PMA Capital Corporation (NASDAQ:PMACA) today reported the
following financial results for the third quarter and first nine
months of 2009:
Three months ended Nine months ended September 30,
September 30, (in thousands, except per share data) 2009
2008 2009 2008 Operating income before gain on
sale of real estate $ 6,732 $ 6,405 $ 18,622 $ 16,593
Gain on sale of real estate after tax -
- - 1,378 Operating
income 6,732 6,405 18,622 17,971 Realized investment gains (losses)
after tax 517 (5,154 ) 697
(3,239 ) Income from continuing operations
7,249 1,251 19,319 14,732 Loss from discontinued operations after
tax (40 ) (2,310 ) (1,291 )
(4,937 ) Net income (loss) $ 7,209 $ (1,059 )
$ 18,028 $ 9,795
Diluted per share amounts:
Operating income $ 0.21 $ 0.20 $ 0.58 $ 0.56 Realized investment
gains (losses) after tax 0.01 (0.16 )
0.02 (0.10 ) Income from continuing
operations 0.22 0.04 0.60 0.46 Loss from discontinued operations
after tax - (0.07 ) (0.04 )
(0.15 ) Net income (loss) $ 0.22 $
(0.03 ) $ 0.56 $ 0.31
Vincent T. Donnelly, President and Chief Executive Officer
commented, “PMA Capital produced improved operating results and
book value growth in the quarter. We continued to grow our core
insurance business, while maintaining disciplined underwriting
standards in a price competitive environment, and had significant
growth in the revenues of our Fee-based Business. Our combined
ratio remained below 97% and for the first quarter since early 2006
our pricing on rate-sensitive workers’ compensation business
increased. The Company’s book value grew by 8% in the quarter and
15% in the first nine months of 2009 to $12.38 per share,
reflecting improved values in our investment portfolio combined
with our earnings.”
At The PMA Insurance Group, Mr. Donnelly noted the following
significant operating highlights:
- Pre-tax operating income
increased to $13.6 million in the quarter, from $13.3 million in
the third quarter of 2008, and increased to $38.8 million for the
first nine months of 2009, compared to $38.3 million in the same
period last year. The prior year-to-date results included a gain of
$2.1 million from the sale of real estate;
- The combined ratio was 95.8% in
the quarter, which improved the year-to-date ratio to 96.2%;
- Net investment income increased
7% in the quarter and 2% year-to-date, compared to the same periods
last year, as the increase in investment portfolio assets more than
offset the decrease in investment yields; and
- Direct premium production, which
excludes fronting premiums and premium adjustments, increased 3% in
the third quarter to $154.8 million, and increased 3% during the
first nine months of 2009 to $404.3 million.
Mr. Donnelly added, “We are continuing to grow our Fee-based
Business, with revenues increasing 9% in the quarter and 16% for
the first nine months of 2009 as a result of organic growth and our
prior year acquisition of PMA Management Corp. of New England.
Organic growth of claims service revenues was 9% in the quarter and
12% during the first nine months of 2009. Our Fee-based Business
revenues of $59.8 million represent 15% of our total revenues in
2009. Pre-tax operating income for our Fee-based Business was $1.6
million in the quarter, compared to $1.9 million for the same
period last year, and $5.1 million for the first nine months of
2009, compared to $5.3 million for the same period in 2008.”
The Company previously announced the execution of a definitive
stock purchase agreement (the “Agreement”) to sell its Run-off
Operations and the filing of a Form A with the Pennsylvania
Insurance Department. On November 3, 2009, additional information
regarding the Form A was filed with the Department. Subject to the
approval of the transaction by the Pennsylvania Insurance
Department under the revised terms, the Company would make a
capital contribution of $13 million at the closing of the sale.
This contribution will include cash of $3 million and a note
payable in two equal installments of $5 million in 2010 and 2011.
