James Marta CPA, CGMA, ARPM Managing Partner James Marta … · 2019-04-22 · 2 Less insurance /...

James Marta CPA, CGMA, ARPMManaging Partner

James Marta & Company LLP

How do you measure up to others?Should you be the same as others?What do you want to respond to?

new membersnew retentionnew exposures

How do you avoid ruin?

Happy members Happy pool◦ Risk / Exposure◦ Variability

Ability to respond Program metrics◦ Deliverables - services◦ Loss statistics

Benchmarking assumes there is a standardBest practices How are you doing Measure to others Measure to standards Measure to regulations Avoid ruin – can you quantify ruin Provide stability

LOST WORK DAYS PER CLAIM PER FISCAL YEAR

RATES VERSUS DIVIDENDS

7

What activities are driving this?

Return to work programs

Chart2

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

Number of days

21

17

17

16

11

7

Sheet1

2000-0121

2001-0217

2002-0317

2003-0416

2004-0511

2005-067

Sheet1

Fiscal year

Number of days

Lost work days per claim

Sheet2

Sheet3

Chart2

99-0099-00

00-0100-01

01-0201-02

02-0302-03

03-0403-04

04-0504-05

05-0605-06

06-0706-07

&A

Page &P

$

Rates

Dividends

3.76

260588

3.88

255000

3.94

365000

4.2

750000

4.84

0

5.03

0

4.84

1600000

4.19

Sheet1

WC Rates vs Dividends

99-0000-0101-0202-0303-0404-0505-0606-07

Rates3.763.883.944.204.845.034.844.19

Dividends260,588255,000365,000750,000001,600,000

&F

Page &P

Injury Rates

Police Injury History

8

Evidence based decision making

Sell this to members by Return On Investment (ROI)

Chart1

99-0099-00

00-0100-01

01-0201-02

02-0302-03

03-0403-04

04-0504-05

05-0605-06

Per $10M Payroll

Per 100 FTE

40.1

31.6

27.3

28.4

15.3

27.2239425567

15

23.5

12.6

12.1

Sheet1

Workers' Compensation New Claims Submitted Calendar Year 1999 vs. 2000FY 04-05 YTDFY 03-04FY 02-0301-0203-041359840602-03

J-99F-99M-99A-99M-99J-99J-99A-99S-99O-99N-99D-99J-00F-00M-00A-00M-00J-00J-00A-00S-00O-00N-00D-00J-01F-01M-01A-01M-01J-01J-03A-03S-03O-03N-03D-03J-04F-04M-04A-04M-04J-04J-04A-04S-04O-04N-04D-04J-05F-05M-05A-05M-05J-05ClaimsClaims *ClaimsClaimsClaims *ClaimsClaims *Claims04-05EEPayroll03-04EEPayrollPayrollEE02-03

Rec'd100 FTEYTDTotal100 FTETotal100 FTETotalWork HoursCount04-05Hr / EE$ / EEWork HoursCount03-0402-0301-0200-0199-0098-99CountWork Hours

Antioch241878311773539515117625642366653725789744444559696255543127116.9636316.87120.363839501655$25,663,00012823919175000058522927000237309782120874711.89%1864684117500984153990005702233912896486550.1189241

Brentwood032210122100211012220500113331334632521022220541102202217.6333313.2198.124551255386$19,628,00014295086650000035017803000144402461250171715.51%108162978438886500600033016785686

Clayton100000110110010100100000000100011012001001000110010210622.77727.400.045288636$1,871,000145851579510283518052621700711151763912.06%133009612472971028000371908420

El Cerrito32334392547040343121201344342074641415410204092130423243418.1484828.24023.027375573247$11,784,00015204770534057822410686000946616189016056.34%86955007860090749300022910924527

Hercules210215121110000212111022221110473223011102341111100010138.1262617.396.116320759205$5,578,00015632717230000019252170005015805423812818.35%37813833843026335200018951354846969000

Lafayette00100000001000010000000000000100001000000000011000000023.6112.035.3011177086$2,678,000129931117100000772396000225323121861143.07%2081959177516715480008727071697424470

Manteca351744104333662943424143464610.9686817.08123.2na842838568$22,646,00014843987980000053921495000157716730.00%435173475427660327

Martinez121456353254314566452442433102421101120121101011420011127.116169.72011.536340189213$10,684,00015995021933100020710395416928339387524006.07%783201373845246779000218109478298171189

Oakley00000000000100000010000014.0114.3nanana4959432$1,507,000153346593460003013977900

Orinda000000000000100000100100000012100211100100001002100010511.27717.237.428896159$2,370,0001509402048149154217100019480611949229-0.06%1771255168601616790005421710008729460

Pinole0243112010210402022031004100023310232140130523211252402720.9232320.23128.216257825166$9,273,0001549557012276581478188000704024364569159.03%557586551280115778000142790949738954446

Pittsburg951921014132147310611358841531034710375386732556746105547454556419.4646419.56520.268659703447$19,435,00014754344665773444619377000184832301591898216.11%15262484145220711290700043718985984

Pleasant Hill121601122124010333122400050202120412122101002102012011107.2171712.52418.015278370155$9,880,0001794636582726221529676000872946081711896.83%7660327742447069690001499485026Severity Rateas of 8/31/04

San Pablo1211012421002331203322501021012123300332140212123140011711.1242417.22115.116307666192$9,083,0001600472362784001748219000838930578829656.42%7367627621624562210001667841115$ 4,525,351144839965

San Ramon030003530122262421363501301203323333014310231011113122184.526267.4298.229792617609$13,128,0001301215507000005381159400011901436111980496.28%9545551854447367270005461176640118.893812288Inc Cost per $10M Payroll144839965130894062

Danville01320021001100220201000000100302111100100011100002000163.4774.3137.73351914220$5,601,0001600254653232002025144000496135545154239.88%4515423450131136900002105347723FY 98 - 02FY 02-03FY 03-04FY 04-05 YTD10648278698-02

Moraga101001010000001120110000001111200100001011101000010001411.16618.8412.557179138$2,276,0001882596766400034202900017246771896554-9.06%160016515457731577000342029000$44,324$31,244$35,173$21,808976183445 yr loss run total incurredValued

Total21273639223452432516312226323748303031352527191435252528212842424947384622263431263425414033282229253221253635711.343743715.043315.332462932114316$173,085,000582371139861605204681448399651172956561064827869761834486153000383315363153137787.624576050186153000$ 22,390,119

15680503-147807820

* Claims per 100 FTE's = (# of Claims / Total Hours Worked) X 200,00010.83%-96.21%84000000$ 505,148,192

CurrentAs of Last YrCurrentCurrent1

As Of6/30/056/30/046/30/056/30/0511729565656598815730.7250245167$44,324

AVG /ClmFiscal YrFiscal YearFiscal YrFiscal Yr

'04-05'04-05'03-04'03-04'02-03Clm/ $10M PRClm/ $10M PR99-0000-0101-0202-0303-0404-05YTD04-0503-0402-0301-0200-0199-00

Antioch$7,324$519,997$535,296$673,112$794,713FY 04-05FY 03-04JULY46.135.919.8JULY254252352952

Brentwood*$7,435$156,141$1,384,217$1,387,188$14,266Antioch27.727.5AUGUST45.23626.2AUGUST414249313843

Clayton$680$4,080$122,897$247,348$0Brentwood10.718.5SEPTEMBER40.83728September404943253125

El Cerrito$3,795$129,041$533,105$627,529$306,140Clayton32.138.8OCTOBER39.036.327.8OCTOBER334738372716

Hercules$9,321$121,170$200,323$360,559$21,178El Cerrito28.944.9November36.334.524.8NOVEMBER283829252131

Lafayette$5,271$10,542$23,500$33,500$1,432Hercules23.349.8DECEMBER34.035.323.5DECEMBER224625161822

Manteca$12,401$570,459$263,957$497,173$696,938Lafayette7.54.2JANUARY34.132.523JAN292237293526

Martinez$2,325$27,898$162,544$140,340$454,656Manteca20.331.6FEB33.73122.4Feb252635252132

Oakley$212$212$0$300naMartinez11.215.4MARCH32.930.522.5March323430272537

Orinda$6,204$31,019$36,409$85,888$56,903Oakley6.67.2APRIL31.630.320.5APRIL213123283148

Pinole$3,563$96,195$295,374$296,877$161,423Orinda21.132.2MAY30.729.220.2MAY252625283030

Pittsburg*$22,981$1,470,797$500,239$639,588$630,386Pinole29.128.1JUNE40.131.627.328.429.120.6JUNE363445202830

Pleas. Hill$7,736$77,362$205,556$227,064$915,226Pittsburg32.933.0357437431326334392

San Pablo$9,165$155,807$127,064$169,700$184,264Pleasant Hill10.117.6CHART WITH BOTH CLAIMS / $10m AND CLAIMS / 100 FTE

San Ramon$2,887$51,963$129,411$151,441$163,702San Pablo18.729.299-0000-0101-0202-0303-0404-0505-06

Danville$2,920$17,518$37,230$34,376$27,373San Ramon13.722.440.131.627.328.427.223.5

Moraga$4,990$19,958$69,420$73,948$96,751Danville10.713.615.31512.612.1

TOTALS$9,692$3,460,159$4,626,542$5,645,931$4,525,351Moraga17.629.6

* Potential Excess Ins. Recovery-$475,000-$750,000Total20.627.2

1

&LWORKERS' COMPENSATION CLAIMS Added During Period&C&"Arial,Bold"&12

Sheet1

FY00

FY 03

FY-05

04-05

Total Claims Added FY 05 vs 04 vs 03

Sheet2

INCURRED COST PER $1M PAYROLL

&A

Page &P

Per $10M Payroll

Per 100 FTE

New Claims Rates

IncidentsNumber of Cases FY 04-05Lost Days FY 04-05 YTDTotal Lost Days FY 03-04

7/1/04 thruOffRestrictLost TimeMedical OnlyTotalOffRestrictedTotalAvg LTFiscal YrOffRestrictedTotalAvg LTMonthlyCA Loc Gov't

6/30/05WorkWorkCases100 FTECases100 FTECases100 FTEWorkWork%LTCase04-05WorkWork%LTCaseTot Case RatePublic Admin

Antioch2313368.6194.55513.131359566%9082532547359%79831Antioch13.18.6

Brentwood2241.572.5114.0365560%912331216234%47468Brentwood4.08.6

Clayton0000.0311.3311.3000%0010715259%259130Clayton11.38.6

El Cerrito108189.6105.32814.92447495%4982850988063%138969El Cerrito14.98.6

Hercules2131.963.795.615819055%34811624249667%73892Hercules5.68.6

Lafayette1123.600.023.674386%5025000%00Lafayette3.68.6

Manteca99184.3102.4286.619455074%7444112447679%60024Manteca6.68.6

Martinez0110.652.963.5020%204819180%23940Martinez3.58.6

Oakley0000.014.014.0000%00000%00Oakley4.08.6

Orinda1012.224.536.78811356%201201023100%238Orinda6.78.6

Pinole5275.41310.12015.5293353%62935527844%63379Pinole15.58.6

Pittsburg1411257.6226.74714.224883677%10844367347842%115138Pittsburg14.28.6

Pleasant Hill3142.942.985.7638357%146371712388%14023Pleasant Hill5.78.6

San Pablo4153.363.9117.218116548%346698444384%52766San Pablo7.28.6

San Ramon3692.361.5153.84214978%191213537792%41241San Ramon3.88.6

Danville3252.810.663.4315363%84177513364%20842Danville3.48.6

Moraga1012.825.638.425096%5252168284%9849Moraga8.48.6

Total81581394.41173.72568.11416339171%4807352922476762%768945

Local Gov.t Rates- CA (BLS - 2003 )4.24.48.6

Over/Under (includes rounding)0.2-0.7-0.52003-2004 (10.goal2004-2005goal2005-2006goal

