Third quarter gross premiums earned increase 10%
GRAND CAYMAN, Cayman Islands, Nov. 4 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), the parent of subsidiary companies based in
Oklahoma, today announced results for the third quarter and nine month periods
ended September 30, 1998. Net income was $605,000 or $0.09 per share for the
third quarter of 1998 versus $1,041,000 or $0.16 per share in the third
quarter of 1997. The Company's strong customer service capabilities,
well-established regional presence and focus on its core business lines
continues to fuel continued growth in gross premiums earned despite a highly
competitive insurance marketplace.
Summary of Third Quarter Financial Highlights
(unaudited; amounts in thousands except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 Change 1998 1997 Change
Gross Premiums
Earned $32,224 $29,394 +10% $93,429 $86,551 +8%
Net Premiums
Earned(A) $17,859 $22,355 -20% $51,473 $71,751 -28%
Litigation Expenses,
Net $233 $408 -43% $(3,123) $11,330 -128%
Net Income (Loss) $605 $1,041 -42% $2,610 $(8,748) +130%
Net Income (Loss)
Per Share $0.09 $0.16 -44% $0.41 $(1.30) +132%
Diluted Weighted
Average Common
Shares
Outstanding 6,430 6,561 -2% 6,443 6,735 -4%
(A) See "Purchase of Additional Reinsurance" and "Premiums Earned"
sections
"Our marketplace is highly competitive, yet Chandler posted increases in
gross premiums earned for both the third quarter and nine month periods just
as we did in the previous quarter -- again notable achievements. The majority
of this growth is being fueled by our standard property-casualty and political
subdivisions programs in Oklahoma and neighboring states. But it is our
consistently excellent customer service capabilities -- not just in these
programs but in all of our lines and markets -- where our people distinguish
us from the competition and drive both new and renewal business."
-- Brent LaGere, Chairman & Chief Executive Officer
As cited in both the first and second quarters of 1998, the purchase of
additional reinsurance had an impact on the Company's combined loss and
underwriting expense ratio. In addition, the loss ratio was affected by
$748,000 in additional loss development from prior accident years recognized
in the third quarter of 1998 (see Losses and Loss Adjustment Expenses). Also,
storm-related losses from wind and hail totaled approximately $559,000 in the
current quarter versus $117,000 a year ago. Primarily as a result of these
factors, the Company's combined loss and underwriting expense ratio increased
to 96.7% for the third quarter of 1998 versus 90.4% for third quarter of 1997.
The loss ratio for these same periods increased from 57.5% to 68.7%, while the
Company's underwriting expense ratio decreased from 32.9% to 28.0%, primarily
as a result of the effects of the additional reinsurance on net premiums
written and lower expenses. The operating ratio, which considers net
investment income (excluding net realized gains or losses) in addition to the
combined ratio, increased to 87.9% from 82.2% in the year ago quarter.
Net income for the first nine months of 1998 was $2,610,000 or $0.41 per
share, versus a net loss of $8,748,000 or $1.30 per share in the first nine
months of 1997. The change in net income for the nine months period is
primarily attributable to a reduction in significant and unusual litigation
costs and related expenses from the year ago period, plus the recapture of
previously expensed litigation costs. Net income excluding net litigation
expenses was $833,000 or $0.13 per share in the third quarter of 1998, versus
net income excluding net litigation expenses of $1,392,000 or $0.21 per share
in the year ago quarter.
Brent LaGere, Chairman and Chief Executive Officer, commented: "Our
marketplace is highly competitive, yet Chandler posted increases in gross
premiums earned for both the third quarter and nine month periods just as we
did in the previous quarter -- again notable achievements. The majority of
this growth is being fueled by our standard property-casualty and political
subdivisions programs in Oklahoma and neighboring states. But it is our
consistently excellent customer service capabilities -- not just in these
programs but in all of our lines and markets -- where our people distinguish
us from the competition and drive both new and renewal business."
Through its U.S.-based subsidiary, National American Insurance Company
(NAICO), Chandler underwrites various lines of property and casualty insurance
including surety performance bonds and workers compensation in Oklahoma and
surrounding states, principally Texas. The Company's main areas of
concentration include contractors, manufacturers, oil and gas, wholesalers,
the service and retail industries along with political subdivisions.
Purchase of Additional Reinsurance
During the first quarter of 1998, NAICO purchased additional reinsurance
under its workers compensation and casualty reinsurance programs that
substantially reduced the combined net retentions in these lines of business.
The purchase of the additional reinsurance coverages in 1998 substantially
reduces the risk of loss for NAICO's workers compensation and casualty
insurance lines of business, but results in significantly lower net premiums
earned, losses and loss adjustment expenses and policy acquisition costs.
