ProAssurance : "Medmarc Casualty Insurance Company","PNC-AS","2023-12-31" Annual Statutory Statement

Current Year

Prior Year

1

2

3

4

Net Admitted Assets

Net Admitted

Assets

Nonadmitted Assets

(Cols. 1 - 2)

Assets

1.

Bonds (Schedule D)

132,407,868

132,407,868

118,122,983

2.

Stocks (Schedule D):

2.1

Preferred stocks

491,801

491,801

491,412

2.2

Common stocks

1,483,449

202,342

1,281,107

$

encumbrances)

4.2 Properties held for the production of income

(less $

encumbrances)

4.3 Properties held for sale (less

$

encumbrances)

5.

Cash ($

(94,721) , Schedule E-Part 1), cash equivalents

($

5,814,292 , Schedule E-Part 2) and short-term

investments ($

181,046

, Schedule DA)

5,900,617

5,900,617

10,532,394

6.

Contract loans (including $

premium notes)

8.

Other invested assets (Schedule BA)

13,099,371

13,099,371

16,787,930

9.

Receivables for securities

15,000

15,000

1,525,000

12.

Subtotals, cash and invested assets (Lines 1 to 11)

153,398,106

202,342

153,195,764

147,459,719

13.

Title plants less $

charged off (for Title insurers

only)

14.

Investment income due and accrued

913,321

913,321

775,554

collection

1,936,342

12,322

1,924,020

2,315,675

15.2

Deferred premiums, agents' balances and installments booked but

deferred and not yet due (including $

earned

but unbilled premiums)

15.3 Accrued retrospective premiums ($

) and

contracts subject to redetermination ($

)

16. Reinsurance:

16.1

Amounts recoverable from reinsurers

52,395

52,395

38,019

16.2

Funds held by or deposited with reinsured companies

150,000

150,000

150,000

18.1

Current federal and foreign income tax recoverable and interest thereon

18.2

Net deferred tax asset

2,114,581

2,114,581

2,123,492

19.

Guaranty funds receivable or on deposit

44,853

44,853

43,143

20.

Electronic data processing equipment and software

13,497

13,497

13,178

($

)

254,462

254,462

23.

Receivables from parent, subsidiaries and affiliates

55,470

55,470

2,607,984

24.

Health care ($

) and other amounts receivable

25.

Aggregate write-ins for other-than-invested assets

1,011,982

953,309

58,673

543,092

Protected Cell Accounts (Lines 12 to 25)

159,945,009

1,422,435

158,522,574

156,069,856

Cell Accounts

28.

Total (Lines 26 and 27)

159,945,009

1,422,435

158,522,574

156,069,856

DETAILS OF WRITE-INS

1101.

1102.

1103.

1198.

Summary of remaining write-ins for Line 11 from overflow page

1199.

Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)

2501.

Other Assets

531,390

480,975

50,415

537,801

2502.

Deductible Receivable

356,089

356,089

2503.

Non Compete Agreements

75,000

75,000

2598.

Summary of remaining write-ins for Line 25 from overflow page

49,503

41,245

8,258

5,291

2599.

Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)

1,011,982

953,309

58,673

543,092

1

2

Current Year

Prior Year

1.

Losses (Part 2A, Line 35, Column 8)

43,278,404

39,254,821

2.

Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part 1, Column 6)

3.

Loss adjustment expenses (Part 2A, Line 35, Column 9)

30,376,841

31,799,314

4.

Commissions payable, contingent commissions and other similar charges

5.

Other expenses (excluding taxes, licenses and fees)

2,031,503

1,551,978

6.

Taxes, licenses and fees (excluding federal and foreign income taxes)

89,257

173,923

7.1

Current federal and foreign income taxes (including $

on realized capital gains (losses))

1,248,980

967,418

7.2

Net deferred tax liability

8.

Borrowed money $

and interest thereon $

9.

Unearned premiums (Part 1A, Line 38, Column 5) (after deducting unearned premiums for ceded reinsurance of

$

2,026,865

and including warranty reserves of $

and accrued accident and

health experience rating refunds including $

for medical loss ratio rebate per the Public Health

Service Act)

18,703,655

20,271,962

12.

Ceded reinsurance premiums payable (net of ceding commissions)

183,394

(234,489)

13.

Funds held by company under reinsurance treaties (Schedule F, Part 3, Column 20)

14.

Amounts withheld or retained by company for account of others

15,962

24,841

15.

Remittances and items not allocated

16.

Provision for reinsurance (including $

certified) (Schedule F, Part 3, Column 78)

145,000

19. Payable to parent, subsidiaries and affiliates

2,352,303

667,727

24.

Capital notes $

and interest thereon $

25.