Inc Costs FY 04-05 YTDJulyna4.18.6

6/30/05Septemberna7.48.6

Antioch$519,997Octoberna9.28.6

Brentwood$156,141Novemberna9.18.6

Clayton$4,080December13.39.48.38.6

El Cerrito$129,041January12.59.48.28.6

Hercules$121,170February12.09.48.28.6

Lafayette$10,542March11.69.488.6

Manteca$570,459April11.79.47.98.6

Martinez$27,898May11.79.47.88.6

Oakley$212June11.49.48.6

Orinda$31,019

Pinole$96,195

Pittsburg$1,470,797

Pleasant Hill$77,362

San Pablo$155,807

San Ramon$51,963

Danville$17,518

Moraga$19,958

Total$3,460,159

&C&"Arial,Bold"&12MPA - OSHA RECORDABLE INJURY RATE ANALYSIS* First Aid cases, denied / delayed claims and claims with incident dates prior to report period are not included.&R&D

&R

&A

Page &P

Tot Case Rate

CA Loc Gov't

OSHA Recordable Case Rate per 100FTE

Chart2

01-0201-02

02-0302-03

03-0403-04

04-0504-05

05-0605-06

Cost

Freq.

1871

189

2739

194

3477

215

2194

167

1096

161

Sheet1

99-0000-0101-0202-0303-0404-05

Admin202222201314

CommSvc/ Parks241919425151

Public Services14313912912310888

Police164149189195214158

99-0000-0101-0202-0303-0404-05

Carrying Lifting716754796323

Rep Motion/C.T.243522443025

Slip,Trip,Fall523844657462

Walk/Run442427243120

Department Comparisons

Police Incident Type01-0202-0303-0404-05

Bnd Lift Push Pull25333616

Motor Vehicle16171012

Persons181689

Repet Motion104514

Slip Trip Fall24264134

Walk, Run23161512


Bnd Lift Push Pull$185$252$614$105

Motor Vehicle$319$535$1,213$39

Persons$346$194$4$1,068

Rept Motion Computer$135$233$146$182

Slip Trip Fall$175$700$713$302

Walk, Run$308$345$89$129

Less extraordinary losses in 03-04 & 04-05

Mtr Vehicle Brentwood

Fatality Pittsburg


Bnd Lift Push Pull$185$252$614$105

Motor Vehicle$319$335$14$39

Persons$346$194$4$88

Rept Motion Computer$135$233$146$182

Slip Trip Fall$175$700$713$302

Walk, Run$308$345$89$129

Less extraordinary losses in 03-04 & 04-05

Mtr Vehicle Brentwood

Fatality Pittsburg

01-0202-0303-0404-0505-06

Cost$1,871$2,739$3,477$2,194$1,096

Freq.189194215167161

Sheet1

99-00

00-01

01-02

02-03

03-04

04-05

Sheet2

11

Sheet1!#REF!

Sheet1!#REF!

1

1

Sheet3

99-00

00-01

01-02

02-03

03-04

04-05

Injuries by Department

01-02

02-03

03-04

04-05

Police Only Injury Frequency

01-02

02-03

03-04

04-05

Police Only Cost of InjuriesInc. Extraordinary events 04 & 05

&A

Page &P

Cost

Freq.

Police Only Injury History

01-02

02-03

03-04

04-05

Police Injury Cost excluding Large Losses 2003, 2004 & 2005

Information over time:◦ Claims How elements are changing Liability settlements Police shootings, tasers

Medical costs Statutory benefit increases,

presumptions◦ Financial◦ Efforts; what are you doing,

members doing◦ Social economics◦ Other

10

Market Rates

Optimal pooled rates

History of variabilityExposure

Goals Target equity to reduce variability of funding

inflows by maintaining resources To reduce chance for assessments To provide for a contingency margin To provide for changes in your program

Should you operate like others?

Assets to Surplus Reserve to Surplus Premium to Surplus Operating Ratio Surplus to Retention Reserve Development to Surplus Catastrophic risk to Surplus

14

A. Confidence LevelB. Exposure Measures (SIR multiplesC. Leverage Measures

a. Contributions to Net Assetsb. Loss Reserves to Net Assetsc. Claims Liability + Annual Premium

D. State of Washington - RegulatoryE. Solvency II

15

Median Expected Value(average)

Loss

50th Percentile

50% 70% 90%

Factor of 1.50Factor of 1.15

40%30%20%10%

Surplus-to-SIR (net assets)

10:1 20:15:1

Benchmark Very conservative

Less conservative

17

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

11,000,000

12,000,000

13,000,000

14,000,000

15,000,000

16,000,000

17,000,000

2007 2008 2009 2010

Claims Liability

Equity

SIR

5 times SIR to Equity

10 times SIR to Equity

(Claims Liab + Prem) x 25%

(Claims Liab + Prem) x 50%

Oregon 25% Prem:Equity

Oregon Req. + 25%

State Risk Manager Solvency Tests

Primary Asset TestCash and Investments 79,212,059Less:Accounts Payable (41,863)Unearned Member Contribution (10,846,605)Primary assets 68,323,591

Claim Liabilities (56,422,023) Primary Asset Test 11,901,568 Status Met

Secondary Asset TestReceivables, Prepaid, Fixed Assets 9,367,027 Total Secondary Assets 77,690,618 Claim Liabilities (56,422,023) 80% confidence level factor 1.24 Claims at the 80% level (69,840,646) Secondary Asset Test 7,849,972 Status Met

19

Liability2010

1 Gross Contributions 21,091,358 2 Less insurance / reinsurance premiums 8,824,917 3 Net Contributions 12,266,441 4 Net Assets (Equity) 14,687,804 5 Invested in building and equipment or other - 6 Net available to fund claims 14,687,804

7 Claim Liabilities (outstanding claims; reserved and IBNR) 10,993,838

8 Self-Insured Retention - (pooled portion of each claim) * 600,000

9 Claim funding (6+7) 25,681,642

Confidence Level Factors Required Margin TotalExpected - 10,993,838 met

70% 2,198,768 13,192,606 met75% - 80% 4,837,289 15,831,127 met85% - 90% 8,003,514 18,997,352 met

LiabilityCalculated

Equity Target Formulas FactorCurrent balance no provision 14,687,804 Contributions to equity less than 3:1 3.0 1.44 MetEquity to SIR 4 2,400,000 MetEquity to SIR 5 3,000,000 MetEquity to SIR 6 3,600,000 MetEquity to SIR 7 4,200,000 MetEquity to SIR 10 6,000,000 MetLoss reserves to equity less than 4:1 4 0.75 MetClaim Liab with Premium Method (Claim liab + Prem) times factor 0.25 8,021,299 NotMetClaim Liab with Premium Method (Claim liab + Prem) times factor 0.50 16,042,598 NotMet

Claim Funding Stress Factor 2.34 Equity to Premium Stress Factor New Pool 25% of net contributions 0.25 3,066,610 Met

The Solvency II Directive (2009/138/EC) is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.

A Solvency II ratio of 100% means that an insurer's capital is such that it will still be able to meet its obligations in the event of a severe shock that is expected to occur once in every 200 years. The target confidence level for insurers has been set at 99.5% over a one-year horizon.

Three pillars I. amount of capital an insurer should hold II. Effective governance III. Details disclosure and transparency requirements

Rates Financial position Benchmarks (targeted equity) How have you fared in the past◦ Bad things all happen together

Benchmarking against ourselves◦ Against others

What is on your horizon Members◦ Happy, content, they understand

21

ALL PROGRAMS

(750,000)

(500,000)

(250,000)

0

250,000

500,000

750,000

1,000,000

1,250,000

1,500,000

1,750,000

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Auto Comp and Collision Program Package Program Errors and Ommissions Program

Chart1

198719871987

198819881988

198919891989

199019901990

199119911991

199219921992

199319931993

199419941994

199519951995

199619961996

199719971997

199819981998

199919991999

Auto Comp and Collision Program

Package Program

Errors and Ommissions Program

ALL PROGRAMS

-4034.1928069138

292679.983699643

-78069.9724359539

5472.7713517909

1462219.8220606

9251.7748238728

16264.7077851345

1487072.04085132

-50067.8860292984

-67593.4715543675

394071.533706944

-80023.6454314056

-33258.7265306987

-626270.469886234

-79761.7357812071

531014.346915041

-22476.5895755281

1116341.59374501

176719.48021302

479064.322686607

134966.237129999

745437.378311975

164374.73892982

-163554.240420203

121305.410456899

-262334.499537098

165662.378236246

-231366.639702155

132484.476825025

18653.9591963605

Sheet1

SPECIAL DISTRICT RISK MANANGEMENT AUTHORITY

ALLOCATION OF EQUITY BY CLAIM YEAR

AS OF JUNE 30, 2002

Package Program

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/9999/0000/0101/02Totals

Revenues:

Premiums$ 1,868,385$ 2,369,659$ 2,691,017$ 1,910,479$ 2,049,339$ 2,051,024$ 2,680,284$ 2,550,616$ 2,715,974$ 2,901,856$ 2,885,380$ 3,428,143$ 3,272,903$ 2,546,024$ 2,067,103$ 2,509,759$ 40,497,945

Interest:$ -

1987 Interest56,417$ 56,417

1988 Interest37,877135,178$ 173,054

1989 Interest56,75787,966175,703$ 320,426

1990 Interest43,72998,11474,074123,726$ 339,643

1991 Interest32,27788,67769,50411,166151,222$ 352,847

1992 Interest34,02091,04675,26812,72425,747230,006$ 468,811

1993 Interest34,37384,72174,18312,86021,70558,803194,452$ 481,096

1994 Interest21,27256,33347,2845,2274,56836,80539,052150,535$ 361,077

1995 Interest26,35166,08955,4575,185(5,225)34,37537,84459,410177,526$ 457,013

1996 Interest30,56573,54563,0145,963(12,189)33,15146,13453,43367,730160,757$ 522,104

1997 Interest34,73181,49870,4046,066(18,721)33,47550,75240,91459,26432,06099,063$ 489,506

1998 Interest83,911192,245165,00114,278(65,902)75,510121,18880,184142,34444,189119,476252,889$ 1,225,314

1999 Interest17,11138,68133,0542,616(14,623)14,32524,55015,15427,4777,49416,65929,43550,676$ 262,610

2000 Interest492,423$ 492,423

2001 Interest1,074,691$ 1,074,691

2002 Interest776,637$ 776,637

Rental Income61,51626,64923,92548,675$ 160,765

$ -

Total Revenues2,377,7763,463,7533,593,9612,110,2902,135,9212,567,4753,194,2582,950,2463,190,3163,146,3563,120,5793,710,4673,385,0953,065,0963,165,7193,335,07148,512,380

