GRAND CAYMAN, Cayman Islands, Nov. 8 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), the parent of subsidiary companies based in
Oklahoma, today announced results for the third quarter and nine months ended
September 30, 2000. Gross premiums earned for the third quarter of 2000 were
$50.9 million, a 34% increase compared to $37.9 million in the third quarter
of 1999. Gross premiums earned for the first nine months of 2000 were
$141.6 million, a 28% increase from the first nine months of 1999.
Summary of Third Quarter Financial Highlights
(unaudited; amounts in thousands except per share amounts)
Three Months Ended Nine months Ended
September 30, September 30,
2000 1999 Change 2000 1999 Change
Gross premiums
earned $50,893 $37,905 +34% $141,605 $110,237 + 28%
Net premiums
earned $33,335 $22,365 +49% $92,549 $64,059 + 44%
Litigation
expenses, net $153 $233 -34% $585 $683 - 14%
Income (loss)
before income
taxes $878 $(836) +205% $(2,170) $(1,783) - 22%
Net income
(loss) $803 $(323) +349% $(957) $(953) - %
Net income (loss)
excluding net
litigation
expenses $949 $(101) +1040% $(388) $(296) - 31%
Net income (loss)
per common share $0.18 $(0.05) +460% $(0.22) $(0.15) - 47%
Diluted weighted
average common
shares
outstanding 4,444 6,433 - 31% 4,445 6,434 - 31%
"We are very pleased with our results in the third quarter. The fruits of
our labor to expand our standard property and casualty business in the Texas
market combined with rate increases we were able to implement and our
continued focus on underwriting standards and expense control have allowed us
to turn the corner on profitability."
Brent LaGere, Chairman and Chief Executive Officer
Net income of $803,000 or $0.18 per share was reported for the third
quarter of 2000 compared to a net loss of $323,000 or $0.05 per share in the
third quarter of 1999. A net loss of $957,000 or $0.22 per share was reported
for the nine months ended September 30, 2000 compared to a net loss of
$953,000 or $0.15 per share for the nine months ended September 30, 1999.
Going Private Litigation
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.
All three suits have been consolidated into a single action pending before a
State District Judge in Oklahoma City. The plaintiffs, who are represented by
one law firm, have been granted leave to amend their claims and are expected
to do so by November 13, 2000. The Company will file a timely response and
will vigorously defend the suit. 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 Federal Court"). The Company has responded,
but the Oklahoma Federal Court has not ruled.
Results of Operations
The Company's combined loss and underwriting expense ratio was 93.9% for
the third quarter of 2000 versus 99.3% for the third quarter of 1999, and was
102.1% for the first nine months of 2000 versus 102.2% for the first nine
months of 1999. The loss ratio was 66.1% in the third quarter of 2000
compared to 73.3% in the third quarter of 1999, and was 69.2% for the first
nine months of 2000 compared to 69.5% for the first nine months of 1999.
The Company's underwriting expense ratio was 27.8% in the third quarter of
2000 compared to 26.1% in the third quarter of 1999. The underwriting expense
ratio for the first nine months of 2000 was 32.9% compared to 32.7% for the
first nine 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 89.1% in the third quarter of 2000 from 93.2% in
the third quarter of 1999. The operating ratio for the first nine months of
2000 was 97.3% compared to 95.8% for the first nine months of 1999.
Brent LaGere, Chairman and Chief Executive Officer, commented: "We are
obviously pleased that we were able to return to profitability in the third
quarter. Our strong results in the quarter are a reflection of a number of
factors, with the greatest impact coming from our standard property and
casualty lines. The focus on increasing our standard property and casualty
business in the Texas market is beginning to yield excellent results as our
agent relationships have solidified and we have achieved a higher profile in
that large market. Additionally, we have been able to institute long overdue
rate increases as pricing in the property and casualty sector has started to
firm. Finally, the improvement in our combined ratio reflects our continued
attention to maintaining underwriting standards and minimizing our cost
structure.
The results we were able to achieve in the third quarter of 2000 were not
just good fortune. Rather, they were the result of hard work by everyone
associated with our organization," LaGere added.
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.
On November 3, 2000, the Company learned that A.M. Best Company had
downgraded its rating of NAICO from "A- (Excellent)" to "B+ (Very Good)."
Premium growth and slippage in the Company's underwriting results created
greater financial leverage which was the primary basis for the downgrade.
NAICO is rated "A (Strong)" by Standard and Poor's rating agency.
