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

Size: px
Start display at page:

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

Transcription

1 FINANCIAL STATEMENTS (AND INDEPENDENT AUDITORS REPORT THEREON) FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

2 FINANCIAL STATEMENTS AS AT DECEMBER 31, 2017 AND 2016 CONTENTS Independent Auditors Report Statements of Financial Position... 3 Statements of Comprehensive Income... 4 Statements of Changes in Shareholder s Equity 5 Statements of Cash Flows. 6 Notes to the Financial Statements 7 18

3 INDEPENDENT AUDITORS' REPORT The Shareholder, AAA Reinsurance Limited We have audited the accompanying financial statements of AAA Reinsurance Limited (the Company ), which comprise the statements of financial position as of December 31, 2017 and 2016, and the related statements of comprehensive income, changes in shareholder s equity and cash flows for the years then ended, and the related notes to the financial statements. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from 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 of America. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from 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 Company 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 Company 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. 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 financial position of AAA Reinsurance Limited as of December 31, 2017 and 2016, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Chartered Professional Accountants Hamilton, Bermuda June 29, 2018 A.S. Cooper Building, 4th Floor, 26 Reid Street, Hamilton HM 11, Bermuda P.O. Box HM 471, Hamilton, HM BX, Bermuda Tel: Fax: info@mazars.bm 2

4 STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2017 AND 2016 (Expressed in United States Dollars) December 31 December Note $ $ ASSETS: Cash and cash equivalents 3 256,766, ,423,024 Investments 4, 5 10,049,636 - Reinsurance balances receivable 53,936, ,474,848 Prepaid reinsurance premiums 7 37,119,318 73,181,365 Outstanding losses recoverable from reinsurers 7, 8 106,867, ,394,345 Other assets ,810 Prepaid expenses 33,520 32,718 Due from related parties, principally parent 11 12,875 23,089 Total assets 464,786, ,706,199 LIABILITIES AND SHAREHOLDER'S EQUITY: LIABILITIES: Outstanding losses and loss expenses 8 121,342, ,907,709 Unearned premiums 45,791,383 90,613,966 Reinsurance balances payable 28,470,742 85,330,815 Accounts payable and accrued expenses 116, ,450 Due to related parties, principally parent , ,000 Total liabilities 195,821, ,126,940 SHAREHOLDER'S EQUITY: Authorised, issued and fully paid 120,000 common shares of $1 par value each 9 120, ,000 Contributed surplus 10 10,000,000 10,000,000 Accumulated other comprehensive income 4 48,637 - Retained earnings 258,795, ,459,259 Total shareholder's equity 268,964, ,579,259 Total liabilities and shareholder's equity 464,786, ,706,199 The accompanying notes should be read in conjunction with these financial statements Approved by the Board of Directors: Director Director 3

5 STATEMENTS OF COMPREHENSIVE INCOME December 31 December 31 Note $ $ UNDERWRITING INCOME: Gross premiums assumed 14,627, ,508,769 Change in unearned premiums 44,822,583 58,825,719 Premiums assumed earned 59,450, ,334,488 Reinsurance ceded 8,609, ,729,916 Change in prepaid reinsurance premiums 36,062,047 44,279,934 Premiums ceded earned 44,671, ,009,850 Net premiums earned 14,778,951 66,324,638 UNDERWRITING EXPENSES: Losses and loss expenses incurred 24,355,699 (46,178,435) Reinsurance recoveries (15,316,165) 47,415,729 Net losses and loss expenses incurred 8 9,039,534 1,237,294 Profit commission on reinsurance 4,854,592 24,991,407 Net underwriting income 10,594,009 90,078,751 Rental income 11-10,214 Investment income, net 4 1,891, ,077 General and administative expenses (2,148,835) (1,843,243) Total other income and expenses (257,717) (863,952) Net income 10,336,292 89,214,799 OTHER COMPREHENSIVE INCOME: Net unrealised gains during the year 4, 5 48,637 - COMPREHENSIVE INCOME 10,384,929 89,214,799 The accompanying notes should be read in conjunction with these financial statements 4

