GRAND CAYMAN, Cayman Islands, Aug. 1 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), the parent of subsidiary companies based in
Oklahoma, today announced results for the second quarter and six months ended
June 30, 2000. Gross premiums earned for the second quarter of 2000 were
$46.7 million, a 25% increase compared to $37.3 million in the second quarter
of 1999. Gross premiums earned for the first six months of 2000 were
$90.7 million, a 25% increase from the first six months of 1999.
Summary of Second Quarter Financial Highlights
(unaudited; amounts in thousands except per share amounts)
Three Months Ended June 30, Six months Ended June 30,
2000 1999 Change 2000 1999 Change
Gross premiums
earned $46,749 $37,345 +25% $90,712 $72,331 +25%
Net premiums
earned $30,139 $20,656 +46% $59,214 $41,694 +42%
Litigation
expenses, net $205 $191 +7% $432 $450 -4%
Loss before
income taxes $(1,196) $(1,894) -37% $(3,048) $(947) +222%
Net loss $(497) $(1,155) -57% $(1,760) $(630) +179%
Net loss
excluding net
litigation
expenses $(299) $(960) -69% $(1,337) $(195) +586%
Net loss per
common share $(0.11) $(0.18) -39% $(0.40) $(0.10) +300%
Diluted weighted
average common
shares
outstanding 4,446 6,435 -31% 4,446 6,435 -31%
"Although the loss experience in the quarter was not acceptable, we
continued to make progress in controlling our expenses. Our underwriting
expense ratio halfway through the year showed improvement over the same point
a year ago. We will continue to address these issues through a combination of
re-underwriting our existing book, rate adjustments and cost reductions. We
do expect our margins to improve in the third and fourth quarters due to these
efforts."
Brent LaGere, Chairman and Chief Executive Officer
A net loss of $497,000 or $0.11 per share was reported for the second
quarter of 2000 compared to a net loss of $1,155,000 or $0.18 per share in the
second quarter of 1999. Weather-related losses were severe in the second
quarter of 2000 but decreased as a result of the catastrophic May 3, 1999
storm. The decrease was largely offset by an increase in losses and loss
adjustment expenses in the Company's surety bond program and adverse loss
experience in the group accident and health program. Weather-related losses
totaled $1.2 million before income taxes during the second quarter of 2000,
compared to $2.8 million during the second quarter of 1999. The 1999 quarter
included $1.9 million in weather-related losses which resulted from the
tornadoes, strong winds and hail that caused significant damage in Oklahoma on
May 3, 1999. In addition, operating results for the year 2000 were also
affected by increased interest costs related to the debenture offering which
was completed by a subsidiary of the Company during the third quarter of 1999.
Going Private Announcement
On June 1, 2000, Brent LaGere, Chairman and CEO of the Company, announced
a plan led by senior company management and key stockholders of the Company
which would result in the Company becoming privately held. At a regularly
scheduled meeting of the Company's board of directors held on June 5, 2000,
Robert L. Rice, James M. Jacoby and Paul A. Maestri were appointed as a
special committee of the board for the purpose of considering the concept and
fairness of the announced plan. On June 30, 2000, the Company announced that
three civil lawsuits were filed against the Company, its indirect subsidiary
Chandler (U.S.A.), Inc. ("Chandler USA"), and all of the Company's directors
on June 5 and 6, 2000. The suits allege that the plans announced on June 1,
2000 to take the Company private are detrimental to the public shareholders.
The suits also request that they be certified as class actions and that the
court enter a temporary restraining order to prevent completion of the
announced plan. The suits also allege that all defendants have breached and
are breaching fiduciary duties owed to the plaintiffs and other shareholders.
The Company has not yet responded to these lawsuits but plans to file timely
responses denying the allegations. On June 12, 2000, CenTra, Inc. and certain
of its affiliates ("CenTra") made similar allegations in an already pending
lawsuit in the U.S. District Court for the District of Nebraska ("Nebraska
Court") involving a court-ordered divestiture of the Company's shares owned by
CenTra. CenTra requested that the court enjoin and restrain Mr. LaGere and
others from completing the announced plans. On July 20, 2000, the Nebraska
Court denied CenTra's request. On June 27, 2000, CenTra filed a similar
request in an already pending case in the U.S. District Court for the Western
District of Oklahoma ("Oklahoma Court"). The Company has responded, but the
Oklahoma Court has not ruled.
