PMA Capital Corporation (NASDAQ:PMACA) today reported the following
financial results for the fourth quarter and full year 2007: �
Three months ended Year ended December 31, December 31, (in
thousands, except per share data) 2007 � 2006 � 2007 � 2006
Operating income $ 2,816 � $ 664 $ 14,383 � $ 4,521 Realized gains
after tax � 368 � � � 146 � 366 � � � 805 � Income from continuing
operations 3,184 810 14,749 5,326 Income (loss) from discontinued
operations after tax � (40,746 ) � � 21 � (57,277 ) � � (1,275 )
Net income (loss) $ (37,562 ) � $ 831 $ (42,528 ) � $ 4,051 � �
Diluted per share amounts: Operating income $ 0.09 $ 0.02 $ 0.45 $
0.14 Realized gains after tax � 0.01 � � � 0.01 � 0.01 � � � 0.02 �
Income from continuing operations 0.10 0.03 0.46 0.16 Income (loss)
from discontinued operations after tax � (1.28 ) � � - � (1.78 ) �
� (0.04 ) Net income (loss) $ (1.18 ) � $ 0.03 $ (1.32 ) � $ 0.12 �
� Book value per share, end of period $ 11.92 � � $ 12.83 � �
Vincent T. Donnelly, President and Chief Executive Officer
commented, �The PMA Insurance Group grew profitably in competitive
market conditions by continuing to focus on service-oriented
product delivery. Significant operating achievements included: For
the fourth quarter, pre-tax operating income increased to $7.6
million, compared to $5.0 million in the same period last year, and
increased to $38.0 million for full year 2007, compared to $26.1
million in 2006; The full year 2007 combined ratio was 99.7%;
Direct premiums written, excluding production from our agreement
with Midwest Insurance Companies, were up 10% quarter-to-date and
8% for the full year; and New business written, excluding Midwest
production, increased 21% to $23.1 million in the fourth quarter
and increased 27% to $114.6 million for the full year 2007,
compared to the same periods last year.� Mr. Donnelly continued,
�In our fee-based businesses, we achieved an organic revenue growth
of 11% at PMA Management Corp. and also completed the acquisition
of Midlands at the beginning of the fourth quarter. As a result,
fee-based revenues increased to 12% of our total revenues in the
fourth quarter of 2007, compared to 7% in the fourth quarter of
2006. Midlands� contribution to our results was in line with our
initial estimates.� �We are pleased with the positive momentum in
our businesses and the improvements in our operating metrics at
these businesses in 2007. We believe the previously announced
divestiture of the Run-off Operations is in the best interests of
our shareholders. We look forward to the finality that a sale of
this business will bring so that we can focus all of our efforts on
our ongoing businesses,� added Mr. Donnelly. �On March 2, 2008, our
arrangement with Midwest Insurance Companies will terminate.
Although this will result in a decrease in direct premiums written,
this business will continue to have a positive impact on our
operating results in 2008, as we will continue to earn fee income
until the underlying policies expire. We have entered into one
fronting arrangement smaller than Midwest in the first quarter of
2008 and believe that we will write more of these programs this
year.� Mr. Donnelly concluded, �We believe that our businesses are
well positioned for profitable growth in 2008 relative to our 2007
results. We expect a return on equity of between 5.5% and 6.5% on
our ongoing businesses in 2008.� As the Company previously
announced, it has entered into a non-binding letter of intent to
sell its Run-off Operations and expects to execute a sales
agreement in the first quarter of 2008. The transfer of ownership
will be subject to regulatory approval. As a result of the expected
sale, the Company has recorded all of the activity related to its
Run-off Operations as discontinued operations. The Company recorded
an after-tax impairment loss of $40.0 million, or $1.26 per share,
in the fourth quarter of 2007, as the book value of its Run-off
Operations was greater than the net proceeds it expects it will
receive in a sale. On December 11, 2007, the U.S. District Court
for the Eastern District of Pennsylvania approved the settlement of
the securities class action, In re PMA Capital Corporation
Securities Litigation (Civil Action No. 03-6121). The settlement
made no admission of liability or wrongdoing by the Company or its
officers and directors. The amounts necessary to fund this
settlement have been paid by insurance carriers for the Company.