6 STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Expressed in United States Dollars) Note Share capital Contributed surplus Accumulated other comprehensive income Retained earnings Total $ $ $ $ Shareholder's equity - December 31, ,000 10,000, ,244, ,364,460 Comprehensive income ,214,799 89,214,799 Dividends (20,000,000) (20,000,000) Shareholder's equity - December 31, ,000 10,000, ,459, ,579,259 Comprehensive income ,637 10,336,292 10,384,929 Shareholder's equity - December 31, ,000 10,000,000 48, ,795, ,964,188 The accompanying notes should be read in conjunction with these financial statements 5

7 STATEMENTS OF CASH FLOWS December 31 December $ $ Operating activities: Net income 10,336,292 89,214,799 Adjustments to reconcile net income from operations to net cash and cash equivalents provided by operating activities: Write off of other assets 176,810 - Net changes in non-cash balances relating to operations: Reinsurance balances receivable 63,537,914 36,685,776 Prepaid reinsurance premiums 36,062,047 44,279,934 Outstanding losses recoverable from reinsurers 9,527, ,577,168 Prepaid expenses (802) 309 Outstanding losses and loss expenses (9,564,759) (185,433,776) Unearned premiums (44,822,583) (58,825,719) Reinsurance balances payable (56,860,073) (16,937,113) Accounts payable and accrued expenses (57,687) 28,144 Cash and cash equivalents provided by operating activities: 8,334,409 79,589,522 Financing activities: Due to/from related parties, principally parent 10,214 89,787 Dividends paid - (20,000,000) Cash and cash equivalents provided by (applied to) financing activities 10,214 (19,910,213) Investing activities: Purchase of investments (10,000,999) - Cash and cash equivalents applied to financing activities (10,000,999) - Net (decrease) increase in cash and cash equivalents (1,656,376) 59,679,309 Cash and cash equivalents at beginning of year 258,423, ,743,715 Cash and cash equivalents at end of year 256,766, ,423,024 The accompanying notes should be read in conjunction with these financial statements 6

8 1. General AAA Reinsurance Limited (the "Company") was incorporated under the laws of Bermuda on April 1, 1999 and is licensed as a Class 3a reinsurer (Effective January 1, 2009) under the Insurance Act 1978 of Bermuda and related regulations to write all classes of property and casualty business. The Company is a wholly owned subsidiary of AAA International Ltd., a Bermuda registered holding company. The Company provides reinsurance of property and casualty risks associated with the oil operations of both Sociedade Nacional de Combustiveis de Angola ( Sonangol ) which is based in Angola and is owned 100% by the State of Angola and various Angolan joint ventures between Sonangol and major global energy companies. All assumed business is written through AAA Seguros SARL ( AAA Seguros ), a company related through common control which is the lead insurer on all assumed business with unrelated coinsurers participating on the same risks. The Company retains a per occurrence net retention of up to $5 million on the majority of its property and casualty risks underwritten and has entered into horizontal aggregate excess of loss reinsurance arrangements to protect its aggregate exposures. The Company also provides direct insurance cover for the errors and omissions risks of AAA Risk Solutions Limited, a group company with contract limits of $1 million per occurrence and in the aggregate. During 2016, AAA Seguros position as leader and reinsurance purchaser for all oil and gas business in Angola was revoked. As such this Company s position was affected as there was no new business to negotiate. Effective November 10, 2016, the Company was determined to be in run-off and can no longer effect any contracts of insurance or reinsurance under its current license. The Company has evaluated known recognized and non-recognized subsequent events through June 29, 2017, the date the financial statements were available to be issued. On February 2, 2018 a dividend of $100,000,000 was declared and paid. 2. Summary of significant accounting policies The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which apply the following significant accounting policies adopted by the Company: Use of estimates To prepare the financial statements, the Company has to make estimates and assumptions that affect the book value of assets and liabilities, income and expenses, and data disclosed in the notes to the financial statements. All estimates are subjective in nature and could materially influence the financial statements. Accordingly, management makes these estimates and assessments on an ongoing basis according to past experience and various factors that are deemed reasonable and which constitute the basis for these assessments. The amounts shown in the Company s future financial statements are likely to differ from these estimates in accordance with changes in assumptions or different conditions. 7

