Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David...

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Glidden Mutual Insurance Association David Lake 135 Idaho St., P.O. Box 608 Glidden IA 51443 Iowa Company Number: 0023 December 31, 2016 - Annual Statement

Transcript of Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David...

Page 1: Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David Lake 135 Idaho St., P.O. Box 608 Glidden IA 51443 Iowa Company Number: 0023 ...

Glidden Mutual Insurance Association

David Lake

135 Idaho St., P.O. Box 608

Glidden IA 51443

Iowa Company Number: 0023

December 31, 2016 - Annual Statement

Page 2: Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David Lake 135 Idaho St., P.O. Box 608 Glidden IA 51443 Iowa Company Number: 0023 ...

.................. - .. _,_._. ~------------------------0023 ,

DECEMBER 31,2016 •

1. Ledger Assets, D ~cember 31 of previous year, Total column 1, page 4 ..............................

INCOME - INCREASES IN LEDGER ASSETS

PREMIUMS (1 ) (2) (3)

Reinsurance Specific Direct Premiums Reinsurance

Premiums Assumed Premiums Ceded 2. Fire ...... .... .... .. .. . $ 554,658 $ $ 68,953

3. Windstorm ........ 404,810

4. Crop HaiL ........ ..

Homeowner 5. Assumed .. .. XXXXXXX 6. Totals .............. .. $ 959,468 $ $ 68,953

7. Aggregate excess loss reinsurance paid .... ... ... ..... ... ... ... .. .. ... ... .. .... .... .. ...

8 . Total net assess lent, premiums & fees (line 6, col. 4 - line 7 = line 8)

9. Net interest recei ed on bonds ............................................................

ltment of bonds 13, less 10. Increase in adju 2.590 . decrease in adjustment of bonds ................ .. ........... .

11 . Dividends receiv, ,d .... .... ... ..... ........ .... ..... ................ ... ................ .. ... .....

12. Interest received on bank depOSits (schedule C·2, column 7) .......... ... ..

13. Interest received on mortgage loans (schedule D, column 6) ...............

14. Other interest.. . ........................... •.••.......... •• ........... •• ........... ••..•...•.

15. Profit on sale of nvestment. ................ ..............................................

16. Rents received' ......... .... " ...... .. ...... .. ... ......................................... ..

17. Total income fro n investments (items 9 through 16) ... .... .... ... .... ... .

18. Borrowed mone .............. ..... ... ... .............................. ............... .... .... ....

19. Premiums collec :ed for other companies (less refunds) ......................

20. Checks charged off ............................... .. .......... .... .......... .... .................

21 . Increase in ledg r liabilities ..................................................................

22. Underwriting exp ense reimbursement. ........ ... ....... ....... ....... ..... ........ ...

23. Federal income ax refund ..... ... ....... ....... ... ... ...... ........ .. . ....... ... .. ......

24. Miscellaneous in :ome ...... ... ... .............................. .... ... ...... ..... ....... ...

25. Crop Hail Contin lency Commission ......... .. ........... .. ........... .. ..............

26. . ........ , .................................................................

27. Total (items 18 t! 'rough 26) .......................... .. ........ .......... .. .... .. ... ... ..

28. Total income (ite 11S 8, 17, and 27) ..... .. ... ................... ..... ... .... ........ ..

29. Total assets and income (item 1 plus item 28) ........ .. ............. ............

"Includes $. for association's occupancy of its own buildings.

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(4) Net

Premiums (1+2·3:4)

$ 485,705

404,810

$ 890,515

269721

.........•.................

14,280

(2,577)

9765

3648

21,416

...... ... ......... ••.. .....

57794

...........................

.. ..... .. ...... ...... ......

.... .... ...... .. .... ...... .

$

$

$

$

$

$

1,694,890

620,794

46532

57,794

725,120

2,420,010

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0023 ,

DECEMBER 31, 2016 1. Amount brought forward from line 29 page

DISBURSEMENTS - DECREASES IN LEDGER ASSETS

LOSSES (1) (2) (3)

Direct Losses

Reinsurance Assumed

Specific Reinsurance Recovered

2. Fire ............................... . $ 216,973 $ $ ---3. Windstorm ..................... . 29,175 4. Crop Hail

5. Homeowners Assumed ..... XXXXXXXXXX 6. Totals ............................ . $ 246,148 1$ $ 7. Received from aggregate excess loss reinsurance .......................................................... .