Income from continuing operations included the following after-tax
net realized gains: � � Three months ended Year ended December 31,
December 31, (dollar amounts in thousands) 2007 � 2006 � 2007 �
2006 Net realized gains (losses) after tax: � Sales of investments
$ 441 $ (106 ) $ (1,220 ) $ 570 Change in fair value of trading
securities - - 2,093 - Change in fair value of debt derivative (57
) 253 (314 ) 303 Other � (16 ) � � (1 ) � (193 ) � � (68 ) Net
realized gains after tax $ 368 � � $ 146 � $ 366 � � $ 805 � � � �
� � � � � Segment Operating Results Operating income, which we
define as net income (loss) under accounting principles generally
accepted in the United States (GAAP) excluding net realized
investment gains (losses) and results from discontinued operations,
is the financial performance measure used by our management and
Board of Directors to evaluate and assess the results of our
businesses. Net realized investment activity is excluded because
(i) net realized investment gains and losses are unpredictable and
not necessarily indicative of current operating fundamentals or
future performance of the business segments and (ii) in many
instances, decisions to buy and sell securities are made at the
holding company level, and such decisions result in net realized
gains and losses that do not relate to the operations of the
individual segments. Operating income does not replace net income
(loss) as the GAAP measure of our consolidated results of
operations. The following is a reconciliation of our operating
results to GAAP net income (loss). � � Three months ended Year
ended December 31, December 31, (dollar amounts in thousands) 2007
� 2006 � 2007 � 2006 Pre-tax operating income (loss): � The PMA
Insurance Group 1 $ 7,614 $ 4,983 $ 38,045 $ 26,082 Fee-based
Business 1,669 738 3,724 2,802 Corporate & Other 2 � (5,003 ) �
� (5,081 ) � (19,564 ) � � (21,580 ) Pre-tax operating income 4,280
640 22,205 7,304 Income tax expense (benefit) � 1,464 � � � (24 ) �
7,822 � � � 2,783 � Operating income 2,816 664 14,383 4,521
Realized gains after tax � 368 � � � 146 � � 366 � � � 805 � Income
from continuing operations 3,184 810 14,749 5,326 Income (loss)
from discontinued operations after tax 2 � (40,746 ) � � 21 � �
(57,277 ) � � (1,275 ) Net income (loss) $ (37,562 ) � $ 831 � $
(42,528 ) � $ 4,051 � � � � � � � � � 1) Beginning in the fourth
quarter of 2007, the results of The PMA Insurance Group no longer
include those of PMA Management Corp. The results of PMA Management
Corp. are currently included within the segment results of our
Fee-based Business. For comparative purposes, the financial results
of The PMA Insurance Group and PMA Management Corp. have been
reclassified in all prior periods to reflect this change. 2)
Effective in the fourth quarter of 2007, the Company reported the
results of its former Run-off Operations segment as discontinued
operations. As a result of this change, the Corporate and Other
segment was impacted by investment income previously eliminated in
the Corporate and Other segment. For comparative purposes, all
prior periods have been reclassified to reflect this change. The
PMA Insurance Group The PMA Insurance Group reported pre-tax
operating income of $7.6 million for the fourth quarter of 2007,
compared to $5.0 million for the fourth quarter of 2006. Full year
pre-tax operating income was $38.0 million, compared to $26.1
million in 2006. Direct premiums written were $91.6 million for the
fourth quarter of 2007, up from $84.1 million for the fourth
quarter of 2006. For the year ended December 31, 2007, direct
premiums written increased to $510.3 million, compared to $431.6
million for the same period last year. Included in direct premiums
written for the fourth quarter and full year 2007 were $12.8
million and $59.8 million of California workers� compensation
business produced under our agreement with Midwest Insurance
Companies (�Midwest�), compared to $12.7 million and $14.8 million
for the same periods last year. Our renewal retention rates on
existing workers� compensation accounts for the fourth quarter and
full year 2007 improved to 86% and 87%, respectively, compared to
85% for the same periods in 2006. We wrote $28.8 million of new
business in the fourth quarter of 2007, compared to $31.7 million
during the same period last year, while our new business for full
year 2007 increased to $166.0 million, compared to $105.2 million
for 2006. Included in new business for the quarter and year ended
December 31, 2007 was $5.8 million and $51.5 million of Midwest
business, compared to $12.7 million and $14.8 million for the same
periods last year. On March 2, 2008, our agreement with Midwest
will terminate. We will continue to earn fees and service the
business previously written, but no additional business will be
written or renewed after the termination date. Net premiums written
increased to $71.3 million in the fourth quarter of 2007, compared
to $66.9 million in the same period last year. Full year net
premiums written increased to $395.3 million, compared to $373.7
million during the same period in 2006. Ceded premiums written
increased for full year 2007 primarily due to our cession of the
California workers� compensation premiums written under our
agreement with Midwest and, to a lesser extent, an increase in the
amount of workers� compensation business sold to captive accounts,
where a substantial portion of the direct premiums are ceded. The