Results of Operations
NAICO's group accident and health program continued to experience
unsatisfactory underwriting results. The loss ratio for the group accident
and health program was 139.6% on $820,000 in net premiums earned for the
second quarter of 2000, compared to 83.3% on $2,317,000, respectively, for the
1999 quarter. NAICO is continuing to monitor this program and will increase
rates and may discontinue the program.
The Company's combined loss and underwriting expense ratio was 106.4% for
the second quarter of 2000 versus 110.7% for the second quarter of 1999, and
was 107.6% for the first six months of 2000 versus 104.8% for the first six
months of 1999. The loss ratio was 70.5% in the second quarter of 2000
compared to 71.1% in the second quarter of 1999, and was 71.0% for the first
six months of 2000 compared to 67.5% for the first six months of 1999.
Weather-related losses increased the loss ratio by 4.0 percentage points for
the second quarter of 2000 and 3.0 percentage points during the first six
months of 2000, while similar losses in the second quarter and first six
months of 1999 increased the loss ratio by 13.4 and 7.7 percentage points,
respectively.
The Company's underwriting expense ratio was 36.0% in the second quarter
of 2000 compared to 39.6% in the second quarter of 1999. The underwriting
expense ratio for the first six months of 2000 was 36.6% compared to 37.3% for
the first six months of 1999. The operating ratio, which considers net
interest income (excluding net realized investment gains or losses) in
addition to the combined ratio, decreased to 101.8% in the second quarter of
2000 from 104.3% in the second quarter of 1999. The operating ratio for the
first six months of 2000 was 102.8% compared to 98.4% for the first six months
of 1999.
Brent LaGere, Chairman and Chief Executive Officer, commented: "Although
the loss experience in the quarter was not acceptable, we continued to make
progress in controlling our expenses. Our underwriting expense ratio halfway
through the year showed improvement over the same point a year ago. We will
continue to address these issues through a combination of re-underwriting our
existing book, rate adjustments and cost reductions. We do expect our margins
to improve in the third and fourth quarters due to these efforts."
Through its U.S.-based subsidiary National American Insurance Company
("NAICO"), Chandler underwrites various lines of commercial property and
casualty insurance including surety bonds and workers compensation in Oklahoma
and surrounding states, principally Texas. The Company's main areas of
concentration include the construction, manufacturing, oil and gas, wholesale,
service and retail industries and political subdivisions.
Premiums Earned
The following table sets forth premiums earned on a gross basis (before
reductions for premiums ceded to reinsurers) and on a net basis (after such
reductions) for each insurance program for the three and six month periods
ended June 30, 2000 and 1999:
Gross premiums earned Net premiums earned
Three months ended June 30, 2000 1999 2000 1999
(In thousands)
Standard property and
casualty $33,887 $24,004 $22,271 $12,112
Political subdivisions 8,527 7,314 4,305 3,714
Surety bonds 3,313 3,399 2,588 2,562
Group accident and health 868 2,600 820 2,317
Other 154 28 155 (49)
TOTAL $46,749 $37,345 $30,139 $20,656
Gross premiums earned Net premiums earned
Six months ended June 30, 2000 1999 2000 1999
(In thousands)
Standard property and
casualty $64,594 $45,639 $43,089 $24,227
Political subdivisions 16,679 14,495 8,693 7,495
Surety bonds 7,322 6,953 5,425 5,443
Group accident and health 1,879 5,208 1,775 4,616
Other 238 36 232 (87)
TOTAL $90,712 $72,331 $59,214 $41,694
Gross premiums earned, before reductions for premiums ceded to reinsurers,
increased $9.4 million or 25% in the second quarter of 2000 compared to the
second quarter of 1999. Gross premiums earned for the first six months of
2000 increased $18.4 million or 25% compared to the first six months of 1999.
The increases are primarily attributable to increased written premium
production in Texas and Oklahoma. Net premiums earned increased $9.5 million
or 46% in the second quarter of 2000 compared to the second quarter of 1999,
and increased $17.5 million or 42% for the six months ended June 30, 2000
compared to the 1999 period. The increase in net premiums earned was due to
the increase in written premium production, and to an increase in the amount
of risk retained in the 2000 periods for the Company's workers compensation
line of business.