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)$ (474,755)

Estimated ULAE110,698105,302109,000$ 325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,926764,968793,537876,720797,2081,193,7111,180,5071,362,532$ 13,171,794

Other369,913353,779556,497754,690689,035704,059834,985941,801962,6651,039,637909,2021,059,1961,138,606930,753921,598873,613$ 13,040,030

Subtotal1,235,3021,170,7671,572,5681,515,3921,546,0661,313,8131,619,8301,179,6411,344,8781,909,9101,682,9131,891,8331,616,4412,124,4642,102,1052,236,14526,062,069

Claims:$ -

Paid849,794830,766534,321200,8271,216,126708,323458,0871,115,703709,286796,428784,585475,75474,789289,025(885,014)893,712$ 9,052,512

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0160,684390,714603,572915,4151,574,2461,675,211$ 5,319,842

$ -

Total Claims Expense849,794830,766534,321200,8271,216,126708,323458,0871,276,3871,100,0001,400,0001,700,0002,050,0001,750,000289,025(885,014)893,71214,372,354

Change in Accounting Principle$ -

Contribution Rebates$ -

1992 Dividend$ -

1993 Dividend$ -

1995 Dividend$ -

2002 Dividend$ -

Retained Earnings After Interest$ 292,680$ 1,462,220$ 1,487,072$ 394,072$ (626,270)$ 545,339$ 1,116,342$ 494,218$ 745,437$ (163,554)$ (262,334)$ (231,367)$ 18,654$ 651,607$ 1,948,628$ 205,214$ 8,077,957

Reallocation of:

Change in Accounting Princ.- 0

ULAE- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)- 0

1999 Allocation343,796322341,0995,6673,3407,25517,8448,11110,13821,899(79,449)- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0- 0- 0160,684390,714603,572915,4151,574,2461,675,2115,319,842

ULAE Reserve325,000325,000

Accounts Payable61,79061,790

Unearned Revenue644,914644,914

Capital Lease Payable1,084,6221,084,622

- 0

Less:- 0

Prepaid Expenses(5,540)(5,540)

Accounts Receivable(215,605)(215,605)

Unearned Discounts- 0

Note Receivable(157,941)(157,941)

Fixed Assets(1,204,918)(1,204,918)

Deposits- 0

Cash Balance 6/30/99724,8631,638,6251,400,233110,828(619,472)606,8501,040,006641,9241,163,996317,466705,7021,246,9132,146,73813,930,121

292,6801,754,9003,241,9723,636,0433,009,7733,555,1124,671,4545,165,6725,911,1105,747,5555,485,2215,253,8545,272,5085,924,1157,872,7438,077,957

Sheet2



AS OF JUNE 30, 2002

Errors and Omissions Program

86/8787/8888/8989/9090/9191/9292/93Totals

Revenues:

Premiums$ 77,293$ 146,500$ 159,500$ 158,805$ 542,098

Interest:

1987 Interest1,653$ 1,653

1988 Interest2,8616,336$ 9,197

1989 Interest3,7489,3558,738$ 21,842

1990 Interest3,8739,6669,0286,618$ 29,185

1991 Interest3,7159,2738,6616,349$ 27,999

1992 Interest4,39110,96010,2377,504$ 33,093

1993 Interest(3,292)390(2,111)(3,374)$ (8,387)

1994 Interest(2,445)290(1,568)(2,506)$ (6,230)

1995 Interest(2,932)347(1,881)(3,006)$ (7,471)

1996 Interest(3,385)401(2,171)(3,470)$ (8,624)

1997 Interest(3,846)456(2,467)(3,943)$ (9,800)

1998 Interest(9,256)1,097(5,936)(9,488)$ (23,584)

1999 Interest(1,888)224(1,210)(1,935)$ (4,809)

2000 Interest$ -

2001 Interest$ -

2002 Interest$ -

Rental Income$ -

Total Revenues70,490195,297178,820151,555- 0- 0- 0596,161

Expenses:

Expended ULAE$ -

Estimated ULAE$ -

Excess Insurance$ -

Other15,30321,87232,98462,732$ 132,891

$ -

Subtotal15,30321,87232,98462,732- 0- 0- 0132,891

Claims:$ -

Paid77,366- 051,82047,423$ 176,609

Reserved/IBNR- 0- 0- 0- 0$ -

$ -

$ -

Total Claims Expense77,366- 051,82047,423- 0- 0- 0176,609

Change in Accounting Principle$ -

Contribution Rebates$ -

1992 Dividend$ -

1993 Dividend(57,779)(163,949)(145,294)(123,358)$ (490,380)

1995 Dividend$ -

$ -

Retained Earnings After Interest$ (79,958)$ 9,476$ (51,278)$ (81,959)$ -$ -$ -$ (203,719)

Reallocation of:


ULAE- 0

1988 Allocation- 0

1989 Allocation- 0

1990 Allocation- 0

1991 Allocation- 0

1992 Allocation- 0

1993 Allocation- 0

1994 Allocation- 0

1995 Allocation- 0

1996 Allocation- 0

1997 Allocation- 0

1998 Allocation- 0

1999 Allocation- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0

ULAE Reserve- 0

Accounts Payable- 0

Unearned Revenue- 0

Capital Lease Payable- 0

- 0

Less:- 0

Prepaid Expenses- 0

Accounts Receivable- 0


Note Receivable- 0

Fixed Assets- 0

Deposits- 0

Cash Balance 6/30/99(79,958)9,476(51,278)(81,959)(203,719)

(79,958)(70,482)(121,760)(203,719)(407,437)(407,437)(407,437)(407,437)(407,437)(407,437)(407,437)(407,437)(407,437)

Sheet3



AS OF JUNE 30, 2002


86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/9999/0000/0101/02Totals

Revenues:

Premiums$ 2,899$ 55,372$ 167,377$ 120,410$ 131,339$ 174,101$ 202,965$ 223,830$ 202,151$ 243,238$ 187,571$ 306,898$ 403,330$ 416,133$ 474,146$ 597,052$ 3,908,812

Interest:$ - 0

1987 Interest59$ 59

1988 Interest1212,122$ 2,243

1989 Interest1593,1268,993$ 12,278

1990 Interest1643,2309,2924,872$ 17,557

1991 Interest1573,0988,9144,6745,220$ 22,063

1992 Interest(172)233693(2,880)5,9726,360$ 10,207

1993 Interest(166)225670(2,783)5,7716,1456,065$ 15,927

1994 Interest(123)167497(2,067)4,2864,5644,5055,404$ 17,234

1995 Interest(148)201596(2,479)(1,249)(2,925)(844)6,4814,950$ 4,582

1996 Interest(171)232689(2,862)(1,442)(3,377)(975)7,4815,7146,959$ 12,249

1997 Interest(194)263782(3,252)(1,639)(3,837)(1,107)8,5016,4937,9075,836$ 19,754

1998 Interest(467)6341,883(7,825)(3,943)(9,234)(2,665)20,45815,62519,02914,04319,178$ 66,716

1999 Interest(95)129384(1,596)(804)(1,883)(543)4,1723,1863,8802,8643,9113,127$ 16,732

2000 Interest67,614$ 67,614

2001 Interest189,796$ 189,796

2002 Interest159,042$ 159,042

Rental Income$ - 0

$ - 0

Total Revenues2,02369,032200,771104,213143,510169,915207,401276,327238,118281,014210,313329,987406,457483,747663,942756,0944,542,864

Expenses:

Expended ULAE$ - 0

Estimated ULAE$ - 0

Excess Insurance7,9869,9839,98325,41630,1248,23910,38212,149$ 114,262

Other5748,26734,61347,56544,15959,76463,22982,64871,65287,14459,10594,823140,314141,574184,265191,627$ 1,311,323

$ - 0

Subtotal5748,26734,61347,56544,15959,76463,22982,64879,63897,12769,088120,239170,438149,813194,647203,7761,425,585

Claims:$ - 0

Paid2865,4706,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,53521,44647,91167,533$ 448,949

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0$ - 0

$ - 0

$ - 0

Total Claims Expense2865,4706,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,53521,44647,91167,533448,949

Change in Accounting Principle$ - 0

Contribution Rebates$ - 0

1992 Dividend(5,197)(49,822)(143,026)(122,119)$ (320,164)

1993 Dividend$ - 0

1995 Dividend(127,796)(167,992)(124,943)$ (420,731)

2002 Dividend(303,105)$ (303,105)

$ - 0

Retained Earnings After Interest$ (4,034)$ 5,473$ 16,265$ (67,593)$ (34,063)$ (79,762)$ (23,020)$ 176,719$ 134,966$ 164,375$ 121,305$ 165,662$ 132,484$ 312,488$ 421,384$ 181,680$ 1,927,435

Reallocation of:


ULAE- 0

1988 Allocation- 0

1989 Allocation- 0

1990 Allocation- 0

1991 Allocation- 0

1992 Allocation- 0

1993 Allocation- 0

1994 Allocation- 0

1995 Allocation- 0

1996 Allocation- 0

1997 Allocation- 0

1998 Allocation- 0

1999 Allocation- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

ULAE Reserve- 0

Accounts Payable- 0

Unearned Revenue- 0


- 0

Less:- 0

Prepaid Expenses- 0



Note Receivable- 0

Fixed Assets- 0

Deposits- 0

Cash Balance 6/30/99(4,034)5,47316,265(67,593)(34,063)(79,762)(23,020)176,719134,966164,375121,305165,662132,4841,927,435

(4,034)1,43917,703(49,890)(83,953)(163,715)(186,734)(10,015)124,951289,326410,632576,294708,7781,021,2661,442,6501,624,330

2



AS OF JUNE 30, 1999

Package Program

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/99Totals

Revenues:

Premiums$ 1,868,385$ 2,369,659$ 2,691,017$ 1,910,479$ 2,049,339$ 2,051,024$ 2,680,284$ 2,550,616$ 2,715,974$ 2,901,856$ 2,885,380$ 3,428,143$ 3,272,903$ 33,375,059

Interest:

1987 Interest56,41756,417

1988 Interest37,877135,178173,054

1989 Interest56,75787,966175,703320,426

1990 Interest43,72998,11474,074123,726339,643

1991 Interest32,27788,67769,50411,166151,222352,847

1992 Interest34,02091,04675,26812,72425,747230,006468,811

1993 Interest34,37384,72174,18312,86021,70558,803194,452481,096

1994 Interest21,27256,33347,2845,2274,56836,80539,052150,535361,077

1995 Interest26,35166,08955,4575,185(5,225)34,37537,84459,410177,526457,013

1996 Interest30,56573,54563,0145,963(12,189)33,15146,13453,43367,730160,757522,104

1997 Interest34,73181,49870,4046,066(18,721)33,47550,75240,91459,26432,06099,063489,506

1998 Interest83,911192,245165,00114,278(65,902)75,510121,18880,184142,34444,189119,476252,8891,225,314

1999 Interest17,11138,68133,0542,616(14,623)- 024,550- 027,4777,49416,65929,43550,676233,131

Rental Income61,51661,516

Total Revenues2,377,7763,463,7533,593,9612,110,2902,135,9212,553,1503,194,2582,935,0923,190,3163,146,3563,120,5793,710,4673,385,09538,917,015