The revised terms also include capital support agreements provided
by the Company to the Run-off Operations in the event that its
payments on claims in the excess workers’ compensation and certain
excess liability (occurrence) lines of business exceed certain
pre-established limits. Such support is limited to an amount not to
exceed $46 million and any payments with respect to the supported
lines of business are not expected to commence until 2018 and may
extend to 2052. Under Generally Accepted Accounting Principles
guidance for Guarantees, which requires guarantees to be recorded
at fair value at inception, the Company estimates that the fair
value of the capital support is approximately $13 million. Upon the
closing of the transaction, the Company expects to record an
after-tax charge of approximately $17 million, or $0.52 per share,
to record the impact of the capital contribution and the additional
capital support. The Company and the buyer have mutually agreed to
extend the Agreement termination date to December 31, 2009.
Financial
Condition
Total assets were $2.6 billion as of September 30, 2009,
compared to $2.5 billion as of December 31, 2008. Assets of
discontinued operations represented 7% of total assets at September
30, 2009, compared to 10% at December 31, 2008. At September 30,
2009, we had $33.7 million in cash and short-term investments at
our holding company and non-regulated subsidiaries.
Shareholders’ equity and book value per share changed as
follows:
Three months ended Nine months ended September 30,
2009 September 30, 2009
Shareholders' Book value Shareholders' Book value
(in thousands, except per share
data)
equity per share equity per share
Balance, beginning of period $ 368,998 $ 11.45 $ 344,656 $ 10.78
Net income 7,209 0.22 18,028 0.56 Unrealized gain on securities,
net of tax 22,721 0.71 35,105 1.09 Other 244 - 1,383 0.04 Impact of
change in shares outstanding - - -
(0.09 ) Balance, end of period $ 399,172 $
12.38 $ 399,172 $ 12.38
The insurance companies within The PMA Insurance Group had
statutory capital and surplus of $385.1 million as of September 30,
2009, compared to $332.9 million as of December 31, 2008. The
increase in capital and surplus during 2009 related primarily to
statutory net income, which included a benefit from the second
quarter commutation of a reinsurance agreement with an affiliated
entity. The PMA Insurance Group has the ability to pay $31.8
million in dividends during 2009 without the prior approval of the
Pennsylvania Insurance Department.
Segment Operating
Results
Operating income, which we define as net income (loss) under
GAAP excluding net realized investment gains and losses and results
from discontinued operations, is the financial performance measure
used by our management and Board of Directors to evaluate and
assess the results of our businesses. Net realized investment
activity is excluded because (i) net realized investment gains and
losses are unpredictable and not necessarily indicative of current
operating fundamentals or future performance of the business
segments and (ii) in many instances, decisions to buy and sell
securities are made at the holding company level, and such
decisions result in net realized gains and losses that do not
relate to the operations of the individual segments. Operating
income does not replace net income (loss) as the GAAP measure of
our consolidated results of operations.
