|
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| ADMITTED ASSETS |
2009 |
2008 |
| Bonds |
$20,734,919 |
$19,534,241 |
| Stocks |
5,346,504 |
2,968,853 |
| Real Estate |
1,148,065 |
1,173,363 |
| Cash & Short Term Investments |
2,715,877 |
3,797,753 |
| Accrued Interest |
136,874 |
200,717 |
| Uncollected Premium |
2,176,486 |
2,199,180 |
| Reinsurance Recoverable |
185,729 |
141,860 |
| Funds Held By Reinsured |
901,000 |
-- |
| Federal Income Taxes Recoverable |
117,481 |
243,300 |
| Deferred Tax Assets |
690,332 |
559,641 |
| Other Assets |
137,040 |
119,945 |
| TOTAL ADMITTED ASSETS |
$34,290,307 |
$30,938,853 |
|
| LIABILITIES & SURPLUS |
2009 |
2008 |
| Unpaid Losses |
$3,486,778 |
$3,701,363 |
| Reinsurance Payable |
32,651 |
-- |
| Accrued Adjusting Expense |
1,044,344 |
867,000 |
| Commissions Payable |
706,369 |
786,234 |
| Other Expenses Due |
539,334 |
500,947 |
| Ceded Reinsurance Premiums Payable |
76,655 |
(16,085) |
| Funds Held By Company |
1,015,000 |
-- |
| Unearned Premium Reserve |
6,842,070 |
6,870,238 |
| TOTAL LIABILITIES |
13,743,201 |
12,709,697 |
| SURPLUS |
20,547,106 |
18,229,156 |
| TOTAL LIABILITIES & SURPLUS |
$34,290,307 |
$30,938,853 |
|
| STATEMENT OF INCOME |
2009 |
2008 |
| Direct Premium Written |
$12,964,997 |
$13,243,514 |
| Reinsurance |
(1,087,440) |
(1,408,466) |
| (Increase) Decrease in Unearned Premium |
32,050 |
26,537 |
| NET EARNED PREMIUM |
11,909,607 |
11,861,585 |
| Net Losses Incurred |
(4,371,198) |
(4,375,699) |
| Net Adjusting Expense |
(1,983,969) |
(1,717,910) |
| Other Underwriting Expense |
(4,320,030) |
(4,345,320) |
| NET UNDERWRITING INCOME |
1,234,410 |
1,422,656 |
| Investment Income |
929,925 |
1,062,477 |
| Gain (Loss) on Sale |
127,085 |
7,480 |
| Investment Expense |
(323,617) |
(346,425) |
| NET INVESTMENT INCOME |
733,393 |
723,532 |
| Other Income |
182,152 |
203,964 |
| Federal Income Tax Expense |
(590,621) |
(797,878) |
| NET INCOME |
$1,559,333 |
$1,552,273 |
|
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ALLEGANY CO-OP is rated A (Excellent) with A.M. Best
ALLEGANY CO-OP is rated A" (Exceptional) with Demotech First Rate P.C.
REINSURANCE is placed through GUY CARPENTER - Reinsurance Intermediary
Lead Reinsurer is ARCH REINSURANCE - A.M. Best rating of "A"
AS FILED WITH THE NEW YORK STATE INSURANCE DEPARTMENT
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