8. Total of all net losses (line 6, column 4 - line 7 = line 8) ................................................ ..

OPERATING EXPENSE 9. Loss Adjustment Expenses .................................... .

10. Commissions ................................... .

11. Advertising .......................... ..

12. Boards, bureaus and associations ...................... .

13. Inspection and loss prevention ............ .

14. Salaries of officers ............................ .

15. Expenses of officers .................................................................................................... .

16. Salaries of office employees ........................................................................................ .

17. Employee welfare ........................ ..

18. Insurance ........................ ..................... , ... , ... , ... , ....... , .......... ..... .... ........ ........................ .

19. Directors' compensation .............................................................................................. .

20. Directors' expenses.............................. ........................ . .......................... .

21. Rent and rent items............................... ........................ .. ...................... ..

22. Equipment. ................................................................................................................. ..

23. Printing, stationery and supplies ................................................................................ ..

Postage and telephone 24.

25. Legal and auditing ..................................................................................................... .

26. State insurance taxes (March 1, 116) (June 1, 4,647 ) (August 15, 4,647 ) 27. Insurance Division licenses and fees ......

28. Payroll taxes ................................... .. ......................... .... , ... , ........... ....... ... ............... ...... .

29. All other taxes (excluding Federal income) ............................................................... ..

30. Real estate expenses .................... .

31. Real estate taxes.. ................... .. .......................... ..

32. Interest on borrowed money ........ .

33. Miscellaneous ........................................................................................................... .

a. Annual Meeting ................................................................................................ . b. Donations/Contributions. .. .............. ................ .. .............................. .. c. Travel and Travel Items ...... .. d. Over and Short ................................................................................ .

34. 35. Total operating expense (items 9 through 34) ................................................................ .

NON-OPERATING EXPENSE 36. Borrowed money repaid .............. ..

37. Depreciation on real estate ....................................................................................... ..

38. Loss on sale of investments .................................................................................. ..

39. Federal income tax Prior year, 2,618 Current year, 45,456 40. Premium collections transmitted to other companies ................................................. ..

41. Commission paid agents for other companies ........................................................... ..

42. Decrease in ledger liabilities .............. .

43. Federal income tax penalty/interest... .......................................................................... ..

44. Total non-operating expense (items 36 through 43) ............................. ............ .......... ..

45. Total disbursements (items 8, 35, and 44) .....

46. Balance - ledger assets, December 31 st must agree with Line 22, Column 1, Page 4.

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$

$

(4) Net Losses Paid

1+2-3=4

216,973

29,175

246,148

=1 I

18.568

115481

1 170

5.621

14.310

19550

1144

36.760

---1.1 6,414

~

3035 12.253

1 517

5.429

9015

9410

2,655

4.434

1

766 2

48.074

45.150 8.339

127

$ 2420010

$ 246.148

$ 270888

101.690

$ 618.726

$ 1.801.284

Page 4: Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David Lake 135 Idaho St., P.O. Box 608 Glidden IA 51443 Iowa Company Number: 0023 ...

-.'~"'- ' --,,-.,- _.---",'. "'"''-''''~'''-'''-''''' -''''''''''''''-'-'~'"''''' .,.~,,,,,,,,,,,....,.,.,--....,.,.--...- ",......,.....,._._------0023

ASSETS - DECEMBER 31,2016 •

(1) (2) (3) (4) (5) Non-ledger including Assets not admitted Current Year Prior Year

including excess of Net Net excess of market book over market Admitted Assets Admitted Assets

Ledger Assets (or amortized) over or amortized values (1+2-3=4) book value

1. -Bonds (schedule A-part 1 ) .......... . $ 378,239 $ $ $ 378,239 $ 380,816

2 Stocks (schedule A-part 2) .. .... .. .. 609,206 137,418 746,624 652,964

3. Bank Balances

3.1 Subject to check(C-I). 112,555 112,555 129,505

3.2 On interest (C-2) ................ .. 700,000 700,000 625,000

4. Mortgage loans (schedule 0)

4.1 First liens .......................... .

4.2 Other than firs!.. ................ ..

5. Collateral loans (schedule E) ...... .

6. Real estate (schedule F) ............ .

7. Cash in office ............................. .

8. Unpaid Premiums

8.1 Due before November 1.. ... 4,452 4,452 XXXXXX xxx XXX

8.2 Due after November 1 ...... .. 9,463 9,463 14,996

9. Bills receivable ........................ .. XXXXXX xxx XXX

10. Agent's balances .......

11 . Reinsurance receivable on paid losses ............ ...................... ..