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)(474,755)

Estimated ULAE110,698105,302109,000325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,926764,968793,537876,720797,2089,435,044

Other369,913353,779556,497754,690689,035704,059834,985941,801962,6651,039,637909,2021,059,1961,138,60610,314,066

Subtotal1,235,3021,170,7671,572,5681,515,3921,546,0661,313,8131,619,8301,179,6411,344,8781,909,9101,682,9131,891,8331,616,44119,599,355

Claims:- 0

Paid849,794830,766534,321200,8271,216,126708,323458,0871,115,703709,286796,428784,585475,75474,7898,754,789

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0160,684390,714603,572915,4151,574,2461,675,2115,319,842

- 0

Total Claims Expense849,794830,766534,321200,8271,216,126708,323458,0871,276,3871,100,0001,400,0001,700,0002,050,0001,750,00014,074,631

Change in Accounting Principle- 0

Contribution Rebates- 0

1992 Dividend- 0

1993 Dividend- 0

1995 Dividend- 0

Retained Earnings After Interest$ 292,680$ 1,462,220$ 1,487,072$ 394,072$ (626,270)$ 531,014$ 1,116,342$ 479,064$ 745,437$ (163,554)$ (262,334)$ (231,367)$ 18,654$ 5,243,029

Reallocation of:


ULAE- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)- 0

1999 Allocation343,796322341,0995,6673,3407,25517,8448,11110,13821,899(79,449)- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0- 0- 0160,684390,714603,572915,4151,574,2461,675,2115,319,842



Unearned Revenue644,914644,914

Capital Lease Payable1,084,6221,084,622

- 0

Less:- 0




Note Receivable(157,941)(157,941)

Fixed Assets(1,204,918)(1,204,918)

Deposits- 0

Cash Balance 6/30/99724,8631,638,6251,400,233110,828(619,472)592,5251,040,006626,7701,163,996317,466705,7021,246,9132,146,73811,095,193

292,6801,754,9003,241,9723,636,0433,009,7733,540,7874,657,1295,136,1935,881,6315,718,0765,455,7425,224,375- 05,243,02910,486,058

&LSee Accompanying Accountant's Report.

3



AS OF JUNE 30, 1999

Errors and Omissions Program

86/8787/8888/8989/90Totals

Revenues:

Premiums$ 77,293$ 146,500$ 159,500$ 158,805$ 542,098

Interest:

1987 Interest1,6531,653

1988 Interest2,8616,3369,197

1989 Interest3,7489,3558,73821,842

1990 Interest3,8739,6669,0286,61829,185

1991 Interest3,7159,2738,6616,34927,999

1992 Interest4,39110,96010,2377,50433,093

1993 Interest(3,292)390(2,111)(3,374)(8,387)

1994 Interest(2,445)290(1,568)(2,506)(6,230)

1995 Interest(2,932)347(1,881)(3,006)(7,471)

1996 Interest(3,385)401(2,171)(3,470)(8,624)

1997 Interest(3,846)456(2,467)(3,943)(9,800)

1998 Interest(9,256)1,097(5,936)(9,488)(23,584)

1999 Interest- 0- 0- 0- 0- 0

Rental Income- 0

Total Revenues72,378195,073180,030153,490600,970

Expenses:

Expended ULAE- 0

Estimated ULAE- 0

Excess Insurance- 0

Other15,30321,87232,98462,732132,891

Subtotal15,30321,87232,98462,732132,891

Claims:- 0

Paid77,366- 051,82047,423176,609

Reserved/IBNR- 0- 0- 0- 0- 0

- 0

Total Claims Expense77,366- 051,82047,423176,609



1992 Dividend- 0

1993 Dividend(57,779)(163,949)(145,294)(123,358)(490,380)

1995 Dividend- 0

Retained Earnings After Interest$ (78,070)$ 9,252$ (50,068)$ (80,024)$ (198,910)

Reallocation of:


ULAE- 0

1988 Allocation- 0

1989 Allocation- 0

1990 Allocation- 0

1991 Allocation- 0

1992 Allocation- 0

1993 Allocation- 0

1994 Allocation- 0

1995 Allocation- 0

1996 Allocation- 0

1997 Allocation- 0

1998 Allocation- 0

1999 Allocation- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0

ULAE Reserve- 0

Accounts Payable- 0

Unearned Revenue- 0


- 0

Less:- 0

Prepaid Expenses- 0



Note Receivable- 0

Fixed Assets- 0

Deposits- 0

Cash Balance 6/30/99(78,070)9,252(50,068)(80,024)(198,910)

(78,070)(68,818)(118,886)(198,910)(397,819)(397,819)(397,819)(397,819)(397,819)(397,819)(397,819)(397,819)(397,819)


4



AS OF JUNE 30, 1999


86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/99Totals

Revenues:

Premiums$ 2,899$ 55,372$ 167,377$ 120,410$ 131,339$ 174,101$ 202,965$ 223,830$ 202,151$ 243,238$ 187,571$ 306,898$ 403,330$ 2,421,481

Interest:

1987 Interest5959

1988 Interest1212,1222,243

1989 Interest1593,1268,99312,278

1990 Interest1643,2309,2924,87217,557

1991 Interest1573,0988,9144,6745,22022,063

1992 Interest(172)233693(2,880)5,9726,36010,207

1993 Interest(166)225670(2,783)5,7716,1456,06515,927

1994 Interest(123)167497(2,067)4,2864,5644,5055,40417,234

1995 Interest(148)201596(2,479)(1,249)(2,925)(844)6,4814,9504,582

1996 Interest(171)232689(2,862)(1,442)(3,377)(975)7,4815,7146,95912,249

1997 Interest(194)263782(3,252)(1,639)(3,837)(1,107)8,5016,4937,9075,83619,754

1998 Interest(467)6341,883(7,825)(3,943)(9,234)(2,665)20,45815,62519,02914,04319,17866,716

1999 Interest(95)129384(1,596)- 0(1,883)- 04,1723,1863,8802,8643,9113,12718,079

Rental Income- 0

- 0

Total Revenues2,02369,032200,771104,213144,314169,915207,944276,327238,118281,014210,313329,987406,4572,640,428

Expenses:

Expended ULAE- 0

Estimated ULAE- 0

Excess Insurance7,9869,9839,98325,41630,12483,492

Other5748,26734,61347,56544,15959,76463,22982,64871,65287,14459,10594,823140,314793,857

Subtotal5748,26734,61347,56544,15959,76463,22982,64879,63897,12769,088120,239170,438877,349

Claims:- 0

Paid2865,4706,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535312,059

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

- 0

Total Claims Expense2865,4706,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535312,059



1992 Dividend(5,197)(49,822)(143,026)(122,119)(320,164)

1993 Dividend- 0

1995 Dividend(127,796)(167,992)(124,943)(420,731)

Retained Earnings After Interest$ (4,034)$ 5,473$ 16,265$ (67,593)$ (33,259)$ (79,762)$ (22,477)$ 176,719$ 134,966$ 164,375$ 121,305$ 165,662$ 132,484$ 710,125

Reallocation of:


ULAE- 0

1988 Allocation- 0

1989 Allocation- 0

1990 Allocation- 0

1991 Allocation- 0

1992 Allocation- 0

1993 Allocation- 0

1994 Allocation- 0

1995 Allocation- 0

1996 Allocation- 0

1997 Allocation- 0

1998 Allocation- 0

1999 Allocation- 0

- 0

Add Back:- 0

Claims Reserve/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

ULAE Reserve- 0

Accounts Payable- 0

Unearned Revenue- 0


- 0

Less:- 0

Prepaid Expenses- 0



Note Receivable- 0

Fixed Assets- 0

Deposits- 0

Cash Balance 6/30/99(4,034)5,47316,265(67,593)(33,259)(79,762)(22,477)176,719134,966164,375121,305165,662132,484710,125

(4,034)1,43917,703(49,890)(83,149)(162,911)(185,387)(8,668)126,298290,673411,979577,641710,125


5


ANALYSIS OF REVENUE, EXPENSES, AND RETAINED EARNINGS BY CLAIM YEAR AS OF JUNE 30, 1999

All Programs

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/99Totals

Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/

PackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollision

Revenues:

Premiums$ 1,868,385$ 77,293$ 2,899$ 2,369,659$ 146,500$ 55,372$ 2,691,017$ 159,500$ 167,377$ 1,910,479$ 158,805$ 120,410$ 2,049,339$ 131,339$ 2,051,024$ 174,101$ 2,680,284$ 202,965$ 2,550,616$ 223,830$ 2,715,974$ 202,151$ 2,901,856$ 243,238$ 2,885,380$ 187,571$ 3,428,143$ 306,898$ 3,272,903$ 403,330$ 36,338,638

Interest:- 0

1987 Interest56,4171,6535958,129

1988 Interest37,8772,861121135,1786,3362,122184,495

1989 Interest56,7573,74815987,9669,3553,126175,7038,7388,993354,546

1990 Interest43,7293,87316498,1149,6663,23074,0749,0289,292123,7266,6184,872386,385

1991 Interest32,2773,71515788,6779,2733,09869,5048,6618,91411,1666,3494,674151,2225,220402,909

1992 Interest34,0204,391(172)91,04610,96023375,26810,23769312,7247,504(2,880)25,7475,972230,0066,360512,111

1993 Interest34,373(3,292)(166)84,72139022574,183(2,111)67012,860(3,374)(2,783)21,7055,77158,8036,145194,4526,065488,636

1994 Interest21,272(2,445)(123)56,33329016747,284(1,568)4975,227(2,506)(2,067)4,5684,28636,8054,56439,0524,505150,5355,404372,081

1995 Interest26,351(2,932)(148)66,08934720155,457(1,881)5965,185(3,006)(2,479)(5,225)(1,249)34,375(2,925)37,844(844)59,4106,481177,5264,950454,124

1996 Interest30,565(3,385)(171)73,54540123263,014(2,171)6895,963(3,470)(2,862)(12,189)(1,442)33,151(3,377)46,134(975)53,4337,48167,7305,714160,7576,959525,728

1997 Interest34,731(3,846)(194)81,49845626370,404(2,467)7826,066(3,943)(3,252)(18,721)(1,639)33,475(3,837)50,752(1,107)40,9148,50159,2646,49332,0607,90799,0635,836499,460

1998 Interest83,911(9,256)(467)192,2451,097634165,001(5,936)1,88314,278(9,488)(7,825)(65,902)(3,943)75,510(9,234)121,188(2,665)80,18420,458142,34415,62544,18919,029119,47614,043252,88919,1781,268,446

