| Consolidated Balance Sheets |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
|
| |
|
Assets |
|
At December 31, 2011 |
|
|
At December 31, 2010 |
|
|
|
| |
|
 Cash and cash equivalents |
|
$ 3,886,312 |
|
|
$ 4,599,804 |
|
|
|
| |
|
Debt securities, at market value |
|
41,611,659 |
|
|
40,610,198 |
|
|
|
| |
|
Common trust funds, at market value |
|
8,578,931 |
|
|
15,679,084 |
|
|
|
| |
|
Accounts receivable |
|
260,233 |
|
|
— |
|
|
|
| |
|
Accrued investment income |
|
398,863 |
|
|
396,544 |
|
|
|
| |
|
Premiums receivable |
|
733,400 |
|
|
1,003,120 |
|
|
|
| |
|
Reinsurance receivable on paid losses |
|
4,337,315 |
|
|
1,240,284 |
|
|
|
| |
|
Reinsurance recoverable on case reserves |
|
10,965,634 |
|
|
13,813,727 |
|
|
|
| |
|
Reinsurance recoverable on IBNR reserves |
|
16,483,865 |
|
|
15,000,484 |
|
|
|
| |
|
Prepaid reinsurance premiums |
|
5,078,875 |
|
|
5,268,837 |
|
|
| |
|
Deferred policy acquisition costs |
|
312,636 |
|
|
313,715 |
|
|
|
| |
| Other assets |
|
674,795 |
|
|
790,474 |
|
|
|
| |
|
TOTAL ASSETS |
|
$ 93,322,518 |
|
|
$ 98,716,271 |
|
|
|
|
| |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
| |
|
Liabilities |
|
|
|
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
$ 65,688,860 |
|
|
$ 68,027,614 |
|
|
|
| |
|
Unearned premiums |
|
10,341,669 |
|
|
10,324,137 |
|
|
|
| |
|
Reinsurance payable |
|
257,063 |
|
|
601,755 |
|
|
|
| |
|
Premium taxes payable |
|
273,576 |
|
|
348,062 |
|
|
|
| |
|
Unearned ceding commissions |
|
591,749 |
|
|
605,127 |
|
|
|
| |
|
Other liabilities |
|
315,868 |
|
|
70,523 |
|
|
|
| |
|
TOTAL LIABILITIES |
|
77,468,785 |
|
|
79,977,218 |
|
|
|
|
| |
|
 Shareholders’ Equity |
|
|
|
|
|
|
|
|
| |
|
Capital Stock: |
|
|
|
|
|
|
|
|
| |
|
Class A ($20 par value, 200 shares authorized, 57 and 58 shares
issued and outstanding, respectively) |
|
1,140 |
|
|
1,160 |
|
|
|
| |
|
Class B ($13.33 par value, 90,000 shares authorized, 22,396.65
shares issued and outstanding) |
|
298,622 |
|
|
298,622 |
|
|
|
| |
|
Additional paid-in capital - original
requirements |
|
484,001 |
|
|
484,001 |
|
|
|
| |
|
Additional paid-in capital - policyholder
dividends |
|
8,862,640 |
|
|
8,862,640 |
|
|
|
| |
|
Accumulated other comprehensive income |
|
1,444,277 |
|
|
1,195,646 |
|
|
|
| |
|
Retained earnings |
|
4,763,053 |
|
|
7,896,984 |
|
|
|
|
| |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
15,853,733 |
|
|
18,739,053 |
|
|
| |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ 93,322,518 |
|
|
$ 98,716,271 |
|
|
|
|
|
Note: Johnson Lambert & Co. LLP, Certified Public Accountants has audited the financial statements of The National Catholic Risk Retention Group, Inc. and Subsidiaries for the years ended December 31, 2011 and 2010 prepared in conformity with generally accepted accounting principles in the United States, and issued an unqualified opinion on such financial statements in their report dated April 4, 2012. The auditor's report applies to the complete financial statements which are not presented.
These consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows of The National Catholic Risk Retention Group, Inc. and Subsidiaries for the years ended December 31, 2011 and 2010 were derived from the audited financial statements. The complete audited financial statements may be obtained from The National Catholic Risk Retention Group, Inc. and Subsidiaries at 801 Warrenville Road, Suite 175, Lisle, IL 60532-4334.
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