combined ratios on a GAAP basis were 101.6% and 99.7%,
respectively, for the fourth quarter and full year 2007, compared
to 104.3% and 102.1% for the same periods in 2006. The improvement
in the combined ratio for the fourth quarter of 2007, compared to
the prior year, was primarily the result of an improved operating
expense ratio. The full year improvement in the combined ratio from
2006 primarily reflected a lower loss and LAE ratio as well as an
improved expense ratio, partially offset by a higher policyholders�
dividend ratio. The improved loss and LAE ratio for full year 2007
was primarily due to a lower current accident year loss and LAE
ratio, compared to 2006. While our underwriting criteria remained
consistent in 2007, our current accident year loss and LAE ratio
continued to benefit from changes in workers� compensation products
selected by our insureds and a reduced amount of integrated
disability and assumed premiums in 2007. Pricing changes coupled
with payroll inflation for rate sensitive workers� compensation
business were slightly below overall estimated loss trends. We
estimated our medical cost inflation to be 7% during 2007, compared
to our estimate of 8.5% in 2006. We believe workers� compensation
medical inflationary trends are generally lower in 2007 relative to
2006. In addition, the medical cost inflation rate has declined due
to our enhanced network and managed care initiatives. However, we
expect that medical cost inflation will continue to be a
significant component of our overall loss experience. The
policyholders� dividend ratio was higher for full year 2007 than in
the prior year. The current year reflected better loss experience,
which resulted in larger dividends on participating products where
the policyholders may receive a dividend based, to a large extent,
on their loss experience. Fees earned under our agreement with
Midwest reduced the 2007 acquisition expense ratios by 90 and 70
basis points for the quarter and full year periods. Although our
agreement with Midwest will terminate in March 2008, we will
continue to earn fee income on this business until the underlying
policies expire. The improved operating expense ratios in the
fourth quarter and full year 2007 reflected lower loss based state
assessments and a reduction in the allowance for uncollectible
reinsurance. Controllable expenses, which include salaries,
benefits and other headcount-related expenses, grew by 4% in 2007,
compared to the 8% growth rate in direct premiums written. Net
investment income increased to $9.4 million in the fourth quarter
of 2007, compared to $9.0 million in the prior year quarter. For
the year ended December 31, 2007, net investment income increased
by $3.1 million to $37.9 million, compared to the same period in
2006. The improvements in 2007 were due primarily to higher yields
on an increased invested asset base. Fee-based Business On October
1, 2007, we acquired Midlands Management Corporation (�Midlands�),
an Oklahoma City-based managing general agent, program
administrator and provider of third party administrator (�TPA�)
services. As a result of this acquisition, we reported the combined
operating results of PMA Management Corp. and Midlands as our
Fee-based Business segment. All prior periods have been
reclassified to reflect this change. Our operating results include
only the operating results of Midlands from the date of
acquisition. Our Fee-based Business reported pre-tax operating
income of $1.7 million for the fourth quarter of 2007, compared to
$738,000 for the same quarter last year. Pre-tax operating income
for full year 2007 was $3.7 million, compared to $2.8 million a
year ago. The increases primarily related to the inclusion of
Midlands� results. For the fourth quarter of 2007, total revenues
increased to $14.8 million, up $7.5 million from the same period
last year. Revenues resulting from our acquisition of Midlands
accounted for $6.5 million of this growth. The increase for the
quarter reflected higher claims service revenues of $4.2 million
and commission income of $3.0 million. Total revenues for full year
2007 were $38.1 million, compared to $28.5 million in 2006.
Revenues from PMA Management Corp. increased 11% for full year
2007, compared to 2006. Corporate and Other The Corporate and Other
segment, which includes primarily corporate expenses and debt
service, recorded net expenses of $5.0 million during the fourth
quarter of 2007, compared to $5.1 million in the fourth quarter of
2006. Net expenses were $19.6 million for full year 2007, down from
$21.6 million for the same period in 2006. The improvement for full
year 2007 was primarily due to lower interest expense, which
resulted from a lower average level of debt outstanding in 2007,
compared to the prior year. Discontinued Operations Discontinued
operations, formerly our Run-off Operations which consists of our
former reinsurance and excess and surplus lines businesses,
recorded after-tax losses of $40.7 million and $57.3 million for
the three months and year ended December 31, 2007, compared to
after-tax income of $21,000 and an after-tax loss of $1.3 million
for the same periods in 2006. Results for the fourth quarter and
full year 2007 reflected an impairment loss of $40.0 million. Full
year results also included an after-tax charge of $14.3 million for
prior year loss development recorded in the third quarter.