The following is a reconciliation of our operating results to
GAAP net income (loss):
Three months ended Nine months ended September 30,
September 30, (dollar amounts in thousands) 2009 2008
2009 2008 Pre-tax operating income (loss):
The PMA Insurance Group $ 13,616 $ 13,325 $ 38,768 $ 38,285
Fee-based Business 1,574 1,929 5,112 5,316 Corporate & Other
(4,768 ) (5,319 ) (14,935 )
(15,754 ) Pre-tax operating income 10,422 9,935 28,945
27,847 Income tax expense 3,690 3,530
10,323 9,876 Operating
income 6,732 6,405 18,622 17,971 Realized investment gains (losses)
after tax 517 (5,154 ) 697
(3,239 ) Income from continuing operations
7,249 1,251 19,319 14,732 Loss from discontinued operations after
tax (40 ) (2,310 ) (1,291 )
(4,937 ) Net income (loss) $ 7,209 $ (1,059 )
$ 18,028 $ 9,795
Income from continuing operations included the following
after-tax net realized gains (losses):
Three months ended Nine months ended September 30,
September 30, (dollar amounts in thousands) 2009 2008
2009 2008 Net realized investment gains (losses)
after tax: Sales of investments $ 517 $ 792 $ 3,907 $
2,725 Other than temporary impairments - (5,946 ) (3,210 ) (5,946 )
Other - - -
(18 ) Net realized investment gains (losses) after tax $ 517
$ (5,154 ) $ 697 $ (3,239 )
We recorded other than temporary impairments of $3.2 million
after-tax during the nine months ended September 30, 2009. The
impairments in the first nine months of 2009 related primarily to
write-downs of $2.9 million on $45.9 million par of commercial
mortgage-backed securities (CMBS) that we sold in order to reduce
our exposure to this asset sector. These write-downs were measured
based on public market prices. At September 30, 2009, our CMBS had
an average credit rating of AAA and fair value of $81.4 million,
which represented 93% of their amortized cost. The prior year other
than temporary impairments resulted from writing down our
investments of Lehman Brothers senior debt and Fannie Mae preferred
stock. Details of the Company’s investment portfolio at September
30, 2009 and December 31, 2008 are posted on our website at
www.pmacapital.com.
The PMA Insurance
Group
The PMA Insurance Group reported pre-tax operating income of
$13.6 million for the third quarter of 2009, compared to $13.3
million for the same period last year. Year-to-date pre-tax
operating income increased to $38.8 million, compared to $38.3
million for the first nine months of 2008. The results for the
first nine months of 2008 included a gain of $2.1 million from the
sale of a property that housed one of our branch offices.
Direct premium production increased during the third quarter and
first nine months of 2009, compared to the same periods last year.
We define direct premium production as direct premiums written,
excluding fronting premiums and premium adjustments. The following
is a reconciliation of our direct premium production to
consolidated gross premiums written:
Three months ended Nine months ended September 30,
September 30, (dollar amounts in thousands) 2009 2008
2009 2008 Direct premium production $
154,754 $ 150,547 $ 404,333 $ 393,891 Fronting premiums 10,890
2,776 40,189 13,032 Premium adjustments (3,521 )
(5,008 ) (11,150 ) (18,836 ) Direct
premiums written 162,123 148,315 433,372 388,087 Assumed premiums
and other 2,216 3,183
8,461 8,611 Gross premiums written $
164,339 $ 151,498 $ 441,833 $
396,698
Fronting premiums increased in 2009 primarily as a result of the
two fronting arrangements we entered into during August 2008. The
decrease in premium adjustments in 2009 primarily reflected a lower
amount of return premium adjustments on loss-sensitive products
where the insured shares in the underwriting result of the policy.
We write these retrospective products because we believe they
provide us with greater certainty in achieving our targeted
underwriting results as the customer shares in the underwriting
result of the policy with us.
Excluding fronting business, we wrote $28.2 million and $99.7
million of new business in the third quarter and first nine months
of 2009, compared to $39.4 million and $99.8 million during the
same periods last year. Pricing on our workers’ compensation
rate-sensitive business increased 1% during the third quarter of
2009, compared to a 7% decrease during the third quarter last year,
and on a year-to-date basis, it declined 1% during 2009, compared
to a 7% decrease during 2008. Payrolls on our renewal customer base
decreased by 1% in the first nine months of 2009, compared to the
same period in 2008. Our renewal retention rates on existing
workers’ compensation accounts were 84% for the third quarter and
81% for the first nine months of 2009, compared to 88% and 86% for
the same periods last year. The decline in the retention rates in
2009 primarily reflected lower retentions on rate-sensitive
middle-market business as we continue to maintain disciplined
underwriting standards in a price competitive environment. While
retention rates were also down on loss-sensitive workers’
compensation business, the decrease was lower than that on
rate-sensitive business and retention rates remained higher for
business written on a loss-sensitive basis than for business
written on a rate-sensitive basis, reflecting our strategy to
emphasize loss-sensitive business.