1999 Interest17,111- 0(95)38,681- 012933,054- 03842,616- 0(1,596)(14,623)- 0- 0(1,883)24,550- 0- 04,17227,4773,1867,4943,88016,6592,86429,4353,91150,6763,127251,210

Rental Income61,51661,516

- 0

Total Revenues2,377,77672,3782,0233,463,753195,07369,0323,593,961180,030200,7712,110,290153,490104,2132,135,921144,3142,553,150169,9153,194,258207,9442,935,092276,3273,190,316238,1183,146,356281,0143,120,579210,3133,710,467329,9873,385,095406,45742,158,414

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)(474,755)

Estimated ULAE110,698105,302109,000325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,9267,986764,9689,983793,5379,983876,72025,416797,20830,1249,518,536

Other369,91315,303574353,77921,8728,267556,49732,98434,613754,69062,73247,565689,03544,159704,05959,764834,98563,229941,80182,648962,66571,6521,039,63787,144909,20259,1051,059,19694,8231,138,606140,31411,240,814

Subtotal1,235,30215,3035741,170,76721,8728,2671,572,56832,98434,6131,515,39262,73247,5651,546,06644,1591,313,81359,7641,619,83063,2291,179,64182,6481,344,87879,6381,909,91097,1271,682,91369,0881,891,833120,2391,616,441170,43820,609,595

Claims:- 0

Paid849,79477,366286830,766- 05,470534,32151,8206,867200,82747,4232,1221,216,1265,618708,32321,921458,08742,2481,115,70316,960709,28623,514796,42819,512784,58519,920475,75444,08674,789103,5359,243,457

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0160,684- 0390,714- 0603,572- 0915,415- 01,574,246- 01,675,211- 05,319,842

- 0

Total Claims Expense849,79477,366286830,766- 05,470534,32151,8206,867200,82747,4232,1221,216,1265,618708,32321,921458,08742,2481,276,38716,9601,100,00023,5141,400,00019,5121,700,00019,9202,050,00044,0861,750,000103,53514,563,299



1992 Dividend(5,197)(49,822)(143,026)(122,119)(320,164)

1993 Dividend(57,779)(163,949)(145,294)(123,358)(490,380)

1995 Dividend(127,796)(167,992)(124,943)(420,731)

Retained Earnings After Interest$ 292,680$ (78,070)$ (4,034)$ 1,462,220$ 9,252$ 5,473$ 1,487,072$ (50,068)$ 16,265$ 394,072$ (80,024)$ (67,593)$ (626,270)$ (33,259)$ 531,014$ (79,762)$ 1,116,342$ (22,477)$ 479,064$ 176,719$ 745,437$ 134,966$ (163,554)$ 164,375$ (262,334)$ 121,305$ (231,367)$ 165,662$ 18,654$ 132,484$ 5,754,245

Reallocation of:


ULAE:- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)- 0

1999 Allocation343,796322341,0995,6673,3407,25517,8448,11110,13821,899(79,449)- 0

Add Back:

Claims Reserve/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0160,684- 0390,714- 0603,572- 0915,415- 01,574,246- 01,675,211- 05,319,842



Unearned Discounts644,914644,914

Capital Lease Payble1,084,6221,084,622

- 0

Less:- 0




Notes Receivable(157,941)(157,941)

Fixed Assets(1,204,918)(1,204,918)

Deposits- 0

Cash Balance 6/30/99724,863(78,070)(4,034)1,638,6259,2525,4731,400,233(50,068)16,265110,828(80,024)(67,593)(619,472)(33,259)592,525(79,762)1,040,006(22,477)626,770176,7191,163,996134,966317,466164,375705,702121,3051,246,913165,6622,146,738132,48411,606,409

(78,070)(78,070)(68,818)(68,818)(118,886)(118,886)(198,910)(198,910)(232,168)298,846298,846276,369755,434

Allocation of 6/30/99 Interest- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

Adjusted Retained Earnings$ 292,680$ (78,070)$ (4,034)$ 1,462,220$ 9,252$ 5,473$ 1,487,072$ (50,068)$ 16,265$ 394,072$ (80,024)$ (67,593)$ (626,270)$ (33,259)$ 531,014$ (79,762)$ 1,116,342$ (22,477)$ 479,064$ 176,719$ 745,437$ 134,966$ (163,554)$ 164,375$ (262,334)$ 121,305$ (231,367)$ 165,662$ 18,654$ 132,484$ 5,754,245

See Accompanying Accountant's Report.

Sheet4

SPECIAL DISTRICT RISK MANAGMENT AUTHORITY

CLAIMS DEVELOPMENT INFORMATION

AS OF JUNE 30, 2002

PACKAGE PROGRAM

Eleven Months

Fiscal and Policy Year Ended July 31,Ended June 30,Fiscal and Policy Year Ended June 30,

1987e&o/auto1988e&o/auto1989e&o/auto1990e&o/auto1991199219931994199519961997199819992,0002,0012,002Total

Paid8712,5665,28617,852(1)

8835,0667,78620,0285,47068,350(1)

89202,08014,31645,0285,47040,21911,061318,174(1)

90478,53614,316120,0285,47080,21911,06113,0772,122724,829(1)

91678,53614,316(2)220,0285,470(2)125,21911,061(2)29,9432,122(2)44,3072,7561,133,758

92738,53614,316(2)420,0285,470(2)225,21911,061(2)36,8382,122(2)201,7855,61826,39121,9211,709,305

93740,20077,652(2)495,0285,470(2)227,59358,687(2)47,04749,545(2)307,6825,61848,51421,92136,86542,2482,164,070

94842,852(2)650,498(2)411,280(2)149,197(2)577,245209,794188,9136,8603,036,639

95842,852(2)685,498(2)436,280(2)170,874(2)791,314405,110368,726302,411(5)40,8944,043,959

96849,794(2)735,498(2)454,563(2)172,874(2)919,303547,857397,783(4)588,594(5)317,001(5)158,7905,142,057

97849,794(2)770,498(2)474,834(2)184,874(2)1,001,554(5)618,713(4)426,015(4)923,067(5)615,923453,012107,5706,425,854

98849,794(2)805,498(2)509,834(2)188,385(2)1,166,004(3)658,323(3)448,088(3)1,058,941(3)627,415725,591(3)455,813152,0937,645,779(3)

99849,794a830,766a534,321a200,827a1,216,126a708,323a458,087a1,115,703a709,286a796,428a784,585a475,754a74,789a8,754,789

00852,201830,902534,321201,3271,174,876708,323458,0881,116,703722,022850,798740,7401,136,909319,695156,5129,803,417

01853,217830,902534,321201,3271,174,876708,323458,0881,116,734722,022879,420765,1741,283,385514,821340,800189,59210,573,002

02851,710830,902534,321200,8261,174,876708,323458,0881,115,734720,5221,082,321782,4471,349,3271,284,722515,926441,000303,46712,354,512

Incurred8784,3575,28689,643(1)

88481,8577,786236,1575,470731,270(1)

891,175,32714,316336,1575,47098,45322,0331,651,756(1)

901,300,32714,316636,1575,470199,90922,03326,28627,1222,231,620(1)

911,085,68414,316(2)694,5305,470(2)277,96722,033(2)41,63627,122(2)703,2442,7562,874,758

921,085,68414,316(2)694,5305,470(2)277,96722,033(2)41,63627,122(2)700,3825,618709,07921,9213,605,758

93972,34877,652(2)794,5305,470(2)391,31358,687(2)126,45549,545(2)893,3825,618628,07921,9211,118,75242,2485,186,000

941,100,000(2)900,000(2)500,000(2)200,000(2)1,000,000700,0001,261,0001,447,0007,108,000

95950,000(2)850,000(2)500,000(2)200,000(2)1,000,000700,0001,261,0001,447,0001,704,0008,612,000

96890,000(2)850,000(2)500,000(2)190,000(2)1,100,000850,000800,0001,500,0001,800,0001,300,0009,780,000

97890,000(2)850,000(2)500,000(2)190,000(2)1,100,000850,000800,0001,500,0001,800,0001,300,0001,500,00011,280,000

98850,853(2)947,762(2)533,321(2)208,034(2)1,250,000883,000561,0371,500,0001,650,0001,650,0001,950,0002,500,00014,484,007

99849,794a830,766a534,321a200,827a1,216,126a708,323a458,087a1,276,387a1,100,000a1,400,000a1,700,000a2,050,000a1,750,000a14,074,631

00872,229830,902534,321201,3271,174,876708,323458,0881,116,703722,022987,291771,0631,393,262623,583425,22910,819,219

01872,229830,902534,321201,3271,174,876708,323458,0881,116,734722,0221,223,385782,2481,446,756947,261591,811436,95812,047,241

02851,710830,902534,321200,8261,174,876708,323458,0881,115,734720,5221,167,318813,1901,465,5921,538,939565,126628,237581,13013,354,834

calc o/sibnr + reservesvarianceE&O/Auto

Outstanding8771,7918771,79171,791(1)0

88446,791216,12988662,920662,920(1)0

89973,247291,12958,234891,322,6101,333,582(1)10,9720

90821,791516,129119,69013,209901,470,8191,506,791(1)35,9720(35,972)

91407,148474,502152,74811,693658,937911,705,0281,741,000(1)35,9720

92347,148274,50252,7484,798498,597682,688921,860,4811,896,453(1)35,9720

93232,148299,502163,72079,408585,700579,5651,081,887933,021,9303,021,930(1)00

94257,148249,50288,72050,803422,755490,2061,072,0871,440,140944,071,3614,071,361(1)00

95107,148164,50263,72029,126208,686294,890892,2741,144,5891,663,106954,568,0414,568,041(1)0

9640,206114,50245,43717,126180,697302,143402,217911,4061,482,9991,141,210964,637,9434,637,943(1)0

9740,20679,50225,1665,12698,446231,287373,985576,9331,184,077846,9881,392,430974,854,1464,854,146(1)0

981,059142,26423,48719,64983,996224,677112,949441,0591,022,585924,4091,494,1872,347,907986,838,2286,838,228(1)0

990000000160,684390,714603,572915,4151,574,2461,675,211995,319,842aa(5,319,842)

0020,02800000000136,49330,323256,353303,888268,7171,015,802

0119,01200000000343,96517,074163,371432,440251,011247,3661,474,239

0200000000084,99730,743116,265254,21749,200187,237277,663722,659

$2,737,814$2,805,456$3,935,399$4,674,811$5,743,481$4,081,634$3,880,172$4,458,142$2,665,756568,928434,603277,663Totals$36,877,000$31,629,102(5,247,898)

0

aPer audited June 30, 1999 Financial Statementsproof

(1)Matched paid and incurred expenses in total to the audited financial statements. Actual paid and expenses per loss year were not available

(2)Matched paid and incurred expenses in total to the audited loss triangle's "prior years". Amounts were allocated to loss years based on reasonablness to the ending actual balance per fiscal year ended June 30, 1999

(3)Paid amounts were first adjusted to the Beginning Balance Paid per June 30, 1999 audit, although there was a $233,910 reconciled discrepancy that relates to actual paid. Paid was reasonably adjusted by analyizing previous to ending paid.