Financial Condition Total assets were $2.6 billion as of December
31, 2007, compared to $2.7 billion as of December 31, 2006. Assets
of discontinued operations represented 15% of total assets at
December 31, 2007. Shareholders� equity was $378.6 million as of
December 31, 2007, compared to $419.1 million as of December 31,
2006. Book value per share decreased 91 cents during 2007 to $11.92
as of December 31, 2007. The decreases in both shareholders� equity
and book value per share were primarily due to the $57.3 million,
or $1.78 per share, net loss from our discontinued operations,
which largely resulted from the fourth quarter impairment loss and
the third quarter loss reserve charge. These decreases were
partially offset by $14.7 million in income from continuing
operations, a $6.1 million increase in the net unrealized position
on our investment portfolio and a $4.6 million after-tax decrease
to our pension liabilities. The unrealized position on our
available for sale invested asset portfolio increased due to lower
market interest rates. Book value per share also benefited from the
positive impact of share repurchases, as more fully described
below. In May 2007, our Board of Directors authorized the
repurchase of up to $10.0 million of our Class A Common Stock.
During the fourth quarter and full year 2007, we repurchased
159,380 and 986,522 shares at a total cost of $1.4 million and
$10.0 million, respectively. At December 31, 2007, we had $38.2
million in cash and short-term investments at the holding company.
As of December 31, 2007, our total outstanding debt was $131.3
million, compared to $131.2 million at December 31, 2006.
Subsequent to December 31, 2007, we retired the remaining $1.3
million principal amount of our 6.50% Convertible Debt for which we
paid $1.5 million, exclusive of accrued interest. We are currently
in process of releasing the covenants related to this debt that
restrict our ability to repurchase shares of our common stock and
pay dividends. Any future share repurchases or dividends are
subject to authorization by our Board of Directors. The PMA
Insurance Group had statutory capital and surplus of $335.4 million
as of December 31, 2007, compared to $321.2 million as of December
31, 2006. The PMA Insurance Group has the ability to pay $29.2
million in dividends during 2008 without the prior approval of the
Pennsylvania Insurance Department. The statutory capital and
surplus of PMA Capital Insurance Company (�PMACIC�), PMA Capital
Corporation�s wholly-owned run-off reinsurance subsidiary which is
being reported as discontinued operations, was $47.6 million as of
December 31, 2007, compared to $121.6 million as of December 31,
2006. The reduction in PMACIC�s statutory capital and surplus was
due primarily to its extraordinary dividend payment of $37.5
million to PMA Capital in April 2007 and its 2007 statutory net
loss. Conference Call with Investors As a reminder, we will hold a
conference call with investors beginning at 8:30 a.m. Eastern Time
on Friday, February 22nd to review our fourth quarter and full year
2007 results. The conference call will be available via a live
webcast over the Internet at www.pmacapital.com. To access the
webcast, enter the Investor Information section, click on News
Releases and then click on the microphone icon. Please note that by
accessing the conference call via the Internet, you will be in a
listen-only mode. The call-in numbers and passcodes for the
conference call are as follows: � Live Call Replay 888-679-8033
(Domestic) 888-286-8010 (Domestic) 617-213-4846 (International)
617-801-6888 (International) Passcode 44681894 Passcode 86606624 �
You may pre-register for the conference call using the following
link:
www.theconferencingservice.com/prereg/key.process?key=PVVMKUX3T
Pre-registering is not mandatory but is recommended as it will
provide you immediate entry into the call and will facilitate the
timely start of the conference. Pre-registration only takes a few
moments and you may pre-register at anytime, including up to and
after the call start time. Alternatively, if you would rather be
placed into the call by an operator, please use the dial-in
information above at least 15 minutes prior to the call start time.
A replay of the conference call will be available over the Internet
or by dialing the call-in number for the replay and using the
passcode. The replay will be available from approximately 10:30
a.m. Eastern Time on Friday, February 22nd until 11:59 p.m. Eastern
Time on Friday, March 21st. Quarterly Statistical Supplement Our
Fourth Quarter Statistical Supplement, which provides more detailed
historical information about us, is available on our website.