12. Accrued interest... .................... . XXXXXX 2,871 2,871 2,735

13. Accrued rent due ..................... .. XXXXXX

14. Equipment and furniture .......... .. XXXXXX xxx XXX

15. Supplies ................................... . XXXXXX xxx xxx 16. Automobiles .............. .. ............. . XXXXXX XXXXXX

17. Cash surrender value of life ins.

18. Federal Inc. tax recoverable .....

19. Electronic data processing equipment. .............................. . 1,283 40 1,243 405

20. Service fees & misc receivables. 14,513 14,513

21 . Prepaid Reins. & other assets .... 10,286

22. Totals .................................... . $ 1,801,283 $ 168,717 $ 4,492 $ 1,965,508 $ 1,816,707

"Bonds are amortized through 12/31/2015.

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,· . .. _· ··". ~_ .. " .. ,·.'_~ .. I .... M"",..~·,··.,,,. ·,~ ..... ,· .. · .. ·• .... ·~·. ·· ... i" ~" _ _ _ . ' ''''~' .• _ _ ___ ~

0023

• LIABILITIES - DECEMBER 31, 2016r-, ___ .----__ ---,

1. Unpaid claims (reported) ...................................................... . 8.000

2. Unpaid claims (incurred but not reported) ......... ... ....... .. .

3. Total unpaid losses ...... .. .. ... ... ..... .. ... ... .. ... . 8.000

4. Less: reinsurance recoverable on unpaid losses ........ ............. ......... .

5. Net unpaid claims .......................... .

6. Unpaid adjusting expenses ............ .

7. Ceded reinsurance balances payable ................................................................... .

8. Unpaid salaries and commissions ..

9. Borrowed money ..... ..... ... ........... .... .

10. Interest due on borrowed money ..

11. Amounts withheld for the account of others .......................................................... .

12. Taxes payable: Real estate .............................. .

Federal Income ..

Premium ........ ..... .

Other ......................................................................................... .

13. Other unpaid expenses ................ .

14. Premiums collected for other companies - not remitted ........................................ .

15. Premiums received in advance .....

16. - Unearned premium reserve ..... .... .... .... .... ... ... ..... .. .... .. ........... ....... ....... .. ... .... ...... . .

17. Service Fees and Employee Benefits Payable ...................... .......... ... .................. .

18. Miscellaneous Liabilities ............................................... .

19. Total liabilities ............................................... .. ............................................... .

20. Surplus ......................................... .

21 . Total liabilities and surplus .. ..... .... .

(line 21 must agree with line 22, column 4, and page 4)

-Method of calculation: 40% method.

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Current Year Prior Year

liP 8.000 52500

1 672 2,883

28,302 28.610

1.661

1.379 2.129

10.000 3,000

301 116

530 126

2.562 1.255

4.437 5,552

2.042

375000 368.000

435886 464 171

1.529,622 1 352536

1.965.508 1 816707

Page 6: Glidden Mutual Insurance Association · 2017. 6. 15. · Glidden Mutual Insurance Association David Lake 135 Idaho St., P.O. Box 608 Glidden IA 51443 Iowa Company Number: 0023 ...

-"~" ''''''''-'-''''-- ,-- "", .. ,.,,,.,, ..... , .. -.. -.. " .. ,--.. ---,----------------~

00'23

• HISTORICAL INFORMATION

2016 2015 2014 2013 2012

Gross Premium Fire ..................... .. .................................. 554,658 539,649 515,358 485,906 493,435 Windstonn .... , ....... ................................. ,. 404,810 389,690 402,367 394,769 397,822 Crop Hail ..... " ........ .. ..... " ..................... ,'" 0 0 0 0 0 Total ......... , ............ " ........... , .. ..... , .. , 959,468 929,339 917,725 880,675 891,257

Net Premium Written Fire ... .. ......... .. .. . ,', .. ....... ....... ..... , ...... ...... . 485,705 471 ,819 448,881 400,248 321,777 Windstorm ...... .. .. .. ..... ,""', ........ "", .. , ..... , 404,810 389,690 402,367 394,769 406,793 Crop Hail .............. ................................. 0 0 0 0 0 Total ........ ... , .... ,', ....... .. ...... .... "" ", .... ...... 890,515 861 ,509 851 ,248 795,017 728,570 Total Net of A99 .... .. ...... ........................... 620,794 595,812 544,752 554,694 477,917

