LIABILITIES AND SHAREHOLDERS' EQUITY
QBE del Istmo Reinsurance Company, Inc.
| |
Fiscal Year Ending, December 31 |
| LIABILITIES AND
SHAREHOLDERS EQUITY |
2008 |
2007 |
| LIABILITIES |
|
|
| Current accounts with ceding companies and brokers: |
|
|
| Brokers |
US$ 1,159,787 |
US$ 491,726 |
| Ceding companies |
23,332,478 |
22,783,456 |
| Premium deposits - ceding companies |
645,179 |
655,115 |
| Loss deposits - ceding companies |
46,863 |
46,316 |
| |
25,184,307 |
23,976,613 |
| Current accounts with retrocessionaries: |
|
|
| Retrocesionaries |
33,468,543 |
25,210,030 |
| Premium deposits |
1,716,164 |
1,990,253 |
| |
35,184,707 |
27,200,283 |
| Technical reserves: |
|
|
| Premium reserve |
86,747,463 |
58,578,250 |
| Estimated catastrophic risk reserve |
90,710,221 |
88,220,615 |
| Outstanding losses, net |
177,457,684 |
146,798,865 |
| |
1,110,893 |
1,490,750 |
| Accounts payable - related parties |
94,174 |
- |
| Deferred commissions |
4,015,602 |
4,600,000 |
| Corporate bonds payable |
1,408,323 |
899,292 |
| Seniority premium and indemnities |
1,643,458 |
703,119 |
| Accrued expenses payable |
1,260,193 |
395,219 |
| TOTAL LIABILITIES |
247,359,341 |
206,064,141 |
| CONTINGENCY |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| Preferred stocks |
40,624,735 |
28,500,000 |
| Legal reserve |
653,928 |
373,305 |
| Retained earnings |
23,135,070 |
14,538,268 |
| Real Estate revaluation surplus |
14,827,048 |
7,389,732 |
| Unrealized loss on investments |
(5,178,792) |
(1,334,615) |
| Unrealized loss in conversion of foreign currencies |
(1,620,067) |
(952,283) |
|
|
|
| TOTAL SHAREHOLDERS'
EQUITY |
72,441,922 |
48,514,407 |
| TOTAL LIABILITY AND
SHAREHOLDERS' EQUITY |
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
|