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 nine month periods
ended September 30, 2000 and 1999:
Gross premiums earned Net premiums earned
Three months ended
September 30, 2000 1999 2000 1999
(In thousands)
Standard property and casualty $37,913 $24,536 $26,005 $13,746
Political subdivisions 8,760 7,669 4,270 3,933
Surety bonds 3,405 3,430 2,332 2,598
Group accident and health 835 2,233 770 2,056
Other (20) 37 (42) 32
TOTAL $50,893 $37,905 $33,335 $22,365
Gross premiums earned Net premiums earned
Nine months ended
September 30, 2000 1999 2000 1999
(In thousands)
Standard property and casualty $102,507 $70,175 $69,094 $37,973
Political subdivisions 25,439 22,164 12,963 11,429
Surety bonds 10,727 10,384 7,758 8,041
Group accident and health 2,714 7,442 2,544 6,673
Other 218 72 190 (57)
TOTAL $141,605 $110,237 $92,549 $64,059
Gross premiums earned, before reductions for premiums ceded to reinsurers,
increased $13.0 million or 34% in the third quarter of 2000 compared to the
third quarter of 1999. Gross premiums earned for the first nine months of
2000 increased $31.4 million or 28% compared to the first nine months of 1999.
The increases are primarily attributable to increases in premium rates and
premium production in Texas and Oklahoma. Net premiums earned increased
$11.0 million or 49% in the third quarter of 2000 compared to the third
quarter of 1999, and increased $28.5 million or 44% for the nine months ended
September 30, 2000 compared to the 1999 period. The increase in net premiums
earned was due to the increases in premium rates and 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 $13.4 million or 55% in the third quarter of 2000 compared to the
third quarter of 1999, and increased $32.3 million or 46% for the nine months
ended September 30, 2000 compared to the 1999 period. The increases are
primarily attributable to increases in premium rates and premium production.
Net premiums earned in the standard property and casualty program increased
$12.3 million or 89% in the third quarter of 2000 compared to the third
quarter of 1999, and increased $31.1 million or 82% for the nine months ended
September 30, 2000 compared to the 1999 period. The increase in net premiums
earned was due to the increases in premium rates and premium production, and
to the increase in the amount of risk retained for the workers compensation
portion of the program.
Gross premiums earned in the political subdivisions program increased
$1.1 million or 14% in the third quarter of 2000 compared to the third quarter
of 1999, and increased $3.3 million or 15% for the nine months ended September
30, 2000 compared to the 1999 period. The increases are primarily
attributable to rate increases in the school districts portion of the
program. Net premiums earned in the political subdivisions program increased
$337,000 or 9% in the third quarter of 2000 compared to the third quarter of
1999, and increased $1.5 million or 13% for the nine months ended September
30, 2000 compared to the 1999 period.
Gross premiums earned in the surety bond program decreased $25,000 or
1% in the third quarter of 2000 compared to the third quarter of 1999, and
increased $343,000 or 3% for the nine months ended September 30, 2000 compared
to the 1999 period. Approximately $227,000 and $995,000 of the gross premiums
earned in the third quarter and first nine 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 $252,000 and
$652,000 in the third quarter and first nine months of 2000, respectively,
compared to the corresponding 1999 periods. Net premiums earned in the surety
bond program decreased $266,000 or 10% in the third quarter of 2000 compared
to the third quarter of 1999, and decreased $283,000 or 4% for the nine months
ended September 30, 2000 compared to the 1999 period.
Gross premiums earned in the group accident and health program decreased
$1.4 million or 63% in the third quarter of 2000 compared to the third quarter
of 1999, and decreased $4.7 million or 64% for the nine months ended September
30, 2000 compared to the 1999 period. Net premiums earned in this program
decreased $1.3 million or 63% in the third quarter of 2000 compared to the
third quarter of 1999, and decreased $4.1 million or 62% for the nine months
ended September 30, 2000 compared to the 1999 periods. NAICO plans to
discontinue this program during the first quarter of 2001.
Net Interest Income and Net Realized Investment Gains
At September 30, 2000, the Company's investment portfolio consisted
primarily of fixed income U.S. Government, high-quality corporate and tax
exempt bonds, with approximately 12% 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 $226,000 or 16% in the third quarter of
2000 compared to the third quarter of 1999, and increased $408,000 or 10% for
the nine months ended September 30, 2000 compared to the 1999 period, due
primarily to an increase in average invested assets and an increase in the
average net yield on the portfolio. The average annualized net yield,
excluding net realized investment gains, for the three months ended September
30, 2000 and 1999 was 5.0% and 4.5%, respectively. For the nine months ended
September 30, 2000 and 1999, the average annualized net yield was 4.7% and
4.5%, respectively. The Company had net realized investment gains of
$178,000 and $5,000 in the third quarter of 2000 and 1999, respectively,
and had net realized investment gains in the first nine months of 2000 of
$178,000 compared to $55,000 in the first nine months of 1999.