Please see the Investor Information section of our website at
www.pmacapital.com. You may also obtain a copy of this supplement
by sending your request to: � PMA Capital Corporation 380 Sentry
Parkway Blue Bell, PA 19422 Attention: Investor Relations �
Alternatively, you may make a request by telephone (610-397-5298)
or by e-mail to InvestorRelations@pmacapital.com. We will also
furnish a copy of this news release and the Statistical Supplement
to the SEC on a Form 8-K. A copy of the Form 8-K will be available
on the SEC�s website at www.sec.gov. CAUTIONARY STATEMENT FOR
PURPOSES OF THE �SAFE HARBOR� PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 The statements contained in this
press release that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements may include
estimates, assumptions or projections and are based on currently
available financial, competitive and economic data and the
Company�s current operating plans. Although the Company�s
management believes that its expectations are reasonable, there can
be no assurance that the Company�s actual results will not differ
materially from those expected. The factors that could cause actual
results to differ materially from those in the forward-looking
statements, include, but are not limited to: adverse property and
casualty loss development for events that we insured in prior
years, including unforeseen increases in medical costs and changing
judicial interpretations of available coverage for certain insured
losses; our ability to increase the amount of new and renewal
business written by The PMA Insurance Group at adequate prices or
revenues of our fee-based businesses; our ability to have
sufficient cash at the holding company to meet our debt service and
other obligations, including any restrictions such as those imposed
by the Pennsylvania Insurance Department on receiving dividends
from our insurance subsidiaries in an amount sufficient to meet
such obligations; any future lowering or loss of one or more of our
financial strength and debt ratings, and the adverse impact that
any such downgrade may have on our ability to compete and to raise
capital, and our liquidity and financial condition; our ability to
effect an efficient withdrawal from and divestiture of the
reinsurance business, including the sale of the entity and
commutation of reinsurance business with certain large ceding
companies, without incurring any significant additional
liabilities; adequacy and collectibility of reinsurance that we
purchased; adequacy of reserves for claim liabilities; whether
state or federal asbestos liability legislation is enacted and the
impact of such legislation on us; regulatory changes in risk-based
capital or other standards that affect the cost of, or demand for,
our products or otherwise affect our ability to conduct business,
including any future action with respect to our business taken by
the Pennsylvania Insurance Department or any other state insurance
department; the impact of future results on the recoverability of
our deferred tax asset; the outcome of any litigation against us;
competitive conditions that may affect the level of rate adequacy
related to the amount of risk undertaken and that may influence the
sustainability of adequate rate changes; our ability to implement
and maintain rate increases; the effect of changes in workers�
compensation statutes and their administration, which may affect
the rates that we can charge and the manner in which we administer
claims; our ability to predict and effectively manage claims
related to insurance and reinsurance policies; uncertainty as to
the price and availability of reinsurance on business we intend to
write in the future, including reinsurance for terrorist acts;
severity of natural disasters and other catastrophes, including the
impact of future acts of terrorism, in connection with insurance
and reinsurance policies; changes in general economic conditions,
including the performance of financial markets, interest rates and
the level of unemployment; uncertainties related to possible
terrorist activities or international hostilities and whether
TRIPRA is extended beyond its December 31, 2014 termination date;
and other factors or uncertainties disclosed from time to time in
our filings with the Securities and Exchange Commission. You should
not place undue reliance on any forward-looking statements in this
press release. Forward-looking statements are not generally
required to be publicly revised as circumstances change and we do