9 2. Summary of significant accounting policies (continued) Use of estimates (continued) The principal significant estimates made by the Company s management primarily affect the provision for outstanding losses and loss expenses and the related reinsurance balances recoverable, and unearned premiums. Investments The Company s investments are classified as available for sale under the definition included in Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) , Accounting for Certain Investments in Debt and Equity Securities. Fixed maturity investments are carried at fair value with unrealized gains or losses included in the statement of financial position as a component of accumulated other comprehensive income. Fair value of investments is based on market quotations. Realized gains and losses on sales of fixed maturity investments are accounted for using the first-in and first-out method and are reflected in the income statement in the period of sale. Investments classified as available for sale are reviewed on a regular basis to determine if they have sustained an impairment of value that is considered to be other than temporary. Several factors are considered in the assessment of an investment, which include (i) the time period during which there has been a significant decline below cost, (ii) the extent of the decline below cost, and (iii) the potential for the security to recover in value. Revenue recognition and related acquisition costs Premiums assumed and ceded are recorded on the accruals basis net of brokerage and are included in income on a pro-rated basis over the lives of the treaties with the unearned portion deferred in the balance sheet. Premium estimates on certain policies are made using the latest information available to management. Adjustments to estimates are recorded in the period in which they are determined and could be material to the financial statements. Acquisition costs, mainly commissions and taxes, related to unearned premiums are deferred and amortized to income over the periods in which the premiums are earned. The method followed in determining the deferred acquisition expenses limits the amount of the deferral to its realizable value by giving consideration to losses and expenses expected to be incurred as premiums are earned. Interest income is accrued to the statement of financial position date. Rental income from the rental of artwork to a related party is accrued to the statement of financial position date. 8

10 2. Summary of significant accounting policies (continued) Outstanding losses and loss expenses Losses and loss expenses and life claims paid are recorded when advised by the ceding insurance companies. Outstanding losses comprise estimates of the amount of reported losses and loss expenses plus a provision for losses incurred but not reported, based on the recommendations of the Company's independent actuary using a combination of historical data (where available) and industry data. The Company does not discount its provision for losses and loss expenses or its liabilities for unpaid claims. Amounts recoverable from reinsurers and reinsurer profit commissions are estimated in a manner consistent with the underlying liabilities and are recorded on the accruals basis under the terms of the underlying agreements. Management believes, based on the recommendations of independent actuaries, that the provision for outstanding losses and loss expenses and the estimate of unpaid life claims at the balance sheet will be adequate to cover the ultimate net cost of losses incurred to the balance sheet date but the provision is necessarily an estimate and may ultimately be settled for a significantly greater or lesser amount. In addition, the Company has limited past loss experience (due to its short operating history) which increases the inherent uncertainty in estimating ultimate losses and the annual provision for outstanding losses and loss expenses. It is at least reasonably possible that management will revise this estimate significantly in the near term. Any subsequent differences arising are recorded in the period in which they are determined. Functional currency and foreign exchange on internal transactions The Company s functional currency is the U.S. dollar. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the rates prevailing at the balance sheet date. Revenues and expenses are translated at the rate of exchange prevailing as at the date of the transactions. Gains and losses arising from translation are included in the determination of comprehensive income for the year. Cash and cash equivalents Cash and cash equivalents include cash held in banks, money market funds and other short-term deposits having maturities within three months of the date of purchase. Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognised as a deduction from equity, net of any tax effects. 9