Commissions, Fees and Other Income
The Company's income from commissions, fees and other income decreased
$20,000 or 4% in the third quarter of 2000 compared to the third quarter of
1999, and decreased $120,000 or 9% for the nine months ended September 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 & Walkingstick Insurance Agency, Inc. ("L&W").
L&W's brokerage commissions and fees before intercompany eliminations were
$3.3 million and $7.3 million in the third quarter and first nine months of
2000, respectively, compared to $3.2 million and $7.2 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 66.1% and 69.2% for the quarter and nine
months ended September 30, 2000, compared to 73.2% and 69.5% in the
comparable 1999 periods. Weather-related losses from wind and hail totaled
$579,000 and $2.4 million for the third quarter and first nine months of
2000, respectively, and increased the respective loss ratios by 1.7 and
2.6 percentage points. Weather-related losses totaled $803,000 and
$4.0 million for the third quarter and first nine months of 1999,
respectively, and increased the respective loss ratios by 3.6 and
6.3 percentage points. The nine month period ending September 30, 1999
included $1.8 million in weather-related losses which resulted from the
tornadoes, strong winds and hail that caused significant damage in Oklahoma on
May 3, 1999. The decrease in weather-related losses in the 2000 periods was
largely offset by adverse loss experience in the group accident and health
program and higher than normal losses in the Company's surety bond program.
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 nine month periods ended September 30, 2000 and 1999:
Three months ended Nine months ended
September 30, September 30,
2000 1999 2000 1999
(In thousands)
Commissions expense $ 6,841 $ 4,807 $ 17,832 $ 14,949
Other premium related
assessments 334 378 1,147 1,065
Premium taxes 1,101 814 3,316 2,181
Excise taxes 121 70 321 169
Dividends to policyholders (1) 90 200 247
Other expense 173 70 246 155
Total direct expenses 8,569 6,229 23,062 18,766
Indirect underwriting expenses 5,230 4,582 13,283 12,377
Commissions received from
reinsurers (5,124) (5,327) (11,710) (14,230)
Adjustment for deferred
acquisition costs (558) (621) (879) (751)
Net policy acquisition costs $ 8,117 $ 4,863 $ 23,756 $ 16,162
Total gross direct and indirect expenses as a percentage of direct written
and assumed premiums were 21.1% and 23.1% for the third quarter and first nine
months of 2000, respectively, compared to 21.5% and 24.9% in the corresponding
year ago periods. Commission expense as a percentage of gross written and
assumed premiums was 10.5% and 11.3% in the third quarter and the first nine
months of 2000, respectively, compared to 9.6% and 12.0% in the corresponding
1999 periods. Premium taxes increased $287,000 and $1.1 million in the third
quarter and nine months ended September 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 8.0% and 8.4% of total direct written
and assumed premiums in the third quarter and first nine months of 2000,
respectively, compared to 9.1% and 9.9% 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 7.5% and 7.4% of gross premiums
earned and commissions, fees and other income in the third quarter and first
nine months of 2000, respectively, compared to 8.0% 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 $57,000 or 11% in the third quarter of 2000
compared to the third quarter of 1999, and increased $747,000 or 78% for the
first nine 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 decreased $80,000 or 34% in
the third quarter of 2000 compared to the third quarter of 1999, and decreased
$98,000 or 14% for the nine months ended September 30, 2000 compared to the
1999 period. Increased or renewed activity could result in greater litigation
expenses in the future.
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. An April 22, 1997 judgment by the Oklahoma Federal Court 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 Federal Court, the Company previously recorded the return of the
1,142,625 shares as a decrease to shareholders' equity during 1997. On
September 7, 2000, the U.S. Court of Appeals for the Tenth Circuit let stand
all judgments and rulings of the Oklahoma Federal Court. On November 1, 2000,
the Nebraska Court ordered that all remaining shares owned by CenTra be
transferred to the Company by November 15, 2000 and that the Company
simultaneously pay $6,882,500 in exchange for the shares. The Oklahoma
Federal Court currently has under consideration dispositive motions regarding
a claim made by CenTra affiliates based upon alleged wrongful cancellation of
certain insurance policies by NAICO and NAICO Indemnity (Cayman), Ltd.,
subsidiaries of the Company.
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 nine months of 2000, the Company provided $14.2 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 also increased due to an increase in unearned
premiums and premiums payable, less an increase in prepaid reinsurance
premiums and premiums receivable other than the collections described above,
which generally resulted from the increase in written premiums. The Company
provided $2.1 million in cash from operations during the first nine months of
1999.