Premiums Earned
The following tables set forth premiums earned on a gross basis (before
reductions for premiums ceded to unaffiliated reinsurers) and a net basis for
the three and nine month periods ended September 30, 1998 and 1997:
Three months ended September 30,
Gross premiums earned Net premiums earned
1998 1997 1998 1997
(In thousands)
Standard property-casualty $19,975 $16,912 $10,616 $14,999
Political subdivisions 6,491 5,501 3,368 3,943
Surety bonds 3,158 2,900 2,721 2,489
Nonstandard private-passenger
automobile 1,097 3,515 52 700
Other 1,503 566 1,102 224
TOTAL $32,224 $29,394 $17,859 $22,355
Nine months ended September 30,
Gross premiums earned Net premiums earned
1998 1997 1998 1997
(In thousands)
Standard property-casualty $55,576 $46,125 $30,354 $40,726
Political subdivisions 18,203 15,867 9,499 11,136
Surety bonds 8,751 9,131 7,205 8,331
Nonstandard private-passenger
automobile 5,639 11,222 475 8,407
Other 5,260 4,206 3,940 3,151
TOTAL $93,429 $86,551 $51,473 $71,751
Gross premiums earned, before reductions for premiums ceded to
unaffiliated reinsurers, increased $2.8 million or 10% in the quarter ended
September 30, 1998 compared to the prior year, and increased $6.9 million or
8% for the nine months ended September 30, 1998 compared to the 1997 period.
Net premiums earned decreased $4.5 million or 20% in the 1998 quarter compared
to the prior year, and decreased $20.3 million or 28% for the nine months
ended September 30, 1998 compared to the 1997 period. The reduction in net
premiums earned was due to the purchase of additional reinsurance for NAICO's
workers compensation and casualty insurance programs described previously, and
to a reinsurance arrangement for a large portion of NAICO's nonstandard
private-passenger automobile program which was effective July 1, 1997.
Gross premiums earned in the standard property-casualty program increased
$3.1 million or 18% in the current quarter versus the prior year, and
increased $9.5 million or 20% for the nine months ended September 30, 1998
compared to the 1997 period. This increase is primarily attributable to
increased production in Oklahoma and contiguous states, principally Texas.
Net premiums earned decreased $4.4 million or 29% in the current quarter
versus the prior year, and decreased $10.4 million or 25% in the nine months
ended September 30, 1998 compared to the 1997 period due to the purchase of
additional reinsurance described previously.
Gross premiums earned in the political subdivisions program increased
$990,000 or 18% in the current quarter versus the prior year, and increased
$2.3 million or 15% for the nine months ended September 30, 1998 compared to
the 1997 period due primarily to expansion of the school districts program in
Texas and increased production in Oklahoma. Net premiums earned decreased
$575,000 or 15% in the current quarter versus the prior year, and decreased
$1.6 million or 15% for the nine months ended September 30, 1998 compared to
the 1997 period due to the purchase of additional reinsurance described
previously.
Net premiums earned in the surety bond program increased $232,000 or 9% in
the current quarter versus the prior year, and decreased $1.1 million or 14%
for the nine months ended September 30, 1998 compared to the 1997 period. Net
premiums earned from surety bonds produced by LaGere & Walkingstick Insurance
Agency, Inc. ("L&W") decreased $38,000 or 2% in the current quarter versus the
prior year, and decreased $559,000 or 9% for the nine months ended September
30, 1998 compared to the 1997 period. Increased competition and higher
reinsurance costs contributed to the decline in the 1998 periods. The
remaining change in the quarter and nine month periods was attributable to
production and reinsurance adjustments related to the runoff of the Midwest
Indemnity Corp. (Midwest) Program. NAICO and Midwest agreed to terminate the
underwriting and production contract effective December 31, 1995.
During 1997, NAICO discontinued the Oklahoma and Arizona portions of the
nonstandard private-passenger automobile program. During the second quarter
of 1997, management reviewed the underwriting performance of the California
portion of the program and concluded that it would be in the Company's best
interest to substantially reduce its underwriting risk. Effective July 1,
1997, NAICO entered into a 100% quota share reinsurance agreement to fully
reinsure the risk in the California portion of the program.
During 1996, NAICO began writing excess accident and health coverage for
small to medium sized employers generally in Oklahoma and Texas. Net premiums
earned in this program (included in Other in the preceding table) were
$1.3 million in the third quarter of 1998 versus $567,000 in the 1997 quarter,
and $3.5 million in the first nine months of 1998 versus $1.3 million in the
1997 period.