Gross premiums earned in the standard property and casualty program
increased $9.9 million or 41% in the second quarter of 2000 compared to the
second quarter of 1999, and increased $19.0 million or 42% for the six months
ended June 30, 2000 compared to the 1999 period. The increases are primarily
attributable to increased written premium production in Texas along with rate
increases. Net premiums earned in the standard property and casualty program
increased $10.2 million or 84% in the second quarter of 2000 compared to the
second quarter of 1999, and increased $18.9 million or 78% for the six months
ended June 30, 2000 compared to the 1999 period. The increase in net premiums
earned was due to the increase in written premium production, and to the
increase in the amount of risk retained for the workers compensation portion
of the program along with rate increases.
Gross premiums earned in the political subdivisions program increased
$1.2 million or 17% in the second quarter of 2000 compared to the second
quarter of 1999, and increased $2.2 million or 15% for the six months ended
June 30, 2000 compared to the 1999 period. The increases are primarily
attributable to increased written premium production resulting from new
business as well as rate increases in the school districts portion of the
program in Oklahoma. Net premiums earned in the political subdivisions
program increased $591,000 or 16% in the second quarter of 2000 compared to
the second quarter of 1999, and increased $1.2 million or 16% for the six
months ended June 30, 2000 compared to the 1999 period.
Gross premiums earned in the surety bond program decreased $86,000 or 2.5%
in the second quarter of 2000 compared to the second quarter of 1999, and
increased $369,000 or 5.3% for the six months ended June 30, 2000 compared to
the 1999 period. Approximately $140,000 and $769,000 of the gross premiums
earned in the second quarter and first six months of 2000, respectively,
relates to a new program that is 100% reinsured by an unaffiliated reinsurer.
Excluding this new program, gross premiums earned decreased $226,000 and
$400,000 in the second quarter and first six months of 2000, respectively,
compared to the corresponding 1999 periods. Net premiums earned in the surety
bond program were $2.6 million in the second quarter of 2000 and 1999, and
were $5.4 million for the six month periods ended June 30, 2000 and 1999.
Gross premiums earned in the group accident and health program decreased
$1.7 million or 67% in the second quarter of 2000 compared to the second
quarter of 1999, and decreased $3.3 million or 64% for the six months ended
June 30, 2000 compared to the 1999 period. Net premiums earned in this
program decreased $1.5 million or 65% in the second quarter of 2000 compared
to the second quarter of 1999, and decreased $2.8 million or 62% for the six
months ended June 30, 2000 compared to the 1999 period. NAICO discontinued
writing new policies for the excess portion of the group accident and health
program effective April 1, 1999.
Net Interest Income and Net Realized Investment Gains
At June 30, 2000, the Company's investment portfolio consisted primarily
of fixed income U.S. Government, high-quality corporate and tax exempt bonds,
with approximately 10% invested in cash and money market instruments. The
Company's portfolio contains no non-investment grade bonds or real estate
investments.
Net interest income increased $87,000 or 7% in the second quarter of 2000
compared to the second quarter of 1999, and increased $182,000 or 7% for the
six months ended June 30, 2000 compared to the 1999 period, due primarily to
an increase in invested assets. Invested assets increased from $109.7 million
at June 30, 1999 to $121.0 million at June 30, 2000 due primarily to the
collection of $12.9 million in January 2000 related to two reinsurance
treaties which were rescinded in the fourth quarter of 1999. The Company had
no net realized investment gains or losses in the second quarter of 2000 and
1999, and had no net realized investment gains in the first six months of 2000
compared to $50,000 in the first six months of 1999.
Commissions, Fees and Other Income
The Company's income from commissions, fees and other income decreased
$51,000 or 12% in the second quarter of 2000 compared to the second quarter of
1999, and decreased $100,000 or 12% for the six months ended June 30, 2000
compared to the 1999 period. The majority of the Company's income from
commissions, fees and other income are from the Company's subsidiary LaGere
and Walkingstick Insurance Agency, Inc. ("L&W").
L&W's brokerage commissions and fees before intercompany eliminations were
$1.9 million and $4.0 million in the second quarter and first six months of
2000, respectively, compared to $2.0 million and $4.0 million in the year ago
periods. A large portion of the brokerage commissions and fees for L&W is
incurred by NAICO and thus eliminated in the consolidation of the Company's
subsidiaries.
Losses and Loss Adjustment Expenses
The percentage of losses and loss adjustment expenses to net premiums
earned ("loss ratio") was 70.5% and 71.0% for the quarter and six months ended
June 30, 2000, compared to 71.1% and 67.5% in the comparable 1999 periods.