Book value per share was $15.52 at September 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 September 30, %
2000 1999 Change
Premiums and other revenues
Direct premiums written and assumed $65,265 $50,219 30%
Reinsurance premiums ceded (23,027) (19,382) 19%
Net premiums written and assumed 42,238 30,837 37%
Increase in unearned premiums (8,903) (8,472) 5%
Net premiums earned 33,335 22,365 49%
Interest income, net 1,599 1,373 16%
Realized investment gains, net 178 5 3460%
Commissions, fees and other income 479 499 -4%
Total premiums and other revenues 35,591 24,242 47%
Operating costs and expenses
Losses and loss adjustment expenses 22,039 16,382 35%
Policy acquisition costs 8,117 4,863 67%
General and administrative expenses 3,833 3,086 24%
Interest expense 571 514 11%
Litigation expenses, net 153 233 -34%
Total operating costs and expenses 34,713 25,078 38%
Income (loss) before income taxes 878 (836) 205%
Federal income tax benefit (provision)
of consolidated U.S. subsidiaries (75) 513 -115%
Net income (loss) $803 $(323) 349%
Basic earnings (loss) per common share $0.18 $(0.05) 460%
Diluted earnings (loss) per common share $0.18 $(0.05) 460%
Basic weighted average common
shares outstanding 4,428 6,417 -31%
Diluted weighted average common
shares outstanding 4,444 6,433 -31%
CHANDLER INSURANCE COMPANY, LTD
Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands except per share data)
For the nine months
ended September 30, %
2000 1999 Change
Premiums and other revenues
Direct premiums written and assumed $157,202 $125,038 26%
Reinsurance premiums ceded (56,798) (50,909) 12%
Net premiums written and assumed 100,404 74,129 35%
Increase in unearned premiums (7,855) (10,070) -22%
Net premiums earned 92,549 64,059 44%
Interest income, net 4,479 4,071 10%
Realized investment gains, net 178 55 224%
Commissions, fees and other income 1,242 1,362 -9%
Total premiums and other revenues 98,448 69,547 42%
Operating costs and expenses
Losses and loss adjustment expenses 64,075 44,520 44%
Policy acquisition costs 23,756 16,162 47%
General and administrative expenses 10,500 9,010 17%
Interest expense 1,702 955 78%
Litigation expenses, net 585 683 -14%
Total operating costs and expenses 100,618 71,330 41%
Loss before income taxes (2,170) (1,783) -22%
Federal income tax benefit
of consolidated U.S. subsidiaries 1,213 830 46%
Net loss $(957) $(953) 0%
Basic loss per common share $(0.22) $(0.15) -47%
Diluted loss per common share $(0.22) $(0.15) -47%
Basic weighted average common
shares outstanding 4,428 6,417 -31%
Diluted weighted average common
shares outstanding 4,445 6,434 -31%
CHANDLER INSURANCE COMPANY, LTD
Consolidated Balance Sheets
(Amounts in thousands except share amounts)
Sept 30, Dec 31,
2000 1999
Assets (Unaudited)
Investments
Fixed maturities available for sale,
at fair value $113,709 $108,709
Fixed maturities held to maturity,
at amortized cost (fair value $1,097
and $1,039 in 2000 and 1999, respectively) 1,038 984
Equity securities available for sale,
at fair value 442 306
Total investments 115,189 109,999
Cash and cash equivalents 16,363 8,456
Premiums receivable, less allowance for
non-collection of $463 and $263 at 2000
and 1999, respectively 44,016 47,721
Reinsurance recoverable on paid losses,
less allowance for non-collection of $275
at 2000 and 1999 2,362 3,281
Reinsurance recoverable on unpaid losses,
less allowance for non-collection of $355 and
$302 at 2000 and 1999, respectively 38,025 37,539
Prepaid reinsurance premiums 27,702 19,960
Deferred policy acquisition costs 7,366 6,488
Property and equipment, net 12,612 10,765
Licenses, net 3,932 4,044
Excess of cost over net assets acquired, net 3,296 3,955
Other assets 19,175 16,912
Total assets $290,038 $269,120
Liabilities and Shareholders' Equity
Liabilities
Unpaid losses and loss adjustment expenses $99,748 $98,460
Unearned premiums 83,366 67,769
Policyholder deposits 5,329 5,135
Accrued taxes and other payables 5,766 6,796
Premiums payable 11,582 7,312
Litigation liabilities 9,263 8,905
Debentures 24,000 24,000
Total liabilities 239,054 218,377
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 29,522 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 (1,377) (2,575)
Total shareholders' equity 50,984 50,743
Total liabilities and shareholders' equity $290,038 $269,120
SOURCE Chandler Insurance Company, Ltd.
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CONTACT:
Steve Butler, V.P.-Administration of Chandler
- Cayman, 345-949-8177, or Mark Paden, Exec. V.P. & CFO of
Chandler - USA, 405-258-4228; or General, Mike Arneth,
312-0640-6734, or Diane Rohlin, 312-640-6748, or Media, Margie
Baigh, 312-640-6690, all of The Financial Relations Board
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