2009 Financial Statement

Admitted Assets	2009*	2008*
Bonds (Amortized Value)	$164,610,845	$178,408,211
Stocks (Market Value)	$50,656,794	$34,579,856
Cash & Short-term Investments	$21,107,608	$6,567,961
Premium Balances Receivable	$64,386,269	$61,884,341
Real Estate	$7,772,487	$7,443,915
Other Assets	$18,967,156	$23,472,017
Total Admitted Assets	$327,501,159	$312,428,301

Liabilities & Security Fund
Reserve for Losses	$54,349,696	$54,616,494
Reserve for Loss Adjustment Expenses	$14,007,913	$12,864,668
Reserve for Unearned Premiums	$97,640,588	$95,048,932
Reserve for Other Expenses	$17,993,424	$19,218,261
Total Liabilities	$183,991,621	$181,748,355
Policyholders' Security Fund	$143,509,538	$130,679,946
Total Liabilities & Security Fund	$327,501,159	$312,428,301

Statement of Income
Premiums Earned	$161,116,401	$157,455,968
Losses and Loss Expenses Incurred	($103,117,923)	($95,825,701)
Underwriting Expenses Incurred	($55,490,970)	($51,410,631)
Net Underwriting Gain	$2,507,508	$10,219,636
Net Investment Gain	$5,839,093	$3,086,964
Other Income	$904,497	$911,396
Dividends to Policyholders	($2,043,951)	($2,208,611)
Federal Income Taxes	($1,773,947)	($3,908,812)
Net Income	$5,433,200	$8,100,523

*Through December 31

Read more about our 2009 financial performance:

ABOUT US: Our Financials: 2009 Financial Statement