Weather-related losses from wind and hail totaled $1.2 million and
$1.8 million for the second quarter and first six months of 2000,
respectively, and increased the respective loss ratios by 4.0 and 3.0
percentage points. Weather-related losses totaled $2.8 million and
$3.2 million for the second quarter and first six months of 1999,
respectively, and increased the respective loss ratios by 13.4 and 7.7
percentage points. The 1999 periods included $1.9 million in weather-related
losses which resulted from the tornadoes, strong winds and hail that caused
significant damage in Oklahoma on May 3, 1999.
Policy Acquisition Costs
Policy acquisition costs consist of costs associated with the acquisition
of new and renewal business and generally include direct costs such as premium
taxes, commissions to agents and ceding companies and premium-related
assessments and indirect costs such as salaries and expenses of personnel who
perform and support underwriting activities. NAICO also receives ceding
commissions from the reinsurers who assume premiums from NAICO under certain
reinsurance contracts and the ceding commissions are accounted for as a
reduction of policy acquisition costs. Direct policy acquisition costs and
ceding commissions are deferred and amortized over the terms of the policies.
When the sum of the anticipated losses, loss adjustment expenses and
unamortized policy acquisition costs exceeds the related unearned premiums,
including anticipated investment income, a provision for the indicated
deficiency is recorded.
The following table sets forth the Company's policy acquisition costs for
each of the three and six month periods ended June 30, 2000 and 1999:
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
(In thousands)
Commissions expense $5,731 $5,704 $10,990 $10,142
Other premium related
assessments 410 288 813 688
Premium taxes 1,240 941 2,215 1,367
Excise taxes 90 53 201 99
Dividends to policyholders 100 70 201 157
Other expense 30 55 72 85
Total direct expenses 7,601 7,111 14,492 12,538
Indirect underwriting expenses 3,975 3,970 8,053 7,794
Commissions received from
reinsurers (2,897) (4,687) (6,586) (8,902)
Adjustment for deferred
acquisition costs (738) (142) (320) (131)
Net policy acquisition costs $7,941 $6,252 $15,639 $11,299
Total gross direct and indirect expenses as a percentage of direct written
and assumed premiums were 24.7% and 24.5% for the second quarter and first six
months of 2000, respectively, compared to 27.9% and 27.2% in the corresponding
year ago periods. Commission expense as a percentage of gross written and
assumed premiums was 12.2% and 12.0% in the second quarter and the first six
months of 2000, respectively, compared to 14.4% and 13.6% in the corresponding
1999 periods. Premium taxes increased $299,000 and $848,000 in the second
quarter and six months ended June 30, 2000, respectively, over the
corresponding 1999 periods due to the increase in written premiums and to a
refund of $392,000 which was received in the first quarter of 1999 for premium
taxes paid in a prior year.
Indirect underwriting expenses were 8.5% and 8.8% of total direct written
and assumed premiums in the second quarter and first six months of 2000,
respectively, compared to 10.0% and 10.4% in the corresponding 1999 periods.
Indirect expenses include general overhead and administrative costs associated
with the acquisition of new and renewal business, some of which is relatively
fixed in nature, thus, the percentage of such expenses to direct written and
assumed premiums will vary depending on the Company's overall premium volume.
General and Administrative Expenses
General and administrative expenses were 6.7% and 7.3% of gross premiums
earned and commissions, fees and other income in the second quarter and first
six months of 2000, respectively, compared to 7.8% and 8.1% for the
corresponding 1999 periods. General and administrative expenses have
historically not varied in direct proportion to the Company's revenues. A
portion of such expenses is allocated to policy acquisition costs (indirect
underwriting expenses) and loss and loss adjustment expenses based on various
factors including employee counts, salaries, occupancy and specific
identification. Because certain types of expenses are fixed in nature, the
percentage of such expenses to revenues will vary depending on the Company's
overall premium volume.
Interest Expense
Interest expense increased $352,000 or 165% in the second quarter of 2000
compared to the second quarter of 1999, and increased $690,000 or 156% for the
first six months of 2000 compared to the 1999 period. The increase was
primarily due to interest expense on the $24 million debenture offering which
was completed on July 16, 1999 by Chandler USA.
