As in effect
3/1/61
FORM 10K/A1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 2003 on
----------------------
Form 10K as set forth in the pages attached hereto: (List all such items,
--------
financial statements, exhibits or other portions amended)
SEE INDEX
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by
the undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------
(Registrant)
Date: April 13, 2004 By: /s/ John S. Adams
-------------- -----------------------------------
(Signature)
John S. Adams
Senior Vice President and
Chief Financial Officer
Total Pages: 12
---------------
INDEX
FINANCIAL STATEMENT SCHEDULES
-------------------------------
Report of Independent Auditors
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments in Related
Parties as of December 31, 2003
Schedule II - Condensed Financial Information of Registrant as of December
31, 2003 and 2002 and for the years ended December 31, 2003,
2002, and 2001
Schedule III - Supplementary Insurance Information for the years ended
December 31, 2003, 2002 and 2001
Schedule IV - Reinsurance for the years ended December 31, 2003, 2002 and
2001
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 2003,
2002 and 2001
Schedules other than those listed are omitted for the reason that they are
not required, are not applicable or that equivalent information has been
included in the financial statements, notes thereto, or elsewhere herein.
EXHIBITS
(23) Consent of Independent Accountants.
(28) Consolidated Schedule P. (*)
* Not covered by the Report of Independent Auditors.
-2-
REPORT OF INDEPENDENT AUDITORS
------------------------------
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our audits of the consolidated financial statements of Old Republic
International Corporation and its subsidiaries at December 31, 2003 and 2002,
and for each of the three years in the period ended December 31, 2003 referred
to in our report dated March 10, 2004, which is included on page 55 of the
Corporation's Annual Report on Form 10-K for the year ended December 31, 2003,
also included an audit of the financial statement schedules listed in the index
on page 2 of this Form 10K/A1 amendment. In our opinion, these financial
statement schedules present fairly, in all material respects, the information
set forth therein when read in conjunction with the related consolidated
financial statements.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
March 10, 2004
-3-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 2003
($ in Thousands)
--------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
-------------------- ----------------- ----------------- -----------------
Amount at
Fair which shown
Type of investment Cost (a) Value in balance sheet
------------------ ----------------- ----------------- -----------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities $ 878,478 $ 912,862 $ 912,862
States, municipalities and political subdivisions 1,215,133 1,277,241 1,277,241
Foreign government 77,899 80,622 80,622
Public utilities 791,445 828,596 828,596
Corporate, industrial and all other 2,501,035 2,641,863 2,641,863
----------------- ----------------- -----------------
5,463,990 $ 5,741,186 5,741,186
----------------- ================= -----------------
Equity securities:
Non-redeemable preferred stocks 1,959 $ 2,004 2,004
Common stocks:
Public utilities 102,032 98,538 98,538
Banks, trusts and insurance companies 16,594 24,963 24,963
Industrial, miscellaneous and all other 318,641 387,998 387,998
----------------- ----------------- -----------------
439,226 $ 513,503 513,503
----------------- ================= -----------------
Short-term investments 403,952 403,952
Other miscellaneous investments 53,234 53,234
----------------- -----------------
Total 6,360,402 6,711,877
----------------- -----------------
Held to maturity:
Other miscellaneous investments 8,543 8,543
----------------- -----------------
Total 8,543 8,543
----------------- -----------------
Total Investments $ 6,368,945 $ 6,720,421
================= =================
Note:(a) Represents original cost of equity securities, and as to fixed
maturities, original cost reduced by repayments and adjusted for
amortization of premium or accrual of discount.
-4-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------
December 31,
--------------------------------------
2003 2002
----------------- ----------------
Assets:
Bonds and notes $ 11,668 $ 11,670
Cash 1,126 5,824
Short-term investments 12,847 8,089
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 3,551,300 3,129,449
Indebtedness of affiliates 109,485 134,759
Other assets 25,591 23,923
----------------- ----------------
Total Assets $ 3,712,019 $ 3,313,715
================= ================
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 24,175 $ 22,602
Debt and debt equivalents 114,978 114,972
Indebtedness to affiliates and subsidiaries 19,194 20,221
Commitments and contingent liabilities --- ---
----------------- ----------------
Total Liabilities 158,348 157,795
----------------- ----------------
Convertible preferred stock --- 54
----------------- ----------------
Common Shareholders' Equity:
Common stock 184,471 123,791
Additional paid-in capital 245,500 253,169
Retained earnings 2,896,863 2,700,512
Accumulated other comprehensive income 236,835 111,083
Treasury stock (at cost) (10,000) (32,691)
----------------- ----------------
Total Common Shareholders' Equity 3,553,671 3,155,866
----------------- ----------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 3,712,019 $ 3,313,715
================= ================
-5-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------
2003 2002 2001
--------------- --------------- ---------------
Revenues:
Investment income from subsidiaries $ 6,336 $ 4,595 $ 8,768
Real estate and other income 3,561 3,673 3,870
Realized investment gains (losses) 1,378 (1,289) 4,450
Other investment income 576 1,237 914
--------------- --------------- ---------------
Total Revenues 11,852 8,217 18,003
