report Thereon September 30, 2012 and 2011 Contents Independent Auditor s Report 1 2 Financial Statements
More informationStarr 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 informationIronshore 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 informationValidus 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 informationBoston Insurance SAC Ltd. Financial Statements December 31, 2017 and 2016 (With Independent Auditor s Report Thereon)
Financial Statements (With Independent Auditor s Report Thereon) Index to Financial Statements Independent Auditor s Report... 1 Audited Financial Statements Balance Sheets as at... 2 Statements of Operations
More informationCondensed Consolidated Financial Statements Teton Advisors, Inc. Quarterly Report for the Period Ended March 31, 2018
Condensed Consolidated Financial Statements Teton Advisors, Inc. Quarterly Report for the Period Ended March 31, 2018 Condensed Consolidated Financial Statements Quarterly Report for Period Ended March
More informationOXBRIDGE 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 informationFOLIO INVESTMENTS, INC. (A wholly owned subsidiary of Folio Financial, Inc.) (S.E.C. I.D. No ) STATEMENT OF FINANCIAL CONDITION JUNE 30, 2018
(A wholly owned subsidiary of Folio Financial, Inc.) (S.E.C. I.D. No. 8-52009) STATEMENT OF FINANCIAL CONDITION JUNE 30, 2018 UNAUDITED * * * * * * STATEMENT OF FINANCIAL CONDITION (In thousands, except
More informationZenith 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 informationMontpelier 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 informationShort-duration contract disclosures: Implementing ASU
Short-duration contract disclosures: Implementing ASU 2015-09 Prepared by: Joe Lee, Senior Manager, RSM US LLP joe.lee@rsmus.com, +1 515 281 9214 September 2017 Overview In October 2008, the Financial
More informationAlabama 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 informationDong Fang Hui Le Inc., Previously known as. ecotech Energy Group, INC. Financial Statements
Dong Fang Hui Le Inc., Previously known as ecotech Energy Group, INC. Financial Statements As of March 31, 2018 and December 31, 2017 For the Three Months Ended March 31, 2018 and 2017 DONG FANG HUI LE
More informationBrokerTec Americas LLC Unaudited Statement of Financial Condition. September 30, 2016
Unaudited Statement of Financial Condition Index Page(s) Unaudited Statement of Financial Condition... 1... 2-8 Unaudited Statement of Financial Condition Assets Cash and cash equivalents $ 91,954 Cash
More informationEVEREST 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 informationALPS 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 informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial Statements as of December 31, 2014 and 2013, and for the Years Ended December
More informationStatutory Financial Statements. December 31, 2015 and With Independent Auditors Report
Statutory Financial Statements With Independent Auditors Report TABLE OF CONTENTS Independent Auditors Report 1-2 Statutory Financial Statements Statements of Admitted Assets, Liabilities and Surplus -
More informationPriority Ambulance, LLC
AMR 9B - 001 Consolidated Financial Statements As of and for the Year Ended December 31, 2014 and the short period from December 5, 2013 (inception) to December 31, 2013 (unaudited) and Independent Auditor
More informationVIADERMA INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)
VIADERMA INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 2 Page
More informationNATIONAL BANK OF CANADA FINANCIAL INC.
Statement of Financial Condition As of (Unaudited) NATIONAL BANK OF CANADA FINANCIAL INC. (SEC I.D. No. 8-39947) Table of Contents Statement of Financial Condition... 1 Notes to Statement of Financial
More informationGIIRR Model Solutions Fall 2015
GIIRR Model Solutions Fall 2015 1. Learning Objectives: 1. The candidate will understand the key considerations for general insurance actuarial analysis. Learning Outcomes: (1k) Estimate written, earned
More informationAlabama 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 informationWIND RIVER REINSURANCE COMPANY, LTD. Consolidated Financial Statements For the Years Ended December 31, 2013 and 2012
. Consolidated Financial Statements For the Years Ended December 31, 2013 and 2012 . Table of Contents Report of Independent Auditors 2 Consolidated Balance Sheets 3 Consolidated Statements of Operations
More informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial Statements as of December 31, 2015 and 2014, and for the Years Ended December
More informationRHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015
CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION As of and for the years Ended June 30, 2016 and 2015 And Report of Independent Auditor TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR...
More informationJLM Couture, Inc. and Subsidiaries. Consolidated Financial Report July 31, 2018
JLM Couture, Inc. and Subsidiaries Consolidated Financial Report July 31, 2018 Contents Financial Statements Consolidated balance sheets 1 Consolidated income statements 2 Consolidated statement of shareholders
More informationCONDENSED BALANCE SHEET Split Rock Insurance, Ltd. As at December 31, 2016 expressed in ['000s] United States Dollars
CONDENSED BALANCE SHEET Split Rock Insurance, Ltd. As at December 31, 2016 expressed in ['000s] United States Dollars LINE No. 2016 2015 1. CASH AND CASH EQUIVALENTS 34,522 2. QUOTED INVESTMENTS: (a) Bonds
More informationFinancial Report For the year ended 31 December 2012 ANNUAL REPORT 2012
Financial Report For the year ended 31 December ANNUAL REPORT 31 Statement of Comprehensive Income RACQ Group Note 3 Insurance claims expense 2(a) (399,895) (600,348) Outwards reinsurance premium expense
More informationAsia Insurance (Philippines) Corporation. Financial Statements As at and for the years ended December 31, 2012 and 2011
Asia Insurance (Philippines) Corporation Financial Statements As at and for the years ended December 31, 2012 and 2011 Asia Insurance (Philippines) Corporation Statements of Financial Position December
More informationCondensed Interim Consolidated Financial Statements of TRISURA GROUP LTD. As at and For the Three and Six Months Ended June 30, 2017.
Condensed Interim Consolidated Financial Statements of TRISURA GROUP LTD. As at and For the Three and Six Months Ended June 30, 2017 (Unaudited) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
More informationKAISER FOUNDATION HEALTH PLAN, INC. AND SUBSIDIARIES AND KAISER FOUNDATION HOSPITALS AND SUBSIDIARIES
Combined Financial Statements and Additional Information (Unaudited) Table of Contents Financial Statements (Unaudited): Kaiser Foundation Health Plan, Inc. and Subsidiaries and Kaiser Foundation Hospitals
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More information