11 2. Summary of significant accounting policies (continued) New Accounting Standards Adopted During the Year In May 2015, the FASB issued ASU , Financial Services Insurance (Topic 944): Disclosure about Short - Duration Contracts. The amendments require insurance entities to disclose for annual reporting periods specified information about the liability for unpaid claims and claim adjustment expenses. Additionally, the amendments require insurance entities to disclose for annual and interim reporting periods a roll forward of the liability for unpaid claims and claim adjustment expenses, described in Topic 944. For nonpublic entities, the amendments are effective for annual periods beginning after December 15, New Accounting Standards to be Adopted In January 2016, the FASB issued ASU , Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. For nonpublic entities, the amendments are effective for annual periods beginning after December 15, Management does not believe the adoption of these amendments will have a material effect on the Company s financial statements. The Company has determined that all other recently issued accounting pronouncements do not apply to its operations. 3. Concentration of credit risk As of December 31, 2017, cash and cash equivalent balances of $256,766,648 ( $258,423,024) are held with three ( three) banks in Bermuda, Singapore, and Switzerland. 4. Investments The cost and estimated fair value of investments classified as available-for-sale are as follows: As of December 31, 2017: Cost Gross Unrealized Holdings Gains Gross Unrealized Holdings Losses Estimated Fair Value $ $ $ $ Fixed maturities 10,000,999 48,637-10,049,636 Total 10,000,999 48,637-10,049,636 10

12 4. Investments (continued) The cost or amortized cost, estimated fair value and contractual maturity of fixed maturity investments at December 31, 2017 and 2016 are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations without penalties. December 31, 2017 December 31, 2016 Amortized Fair Amortized Fair Cost/cost Value Cost/cost Value $ $ $ $ Due within one year Due after 1 year to five years 10,000,999 10,049, Due after five years to ten years Due after more than ten years Total fixed income securities 10,000,999 10,049, Major categories of net investment income are summarized as follows: $ $ Interest and dividend income 1,891, ,077 Net investment income 1,891, , Fair value of financial instruments The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: Cash and cash equivalents: The carrying amounts reported in the statement of financial position for these instruments approximate their fair values. Other assets and liabilities: The fair value of reinsurance balances receivable, reinsurance balances payable, accounts payable and accrued expenses, due to related parties, and dividends payable approximates their carrying value due to their relative short term nature. 11

13 5. Fair value of financial instruments (continued) Investments: The following tables show the fair value of the Company s investments in accordance with ASC 820, Fair Value Measurements and Disclosures as of December 31, Carrying amount Fair value measurement Total fair value Level 1 Level 2 Level 3 December 31, 2017: $ $ $ $ $ Fixed maturity investments: Fixed income bond securities 10,049,636 10,049,636-10,049,636 - Total investments 10,049,636 10,049,636-10,049,636 - There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2017 and In accordance with U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of FASB s ASC 820 ( ASC 820 ), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows: Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability. At each measurement date, we estimate the fair value of the security using various valuation techniques. We utilize, to the extent available, quoted market prices in active markets or observable market inputs in estimating the fair value of our investments. When quoted market prices or observable market inputs are not available, we utilize valuation techniques that rely on unobservable inputs to estimate the fair value of investments. The following describes the valuation techniques we used to determine the fair value of investments held as of December 31, 2017 and what level within the fair value hierarchy each valuation technique resides: 12