Aggregate write-ins for liabilities

75,000

75,000

26.

Total liabilities excluding protected cell liabilities (Lines 1 through 25)

98,355,299

94,697,495

27.

Protected cell liabilities

28.

Total liabilities (Lines 26 and 27)

98,355,299

94,697,495

29.

Aggregate write-ins for special surplus funds

30.

Common capital stock

3,000,000

3,000,000

34.

Gross paid in and contributed surplus

28,197,766

28,197,766

35.

Unassigned funds (surplus)

28,969,509

30,174,595

36.

Less treasury stock, at cost:

36.1

shares common (value included in Line 30

$

)

36.2

shares preferred (value included in Line 31

$

)

37.

Surplus as regards policyholders (Lines 29 to 35, less 36) (Page 4, Line 39)

60,167,275

61,372,361

38.

Totals (Page 2, Line 28, Col. 3)

158,522,574

156,069,856

DETAILS OF WRITE-INS

2501.

Payable for Non-Compete Agreements

75,000

75,000

2502.

2503.

2598.

Summary of remaining write-ins for Line 25 from overflow page

2599.

Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)

75,000

75,000

2901.

2902.

2903.

2998.

Summary of remaining write-ins for Line 29 from overflow page

2999.

Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)

3201.

3202.

3203.

3298.

Summary of remaining write-ins for Line 32 from overflow page

3299.

Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)

1

2

Current Year

Prior Year

1.

UNDERWRITING INCOME

Premiums earned (Part 1, Line 35, Column 4)

31,731,438

34,876,604

DEDUCTIONS:

2.

Losses incurred (Part 2, Line 35, Column 7)

14,653,873

11,517,401

3.

Loss adjustment expenses incurred (Part 3, Line 25, Column 1)

7,299,001

8,826,981

4.

Other underwriting expenses incurred (Part 3, Line 25, Column 2)

8,785,171

10,084,316

5.

Aggregate write-ins for underwriting deductions

6.

Total underwriting deductions (Lines 2 through 5)

30,738,045

30,428,698

7.

Net income of protected cells

8.

Net underwriting gain (loss) (Line 1 minus Line 6 plus Line 7)

993,393

4,447,906

INVESTMENT INCOME

9.

Net investment income earned (Exhibit of Net Investment Income, Line 17)

6,405,821

2,352,640

10.

Net realized capital gains (losses) less capital gains tax of $

63,776

(Exhibit of Capital Gains (Losses))

253,378

87,698

11.

Net investment gain (loss) (Lines 9 + 10)

6,659,199

2,440,338

OTHER INCOME

12.

Net gain (loss) from agents' or premium balances charged off (amount recovered $

amount

charged off $

125,084 )

(125,804)

(35,878)

13.

Finance and service charges not included in premiums

14.

Aggregate write-ins for miscellaneous income

20,081

16,692

15.

Total other income (Lines 12 through 14)

(105,723)

(19,186)

16.

Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes

(Lines 8 + 11 + 15)

7,546,869

6,869,058

(Line 16 minus Line 17)

7,546,869

6,869,058

19.

Federal and foreign income taxes incurred

982,559

1,199,016

20.

Net income (Line 18 minus Line 19) (to Line 22)

6,564,310

5,670,042

CAPITAL AND SURPLUS ACCOUNT

21.

Surplus as regards policyholders, December 31 prior year (Page 4, Line 39, Column 2)

61,372,361

59,793,346

22.

Net income (from Line 20)

6,564,310

5,670,042

23.

Net transfers (to) from Protected Cell accounts

24.

Change in net unrealized capital gains or (losses) less capital gains tax of $

(328,028)

(1,723,127)

389,672

25.

Change in net unrealized foreign exchange capital gain (loss)

26.

Change in net deferred income tax

(492,879)

(217,547)

27.

Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 28, Col. 3)

(116,338)

75,140

28.

Change in provision for reinsurance (Page 3, Line 16, Column 2 minus Column 1)

145,000

(131,000)

35. Dividends to stockholders

(5,582,052)

(4,207,292)

38.

Change in surplus as regards policyholders for the year (Lines 22 through 37)

(1,205,086)

1,579,015

39.

Surplus as regards policyholders, December 31 current year (Line 21 plus Line 38) (Page 3, Line 37)

60,167,275

61,372,361

DETAILS OF WRITE-INS

0501.

0502.

0503.

0598.

Summary of remaining write-ins for Line 5 from overflow page

0599.

Totals (Lines 0501 through 0503 plus 0598) (Line 5 above)

1401.

Miscellaneous Income

20,081

16,692

1402.

1403.

1498.

Summary of remaining write-ins for Line 14 from overflow page

1499.