Net Investment Income
Net investment income excluding capital gains was $1.6 million and
$5.0 million in the three and nine month periods ended September 30, 1998,
respectively, compared to $1.8 million and $5.4 million in the year ago
periods. During the fourth quarter of 1997, NAICO shifted a portion of its
fixed maturities portfolio from taxable to tax exempt bonds resulting in
income from tax exempt securities of $278,000 and $821,000 in the three and
nine month periods ended September 30, 1998. NAICO had no tax exempt income
in the corresponding 1997 periods.
Net realized capital gains were $371,000 and $648,000 in the third quarter
and first nine months of 1998, respectively, compared to $4,000 and $36,000 in
the year ago periods. Net investment income including capital gains was
$1.9 million and $5.6 million in the three and nine month periods ended
September 30, 1998, respectively, compared to $1.9 million and $5.5 million in
the year ago periods.
Commissions, Fees and Other Income
L&W's brokerage commissions and fees before intercompany eliminations were
$2.8 million and $6.4 million in the three and nine months ended September 30,
1998, respectively, compared to $2.9 million and $6.9 million in the year ago
periods. The decrease in L&W's brokerage commissions and fees in the 1998
periods is primarily a result of increased competition and general declines in
premium rates. 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.
Fees generated by Network Administrators, Inc. (Network) were $93,000 and
$452,000 in the third quarter and first nine months of 1997. Network no
longer functions as a third-party administrator and did not generate any
income in the 1998 periods.
Chandler (U.S.A.), Inc. (Chandler USA) disposed of certain equipment in
the first quarter of 1998 that resulted in a gain of $145,000 before provision
for federal income tax.
Losses and Loss Adjustment Expenses
The percentage of losses and loss adjustment expenses to net premiums
earned ("loss ratio") was 68.7% and 69.9% for the quarter and nine months
ended September 30, 1998 compared to 57.5% and 61.3% in the comparable year
ago periods.
The increase in the 1998 loss ratio was primarily a result of additional
loss development from prior accident years recognized in 1998 and an increase
in storm-related losses. The prior year loss development totaled $748,000 and
$5.0 million in the third quarter and first nine months, respectively, and
increased the loss ratio for the three and nine months ended September 30,
1998 by 4.2 and 9.8 percentage points. Storm-related losses from wind and
hail totaled approximately $559,000 and $117,000 in the third quarter of 1998
and 1997, respectively, and were approximately $1,334,000 in the first nine
months of 1998 versus $361,000 in the 1997 period.
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 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.
Recoverability of such deferred costs is dependent on the related unearned
premiums on the policies being more than expected claim losses.
The following table sets forth the Company's policy acquisition costs for
each of the three and nine month periods ended September 30, 1998 and 1997:
Three months ended Nine months ended
September 30, September 30,
1998 1997 1998 1997
(In thousands)
Commissions expense $4,294 $4,097 $11,811 $12,148
Other premium related
assessments, net 499 (125) 1,391 561
Premium taxes 1,037 884 2,783 2,335
Excise taxes 69 52 175 120
Dividends to policyholders,
net (43) 694 107 792
Other expense 5 58 65 118
Total direct expenses 5,861 5,660 16,332 16,074
Indirect underwriting
expenses 3,994 3,907 10,138 9,940
Commissions received
from reinsurers (4,806) (2,946) (11,874) (4,688)
Adjustment for deferred
acquisition costs (1,047) 77 (1,544) (393)
Net policy acquisition
costs $4,002 $6,698 $13,052 $20,933
Total gross direct and indirect expenses as a percentage of direct written
and assumed premiums were 22.3% and 25.5% in the third quarter and first nine
months of 1998 compared to 24.6% and 27.2% in the corresponding year ago
periods. The average commission rates were 9.7% and 11.4% in the third
quarter and first nine months of 1998 versus 10.5% and 12.7% in the year ago
periods.
Indirect expenses were 9.0% and 9.8% of total direct written and assumed
premiums in the third quarter and first nine months of 1998, respectively,
compared to 10.1% and 10.4% in the corresponding year ago 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.
Commissions received from reinsurers increased $1.9 million or 63% in the
third quarter of 1998 compared to the 1997 quarter, and increased $7.2 million
or 153% in the first nine months of 1998 compared to 1997, due to the purchase
of additional reinsurance discussed previously which increased premiums ceded
to reinsurers by 46% and 125% in the third quarter and first nine months of
1998 over the 1997 periods.