14 5. Fair value of financial instruments (continued) Fixed maturity investments: Comprised of short duration bond securities. The fair values of these securities are based on quotes and current market spread relationships, and are classified as Level 2 in the fair value hierarchy. The Company considers that there is a liquid market for the types of securities held. Broker quotes are not used for fair value pricing. While we obtain pricing from independent pricing services, management is ultimately responsible for determining the fair value measurements for all securities. To ensure fair value measurement is applied consistently and in accordance with U.S. GAAP, we periodically update our understanding of the pricing methodologies used by the independent pricing services. We also challenge any prices we believe may not be representative of fair value under current market conditions. Our review process includes, but is not limited to: (i) initial and ongoing evaluation of the pricing methodologies and valuation models used by outside parties to calculate fair value; (ii) quantitative analysis; (iii) a review of multiple quotes obtained in the pricing process and the range of resulting fair values for each security, if available, and (iv) randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates provided by the independent pricing sources. There have been no material changes to any of our valuation techniques from what was used as of December 31, Since the fair value of a financial instrument is an estimate of what a willing buyer would pay for our asset if we sold it, we will not know the ultimate value of our financial instruments until they are sold. We believe the valuation techniques utilized provide us with the best estimate of the price that would be received to sell our assets or transfer our liabilities in an orderly transaction between participants at the measurement date. The estimates of fair values presented herein are subjective in nature and are not necessarily indicative of the amounts that the Company would actually realize in a current market exchange. However, any differences would not be expected to be material. Certain instruments such as property, plant and equipment, outstanding losses recoverable from reinsurers, outstanding losses and loss expenses, prepaid reinsurance premiums, unearned premiums, prepaid expenses, other assets and unpaid life claims are excluded from fair value disclosure. Thus the total fair value amounts cannot be aggregated to determine underlying economic value of the Company. 6. Dividends declared No dividends were paid or declared during On April 26, 2016 a dividend of $20,000,000 was declared and paid during the prior year. 7. Reinsurance Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company; consequently, allowances are established for amounts deemed uncollectible. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities, or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. At December 31, 2017, losses recoverable from reinsurers (inclusive of IBNR) amounted to $106,867,095 ( $116,394,345). 13

15 7. Reinsurance (continued) One reinsurer (rated AA+ by Standard and Poor s) accounts for 16.8% of the total balance of outstanding losses recoverable (exclusive of IBNR) from reinsurers ( %). 100% ( %) of reinsurers have A.M. Best or Standard and Poor s ratings of A- or higher. At December 31, 2017, prepaid reinsurance premiums of $7,221,410 ( $14,442,820) were associated with one reinsurer ( one) which has a Standard and Poor s ratings of AA- (2016 A). 8. Outstanding losses and loss expenses The liability for outstanding losses and loss expenses comprises: $ $ Outstanding losses 66,514,014 39,836,818 Losses incurred but not reported 54,828,936 91,070, ,342, ,907,709 The summary of changes in outstanding losses and loss expenses and unpaid life claims for years ended December 31, 2017 and 2016 are as follows: $ $ Gross balance at beginning of year 130,907, ,341,485 Less: reinsurance recoverable (116,394,345) (286,971,513) Net balance at beginning of year 14,513,364 29,369,972 Incurred losses related to: Current year 12,536,599 6,232,821 Prior years (3,497,065) (4,995,527) Total incurred 9,039,534 1,237,294 Paid losses related to: Current year 5,011,709 6,712 Prior years 4,065,334 16,087,190 Total paid 9,077,043 16,093,902 Net balance at end of year 14,475,855 14,513,364 Plus: reinsurance recoverable 106,867, ,394,345 Gross balance at end of year 121,342, ,907,709 14

16 8. Outstanding losses and loss expenses (continued) The changes in the prior years provision for claims and claims adjustment expenses was primarily due to the ongoing analysis of loss development trends across all accident years and not attributable to any specific occurrence or event. The establishment of the provision for outstanding losses and loss expenses is based on known facts and interpretation of circumstances and is therefore a complex and dynamic process influenced by a large variety of factors. The Company has limited past loss experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity and frequency patterns such as those caused by natural disasters, fires or accidents, depending on the business assumed. It is at least reasonably possible that management will change its estimate of ultimate losses significantly in the near term. The following tables present information about incurred and paid claims development as of December 31, 2017, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves plus expected development on reported claims. The tables include unaudited information about incurred and paid claims development for the years ended December 31, 2012 through 2016, which we present as supplementary information. Oil Operations Property Risks Construction and Non-Construction: At December 31, 2017 Total IBNR Cumulative Plus Expected number Incurred claims and allocated claim adjustment expenses, net of reinsurance Development of For the years ended December 31 on Reported reported Accident year Claims Claims $ $ $ $ $ $ $ Unaudited ,562,713 9,087,132 8,993,285 8,8,836,104 8,424,374 8,426, ,606,674 12,232,435 9,415,456 8,234,545 8,244, ,590,955 5,224,894 6,115,692 6,132,025 1,000, ,444,761 7,167,128 7,119, ,241,746 5,762,584 1,000, ,536,599 6,300, ,222,269 8,300,000 Older years, prior to ,697,966-83,920,235 8,300,000 15

