|
CONSOLIDATED BALANCE SHEET
QBE del Istmo Reinsurance Company, Inc.
|
June, 30
December, 31 |
|
2009 |
2008 |
| ASSETS |
|
|
| Cash, cash equivalents and time deposits |
36,917,466 |
36,742,797 |
| Accounts receivable: |
|
|
| Ceding companies |
97,732,227 |
98,365,571 |
| Premiums deposits |
10,553,152 |
8,021,637 |
| Loss deposits |
6,936,511 |
300,530 |
| |
115,221,889 |
106,687,738 |
| Less allowance for doubtful accounts |
1,821,149 |
1,914,865 |
| |
113,400,740 |
104,772,873 |
| |
|
|
| Current accounts - retrocessionaries |
1,113,791 |
2,045,751 |
| Technical reserves -
Retrocessionaries |
|
|
| Underwriting reserve |
54,107,367 |
59,147,159 |
| Oustanding claims reserve |
58,681,170 |
67,979,634 |
| Intercompany accounts receivable |
553,583 |
329,713 |
| Investments, net |
11,976,616 |
11,946,915 |
| Prepaid expenses and taxes |
888,288 |
736,302 |
| Prepaid commissions |
8,746,054 |
9,058,798 |
| Property, furniture, equipment and improvements, net |
22,943,079 |
23,547,321 |
| Other assets |
5,381,560 |
3,494,000 |
| TOTAL ASSETS |
US$
314,709,714 |
US$ 319,801,263 |
|
|
|
|
| |
|
|
| LIABILITIES AND
SHAREHOLDERS EQUITY |
|
|
| LIABILITIES |
|
|
| Current accounts with ceding companies and brokers: |
|
|
| Brokers |
US$ 1,528,220 |
US$
1,159,788 |
| Ceding companies |
12,910,625 |
23,332,478 |
| Premium deposits - ceding companies |
1,113,876 |
645,179 |
| Loss deposits - ceding companies |
46,316 |
46,863 |
| |
15,599,037 |
25,184,309 |
| Current accounts with retrocessionaries: |
|
|
| Retrocesionaries |
39,142,170 |
33,468,543 |
| Premium deposits |
1,857,022 |
1,716,164 |
| |
56,598,229 |
60,369,015 |
| Technical reserves: |
|
|
| Premium reserve |
82,353,944 |
86,747,463 |
| Estimated catastrophic risk reserve |
19,853,033 |
20,424,147 |
| Outstanding losses, net |
66,961,493 |
70,286,074 |
|
169,168,470 |
177,457,684 |
| Deferred commissions |
1,944,423 |
1,110,893 |
| Bank overdraft and loans payable |
3,036,398 |
4,015,602 |
| Corporate bonds payable |
0 |
0 |
| Seniority premium and indemnities |
2,420,464 |
1,408,323 |
| Accrued expenses payable
and others liabilities |
2,327,154 |
2,997,825 |
| TOTAL LIABILITIES |
235,495,138 |
247,359,342 |
| CONTINGENCY |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| Preferred stocks |
40,490,065 |
40,624,735 |
| Legal reserve |
942,650 |
653,928 |
| Retained earnings |
28,099,241 |
23,135,070 |
| Real Estate revaluation surplus |
10,445,620 |
9,648,255 |
| Unrealized loss in conversion of foreign currencies |
(763,000) |
(1,620,067) |
|
|
|
| TOTAL SHAREHOLDERS'
EQUITY |
79,214,576 |
72,441,921 |
| TOTAL LIABILITY AND
SHAREHOLDERS' EQUITY |
US$
314,709,714 |
US$ 319,801,263 |
CONSOLIDATED INCOME STATEMENT
|
| |
|
|
|
Fiscal Year
Ending, June 30
|
|
2009 |
2008 |
| Premiums written |
US$ 91,247,025 |
US$
87,710,653 |
| Premiums ceded |
38,144,531 |
29,750,854 |
| Retained premiums |
53,102,494 |
57,959,799 |
|
|
|
| |
|
|
| Primium reserve - current year |
11,764,493 |
15,189,582 |
| Primium reserve - prior year |
11,646,963 |
10,676,623 |
| (Increase) decrease in premium reserve |
117,530 |
4,512,959 |
| Premiums earned, net |
52,984,964 |
53,446,840 |
|
|
|
| |
|
|
| Commissions paid |
14,011,900 |
17,464,826 |
| Adjustments to commissions paid |
312,744 |
(859,529) |
| Commissions received |
(6,502,145) |
(3,539,022) |
| Adjustments to commissions received |
833,529 |
(400,542) |
| Other acquisition cost |
2,845,162 |
2,653,538 |
| Acquisition cost |
11,501,190 |
15,319,271 |
|
|
|
| |
|
|
| Losses paid |
49,035,731 |
48,357,232 |
| Less losses recovered |
25,058,357 |
37,174,101 |
| Adjustment to unpaid losses |
7,723,023 |
10,545,305 |
| Losses incurred, net |
31,700,398 |
21,728,435 |
| General and administrative expenses |
3,052,599 |
3,145,913 |
| |
|
|
| Income (loss) from operations |
6,730,297 |
13,253,221 |
| Net Other income |
(340,481) |
(102,811) |
| |
|
|
| Income before dividend paid to preferred
shares |
6,390,297 |
13,150,410 |
| Income tax |
(397,146) |
(214,671) |
| |
|
|
| NET INCOME |
US$
5,993,151 |
US$ 12,935,739 |
| Net income per common share |
US$
2.82 |
US$ 6.09 |
| Number of shares in circulation |
2,125,000 |
2,125,000
| | |