Litigation and Litigation Expenses
Litigation expenses reflect expenses related to the ongoing legal
proceedings involving CenTra. Litigation expenses increased $14,000 or 7.3%
in the second quarter of 2000 compared to the second quarter of 1999, and
decreased $18,000 or 4.0% for the six months ended June 30, 2000 compared to
the 1999 period. Increased or renewed activity could result in greater
litigation expenses in 2000 or future years.
The Nebraska Court had previously ordered CenTra to divest all shares of
Chandler stock owned or controlled by it or its affiliates. After partial
divestiture, CenTra and its affiliates still own 1,142,625 shares of Chandler
stock which will be divested following a ruling on CenTra's appeal of a
judgment entered by the Oklahoma Court in April 1997. That judgment requires
CenTra to transfer the shares to the Company in exchange for payment of
$6,882,500. Based on the April 22, 1997 judgment and subsequent actions by
the Oklahoma Court, the Company previously recorded the return of the
1,142,625 shares as a decrease to shareholders' equity during 1997. Following
the conclusion of the appeal, the Nebraska Court will determine the method of
divestiture of these shares. The appellate court heard oral argument on
November 15, 1999. The Company cannot predict when the appellate court will
rule on the appeal.
Income Tax Provision or Benefit
The provision for or benefit from federal income taxes of the consolidated
U.S. subsidiaries varies with the level of income or loss before income taxes
of such subsidiaries. The provision or benefit relative to the consolidated
income before income taxes will also vary dependent on the contribution to
income before income taxes by the consolidated U.S. subsidiaries.
Liquidity and Capital Resources
In the first six months of 2000, the Company provided $4.9 million in cash
from operations due primarily to the collection of certain receivables
totaling approximately $12.9 million in January of 2000 that were related to
the rescission of two reinsurance treaties during the fourth quarter of 1999.
Cash provided from operations was reduced by an increase in reinsurance
recoverables, less an increase in unpaid losses and loss adjustment expenses,
during the period which generally result from the increase in written
premiums. The Company used $6.0 million in cash from operations during the
first six months of 1999 due primarily to increases in premiums receivable and
reinsurance recoverables, less an increase in unpaid losses, which generally
resulted from the increase in written premiums in the 1999 period and to the
purchase of additional reinsurance coverages in 1998.
Book value per share was $14.97 at June 30, 2000 based on 3,285,408 shares
(after giving effect to 1,142,625 shares rescinded through litigation)
compared to $15.45 at December 31, 1999.
Cautionary Statement
Some of the statements made in this News Release, as well as statements
made by the Company in periodic press releases, oral statements made by the
Company's officials to analysts and shareholders in the course of
presentations about the Company and conference calls following earnings
releases, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among other things, (i) general economic and business
conditions; (ii) interest rate changes; (iii) competition and regulatory
environment in which the Company operates; (iv) claims frequency; (v) claims
severity; (vi) the number of new and renewal policy applications submitted by
the Company's agents; (vii) the ability of the Company to obtain adequate
reinsurance in amounts and at rates that will not adversely affect its
competitive position; (viii) NAICO's ability to maintain favorable insurance
company ratings; and (ix) other factors such as the ongoing litigation matters
involving a significant concentration of ownership of common stock.