Totals (Lines 1401 through 1403 plus 1498) (Line 14 above)

20,081

16,692

3701.

3702.

3703.

3798.

Summary of remaining write-ins for Line 37 from overflow page

3799.

Totals (Lines 3701 through 3703 plus 3798) (Line 37 above)

1

2

Current Year

Prior Year

1.

Cash from Operations

Premiums collected net of reinsurance

30,998,892

34,175,666

2.

Net investment income

6,566,521

2,813,916

3.

Miscellaneous income

(105,724)

(19,186)

4.

Total (Lines 1 through 3)

37,459,689

36,970,396

5.

Benefit and loss related payments

19,310,433

20,192,964

6.

Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts

7.

Commissions, expenses paid and aggregate write-ins for deductions

4,027,795

9,680,647

8.

Dividends paid to policyholders

9.

Federal and foreign income taxes paid (recovered) net of $

63,766 tax on capital gains (losses)

764,773

1,276,026

10.

Total (Lines 5 through 9)

24,103,001

31,149,637

11.

Net cash from operations (Line 4 minus Line 10)

13,356,688

5,820,759

12.

Cash from Investments

Proceeds from investments sold, matured or repaid:

12.1

Bonds

21,682,267

18,265,195

12.2

Stocks

12.3

Mortgage loans

12.4

Real estate

12.5

Other invested assets

4,645,171

111,921

12.6

Net gains or (losses) on cash, cash equivalents and short-term investments

12.7

Miscellaneous proceeds

1,510,000

(1,525,000)

13.

12.8

Total investment proceeds (Lines 12.1 to 12.7)

27,837,438

16,852,116

Cost of investments acquired (long-term only):

13.1

Bonds

35,964,027

18,844,692

13.2

Stocks

1,767,467

13.3

Mortgage loans

13.4

Real estate

13.5

Other invested assets

2,503,480

2,421,380

13.6

Miscellaneous applications

14.

13.7

Total investments acquired (Lines 13.1 to 13.6)

40,234,974

21,266,072

Net increase/(decrease) in contract loans and premium notes

15.

Net cash from investments (Line 12.8 minus Line 13.7 minus Line 14)

(12,397,536)

(4,413,956)

16.

Cash from Financing and Miscellaneous Sources

Cash provided (applied):

16.1

Surplus notes, capital notes

16.2

Capital and paid in surplus, less treasury stock

16.3

Borrowed funds

16.4

Net deposits on deposit-type contracts and other insurance liabilities

16.5

Dividends to stockholders

5,582,052

23,681

17.

16.6

Other cash provided (applied)

(8,880)

(2,819,339)

Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)

(5,590,932)

(2,843,020)

18.

RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)

(4,631,780)

(1,436,217)

19.

Cash, cash equivalents and short-term investments:

19.1

Beginning of year

10,532,394

11,968,611

19.2

End of year (Line 18 plus Line 19.1)

5,900,614

10,532,394

1

2

3

4

Unearned Premiums

Unearned Premiums

Net Premiums

Dec. 31 Prior Year -

Dec. 31 Current

Premiums Earned

Written per

per Col. 3, Last Year's

Year - per Col. 5

During Year

Line of Business

Column 6, Part 1B

Part 1

Part 1A

(Cols. 1 + 2 - 3)

17.1

Other liability-occurrence

1,544

1,235

1,376

1,403

17.2

Other liability-claims-made

22,533,636

15,815,823

14,681,992

23,667,467

18.1

Products liability-occurrence

312,861

238,830

243,655

308,036

18.2

Products liability-claims-made

7,315,090

4,216,074

3,776,632

7,754,532

35.

TOTALS

30,163,131

20,271,962

18,703,655

31,731,438

1

2

3

4

5

Amount Unearned

Amount Unearned

Reserve for Rate

(Running One Year or

(Running More Than

Credits and

Less from Date of

One Year from Date

Earned

Retrospective

Total Reserve for

Policy)

of Policy)

but

Adjustments Based

Unearned Premiums

Line of Business

(a)

(a)

Unbilled Premium

on Experience

Cols. 1+2+3+4

1.

Fire

2.1

Allied lines

2.2

Multiple peril crop

2.3

Federal flood

2.4

Private crop

2.5

Private flood

3.

Farmowners multiple peril

4.

Homeowners multiple peril

17.1

Other liability-occurrence

1,376

1,376

17.2

Other liability-claims-made

9,542,145

5,139,847

14,681,992

17.3

Excess workers' compensation

18.1

Products liability-occurrence

115,981

127,674

243,655

18.2

Products liability-claims-made

3,708,161

68,471

3,776,632

35.

TOTALS

13,367,663

5,335,992

18,703,655

36.