General and Administrative Expenses
General and administrative expenses were 9.1% and 10.1% of gross premiums
earned and commissions, fees and other income for the quarter and nine month
period ended September 30, 1998, compared to 10.6% and 11.3% for the
corresponding periods in 1997. During the second quarter of 1998, the Company
adopted a stock option and stock grant plan for certain non-employee directors
of the Company. Compensation expense related to the plan in the amount of
$272,000 is included in general and administrative expenses in the second
quarter of 1998. Excluding the expense related to the Director Stock Plan,
general and administrative expenses declined 7% in the quarter and nine months
ended September 30, 1998 compared to the 1997 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 and losses 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.
Liquidity and Capital Resources
The Company used $6.3 million of cash for operations in the first nine
months of 1998 compared to cash provided by operations of $6.8 million in the
first nine months of 1997. The 1998 use of cash was due primarily to the
purchase of additional reinsurance described previously.
In April 1998, a subsidiary of the Company acquired 69,858 shares of the
Company's common stock from an agent for approximately $524,000. These shares
had previously been pledged to NAICO to secure certain obligations resulting
from insurance business produced by another agent.
Cash and Investments
Cash and investments at September 30, 1998 were $125.2 million compared to
$125.6 million at June 30, 1998. The Company's portfolio, which contains no
junk bonds or real estate investments, is 90% invested in fixed-income U.S.
Government and high-quality corporate and tax-exempt bonds, and 10% in cash
and money market instruments. Book value per share was $13.05 at September
30, 1998, on 4,757,108 shares (after giving effect to 1,660,125 shares
rescinded through litigation and 544,475 shares that are held by a subsidiary
of the Company) compared to $9.52 on 6,043,737 shares outstanding at September
30, 1997 (after giving effect to 517,500 shares rescinded through litigation
and 380,471 shares that were held by a subsidiary of the Company).
Litigation and Litigation Expenses
While the Company's litigation expenses related to CenTra, Inc. (CenTra)
have generally decreased since the first quarter of 1997, continued or renewed
actions by CenTra or its affiliates could cause the Company to incur
significant litigation related expenses in future periods. On April 21, 1998,
the Oklahoma Federal Court in which the CenTra litigation is pending ordered
all parties to pay their own costs and attorney's fees in the case thus
denying CenTra's request of approximately $4.7 million for those expenses.
CenTra did not appeal this decision within the time permitted by applicable
law. Accordingly, the Company reduced the previous first quarter 1997 net
charge for CenTra litigation matters by $3,771,000 during the second quarter
of 1998. In subsequent papers filed with the appellate court, CenTra asserts
as error the Oklahoma Federal Court's denial of attorney fees.
On March 25, 1997, a Nebraska Federal Court issued an order that CenTra
and its affiliates (the CenTra Group) must divest all shares of the Company.
CenTra appealed that decision. On July 29, 1998, the U.S. Court of Appeals
for the 8th Circuit affirmed the Nebraska Federal Court's order. On October
28, 1998 the CenTra Group filed papers in the Nebraska Federal Court
requesting that court to appoint a special master to oversee the divestiture
and an independent trustee to hold the shares pending completion of the
divestiture. NAICO will file a response to that request. NAICO's response
could include its own plan for the divestiture of the shares held by the
CenTra Group.
Income Tax Provision
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.
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; and (vii) other factors including the ongoing litigation
matters involving a significant concentration of ownership of common stock.