Net premiums earned were $102.6 million in the third quarter of
2009, compared to $98.1 million in the third quarter of 2008. For
the first nine months of 2009, net premiums earned increased to
$314.8 million, from $286.9 million for the first nine months of
2008. The increases in both periods reflect the increase in direct
premiums written over the past year.
The combined ratio on a GAAP basis was 95.8% for the third
quarter of 2009, compared to 95.2% in the third quarter last year.
The higher combined ratio in the third quarter of 2009 was the
result of increases in the policyholders’ dividend and expense
ratios, which were partially offset by a decrease in the loss and
LAE ratio. The decrease between periods in the loss and LAE ratio
primarily reflected the impact of the Company’s managed care
initiatives, and also related to modest favorable prior year
development in our captive business. The higher policyholders’
dividend ratio was primarily in our captive business and reflected
better than anticipated underwriting and investment results in many
of the captive programs. In this business, the policyholders may
receive a dividend based, to a large extent, on their program’s
underwriting and investment results. The increase in the expense
ratio reflected higher state based assessments.
On a year-to-date basis, the combined ratio was 96.2% in 2009,
compared to 96.5% for the same period in 2008. The improvement in
the combined ratio for the first nine months of 2009, compared to
the first nine months of last year, was primarily the result of a
lower expense ratio, which was partially offset by an increased
policyholders’ dividend ratio.
The loss and LAE ratio remained relatively flat in the first
nine months of 2009, compared to the prior year period, as the
lower loss experience on our captive accounts business was offset
by the first quarter reduction in audit premiums. While payrolls on
our renewal book have been stable overall, the 1% decrease was
lower than the rate of growth we experienced in 2008. As a result
of the decrease, we reduced our accrual for additional audit
premiums by $3.3 million during the first quarter of 2009. Key loss
indicators are in line with our expectations for this business, and
we will continue to evaluate loss activity on these accounts as
they mature, but we did not reduce our expectation of losses on
these policies, which were primarily written in 2007 and 2008.
Although pricing changes coupled with payroll inflation for
rate-sensitive workers’ compensation business were below overall
estimated loss trends, our current accident year loss and LAE ratio
remained consistent between periods as we continued to benefit in
the first nine months of 2009 from changes in the type of workers’
compensation products selected by our insureds and from our managed
care initiatives. We estimate our medical cost inflation to be 6.0%
in the first nine months of 2009, compared to our estimate of 6.5%
in the first nine months of 2008.
The expense ratio for the first nine months of 2009, compared to
the same period last year, benefited as the increase in net
premiums earned outpaced the 2% increase in our controllable
expenses, which include salary, benefits and other employee-related
costs. Commissions earned under our fronting arrangements reduced
the acquisition expense ratios by 0.7 points for the third quarter
and 0.6 points for the first nine months of 2009, compared to 0.4
points and 0.7 points for the same periods in 2008, as the ceding
commissions earned on this business reduce our commission
expense.
Net investment income increased to $9.4 million in the third
quarter of 2009, compared to $8.8 million in the prior year
quarter. Net investment income was $27.4 million for the first nine
months of 2009, compared to $26.8 million for the first nine months
of 2008. The increases in the third quarter and first nine months
of 2009 were due primarily to increases in average invested assets,
which were partially offset by lower investment yields.
Fee-based
Business
For the third quarter of 2009, total revenues at our Fee-based
Business increased to $20.6 million, from $18.8 million for the
same period in 2008. For the nine months ended September 30, 2009,
total revenues increased to $59.8 million, compared to $51.5
million for the first nine months of 2008. The increases in
revenues primarily reflected increases in claims service revenues
of $1.4 million and $9.2 million for the third quarter and first
nine months of 2009. The year-to-date increase in claims service
revenues was partially offset by a decline in commission income of
$1.2 million. Organic claims service revenue growth was 9% in the
quarter and 12% in the first nine months of 2009, compared to the
same periods a year ago. Claims service revenues also increased as
a result of our June 2008 acquisition of PMA Management Corp. of
New England, Inc.