not intend to update the forward-looking statements in this press
release to reflect circumstances after the date hereof or to
reflect the occurrence of unanticipated events. � PMA Capital
Corporation GAAP Consolidated Statements of Operations (Unaudited)
� � � Three months ended December 31, (dollar amounts in thousands,
except per share data) 2007 � 2006 � Gross premiums written $
94,914 � $ 89,327 � Net premiums written $ 71,189 � $ 66,716 �
Revenues: Net premiums earned $ 93,617 $ 87,222 Claims service
revenues 11,239 7,058 Commission income 3,005 - Net investment
income 9,973 9,149 Net realized investment gains 566 225 Other
revenues � 168 � � 42 Total revenues � 118,568 � � 103,696 �
Expenses: Losses and loss adjustment expenses 66,152 61,841
Acquisition expenses 18,027 17,486 Operating expenses 24,629 20,158
Dividends to policyholders 1,916 510 Interest expense � 2,998 � �
2,836 Total losses and expenses � 113,722 � � 102,831 � Pre-tax
income � 4,846 � � 865 � Income tax expense (benefit): Current (321
) - Deferred � 1,983 � � 55 Total income tax expense � 1,662 � � 55
� Income from continuing operations � 3,184 � 810 � Income (loss)
from discontinued operations after tax � (40,746 ) � 21 � Net
income (loss) $ (37,562 ) $ 831 � Net income (loss) per share: �
Basic: Continuing Operations $ 0.10 $ 0.03 Discontinued Operations
� (1.28 ) � 0.00 $ (1.18 ) $ 0.03 � Diluted: Continuing Operations
$ 0.10 $ 0.03 Discontinued Operations � (1.28 ) � 0.00 $ (1.18 ) $
0.03 � PMA Capital Corporation GAAP Consolidated Statements of
Operations (Unaudited) � � Year ended December 31, (dollar amounts
in thousands, except per share data) � 2007 � � � 2006 � � Gross
premiums written $ 524,172 � $ 455,756 � � Net premiums written $
394,698 � $ 373,001 � � Revenues: Net premiums earned $ 378,243 $
367,403 Claims service revenues 34,034 27,853 Commission income
3,005 - Net investment income 39,592 35,851 Net realized investment
gains 563 1,239 Other revenues � 340 � � 244 � Total revenues �
455,777 � � 432,590 � � Expenses: Losses and loss adjustment
expenses 263,199 262,297 Acquisition expenses 73,747 73,726
Operating expenses 76,541 70,971 Dividends to policyholders 7,790
3,532 Interest expense � 11,732 � � 13,521 � Total losses and
expenses � 433,009 � � 424,047 � � Pre-tax income � 22,768 � �
8,543 � � Income tax expense: Current 416 - Deferred � 7,603 � �
3,217 � Total income tax expense � 8,019 � � 3,217 � � Income from
continuing operations � 14,749 � 5,326 � Loss from discontinued
operations after tax � (57,277 ) � (1,275 ) � Net income (loss) $
(42,528 ) $ 4,051 � � Net income (loss) per share: � Basic:
Continuing Operations $ 0.46 $ 0.17 Discontinued Operations � (1.78
) � (0.04 ) $ (1.32 ) $ 0.13 � � Diluted: Continuing Operations $
0.46 $ 0.16 Discontinued Operations � (1.78 ) � (0.04 ) $ (1.32 ) $
0.12 � � PMA Capital Corporation GAAP Consolidated Balance Sheets
(Unaudited) � � � � � � � December 31, � December 31, (dollar
amounts in thousands, except per share data) � 2007 � � � 2006 �
Assets: Investments: Fixed maturities available for sale $ 728,725
$ 718,865 Short-term investments � 78,426 � � 61,180 � Total
investments 807,151 780,045 � Cash 15,828 9,498 Accrued investment
income 5,768 5,495 Premiums receivable 222,140 200,164 Reinsurance
receivables 795,938 720,110 Prepaid reinsurance premiums 32,361
25,611 Deferred income taxes, net 118,857 100,019 Deferred
acquisition costs 37,404 36,239 Funds held by reinsureds 42,418
33,432 Intangible assets 22,779 - Other assets 105,341 81,096
Assets of discontinued operations � 375,656 � � 674,698 � Total
assets $ 2,581,641 � $ 2,666,407 � � Liabilities: Unpaid losses and
loss adjustment expenses $ 1,212,956 $ 1,152,704 Unearned premiums
226,178 202,973 Debt 131,262 131,211 Accounts payable, accrued
expenses and other liabilities 195,895 156,745 Reinsurance funds
held and balances payable 39,324 27,000 Dividends to policyholders
5,839 4,450 Liabilities of discontinued operations � 391,603 � �
572,231 � Total liabilities � 2,203,057 � � 2,247,314 � �
Shareholders' Equity: Class A Common Stock 171,090 171,090
Additional paid-in capital 111,088 109,922 Retained earnings
136,627 184,216 Accumulated other comprehensive loss (6,663 )
(20,624 ) Treasury stock, at cost � (33,558 ) � (25,511 ) Total
shareholders' equity � 378,584 � � 419,093 � Total liabilities and
shareholders' equity $ 2,581,641 � $ 2,666,407 � � Shareholders'
equity per share $ 11.92 � $ 12.83 �
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