| |
Statutory Statements of Admitted Assets, Liabilities
and Surplus
December 31, 2001 and 2000
| Investments: |
|
|
|
|
|
|
| Bonds
(NAIC value $806,754 and $644,334, respectively) |
|
$811,931
|
|
|
$668,666
|
|
| Preferred
stock (cost $3,488 and $3,488, respectively) |
|
3,094
|
|
|
3,041
|
|
| Common
stock (cost $33,418 and $23,899, respectively) |
|
30,993
|
|
|
20,562
|
|
| Investments
in and advances to subsidiaries |
|
1,120
|
|
|
986
|
|
| Real
estate, at cost, less accumulated depreciation |
|
6,780
|
|
|
7,006
|
|
Short-term
investments, at cost, which approximates
market value |
|
49,727
|
|
|
51,846
|
|
| Cash |
|
(7,553
|
)
|
|
(7,058
|
)
|
| Receivable
for securities |
|
115
|
|
|
15,361
|
|
|
TOTAL
CASH AND INVESTED ASSETS
|
|
896,207
|
|
|
760,410
|
|
| Premiums in
course of collection |
|
9,241
|
|
|
8,853
|
|
| Reinsurance
recoverable on paid losses |
|
11,146
|
|
|
19,599
|
|
| Federal income
tax recoverable |
|
14,524
|
|
|
—
|
|
Electronic
data processing equipment, at cost, less
accumulated depreciation |
|
1,560
|
|
|
1,669
|
|
| Accrued investment
income |
|
9,932
|
|
|
10,807
|
|
| Other admitted
assets |
|
1,850
|
|
|
5,161
|
|
|
TOTAL
ADMITTED ASSETS
|
|
$944,460 |
|
|
$806,499 |
|
| |
|
|
|
|
|
|
|
LIABILITIES
AND SURPLUS
|
|
|
|
|
|
|
| Reserve for
losses and loss adjustment expenses |
|
$598,373
|
|
|
$475,275
|
|
| Unearned premiums |
|
101,898
|
|
|
70,446
|
|
| Ceded resinsurance
balances payable |
|
8,045
|
|
|
18,014
|
|
| Payable to
affiliates |
|
218
|
|
|
297
|
|
| Payable for
securities |
|
—
|
|
|
10,336
|
|
| Accounts payable
and other accrued expenses |
|
34,429
|
|
|
30,301
|
|
| Funds held
under reinsurance treaties |
|
59,895
|
|
|
51,000
|
|
| Excess statutory
reserves |
|
—
|
|
|
7,087
|
|
|
TOTAL
LIABILITIES
|
|
$802,858 |
|
|
$662,756 |
|
| Surplus: |
|
|
|
|
|
|
Common
capital stock: par value $100 per share;
authorized, issued, and outstanding:
42,000 shares
in 2001 and 2000 |
|
4,200
|
|
|
4,200
|
|
| Gross
paid-in and contributed surplus |
|
6,250
|
|
|
6,250
|
|
| Unassigned
surplus |
|
131,152
|
|
|
133,293
|
|
|
TOTAL
SURPLUS
|
|
141,602 |
|
|
143,743 |
|
|
TOTAL
LIABILITIES AND SURPLUS
|
|
$944,460 |
|
|
$806,499 |
|
| |
|
|
|
|
|
|
See accompanying
notes to statutory financial statements
|
|
TABLE
OF CONTENTS
Cover Page
Letter to Policyholders
A Year of Market Turmoil
Princeton's Legacy Continues
2001 Financial Statements
|