17 8. Outstanding losses and loss expenses (continued) Oil Operations Property Risks Construction and Non-Construction: Paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31 Accident year $ $ $ $ $ $ Unaudited ,539,590 1,643,847 1,721,280 6,275,413 6,286,271 7,286, ,283 72,840 2,263,244 7,230,258 8,236, ,891 38,817 5,091,605 5,110, ,053,062 7,070, ,925 1,031, ,011,709 33,746,414 Older years, prior to ,697,966 69,444,380 Liability for losses and loss adjustment expenses, net of reinsurance 14,475,855 The reconciliation of the incurred and paid claims development tables to the liability for losses and loss adjustment expenses in the statement of financial position is as follows: 2017 $ Net outstanding liabilities: Property Risks Construction & Non-Construction 14,475,855 14,475,855 Reinsurance recoverable: Property Risks Construction & Non-Construction 106,867, ,342,950 The following table is unaudited supplementary information for average annual historical duration of claims: Average Annual Percentage Payout of Incurred Claims by Age, net of reinsurance Unaudited Years Property Risks Construction & Non-Construction 4% 20% 26% 16% 14% 16

18 9. Share capital The Company has authorized, issued and fully paid share capital of 120,000 common shares with a par value of $1.00 each. 10. Contributed surplus Contributed surplus represents cash contributed by the shareholder in excess of the issued share capital and retained earnings capitalized. 11. Related party transactions Amounts due from related parties are unsecured, non-interest bearing and have no fixed repayment terms. The breakdown is as follows: $ $ AAA International Limited (12,875) (12,876) AAA Insurance & Reinsurance Brokers Limited - (10,213) (12,875) (23,089) Amounts due to elated parties are unsecured, non-interest bearing and have no fixed repayment terms. The breakdown is as follows: $ $ AAA International Limited 100, , , ,000 Other assets consist of artwork which is rented to AAA Insurance and Reinsurance Brokers Ltd, a company under common control. The assets were disposed of in full during Income of $Nil ( $10,214) is included within rental income. 17

19 12. Statutory requirements As a registered insurance company under the Bermuda Insurance Act 1978 amendments thereto and related regulations ( the Act ) the Company is required to prepare Statutory Financial Statements and to file a Statutory Financial Return annually (or as otherwise agreed, in certain circumstances). The Act also requires the Company to meet certain defined measures of solvency and liquidity. The statutory capital and surplus amounted to $268,930,668 and $258,546,541 as of December 31, 2017 and 2016, respectively. The principal difference between the Company s statutory capital and surplus and shareholders equity as reported in conformity with generally accepted accounting principles relates to the inadmissibility of prepaid expenses. Actual statutory capital and surplus at December 31, 2017, as determined using statutory accounting principles, is as follows: $ Total shareholder s equity 268,964,188 Less non-admitted assets: Prepayments (33,520) Statutory capital and surplus 268,930,668 Actual statutory capital and surplus at December 31, 2016, as determined using statutory accounting principles, is as follows: $ Total shareholder s equity 258,579,259 Less non-admitted assets: Prepayments (32,718) Statutory capital and surplus 258,546, Pension Costs The company operates a defined contribution pension scheme. Costs incurred during 2017 were $4,747 ( $4,747). 14. Taxation 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