(4)Paid amounts were adjusted in prior years due to the unreasonablness of amounts paid compared to the audited total paid at June 30, 1999. Amounts paid in previous years was higher than reconciled paid by loss year (Reconciled in FY 98/99 Audit)

(5)Based on the June 30, 1999 audit we believe that the balances in outstanding and incurred are reasonably accurate and that there are discrepancies in prior year paid. Paid was adjusted in the prior years analyticaly based upon beginning and ending balanc

9494249,596249,596249,596300,399300,399300,399790,605790,605790,6052,230,7452,230,745

Sheet5



AS OF JUNE 30, 2002

ERRORS AND OMISSIONS

Eleven Months


1987198819891990199119921993199419951996199719981999200020012002

Paid875,000

887,5000

8914,03004,194

9014,03004,1940

9114,03004,1940

9214,03004,1940

9377,366051,82047,423

9477,366051,82047,423

9577,366051,82047,423

9677,366051,82047,423

9777,366051,82047,423

9877,366051,82047,423

9977,366051,82047,423

00

01

02

Incurred875,000

887,5000

8914,030015,166

9014,030015,16625,000

9114,030015,16625,000

9214,030015,16625,000

9377,366051,82047,423

9477,366051,82047,423

9577,366051,82047,423

9677,366051,82047,423

9777,366051,82047,423

9877,366051,82047,423

9977,366051,82047,423

00

01

02

Outstanding870

8800

890010,972

900010,97225,000

910010,97225,000

920010,97225,000

930000

940000

950000

960000

970000

980000

990000

00

01

02

After Fiscal Year 1990, the Errors and Omissions Program was combined with the Package Program.

94949494949494949494949494

Sheet6



AS OF JUNE 30, 2002

AUTO COMP AND COLLISION PROGRAM

Eleven Months


19871988198919901991199219931994199519961997199819992,0002,0012,002

Paid87286(1)

88286(1)5,470(1)

89286(1)5,470(1)6,867

90286(1)5,470(1)6,8672,122

91286(1)5,470(1)6,8672,1222,756

92286(1)5,470(1)6,8672,1225,61821,92142,284

93286(1)5,470(1)6,8672,1225,61821,92142,24884,532

94286(1)5,470(1)6,8672,1225,61821,92142,24816,960(42,248)

95286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,514

96286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,512

97286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,920

98286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086

99286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535

006,8672,12231,65413,63644,65930,25522,38121,56525,08055,549123,35120,776

016,8672,12231,65413,63644,65930,25522,38121,56525,08155,549123,35130,76536,804

025,36705,78512,38642,93923,05616,97216,06622,83050,049105,05921,93724,27382,069

Incurred87286(1)

88286(1)5,470(1)

89286(1)5,470(1)6,867

90286(1)5,470(1)6,8672,122

90286(1)5,470(1)6,8672,122

91286(1)5,470(1)6,8672,1222,756

92286(1)5,470(1)6,8672,1225,61821,921

93286(1)5,470(1)6,8672,1225,61821,92142,248

94286(1)5,470(1)6,8672,1225,61821,92142,24816,960

95286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,514

96286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,512

97286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,920

98286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086

99286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535

006,8672,12231,65413,63644,65930,25522,38121,56525,08055,549123,35120,776

016,8672,12231,65413,63644,65930,25522,38121,56525,08155,549123,35130,76551,947

025,36705,78512,38642,93923,05616,97216,06622,83050,049105,05921,93724,27383,981

Outstanding870

8800

89000

900000

9100000

92000000

930000000

9400000000

95000000000

960000000000

9700000000000

98000000000000

990000000000000

0000000000000000

010000000000000015,143

020000000000000001,912

(1)Difference of "Prior Years" ($14,745) less amounts per claim summarry for 1989 and 1990 allocated based the percentage to premiums

93939393939393939393939393

8



AS OF JUNE 30, 1999

PACKAGE PROGRAM

Eleven Months


1987e&o/auto1988e&o/auto1989e&o/auto1990e&o/auto199119921993199419951996199719981999Total

Paid8712,5665,28617,852(1)

8835,0667,78620,0285,47068,350(1)

89202,08014,31645,0285,47040,21911,061318,174(1)

90478,53614,316120,0285,47080,21911,06113,0772,122724,829(1)

91678,53614,316(2)220,0285,470(2)125,21911,061(2)29,9432,122(2)44,3072,7561,133,758

92738,53614,316(2)420,0285,470(2)225,21911,061(2)36,8382,122(2)201,7855,61826,39121,9211,709,305

93740,20077,652(2)495,0285,470(2)227,59358,687(2)47,04749,545(2)307,6825,61848,51421,92136,86542,2482,164,070

94842,852(2)650,498(2)411,280(2)149,197(2)577,245209,794188,9136,8603,036,639

95842,852(2)685,498(2)436,280(2)170,874(2)791,314405,110368,726302,411(5)40,8944,043,959

96849,794(2)735,498(2)454,563(2)172,874(2)919,303547,857397,783(4)588,594(5)317,001(5)158,7905,142,057

97849,794(2)770,498(2)474,834(2)184,874(2)1,001,554(5)618,713(4)426,015(4)923,067(5)615,923453,012107,5706,425,854

98849,794(2)805,498(2)509,834(2)188,385(2)1,166,004(3)658,323(3)448,088(3)1,058,941(3)627,415725,591(3)455,813152,0937,645,779(3)

99849,794a830,766a534,321a200,827a1,216,126a708,323a458,087a1,115,703a709,286a796,428a784,585a475,754a74,789a8,754,789

Incurred8784,3575,28689,643(1)

88481,8577,786236,1575,470731,270(1)

891,175,32714,316336,1575,47098,45322,0331,651,756(1)

901,300,32714,316636,1575,470199,90922,03326,28627,1222,231,620(1)

911,085,68414,316(2)694,5305,470(2)277,96722,033(2)41,63627,122(2)703,2442,7562,874,758

921,085,68414,316(2)694,5305,470(2)277,96722,033(2)41,63627,122(2)700,3825,618709,07921,9213,605,758

93972,34877,652(2)794,5305,470(2)391,31358,687(2)126,45549,545(2)893,3825,618628,07921,9211,118,75242,2485,186,000

941,100,000(2)900,000(2)500,000(2)200,000(2)1,000,000700,0001,261,0001,447,0007,108,000

95950,000(2)850,000(2)500,000(2)200,000(2)1,000,000700,0001,261,0001,447,0001,704,0008,612,000

96890,000(2)850,000(2)500,000(2)190,000(2)1,100,000850,000800,0001,500,0001,800,0001,300,0009,780,000

97890,000(2)850,000(2)500,000(2)190,000(2)1,100,000850,000800,0001,500,0001,800,0001,300,0001,500,00011,280,000

98850,853(2)947,762(2)533,321(2)208,034(2)1,250,000883,000561,0371,500,0001,650,0001,650,0001,950,0002,500,00014,484,007

99849,794a830,766a534,321a200,827a1,216,126a708,323a458,087a1,276,387a1,100,000a1,400,000a1,700,000a2,050,000a1,750,000a14,074,631

calc o/sibnr + reservesvarianceE&O/Auto

Outstanding8771,7918771,79171,791(1)0

88446,791216,12988662,920662,920(1)0

89973,247291,12958,234891,322,6101,333,582(1)10,9720

90821,791516,129119,69013,209901,470,8191,506,791(1)35,9720(35,972)

91407,148474,502152,74811,693658,937911,705,0281,741,000(1)35,9720

92347,148274,50252,7484,798498,597682,688921,860,4811,896,453(1)35,9720

93232,148299,502163,72079,408585,700579,5651,081,887933,021,9303,021,930(1)00

94257,148249,50288,72050,803422,755490,2061,072,0871,440,140944,071,3614,071,361(1)00

95107,148164,50263,72029,126208,686294,890892,2741,144,5891,663,106954,568,0414,568,041(1)0

9640,206114,50245,43717,126180,697302,143402,217911,4061,482,9991,141,210964,637,9434,637,943(1)0

9740,20679,50225,1665,12698,446231,287373,985576,9331,184,077846,9881,392,430974,854,1464,854,146(1)0

981,059142,26423,48719,64983,996224,677112,949441,0591,022,585924,4091,494,1872,347,907986,838,2286,838,228(1)0

990000000160,684390,714603,572915,4151,574,2461,675,211995,319,842a5,319,842a0

$2,737,814$2,805,456$3,935,399$4,674,811$5,743,481$3,516,179$3,802,032$3,922,153$1,675,211Totals$36,877,000$36,948,94471,944

0

aPer audited June 30, 1999 Financial Statementsproof

(1)Matched paid and incurred expenses in total to the audited financial statements. Actual paid and expenses per loss year were not available

(2)Matched paid and incurred expenses in total to the audited loss triangle's "prior years". Amounts were allocated to loss years based on reasonablness to the ending actual balance per fiscal year ended June 30, 1999

(3)Paid amounts were first adjusted to the Beginning Balance Paid per June 30, 1999 audit, although there was a $233,910 reconciled discrepancy that relates to actual paid. Paid was reasonably adjusted by analyizing previous to ending paid.

(4)Paid amounts were adjusted in prior years due to the unreasonablness of amounts paid compared to the audited total paid at June 30, 1999. Amounts paid in previous years was higher than reconciled paid by loss year (Reconciled in FY 98/99 Audit)

(5)Based on the June 30, 1999 audit we believe that the balances in outstanding and incurred are reasonably accurate and that there are discrepancies in prior year paid. Paid was adjusted in the prior years analyticaly based upon beginning and ending balanc

9494249,596249,596249,596300,399300,399300,399790,605790,605790,6052,230,7452,230,745

9



AS OF JUNE 30, 1999

ERRORS AND OMISSIONS

Eleven Months


1987198819891990199119921993199419951996199719981999

Paid875,000

887,5000

8914,03004,194

9014,03004,1940

9114,03004,1940

9214,03004,1940

9377,366051,82047,423

9477,366051,82047,423

9577,366051,82047,423

9677,366051,82047,423

9777,366051,82047,423

9877,366051,82047,423

9977,366051,82047,423

Incurred875,000

887,5000

8914,030015,166

9014,030015,16625,000

9114,030015,16625,000

9214,030015,16625,000

9377,366051,82047,423

9477,366051,82047,423

9577,366051,82047,423

9677,366051,82047,423

9777,366051,82047,423

9877,366051,82047,423

9977,366051,82047,423

Outstanding870

8800

890010,972

900010,97225,000

910010,97225,000

920010,97225,000

930000

940000

950000

960000

970000

980000

990000

After Fiscal Year 1990, the Errors and Omissions Program was combined with the Package Program.