Our Fee-based Business reported pre-tax operating income of $5.1
million for the first nine months of 2009, compared to $5.3 million
for the same period last year. The year-to-date results were
reduced by lower net commissions earned by our agency business. The
decline in net commissions was partially offset by claims service
revenues that increased at a faster rate than operating expenses.
For the third quarter, pre-tax operating income was $1.6 million,
compared to $1.9 million for the same period last year. The decline
in the quarter was due to operating expenses increasing at a higher
rate than the increase in revenues.
Corporate and
Other
The Corporate and Other segment, which includes primarily
corporate expenses and debt service, reported net expenses of $4.8
million during the third quarter of 2009, compared to $5.3 million
in the third quarter of 2008. Net expenses were $14.9 million
during the first nine months of 2009, compared to $15.8 million for
the same period in 2008. The decreases in net expenses in 2009
related primarily to lower stock-based compensation expense and
lower interest expense on variable rate debt.
Discontinued
Operations
Discontinued operations, which consists of our former
reinsurance and excess and surplus lines businesses, had after-tax
losses of $40,000 and $1.3 million for the three and nine months
ended September 30, 2009, compared to after-tax losses of $2.3
million and $4.9 million for the same periods in 2008. The loss for
the first nine months of 2009 reflects the write-down of our
carrying value of the discontinued operations to zero. The loss for
the first nine months of 2008 was due to an after-tax charge of
$4.9 million for adverse loss development, including $2.3 million
recorded in the third quarter.
Conference Call with
Investors
As a reminder, we will hold a conference call with investors
beginning at 8:30 a.m. Eastern Time on Wednesday, November 4th to
review our third quarter 2009 results. The conference call will be
available via a live webcast over the Internet at
www.pmacapital.com. To access the webcast, enter the Investor
Information section, click on News Releases and then click on the
microphone icon. Please note that by accessing the conference call
via the Internet, you will be in a listen-only mode.
The call-in numbers and passcodes for the conference call are as
follows:
Live Call
Replay
888-679-8038 (Domestic) 888-286-8010 (Domestic) 617-213-4850
(International) 617-801-6888 (International) Passcode 48446807
Passcode 51517488
You may pre-register for the conference call using the following
link:www.theconferencingservice.com/prereg/key.process?key=PM4JGCJTD
Pre-registering is not mandatory but is recommended as it will
provide you immediate entry into the call and will facilitate the
timely start of the conference. Pre-registration only takes a few
moments and you may pre-register at anytime, including up to and
after the call start time. Alternatively, if you would rather be
placed into the call by an operator, please use the dial-in
information above at least five minutes prior to the call start
time.
A replay of the conference call will be available over the
Internet or by dialing the call-in number for the replay and using
the passcode. The replay will be available from approximately 11:30
a.m. Eastern Time on Wednesday, November 4th until 11:59 p.m.
Eastern Time on Friday, December 4th.
Quarterly Statistical
Supplement
Our Third Quarter Statistical Supplement, which provides more
detailed information about our results, is available on our
website. Please see the Investor Information section of our website
at www.pmacapital.com. You may also obtain a copy of this
supplement by sending your request to:
PMA Capital Corporation 380 Sentry Parkway Blue Bell, PA 19422
Attention: Investor Relations
Alternatively, you may make a request by telephone
(610-397-5298) or by e-mail to InvestorRelations@pmacapital.com. We will
also furnish a copy of this news release and the Statistical
Supplement to the Securities and Exchange Commission on a Form 8-K.
A copy of the Form 8-K will be available on the SEC’s website at
www.sec.gov.
CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
with respect to the Company’s financial condition and results of
operations and the plans and objectives of its management.