Accrued retrospective premiums based on experience

37.

Earned but unbilled premiums

38.

Balance (Sum of Lines 35 through 37)

18,703,655

DETAILS OF WRITE-INS

3401.

3402.

3403.

3498.

Sum. of remaining write-ins for Line 34 from

overflow page

3499.

Totals (Lines 3401 through 3403 plus 3498) (Line

34 above)

(a) State here basis of computation used in each case.

Daily proration.

1

Reinsurance Assumed

Reinsurance Ceded

6

Direct

2

3

4

5

Net Premiums

Line of Business

Business

From

From

To

To

Written Cols.

(a)

Affiliates

Non-Affiliates

Affiliates

Non-Affiliates

1+2+3-4-5

1.

Fire

2.1

Allied lines

2.2

Multiple peril crop

2.3

Federal flood

2.4

Private crop

2.5

Private flood

3.

Farmowners multiple peril

4.

Homeowners multiple peril

17.1

Other liability-occurrence

2,145

601

1,544

17.2

Other liability-claims-made

24,197,286

1,663,650

22,533,636

18.1

Products liability-occurrence

410,174

97,313

312,861

18.2

Products liability-claims-made

10,050,992

2,735,902

7,315,090

31.

Reinsurance-nonproportional assumed property

XXX

32.

Reinsurance-nonproportional assumed liability

XXX

33.

Reinsurance-nonproportional assumed financial lines

XXX

35.

TOTALS

34,660,597

4,497,466

30,163,131

Losses Paid Less Salvage

5

6

7

8

1

2

3

4

Percentage of Losses

Net Losses

Incurred

Unpaid

Net Losses

Losses Incurred

(Col. 7, Part 2)

Reinsurance

Reinsurance

Net Payments

Current Year

Unpaid

Current Year

to Premiums Earned

Line of Business

Direct Business

Assumed

Recovered

(Cols. 1 + 2 - 3)

(Part 2A, Col. 8)

Prior Year

(Cols. 4 + 5 - 6)

(Col. 4, Part 1)

17.2

Other liability-claims-made

10,578,667

10,578,667

30,572,405

28,734,872

12,416,200

52.5

17.3

Excess workers' compensation

18.1

Products liability-occurrence

16,623

16,623

939,991

961,916

(5,302)

(1.7)

18.2

Products liability-claims-made

35,000

35,000

11,766,008

9,558,033

2,242,975

28.9

31.

Reinsurance-nonproportional assumed property

XXX

32.

Reinsurance-nonproportional assumed liability

XXX

33.

Reinsurance-nonproportional assumed financial lines

XXX

35.

TOTALS

10,630,290

10,630,290

43,278,404

39,254,821

14,653,873

46.2

Reported Losses

Incurred But Not Reported

8

9

1

2

3

4

5

6

7

Net Losses Excl. Incurred

Net Losses

Net Unpaid Loss

Line of Business

Reinsurance

Deduct Reinsurance

But Not Reported

Reinsurance

Reinsurance

Unpaid

Adjustment

Direct

Assumed

Recoverable

(Cols. 1+2-3)

Direct

Assumed

Ceded

(Cols. 4+5+6-7)

Expenses

13.1

Comprehensive (hospital and medical) individual

(a)

13.2

Comprehensive (hospital and medical) group

(a)

15.1

Vision only

(a)

15.2

Dental only

(a)

15.3

Disability income

(a)

15.4

Medicare supplement

(a)

15.5

Medicaid Title XIX

(a)

15.6

Medicare Title XVIII

(a)

15.7

Long-term care

(a)

15.8

Federal employees health benefits plan

(a)

15.9

Other health

(a)

17.2

Other liability-claims-made

18,801,140

618,006

18,183,134

17,069,026

4,679,755

30,572,405

21,055,150

17.3

Excess workers' compensation

18.1

Products liability-occurrence

90,000

90,000

1,351,191

501,200

939,991

726,150

18.2

Products liability-claims-made

737,402

737,402

14,576,806

3,548,200

11,766,008

8,595,541

31.

Reinsurance-nonproportional assumed property

XXX

XXX

32.

Reinsurance-nonproportional assumed liability

XXX

XXX

33.

Reinsurance-nonproportional assumed financial lines

XXX

XXX

35.

TOTALS

19,628,542

618,006

19,010,536

32,997,023

8,729,155

43,278,404

30,376,841

DETAILS OF WRITE-INS

3401.

3402.

3403.

3498.

Sum. of remaining write-ins for Line 34 from overflow page

3499.

Totals (Lines 3401 through 3403 + 3498) (Line 34 above)

(a) Including $

for present value of life indemnity claims reported in lines 13 and 15.