94949494949494949494949494

10



AS OF JUNE 30, 1999

AUTO COMP AND COLLISION PROGRAM

Eleven Months


1987198819891990199119921993199419951996199719981999

Paid87286(1)

88286(1)5,470(1)

89286(1)5,470(1)6,867

90286(1)5,470(1)6,8672,122

91286(1)5,470(1)6,8672,1222,756

92286(1)5,470(1)6,8672,1225,61821,92142,284

93286(1)5,470(1)6,8672,1225,61821,92142,24884,532

94286(1)5,470(1)6,8672,1225,61821,92142,24816,960(42,248)

95286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,514

96286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,512

97286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,920

98286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086

99286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535

Incurred87286(1)

88286(1)5,470(1)

89286(1)5,470(1)6,867

90286(1)5,470(1)6,8672,122

90286(1)5,470(1)6,8672,122

91286(1)5,470(1)6,8672,1222,756

92286(1)5,470(1)6,8672,1225,61821,921

93286(1)5,470(1)6,8672,1225,61821,92142,248

94286(1)5,470(1)6,8672,1225,61821,92142,24816,960

95286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,514

96286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,512

97286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,920

98286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086

99286(1)5,470(1)6,8672,1225,61821,92142,24816,96023,51419,51219,92044,086103,535

Outstanding870

8800

89000

900000

9100000

92000000

930000000

9400000000

95000000000

960000000000

9700000000000

98000000000000

990000000000000

(1)Difference of "Prior Years" ($14,745) less amounts per claim summarry for 1989 and 1990 allocated based the percentage to premiums

93939393939393939393939393

Sheet12


RECONCILIATION OF RETAINED EARNINGS FOR THE FISCAL YEAR ENDING JUNE 30, 2002

All Programs

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/9999/00Totals

Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/

PackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollision

Revenues:

Premiums1,868,38577,2932,8992,369,659146,50055,3722,691,017159,500167,3771,910,479158,805120,4102,049,339131,3392,051,024174,1012,680,284202,9652,550,616223,8302,715,974202,1512,901,856243,2382,885,380187,5713,428,143306,8983,272,903403,3302,546,024416,13339,300,795

Interest:- 0

1987 Interest56,4171,6535958,129

1988 Interest37,8772,861121135,1786,3362,122184,495

1989 Interest56,7573,74815987,9669,3553,126175,7038,7388,993354,546

1990 Interest43,7293,87316498,1149,6663,23074,0749,0289,292123,7266,6184,872386,385

1991 Interest32,2773,71515788,6779,2733,09869,5048,6618,91411,1666,3494,674151,2225,220402,909

1992 Interest34,0204,391(172)91,04610,96023375,26810,23769312,7247,504(2,880)25,7475,972230,0066,360512,111

1993 Interest34,373(3,292)(166)84,72139022574,183(2,111)67012,860(3,374)(2,783)21,7055,77158,8036,145194,4526,065488,636

1994 Interest21,272(2,445)(123)56,33329016747,284(1,568)4975,227(2,506)(2,067)4,5684,28636,8054,56439,0524,505150,5355,404372,081

1995 Interest26,351(2,932)(148)66,08934720155,457(1,881)5965,185(3,006)(2,479)(5,225)(1,249)34,375(2,925)37,844(844)59,4106,481177,5264,950454,124

1996 Interest30,565(3,385)(171)73,54540123263,014(2,171)6895,963(3,470)(2,862)(12,189)(1,442)33,151(3,377)46,134(975)53,4337,48167,7305,714160,7576,959525,728

1997 Interest34,731(3,846)(194)81,49845626370,404(2,467)7826,066(3,943)(3,252)(18,721)(1,639)33,475(3,837)50,752(1,107)40,9148,50159,2646,49332,0607,90799,0635,836499,460

1998 Interest83,911(9,256)(467)192,2451,097634165,001(5,936)1,88314,278(9,488)(7,825)(65,902)(3,943)75,510(9,234)121,188(2,665)80,18420,458142,34415,62544,18919,029119,47614,043252,88919,1781,268,446

1999 Interest17,111- 0(95)38,681- 012933,054- 03842,616- 0(1,596)(14,623)- 0- 0(1,883)24,550- 0- 04,17227,4773,1867,4943,88016,6592,86429,4353,91150,6763,127274,532

- 0

Rental Income61,51626,64988,165

- 0

Total Revenues2,377,77672,3782,0233,463,753195,07369,0313,593,961180,030200,7712,110,290153,490104,2122,135,922144,3142,553,150169,9153,194,258207,9442,935,092276,3283,190,315238,1183,146,356281,0133,120,579210,3143,710,467329,9873,385,095406,4572,572,673416,13345,170,542

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)- 0(474,755)

Estimated ULAE110,698105,302109,000- 0325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,9267,986764,9689,983793,5379,983876,72025,416797,20830,1241,193,7118,23910,720,486

Other369,91315,303574353,77921,8728,267556,49732,98434,613754,69062,73247,565689,03544,159704,05959,764834,98563,229941,80182,648962,66571,6521,039,63787,144909,20259,1051,059,19694,8231,138,606140,314930,753141,57412,313,141

Subtotal1,235,30215,3035741,170,76721,8728,2671,572,56832,98434,6131,515,39262,73247,5651,546,06644,1591,313,81359,7641,619,83063,2291,179,64182,6481,344,87879,6381,909,91097,1271,682,91369,0881,891,833120,2391,616,441170,4382,124,464149,81322,883,872

Claims:- 0

Paid852,201286830,902- 05,470534,3216,867201,3272,1221,174,87631,654708,32313,636458,08844,6591,116,70330,255722,02222,381850,79821,565740,74025,0801,136,90955,549319,695123,351156,51220,77610,207,068

Reserved/IBNR20,028- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0136,493- 030,323- 0256,353- 0303,888- 0268,717- 01,015,8025319842

- 0

Total Claims Expense872,229- 0286830,902- 05,470534,321- 06,867201,327- 02,1221,174,87631,654708,32313,636458,08844,6591,116,70330,255722,02222,381987,29121,565771,06325,0801,393,26255,549623,583123,351425,22920,77611,222,870(3,646,270)(734,214)2,912,056



1992 Dividend(5,197)(49,822)(143,026)(122,119)(320,164)

1993 Dividend(57,779)(163,949)(145,294)(123,358)(490,380)

1995 Dividend(127,796)(167,992)(124,943)(420,731)

Retained Earnings Before Interest270,245(704)(4,034)1,462,0839,2525,4731,487,0721,75216,265393,571(32,601)(67,594)(585,020)(59,295)531,014(71,477)1,116,340(24,888)638,748163,4251,123,415136,099249,155162,322666,603116,146425,372154,2001,145,071112,66822,980245,5449,832,525

Reallocation of:


ULAE:- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)- 0

1999 Allocation343,796322341,0995,6673,3407,25517,8448,11110,13821,899(79,449)- 0

2000 Allocation1,77111- 0393,257- 0012,60829,84432,58673,34664,818133,408(351,689)0

Add Back:

Claims Reserve/IBNR20,028- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0136,493- 030,323- 0256,353- 0303,888268,7171,015,802

ULAE Reserve325,000325,000650,000

Accounts Payable61,79074,721136,511

Unearned Discounts644,914524,9721,169,886

Capital Lease Payble1,084,6221,033,5502,118,172

- 0

Less:- 0

Prepaid Expenses4,6494,649

Accounts Receivable262,690262,690


Notes Receivable- 0- 0

Fixed Assets1,198,9151,198,915

Deposits- 0

Cash Balance 6/30/00724,227(704)(4,034)1,638,4999,2525,4731,400,2331,75216,265110,367(32,601)(67,594)(574,965)(59,295)592,525(71,477)1,040,005(24,888)638,378163,4251,181,103136,099295,683162,322822,893116,146650,576154,2003,619,244112,6683,364,505245,54416,389,150

Allocation of 6/30/00 Interest24,748- 0(138)- 055,990- 0187- 047,848- 0556- 03,771- 0(2,310)- 0(19,647)- 0- 0(2,442)- 035,538- 0- 05,58440,3604,65110,1045,54728,1193,96922,2315,269123,6743,850114,9698,391560,037520,817

Adjusted Retained Earnings294,993(704)(4,172)1,518,0739,2525,6601,534,9201,75216,821397,343(32,601)(69,904)(604,667)(59,295)531,014(73,919)1,151,878(24,888)638,748169,0091,163,775140,750259,258167,868694,722120,115447,603159,4691,268,745116,518137,949253,93510,392,562

(4,614,995)

Sheet13



All Programs

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/9999/0000/01Totals

Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/

PackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollision

Revenues:

Premiums1,868,38577,2932,8992,369,659146,50055,3722,691,017159,500167,3771,910,479158,805120,4102,049,339131,3392,051,024174,1012,680,284202,9652,550,616223,8302,715,974202,1512,901,856243,2382,885,380187,5713,428,143306,8983,272,903403,3302,546,024416,1332,067,103474,14641,842,044

Interest:- 0

1987 Interest56,4171,6535958,129

1988 Interest37,8772,861121135,1786,3362,122184,495

1989 Interest56,7573,74815987,9669,3553,126175,7038,7388,993354,546

1990 Interest43,7293,87316498,1149,6663,23074,0749,0289,292123,7266,6184,872386,385

1991 Interest32,2773,71515788,6779,2733,09869,5048,6618,91411,1666,3494,674151,2225,220402,909

1992 Interest34,0204,391(172)91,04610,96023375,26810,23769312,7247,504(2,880)25,7475,972230,0066,360512,111

1993 Interest34,373(3,292)(166)84,72139022574,183(2,111)67012,860(3,374)(2,783)21,7055,77158,8036,145194,4526,065488,636

1994 Interest21,272(2,445)(123)56,33329016747,284(1,568)4975,227(2,506)(2,067)4,5684,28636,8054,56439,0524,505150,5355,404372,081

1995 Interest26,351(2,932)(148)66,08934720155,457(1,881)5965,185(3,006)(2,479)(5,225)(1,249)34,375(2,925)37,844(844)59,4106,481177,5264,950454,124

1996 Interest30,565(3,385)(171)73,54540123263,014(2,171)6895,963(3,470)(2,862)(12,189)(1,442)33,151(3,377)46,134(975)53,4337,48167,7305,714160,7576,959525,728

1997 Interest34,731(3,846)(194)81,49845626370,404(2,467)7826,066(3,943)(3,252)(18,721)(1,639)33,475(3,837)50,752(1,107)40,9148,50159,2646,49332,0607,90799,0635,836499,460

1998 Interest83,911(9,256)(467)192,2451,097634165,001(5,936)1,88314,278(9,488)(7,825)(65,902)(3,943)75,510(9,234)121,188(2,665)80,18420,458142,34415,62544,18919,029119,47614,043252,88919,1781,268,446

1999 Interest17,111- 0(95)38,681- 012933,054- 03842,616- 0(1,596)(14,623)- 0- 0(1,883)24,550- 0- 04,17227,4773,1867,4943,88016,6592,86429,4353,91150,6763,127

2000 Interest- 0

- 0

Rental Income61,51626,64948,675136,840

- 0

Total Revenues2,377,77672,3782,0233,463,753195,07369,0313,593,961180,030200,7712,110,290153,490104,2122,135,922144,3142,553,150169,9153,194,258207,9442,935,092276,3283,190,315238,1183,146,356281,0133,120,579210,3143,710,467329,9873,385,095406,4572,572,673416,1332,115,778474,14647,485,934