Forward-looking statements can generally be identified by use of
forward-looking terminology such as “may,” “will,” “plan,”
“expect,” “intend,” “anticipate,” “should” and “believe.” These
forward-looking statements may include estimates, assumptions or
projections and are based on currently available financial,
competitive and economic data and the Company’s current operating
plans. All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements.
The factors that could cause actual results to differ materially
from those in the forward-looking statements, include, but are not
limited to:
- adequacy of reserves for claim
liabilities, including reserves for potential environmental and
asbestos claims;
- any future lowering or loss of
one or more of our financial strength and debt ratings, and the
adverse impact that any such downgrade may have on our ability to
compete and to raise capital, and our liquidity and financial
condition;
- adequacy and collectibility of
reinsurance that we purchase;
- uncertainty as to the price and
availability of reinsurance on business we intend to write in the
future, including reinsurance for terrorist acts;
- the effects of emerging claims
and coverage issues, including changing judicial interpretations of
available coverage for certain insured losses;
- the success with which our
independent agents and brokers sell our products and our ability to
collect payments from them;
- legislative and regulatory
changes that affect the cost of, or demand for, our products or
otherwise affect our ability to conduct business, including any
future action with respect to our business taken by the
Pennsylvania Insurance Department and any future action taken by
the federal government with respect to regulation of the insurance
industry;
- our concentration in workers’
compensation insurance, which makes us particularly susceptible to
adverse changes in that industry segment;
- our ability to consummate the
sale of our Run-off Operations as described above in a timely
manner;
- severity of natural disasters
and other catastrophes, including the impact of future acts of
terrorism, in connection with insurance and reinsurance
policies;
- uncertainties related to
possible terrorist activities or international hostilities and
whether the Terrorism Risk Insurance Program Reauthorization Act of
2007 is extended beyond its December 31, 2014 termination
date;
- our ability to effectively
compete in the highly competitive property and casualty insurance
industry;
- adverse economic or regulatory
developments in the eastern part of the United States, particularly
those affecting Pennsylvania, New York and New Jersey;
- fluctuations in interest rates
and other events that can adversely impact our investment
portfolio;
- disruptions in the financial
markets that affect the value of our investment portfolio and our
ability to sell our investments;
- our ability to repay our
indebtedness;
- our ability to raise additional
capital on financially favorable terms when required;
- restrictions on our operations
contained in any document governing our indebtedness;
- the impact of future results on
the value of recorded goodwill and other intangible assets and the
recoverability of our deferred tax asset;
- our ability to attract and
retain qualified management personnel;
- the outcome of any litigation
against us;
- provisions in our charter
documents that can inhibit a change in control of our company;
and
- other factors or uncertainties
disclosed from time to time in our filings with the Securities and
Exchange Commission.
You should not place undue reliance on any forward-looking
statements in this press release. Forward-looking statements are
not generally required to be publicly revised as circumstances
change and we do not intend to update the forward-looking
statements in this press release to reflect circumstances after the
date of this press release or to reflect the occurrence of
unanticipated events.
