CONSOLIDATED BALANCE SHEET
QBE del Istmo Reinsurance Company, Inc.
| |
Fiscal Year Ending, December 31 |
|
2008 |
2007 |
| ASSETS |
|
|
| Cash and cash equivalents |
US$ 11,402,873 |
US$ 13,704,086 |
| Time deposits over ninety days |
9,912,077 |
10,060,845 |
| Cash, cash equivalents and time deposits |
21,314,950 |
23,764,931 |
| |
|
|
| Investments help-to maturity |
4,702,986 |
10,284,729 |
| Investments available for sale |
15,427,847 |
17,389,785 |
| Investment in an associate |
1,861,903 |
- |
| |
21,992,736 |
27,674,514 |
| Accounts receivable - ceding companies: |
|
|
| Current accounts receivable |
98,365,571 |
69,122,007 |
| Premium deposits |
8,021,637 |
5,224,197 |
| Loss deposits |
300,530 |
300,530 |
| |
106,687,738 |
74,646,734 |
| Less allowance for doubtful accounts |
1,914,865 |
1,880,416 |
| |
104,772,873 |
72,766,318 |
| |
|
|
| Current accounts receivable - retrocessionaries |
2,045,751 |
2,011,368 |
| Retrocessionaries' share in reinsurance contract reserves |
127,126,794 |
101,993,445 |
| Accounts receivable - related parties |
329,713 |
294,835 |
| Prepaids and taxes |
736,302 |
456,116 |
| Deferred reinsurance commissions |
9,058,797 |
6,485,357 |
| Goodwill |
5,382,026 |
2,600,000 |
| Properties, furniture, equipment and improvements, net |
20,800,295 |
13,342,607 |
| Investment properties |
2,747,026 |
1,523,380 |
| Other assets |
3,494,000 |
1,665,677 |
TOTAL ASSETS |
US$ 319,801,263 |
US$ 254,578,548 |
INDEPENDENT AUDITORS' REPORT
Board of Directors and Shareholders
QBE del Istmo Reinsurance Company, Inc. and Subsidiaries
We have audited and issued our report separately, in accordance with
International Standards on Auditing, on the consolidated financial
statements of QBE del Istmo Reinsurance Company, Inc. and Subsidiaries,
for the year ended December 31, 2008.
The accompanying consolidated balance sheet, has been taken from the
consolidated financial statements of QBE del Istmo Reinsurance Company,
Inc. and Subsidiaries, audited by us, which comprise the consolidated
income statement, the consolidated statement of changes in shareholder's
equity, the consolidated cash flows statement and explanatory notes.
In our opinion, dated May 22, 2009, we express an unqualified opinion
on these consolidated financial statements, prepared by the Management of
the Company in accordance with International Financial Reporting
Standards.
 May 22, 2009
Panama, Republic of Panama
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