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)- 0(474,755)

Estimated ULAE110,698105,302109,000- 0325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,9267,986764,9689,983793,5379,983876,72025,416797,20830,1241,193,7118,2391,180,50710,38211,911,375

Other369,91315,303574353,77921,8728,267556,49732,98434,613754,69062,73247,565689,03544,159704,05959,764834,98563,229941,80182,648962,66571,6521,039,63787,144909,20259,1051,059,19694,8231,138,606140,314930,753141,574921,598184,26513,419,004

Subtotal1,235,30215,3035741,170,76721,8728,2671,572,56832,98434,6131,515,39262,73247,5651,546,06644,1591,313,81359,7641,619,83063,2291,179,64182,6481,344,87879,6381,909,91097,1271,682,91369,0881,891,833120,2391,616,441170,4382,124,464149,8132,102,105194,64725,180,624

Claims:- 0

Paid853,217- 0830,902- 0- 0534,3216,867201,3272,1221,174,87631,654708,32313,636458,08844,6591,116,73430,255722,02222,381879,42021,565765,17425,0811,283,38555,549514,821123,351340,80030,765189,59236,80411,017,691

Reserved/IBNR19,012- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0343,965- 017,074- 0163,371- 0432,440- 0251,011- 0247,36615,1431,489,3825319842

- 0

Total Claims Expense872,229- 0- 0830,902- 0- 0534,321- 06,867201,327- 02,1221,174,87631,654708,32313,636458,08844,6591,116,73430,255722,02222,3811,223,38521,565782,24825,0811,446,75655,549947,261123,351591,81130,765436,95851,94712,507,073(2,362,067)(734,214)1,627,853



1992 Dividend(5,197)(49,822)(143,026)(122,119)(320,164)

1993 Dividend(57,779)(163,949)(145,294)(123,358)(490,380)

1995 Dividend(127,796)(167,992)(124,943)(420,731)

Retained Earnings Before Interest270,245(704)(3,748)1,462,0839,25210,9431,487,0721,75216,265393,571(32,601)(67,594)(585,020)(59,295)531,014(71,477)1,116,340(24,888)638,717163,4251,123,415136,09913,061162,322655,418116,145371,878154,200821,393112,668(143,602)235,555(423,285)227,5528,566,962

Reallocation of:


ULAE:- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)- 0

1999 Allocation343,796322341,0995,6673,3407,25517,8448,11110,13821,899(79,449)- 0

2000 Allocation1,77111- 0393,257- 0012,60829,84432,58673,34664,818133,408(351,689)0

2001 Allocation- 0- 0- 0- 0- 0- 0- 07- 053,5282,53612,12891,73156,652(216,582)0

Add Back:

Claims Reserve/IBNR19,012- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0343,965- 017,074- 0163,371- 0432,440- 0268,717247,3661,491,945

ULAE Reserve325,000325,000325,000975,000

Accounts Payable61,79074,721168,493305,004

Unearned Discounts644,914524,972518,7241,688,610

Capital Lease Payble1,084,6221,033,550974,8153,092,987

- 0

Less:- 0

Prepaid Expenses2,5352,535

Accounts Receivable297,471297,471


Notes Receivable- 0- 0

Fixed Assets1,407,9941,407,994

Deposits- 0

Cash Balance 6/30/01723,211(704)(3,748)1,638,4999,25210,9431,400,2331,75216,265110,367(32,601)(67,594)(574,965)(59,295)592,525(71,477)1,040,005(24,888)638,354163,4251,181,103136,099320,588162,322800,995116,145516,228154,2003,515,849112,66817,828,509

Allocation of 6/30/01 Interest11,136- 0(58)- 025,230- 0168- 021,561- 0250- 01,699- 0(1,041)- 0(8,854)- 0- 0(1,101)- 016,014- 0- 02,51618,1872,0964,9372,50012,3341,7887,9492,37454,1391,735274,532

Adjusted Retained Earnings281,381(704)(3,806)1,487,3149,25211,1111,508,6341,75216,515395,271(32,601)(68,635)(593,874)(59,295)531,014(72,578)1,132,355(24,888)638,717165,9411,141,602138,19517,997164,821667,752117,933379,827156,574875,532114,4038,841,494

(3,063,927)

Sheet14



All Programs

86/8787/8888/8989/9090/9191/9292/9393/9494/9595/9696/9797/9898/9999/0000/0101/02Totals

Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/Comp/

PackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageE&OCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollisionPackageCollision

Revenues:

Premiums1,868,38577,2932,8992,369,659146,50055,3722,691,017159,500167,3771,910,479158,805120,4102,049,339131,3392,051,024174,1012,680,284202,9652,550,616223,8302,715,974202,1512,901,856243,2382,885,380187,5713,428,143306,8983,272,903403,3302,546,024416,1332,067,103474,1462,509,759597,05244,948,855

Interest:- 0

1987 Interest56,4171,6535958,129

1988 Interest37,8772,861121135,1786,3362,122184,495

1989 Interest56,7573,74815987,9669,3553,126175,7038,7388,993354,546

1990 Interest43,7293,87316498,1149,6663,23074,0749,0289,292123,7266,6184,872386,385

1991 Interest32,2773,71515788,6779,2733,09869,5048,6618,91411,1666,3494,674151,2225,220402,909

1992 Interest34,0204,391(172)91,04610,96023375,26810,23769312,7247,504(2,880)25,7475,972230,0066,360512,111

1993 Interest34,373(3,292)(166)84,72139022574,183(2,111)67012,860(3,374)(2,783)21,7055,77158,8036,145194,4526,065488,636

1994 Interest21,272(2,445)(123)56,33329016747,284(1,568)4975,227(2,506)(2,067)4,5684,28636,8054,56439,0524,505150,5355,404372,081

1995 Interest26,351(2,932)(148)66,08934720155,457(1,881)5965,185(3,006)(2,479)(5,225)(1,249)34,375(2,925)37,844(844)59,4106,481177,5264,950454,124

1996 Interest30,565(3,385)(171)73,54540123263,014(2,171)6895,963(3,470)(2,862)(12,189)(1,442)33,151(3,377)46,134(975)53,4337,48167,7305,714160,7576,959525,728

1997 Interest34,731(3,846)(194)81,49845626370,404(2,467)7826,066(3,943)(3,252)(18,721)(1,639)33,475(3,837)50,752(1,107)40,9148,50159,2646,49332,0607,90799,0635,836499,460

1998 Interest83,911(9,256)(467)192,2451,097634165,001(5,936)1,88314,278(9,488)(7,825)(65,902)(3,943)75,510(9,234)121,188(2,665)80,18420,458142,34415,62544,18919,029119,47614,043252,88919,1781,268,446

1999 Interest17,111- 0(95)38,681- 012933,054- 03842,616- 0(1,596)(14,623)- 0- 0(1,883)24,550- 0- 04,17227,4773,1867,4943,88016,6592,86429,4353,91150,6763,127251,209

2000 Interest- 0

2001 Interest- 0

Rental Income61,51626,64923,92548,675160,765

- 0

Total Revenues2,377,77672,3782,0233,463,753195,07369,0313,593,961180,030200,7712,110,290153,490104,2122,135,922144,3142,553,150169,9153,194,258207,9442,935,092276,3283,190,315238,1183,146,356281,0133,120,579210,3143,710,467329,9873,385,095406,4572,572,673416,1332,091,028474,1462,558,434597,05250,867,879

Expenses:

Expended ULAE2,184(1,456)54,82176,493199,166(284,971)(28,713)3(19,826)(44,083)(428,373)- 0(474,755)

Estimated ULAE110,698105,302109,000- 0325,000

Excess Insurance865,389816,9881,013,887762,158802,210533,261474,981522,811410,9267,986764,9689,983793,5379,983876,72025,416797,20830,1241,193,7118,2391,180,50710,3821,362,53212,14913,286,056

Other369,91315,303574353,77921,8728,267556,49732,98434,613754,69062,73247,565689,03544,159704,05959,764834,98563,229941,80182,648962,66571,6521,039,63787,144909,20259,1051,059,19694,8231,138,606140,314930,753141,574921,598184,265873,613191,62714,484,244

Subtotal1,235,30215,3035741,170,76721,8728,2671,572,56832,98434,6131,515,39262,73247,5651,546,06644,1591,313,81359,7641,619,83063,2291,179,64182,6481,344,87879,6381,909,91097,1271,682,91369,0881,891,833120,2391,616,441170,4382,124,464149,8132,102,105194,6472,236,145203,77627,620,545

Claims:- 0

Paid851,710- 0830,902- 0- 0534,3215,367200,826- 01,174,8765,785708,32312,386458,08842,9391,115,73423,056720,52216,9721,082,32116,066782,44722,8301,349,32750,0491,284,722105,059515,92621,937441,00024,273303,46782,06912,783,300

Reserved/IBNR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 084,997- 030,743- 0116,265- 0254,217- 049,200- 0187,237- 0277,6631,9121,002,2345319842

- 0

Total Claims Expense851,710- 0- 0830,902- 0- 0534,321- 05,367200,826- 0- 01,174,8765,785708,32312,386458,08842,9391,115,73423,056720,52216,9721,167,31816,066813,19022,8301,465,59250,0491,538,939105,059565,12621,937628,23724,273581,13083,98113,785,534(1,083,606)(734,214)349,392



1992 Dividend(5,197)(49,822)(143,026)(122,119)(320,164)

1993 Dividend(57,779)(163,949)(145,294)(123,358)(490,380)

1995 Dividend(127,796)(167,992)(124,943)(420,731)

2002 Dividend(303,105)(303,105)

Retained Earnings Before Interest290,764(704)(3,748)1,462,0839,25210,9431,487,0721,75217,765394,072(32,601)(65,472)(585,020)(33,426)531,014(70,227)1,116,340(23,168)639,717170,6241,124,915141,50869,128167,821624,476118,396353,042159,700229,715130,960(116,917)244,383(639,314)255,226(258,841)309,2958,230,525

Reallocation of:


ULAE:- 0

1988 Allocation88,833(88,833)- 0

1989 Allocation180,40931,218(211,627)- 0

1990 Allocation59,977179,93273,021(312,929)- 0

1991 Allocation43,50911,83219,7784,667(79,787)- 0

1992 Allocation- 0- 0- 0- 01,187(1,187)- 0

1993 Allocation25,80022,76425,80319,30954,91927,659(176,253)- 0

1994 Allocation4,7653,9374,0572,7453,9803,3567,965(30,806)- 0

1995 Allocation16,8165,605- 0- 0- 0- 0- 0- 0(22,422)- 0

1996 Allocation9,576- 0- 01,59615,95923,93973,57310,57322,982(158,197)- 0

1997 Allocation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

1998 Allocation2,4646,1532,0971,1359,4412,07715,040- 09,44127,53542,483(117,866)-

James Marta CPA, CGMA, ARPM Managing Partner James Marta … · 2019-04-22 · 2 Less insurance /...

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