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

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

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

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

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

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

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

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

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

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

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

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

December 31, 2012 and 2011

December 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 information

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

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

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

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

MULTI-STRAT RE LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015

MULTI-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 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

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

COLONIAL MEDICAL INSURANCE COMPANY LIMITED. Financial Statements (With Auditors Report Thereon) Year ended December 31, 2012

COLONIAL MEDICAL INSURANCE COMPANY LIMITED. Financial Statements (With Auditors Report Thereon) Year ended December 31, 2012 Financial Statements (With Auditors Report Thereon) Year ended 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

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

North Carolina Joint Underwriting Association

North Carolina Joint Underwriting Association North Carolina Joint Underwriting Association Statutory Financial Statements and Supplemental Schedules (with Independent Auditor s Report Thereon) December 31, 2013 Contents Independent Auditor s Report

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

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

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

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

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

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

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

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

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

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

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

Years ended December 31, 2017 and 2016 with Report of Independent Auditors

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 2012 Annual Report Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying statement of financial position of Manufacturers P&C Limited as at 31 December 2012 and

More information

ECCLESIA ASSURANCE COMPANY. Financial Statements. December 31, 2010 and (With Independent Auditors Report Thereon)

ECCLESIA ASSURANCE COMPANY. Financial Statements. December 31, 2010 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154 Independent Auditors Report The Board of Directors Ecclesia Assurance Company: We have audited

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

NATIONAL GENERAL HOLDINGS CORP. (Exact Name of Registrant as Specified in Its Charter)

NATIONAL GENERAL HOLDINGS CORP. (Exact Name of Registrant as Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period

More information

Financial Statements December 31, 2018 and 2017 North Dakota Insurance Reserve Fund

Financial Statements December 31, 2018 and 2017 North Dakota Insurance Reserve Fund Financial Statements www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Balance Sheets... 3 Statements of Activities... 4 Statements of Cash Flows... 5 Notes to

More information

North 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 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 information

OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio. FINANCIAL STATEMENTS December 31, 2016 and 2015

OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio. FINANCIAL STATEMENTS December 31, 2016 and 2015 OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio FINANCIAL STATEMENTS Columbus, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED)... 3

More information

PaCRe, Ltd. (Incorporated in Bermuda) Consolidated Financial Statements For the years ended December 31, 2014 and 2013 (expressed in U.S.

PaCRe, Ltd. (Incorporated in Bermuda) Consolidated Financial Statements For the years ended December 31, 2014 and 2013 (expressed in U.S. (Incorporated in Bermuda) Consolidated Financial Statements (expressed in U.S. dollars) pwc April15, 2015 Independent Auditor's Report To the Board of Directors and Shareholders of Pa.CRe, Ltd. We have

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

KINGSTONE COMPANIES, INC.

KINGSTONE 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 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

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

AURIGEN REINSURANCE LIMITED

AURIGEN REINSURANCE LIMITED Consolidated Financial Statements of AURIGEN REINSURANCE LIMITED Year ended December31, 2016 KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda Mailing Address: P.O. Box HM 906 Hamilton

More information

ALPS Corporation and Subsidiaries

ALPS Corporation and Subsidiaries Consolidated Financial Statements (with Independent Auditor s Report Thereon) The nation s largest direct writer of lawyers malpractice insurance. 2016 ALPS Corporation and Subsidiaries Contents Independent

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

Phoenix Life and Annuity Company (a wholly-owned subsidiary of PM Holdings, Inc.) Financial Statements December 31, 2012 and December 31, 2011 and

Phoenix Life and Annuity Company (a wholly-owned subsidiary of PM Holdings, Inc.) Financial Statements December 31, 2012 and December 31, 2011 and Phoenix Life and Annuity Company (a wholly-owned subsidiary of PM Holdings, Inc.) Financial Statements December 31, 2012 and December 31, 2011 and 2010, as restated and amended TABLE OF CONTENTS Independent

