| Consolidated Statements of Operations and Comprehensive (Loss) Income |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
|
| |
|
Revenues |
|
Year
Ended
December 31, 2011 |
|
|
Year
Ended
December 31, 2010 |
|
|
|
| |
|
 Premiums earned |
|
$ 9,562,064 |
|
|
$ 9,225,744 |
|
|
|
| |
|
Net investment gains |
|
2,245,376 |
|
|
2,422,805 |
|
|
|
| |
|
VIRTUS® income earned |
|
472,609 |
|
|
108,815 |
|
|
|
| |
|
Ceding commission income, net of commission expense
of $486,708 and $608,516, respectively
|
|
815,008 |
|
|
417,953 |
|
|
|
| |
|
TOTAL REVENUES |
|
13,095,057 |
|
|
12,175,317 |
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
12,028,239 |
|
|
9,056,128 |
|
|
|
| |
|
Policy acquisition costs |
|
603,513 |
|
|
567,186 |
|
|
|
| |
|
Management and professional fees |
|
949,791 |
|
|
676,026 |
|
|
|
| |
|
VIRTUS® expenses |
|
435,248 |
|
|
7,890 |
|
|
|
| |
|
General and administrative expenses |
|
2,212,197 |
|
|
1,906,287 |
|
|
|
|
| |
|
TOTAL EXPENSES |
|
16,228,988 |
|
|
12,213,517 |
|
|
|
| |
|
NET LOSS |
|
(3,133,931) |
|
|
(38,200) |
|
|
|
|
| |
|
Other Comprehensive Income |
|
|
|
|
|
|
|
|
| |
|
Net unrealized holding gains arising during the year |
|
965,954 |
|
|
3,119,636 |
|
|
|
| |
|
Less: reclassification adjustment for realized (gains) losses
included in net loss |
|
(717,323) |
|
|
(743,989) |
|
|
|
|
| |
|
OTHER COMPREHENSIVE INCOME |
|
248,631 |
|
|
2,375,647 |
|
|
|
| |
|
COMPREHENSIVE (LOSS) INCOME |
|
$ (2,885,300) |
|
|
$ 2,337,447 |
|
|
|
|
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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