CHANDLER INSURANCE COMPANY, LTD
Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands except per share data)
For the three months
ended June 30, %
2000 1999 Change
Premiums and other revenues
Direct premiums written and assumed $46,808 $39,708 18%
Reinsurance premiums ceded (15,457) (17,474) -12%
Net premiums written and assumed 31,351 22,234 41%
Increase in unearned premiums (1,212) (1,578) -23%
Net premiums earned 30,139 20,656 46%
Interest income, net 1,402 1,315 7%
Realized investment gains, net -- -- --%
Commissions, fees and other income 365 416 -12%
Total premiums and other revenues 31,906 22,387 43%
Operating costs and expenses
Losses and loss adjustment expenses 21,236 14,687 45%
Policy acquisition costs 7,941 6,252 27%
General and administrative expenses 3,155 2,938 7%
Interest expense 565 213 165%
Litigation expenses, net 205 191 7%
Total operating costs and expenses 33,102 24,281 36%
Loss before income taxes (1,196) (1,894) -37%
Federal income tax benefit of
consolidated U.S. subsidiaries 699 739 -5%
Net loss $(497) $(1,155) -57%
Basic loss per common share $(0.11) $(0.18) -39%
Diluted loss per common share $(0.11) $(0.18) -39%
Basic weighted average common shares
outstanding 4,428 6,417 -31%
Diluted weighted average common shares
outstanding 4,446 6,435 -31%
CHANDLER INSURANCE COMPANY, LTD
Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands except per share data)
For the six months
ended June 30, %
2000 1999 Change
Premiums and other revenues
Direct premiums written and assumed $91,937 $74,819 23%
Reinsurance premiums ceded (33,771) (31,527) 7%
Net premiums written and assumed 58,166 43,292 34%
Decrease (increase) in unearned premiums 1,048 (1,598) -166%
Net premiums earned 59,214 41,694 42%
Interest income, net 2,880 2,698 7%
Realized investment gains, net -- 50 -100%
Commissions, fees and other income 763 863 -12%
Total premiums and other revenues 62,857 45,305 39%
Operating costs and expenses
Losses and loss adjustment expenses 42,036 28,138 49%
Policy acquisition costs 15,639 11,299 38%
General and administrative expenses 6,667 5,924 13%
Interest expense 1,131 441 156%
Litigation expenses, net 432 450 -4%
Total operating costs and expenses 65,905 46,252 42%
Loss before income taxes (3,048) (947) 222%
Federal income tax benefit of
consolidated U.S. subsidiaries 1,288 317 306%
Net loss $(1,760) $(630) 179%
Basic loss per common share $(0.40) $(0.10) 300%
Diluted loss per common share $(0.40) $(0.10) 300%
Basic weighted average common shares
outstanding 4,428 6,417 -31%
Diluted weighted average common shares
outstanding 4,446 6,435 -31%
CHANDLER INSURANCE COMPANY, LTD
Consolidated Balance Sheets
(Amounts in thousands except share amounts)
June 30, December 31,
2000 1999
Assets (Unaudited)
Investments
Fixed maturities available for sale,
at fair value $107,631 $108,709
Fixed maturities held to maturity,
at amortized cost (fair value $1,074 and
$1,039 in 2000 and 1999, respectively) 1,020 984
Equity securities available for sale,
at fair value 306 306
Total investments 108,957 109,999
Cash and cash equivalents 12,056 8,456
Premiums receivable, less allowance for
non-collection of $409 and $263 at 2000 and
1999, respectively 35,452 47,721
Reinsurance recoverable on paid losses, less
allowance for non-collection of $275 at 2000
and 1999 7,170 3,281
Reinsurance recoverable on unpaid losses, less
allowance for non-collection of $355 and $302
at 2000 and 1999, respectively 40,273 37,539
Prepaid reinsurance premiums 22,233 19,960
Deferred policy acquisition costs 6,808 6,488
Property and equipment, net 12,646 10,765
Excess of cost over net assets acquired, net 3,632 3,955
Licenses, net 3,969 4,044
Other assets 19,147 16,912
Total assets $272,343 $269,120
Liabilities and Shareholders' Equity
Liabilities
Unpaid losses and loss adjustment expenses $102,077 $98,460
Unearned premiums 68,994 67,769
Policyholder deposits 5,307 5,135
Accrued taxes and other payables 6,695 6,796
Premiums payable 6,941 7,312
Litigation liabilities 9,163 8,905
Debentures 24,000 24,000
Total liabilities 223,177 218,377
Shareholders' equity
Common stock, $1.67 par value, 10,000,000
shares authorized, 4,428,033 shares issued 7,395 7,395
Paid-in surplus 21,380 21,380
Capital redemption reserve 947 947
Retained earnings 28,719 30,479
Less: Stock rescinded through litigation
(1,142,625 shares) (6,883) (6,883)
Accumulated other comprehensive loss:
Unrealized loss on investments available
for sale, net of deferred income taxes (2,392) (2,575)
Total shareholders' equity 49,166 50,743
Total liabilities and shareholders' equity $272,343 $269,120
SOURCE Chandler Insurance Company, Ltd.
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CONTACT:
Steve Butler, V.P.-Administration of Chandler
Insurance Company, Ltd., Cayman, 345-949-8177, or Mark Paden,
Exec. V.P. & CFO of Chandler Insurance Company, Ltd., USA,
405-258-4228, or General, Mike Arneth, 312-640-6734, or Diane
Rohlin, 312-640-6748, or Media, Margie Baigh, 312-640-6690, all
of The Financial Relations Board
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