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

SECURITY NATIONAL FINANCIAL CORP

SECURITY NATIONAL FINANCIAL CORP SECURITY NATIONAL FINANCIAL CORP FORM 10-Q (Quarterly Report) Filed 05/15/12 for the Period Ending 03/31/12 Address PO BOX 57220 SALT LAKE CITY, UT, 84157 Telephone 8012641060 CIK 0000318673 Symbol SNFCA

More information

W. R. BERKLEY CORPORATION (Exact name of registrant as specified in its charter)

W. R. BERKLEY CORPORATION (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) Form 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly

More information

Swiss Reinsurance Company Consolidated Third Quarter 2012 Report

Swiss Reinsurance Company Consolidated Third Quarter 2012 Report Swiss Reinsurance Company Consolidated Third Quarter 2012 Report This page intentionally left blank Contents 2 Financial statements 2 Income statement 3 Statement of comprehensive income 4 Balance sheet

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

Statutory Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants

Statutory Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Statutory Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants CONNECTICUT ATTORNEYS TITLE INSURANCE COMPANY TABLE OF CONTENTS Page Report of Independent

More information

BrickStreet Mutual Insurance Company and Subsidiaries. Consolidated Statutory-Basis Financial Statements and Supplementary Information

BrickStreet Mutual Insurance Company and Subsidiaries. Consolidated Statutory-Basis Financial Statements and Supplementary Information BrickStreet Mutual Insurance Company and Subsidiaries Consolidated Statutory-Basis Financial Statements and Supplementary Information Years Ended December 31, 2016 and 2015 Table of Contents Independent

More information

OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio. FINANCIAL STATEMENTS December 31, 2015 and 2014

OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio. FINANCIAL STATEMENTS December 31, 2015 and 2014 OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio FINANCIAL STATEMENTS Columbus, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED)... 3

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

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, 2009 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

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

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, 2012 and 2011 Independent Auditors Report, Financial Statements and

More information

HERITAGE INSURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter)

HERITAGE 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 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

Pro-Demnity Insurance Company Summary Financial Statements For the year ended December 31, 2011

Pro-Demnity Insurance Company Summary Financial Statements For the year ended December 31, 2011 Pro-Demnity Insurance Company Summary Financial Statements For the year ended Contents Report of the Independent Auditor's on the Summary Financial Statements 1 Summary Financial Statements Summary Statement

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

Howard Mutual Insurance Company Financial Statements For the year ended December 31, 2017

Howard Mutual Insurance Company Financial Statements For the year ended December 31, 2017 Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income

More information

North Carolina Joint Underwriting Association

North Carolina Joint Underwriting Association North Carolina Joint Underwriting Association Statutory Financial Statements and Supplemental Schedules (With Independent Auditor s Report Thereon) December 31, 2017 and 2016 Contents Independent auditor

More information

strong reliable trustworthy forward-thinking

strong reliable trustworthy forward-thinking 2010 Annual Report strong reliable trustworthy forward-thinking Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying financial statements of Manufacturers P&C

More information

strong reliable trustworthy forward-thinking

strong reliable trustworthy forward-thinking 2011 Annual Report strong reliable trustworthy forward-thinking Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying statement of financial position of Manufacturers

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

The Farmers Automobile Insurance Association

The Farmers Automobile Insurance Association The Farmers Automobile Insurance Association Report on Audits of Financial Statements - Statutory Basis For the Years Ended December 31, 2016 and 2015 Table of Contents Page(s) Independent Auditor s Report...

More information

Financial Statements For the Year Ended December 31, 2018

Financial Statements For the Year Ended December 31, 2018 Financial Statements For the Year Ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 4 Statement of Comprehensive Income

More information

Audited Financial Statements

Audited 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 information

Colonial Life Assurance Company Limited Year Ended December 31, 2016 With Independent Auditors Report

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

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

PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES

PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES Consolidated Financial Statements as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 and Independent Auditors' Report

More information