CHANDLER INSURANCE COMPANY, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands except per share amounts)
September 30, December 31,
1998 1997
Assets
Investments
Fixed maturities available for sale,
at fair value $110,913 $111,718
Fixed maturities held to maturity, at
amortized cost (fair value $1,338 and
$1,330 in 1998 and 1997, respectively) 1,167 1,222
Equity securities available for sale,
at fair value 191 124
Total investments 112,271 113,064
Cash and cash equivalents 12,884 11,999
Premiums receivable, less allowance
for non-collection of $118 and $115
at 1998 and 1997, respectively 31,890 28,079
Reinsurance recoverable on paid losses,
less allowance for non-collection of
$275 at 1998 and 1997 2,040 3,069
Reinsurance recoverable on unpaid losses,
less allowance for non-collection of
$334 and $390 at 1998 and 1997, respectively 27,566 10,876
Prepaid reinsurance premiums 11,811 9,662
Deferred policy acquisition costs 6,856 5,312
Property and equipment, net 7,904 5,907
Other assets 12,236 12,893
Licenses, net 4,231 4,344
Excess of cost over net assets acquired, net 4,766 5,252
Covenants not to compete, net 33 333
Total assets $234,488 $210,790
CHANDLER INSURANCE COMPANY, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands except per share amounts)
September 30, December 31,
1998 1997
Liabilities and Shareholders' Equity
Liabilities
Unpaid losses and loss adjustment expenses $82,488 $74,929
Unearned premiums 52,552 42,388
Policyholder deposits 4,632 4,830
Notes payable 9,944 2,796
Accrued taxes and other payables 4,202 6,340
Premiums payable 5,563 4,554
Litigation liabilities 13,037 16,618
Total liabilities 172,418 152,455
Shareholders' equity
Common stock, $1.67 par value, 10,000,000 shares
authorized, 6,941,708 shares issued 11,593 11,593
Paid-in surplus 34,982 34,942
Stock grant outstanding (20,000 shares) 125 -
Capital redemption reserve 947 947
Retained earnings 27,496 24,886
Less: Stock held by subsidiary, at cost
(544,475 and 494,617 shares in 1998
and 1997 respectively) (2,904) (2,487)
Less: Stock rescinded through litigation
(1,660,125 shares) (11,799) (11,799)
Accumulated other comprehensive income:
Unrealized gain on investments available
for sale, net of tax 1,630 253
Total shareholders' equity 62,070 58,335
Total liabilities and shareholders' equity $234,488 $210,790
CHANDLER INSURANCE COMPANY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands except per share data)
For the three months ended
September 30, %
1998 1997 Change
REVENUES
Direct premiums written and assumed $44,156 $38,851 14%
Reinsurance premiums ceded (17,322) (11,864) 46%
Net premiums written and assumed 26,834 26,987 -1%
Increase in unearned premiums (8,975) (4,632) 94%
Net premiums earned 17,859 22,355 -20%
Net investment income - excluding
net capital gains 1,570 1,849 -15%
Net investment income - net capital gains 371 4 9175%
Commissions, fees and other income 448 623 -28%
Total revenues 20,248 24,831 -18%
OPERATING EXPENSES
Losses and loss adjustment expenses 12,265 12,860 -5%
Policy acquisition costs 4,002 6,698 -40%
General and administrative expenses 2,971 3,186 -7%
Interest expense 286 100 186%
Litigation expenses, net 233 408 -43%
Total operating expenses 19,757 23,252 -15%
Net income before income taxes 491 1,579 -69%
Income tax benefit (provision)
of U.S. Subsidiaries 114 (538) 121%
Net income $605 $1,041 -42%
Basic and diluted earnings per common share $0.09 $0.16 -44%
Weighted average common shares outstanding:
Basic 6,417 6,561 -2%
Diluted 6,430 6,561 -2%
CHANDLER INSURANCE COMPANY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands except per share data)
For the nine months ended
September 30, %
1998 1997 Change
REVENUES
Direct premiums written and assumed $103,617 $95,766 8%
Reinsurance premiums ceded (44,129) (19,576) 125%
Net premiums written and assumed 59,488 76,190 -22%
Increase in unearned premiums (8,015) (4,439) 81%
Net premiums earned 51,473 71,751 -28%
Net investment income - excluding
net capital gains 4,983 5,440 -8%
Net investment income - net capital gains 648 36 1700%
Commissions, fees and other income 1,547 2,063 -25%
Total revenues 58,651 79,290 -26%
OPERATING EXPENSES
Losses and loss adjustment expenses 35,982 43,996 -18%
Policy acquisition costs 13,052 20,933 -38%
General and administrative expenses 9,557 9,982 -4%
Interest expense 687 278 147%
Litigation expenses, net (3,123) 11,330 -128%
Total operating expenses 56,155 86,519 -35%
Net income (loss) before income taxes 2,496 (7,229) 135%
Income tax benefit (provision) of
U.S. Subsidiaries 114 (1,519) 108%
Net income (loss) $2,610 $(8,748) 130%
Basic and diluted earnings (loss)
per common share $0.41 $(1.30) 132%
Weighted average common shares outstanding:
Basic 6,433 6,735 -4%
Diluted 6,443 6,735 -4%
SOURCE Chandler Insurance Company, Ltd.
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CONTACT:
Steve Butler, V.P.-Administration of Chandler
(Cayman), 345-949-8177, or Mark Paden, Executive V.P. & CFO of
Chandler (USA), 405-258-4228; or General, Mike Arneth,
312-640-6734, mga@chi.frbd.com, or Investors-Media, Paul
Scheeler, 312-640-6742, pas@chi.frbd.com, both of The Financial
Relations Board
NOTE TO EDITORS: For further information on Chandler Insurance
toll-free via fax, dial 1-800-PRO-INFO, follow the voice menu
prompts and enter the company code 032 on any touch tone phone.
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