PMA Capital Corporation GAAP Consolidated
Statements of Operations (Unaudited)
Three months ended September
30,
(dollar amounts in thousands, except per share data)
2009 2008 Gross premiums written
$ 164,339 $ 151,498
Net premiums
written $ 119,259 $ 123,995
Revenues: Net premiums earned $ 102,428 $ 97,974 Claims
service revenues 17,112 15,696 Commission income 2,747 2,637 Net
investment income 9,522 8,870 Net realized investment gains
(losses) 795 (7,929 ) Other revenues 259 125
Total revenues 132,863 117,373
Expenses: Losses and loss adjustment expenses 70,158
68,660 Acquisition expenses 16,046 15,898 Operating expenses 30,235
26,906 Dividends to policyholders 2,786 1,169 Interest expense
2,421 2,734 Total losses and expenses
121,646 115,367 Pre-tax income
11,217 2,006 Income tax expense
(benefit): Current 220 765 Deferred 3,748 (10
) Total income tax expense 3,968 755
Income from continuing operations 7,249 1,251 Loss
from discontinued operations after tax (40 ) (2,310 )
Net income (loss) $ 7,209 $ (1,059 )
Income
(loss) per share: Basic: Continuing Operations $ 0.22 $
0.04 Discontinued Operations - (0.07 ) $ 0.22
$ (0.03 ) Diluted: Continuing Operations $ 0.22 $
0.04 Discontinued Operations - (0.07 ) $ 0.22
$ (0.03 )
PMA Capital Corporation GAAP
Consolidated Statements of Operations (Unaudited)
Nine months ended September 30, (dollar
amounts in thousands, except per share data)
2009
2008 Gross premiums written $ 441,833
$ 396,698
Net premiums written $
317,539 $ 316,924
Revenues: Net
premiums earned $ 314,307 $ 286,490 Claims service revenues 49,631
40,585 Commission income 8,327 9,549 Net investment income 27,540
27,345 Net realized investment gains (losses) 1,072 (4,983 ) Other
revenues 625 2,485 Total revenues
401,502 361,471
Expenses:
Losses and loss adjustment expenses 219,427 200,154 Acquisition
expenses 52,752 50,114 Operating expenses 86,160 76,586 Dividends
to policyholders 5,743 3,544 Interest expense 7,403
8,209 Total losses and expenses 371,485
338,607 Pre-tax income 30,017
22,864 Income tax expense: Current 729 916
Deferred 9,969 7,216 Total income tax
expense 10,698 8,132 Income from
continuing operations 19,319 14,732 Loss from discontinued
operations after tax (1,291 ) (4,937 ) Net
income $ 18,028 $ 9,795
Income (loss) per
share: Basic: Continuing Operations $ 0.60 $ 0.46
Discontinued Operations (0.04 ) (0.15 ) $ 0.56
$ 0.31 Diluted: Continuing Operations $ 0.60 $ 0.46
Discontinued Operations (0.04 ) (0.15 ) $ 0.56
$ 0.31
PMA Capital Corporation GAAP
Consolidated Balance Sheets (Unaudited)
September 30, December 31, (dollar amounts in
thousands, except per share data)
2009
2008 Assets: Investments: Fixed maturities available
for sale $ 817,089 $ 719,048 Short-term investments 62,004 45,066
Other investments 22,669 8,127 Total
investments 901,762 772,241 Cash 13,887 10,501 Accrued
investment income 6,918 6,513 Premiums receivable 246,871 235,893
Reinsurance receivables 807,245 826,126 Prepaid reinsurance
premiums 40,883 29,579 Deferred income taxes, net 110,358 138,514
Deferred acquisition costs 42,583 40,938 Funds held by reinsureds
56,623 51,754 Intangible assets 29,961 30,348 Other assets 126,015
116,646 Assets of discontinued operations 192,431
243,663 Total assets $ 2,575,537 $ 2,502,716
Liabilities: Unpaid losses and loss adjustment
expenses $ 1,259,940 $ 1,242,258 Unearned premiums 261,952 247,415
Debt 129,380 129,380
Accounts payable, accrued expenses
and other liabilities
250,304 216,266 Reinsurance funds held and balances payable 52,914
44,177 Dividends to policyholders 6,177 6,862 Liabilities of
discontinued operations 215,698 271,702
Total liabilities 2,176,365 2,158,060
Shareholders' Equity: Class A Common Stock 171,090
171,090 Additional paid-in capital 112,349 112,921 Retained
earnings 152,670 140,184 Accumulated other comprehensive loss
(13,947 ) (49,876 ) Treasury stock, at cost (22,990 )
(29,663 ) Total shareholders' equity 399,172
344,656 Total liabilities and shareholders' equity $
2,575,537 $ 2,502,716 Shareholders' equity per
share $ 12.38 $ 10.78
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