Gross Losses Paid Fire ........................................................ .. 216,973 120,844 34,375 142,124 49,786 Windstonn ............................................... 29,175 66,921 122,480 453,345 63,184 Crop Hail ........................... .. .. ................. 0 0 0 0

112,97~ I Total.. .......... , .. ,""'" " .. , ............ .. ............. 246,148 187,765 156,855 595,469

Net Losses Paid Fire ..... ...... ......... ............. ..... , ..... .... ". , .... . 216,973 120,844 34,375 136,972 49,786 Windstorm .. ..... , .......... .......... , ....... ..... ,.," . 29,175 66,921 122,480 449,420 63,184 Crop Hail. ........ ............ ......... ... ...... .... " .. ,' 0 0 0 0 0 Total. ........... ............ ........................ ,' 246,148 187,765 156,855 586,392 112,970 Total Net of Agg .... .................................. 246,148 182,122 145,424 429,771 112,970

Loss Perc!!nyge (Directl Fire Losses/Fire Prem .......... .. ... .............. 39 % 22 % 7 % 29 % 10 % Windstorm LosseslWindstorm Prem .. .. . 7 % 17 % 30 % 115 % 16 % Crop Hail Losses/Crop Hail Prem ...... .. .. 0 % 0 % 0 % 0 % 0 % Total LossesfTotal Prem ....................... .. 26 % 20 % 17 % 68 % 13 %

Loss Percentag!! (Netl Fire Losses/Fire Prem .. ....... .. .. ...... ......... 45 % 26 % 8 % 34 % 15 % Windstorm LosseslWindstorm Prem .... 7 % 17 % 30 % 114 % 16 %

Crop Hail Losses/Crop Hail Prem ........ .. 0% 0 % 0% 0 % 0 % Total LossesfTotal Prem .................... .. ... 28 % 22 % 18 % 74 % 16 % Total Net Agg LossesfTotal Net Ag Prem 40 % 31 % 27 % 77 % 24 %

Balance Sheet Items Total Admitted Assets ..................... .. ...... 1,965,510 1,816,707 1,705,066 1,533,203 1,539,968 Liabilities .. ............................................ 435,884 464,171 435,875 388,185 428,613 Surplus ................................................... 1,529,626 1,352,536 1,269,191 1,145,018 1,111 ,355 Bonds ........... ................. ......................... 378,239 380,816 378,609 372,769 344,431 Stocks .. ......... ......... ................................. 746,625 652,964 563,989 499,592 560,947 Real Estate .............................................. 0 0 0 0 0 Unpaid Premium(line 8.1) ....................... 4,452 9,832 10,413 9,335 7,196 Unpaid Premium(line 8.2) .. , .................... 9,463 14,996 10,414 26,213 21 ,395 , Agent's Balances .. .. ................................ 0 0 0 0 3 1

Unearned Premium .. ............................... 375,000 368,000 355,000 349,000 351,000

Balance lih!!!l Percentages Bonds/Admitted Assets ................. 19 % 21 % 22 % 24 % 22 % Stocks/Admitted Assets ........ , ........... ,.,' 38 % 36 % 33 % 33 % 36 % Real Estate/Admitted Assets ........ .... ........ 0 % 0 % 0 % 0 % 0 % Unpaid Prem (line 8.2)/Admitted Assets. 0 % 1 % 1 % 2 % 1 % Agents' Balances/Admitted Assets ........ 0 % 0 % 0 % 0 % 0 %

IncomelDisbursement Items Total Income ........................................... 725,1 20 710,828 662,467 663,1 23 593,873 Total Disbursements ............. , ............... , .. 618,726 561 ,622 480,278 763,240 419,837 Operating Expense, ......... ..................... ", 270,886 274,454 262,887 267,677 245,281 Commissions ...................... , .. .. . "", ......... 115,481 111,412 109,370 103,690 100,895 Investment Income ........................... ,., .. ,. 46 ,532 51,409 52,428 56,208 40,854 Salaries (lines 14-17) ........... .. .. .... .. ........ , 57,468 56,135 53,966 54,431 49,410

Other Gross Risk in Force ............... .. .... 200,848,208 191 ,865,393 181 ,974,491 196,050,673 232,130,371 Number of Policies ...... ................... .. .. .... , 380 393 396 410 439 Operating Expense/Net Premium ............. 44 % 46 % 48 % 48 % 51 %

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