--------------- --------------- ---------------
Expenses:
Interest -- subsidiaries 318 527 4,488
Interest -- other 8,155 8,155 8,155
Real estate and other expenses 2,360 2,936 2,910
General expenses, taxes and fees 9,045 5,339 6,813
--------------- --------------- ---------------
Total Expenses 19,881 16,959 22,368
--------------- --------------- ---------------
Revenues, net of expenses (8,028) (8,742) (4,364)
Federal income tax credits (171) (1,798) (4,344)
--------------- --------------- ---------------
Loss before equity in earnings of subsidiaries (7,856) (6,944) (20)
Equity in Earnings of Subsidiaries:
Dividends received 174,615 139,170 120,380
Earnings in excess of dividends 293,043 260,753 226,612
--------------- --------------- ---------------
Net Income $ 459,801 $ 392,979 $ 346,971
=============== =============== ===============
-6-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
-------------------------------------------------------
2003 2002 2001
--------------- --------------- ---------------
Cash flows from operating activities:
Net income $ 459,801 $ 392,979 $ 346,971
Adjustments to reconcile net income to net cash
provided by operating activities:
Accounts receivable 136 (293) (112)
Income taxes - net (1,912) (10,461) 14,356
Excess of equity in net income of subsidiaries
over dividends received (293,043) (260,753) (226,612)
Accounts payable, accrued expenses and other 611 6,645 6,199
--------------- --------------- ---------------
Total 165,594 128,116 140,801
--------------- --------------- ---------------
Cash flows from investing activities:
Sales of equity securities --- 3,004 ---
Sales of other investments 10 9 8
Sales of fixed assets for company use --- --- 42
Purchases of fixed maturity securities --- (33,316) ---
Purchases of equity securities --- (39,035) ---
Purchases of fixed assets for company use (889) (832) (306)
Investments in, and indebtedness of related parties - net --- (5,275) (17,339)
--------------- --------------- ---------------
Total (879) (75,445) (17,595)
--------------- --------------- ---------------
Cash flows from financing activities:
Repayment of notes receivable from related parties 28,599 17,400 15,240
Repayment of notes and loans to related parties (1,019) (14,735) (77,513)
Issuance of preferred and common stock 9,741 22,005 9,376
Dividends on common shares (201,973) (75,759) (70,072)
Dividends on preferred shares (1) (2) (36)
Purchase of treasury stock --- (6) ---
--------------- --------------- ---------------
Total (164,654) (51,096) (123,006)
--------------- --------------- ---------------
Increase (decrease) in cash and short-term investments 59 1,573 200
Cash and short-term investments, beginning of year 13,913 12,340 12,139
--------------- --------------- ---------------
Cash and short-term investments, end of year $ 13,973 $ 13,913 $ 12,340
=============== =============== ===============
-7-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2003, 2002 and 2001
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Future Policy
Deferred Benefits, Other Policy
Policy Losses, Claims and
Acquisition Claims and Unearned Benefits Premium
Segment Costs Loss Expenses Premiums Payable Revenue
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Year Ended December 31, 2003:
-------------------------------------
Insurance Underwriting:
General Insurance Group $107,998 $2,047,828 $663,779 $68,723 $1,379,565
Mortgage Insurance Group 63,710 180,610 47,482 --- 400,927
Title Insurance Group --- 259,092 --- 2,389 749,987
Life Insurance Group 50,211 71,856 --- 242 51,623
Reinsurance Losses Recoverable (a) --- 1,564,275 103,559 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 221,920 4,123,663 814,822 71,354 2,582,103
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $221,920 $4,123,663 $814,822 $71,354 $2,582,103
================ ================ ================ ================ ================
Year Ended December 31, 2002:
-------------------------------------
Insurance Underwriting:
General Insurance Group $90,092 $1,881,111 $580,571 $59,697 $1,184,132
Mortgage Insurance Group 63,440 185,410 42,373 --- 376,281
Title Insurance Group --- 225,659 --- 1,272 524,875
Life Insurance Group 44,294 74,198 --- 1,425 50,133
Reinsurance Losses Recoverable (a) --- 1,413,885 86,442 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 197,827 3,780,264 709,387 62,396 2,135,423
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $197,827 $3,780,264 $709,387 $62,396 $2,135,423
================ ================ ================ ================ ================
Year Ended December 31, 2001:
-------------------------------------
Insurance Underwriting:
General Insurance Group $80,277 $1,755,597 $496,048 $51,807 $1,000,291
Mortgage Insurance Group 60,902 193,017 38,224 --- 353,188
Title Insurance Group --- 215,634 --- 951 382,700
Life Insurance Group 38,660 76,721 --- 571 50,674
Reinsurance Losses Recoverable (a) --- 1,320,456 69,861 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 179,840 3,561,428 604,134 53,330 1,786,854
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $179,840 $3,561,428 $604,134 $53,330 $1,786,854
================ ================ ================ ================ ================
Note:(a) Financial Accounting Standard (FAS) No. 113 "Accounting and
Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" eliminates the reporting of assets and liabilities relating
to reinsured contracts net of reinsurance ceded balances. Accordingly,
reinsured losses and unearned premiums are to be reported as assets.
Assets and liabilities were, as a result, increased by corresponding
amounts of approximately $1.6 billion at December 31, 2003, $1.5
billion at December 31, 2002 and $1.3 billion at December 21, 2001.
FAS No. 113 does not have any effect on the Company's results of
operations
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2003, 2002 and 2001
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------------
Column A Column G Column H Column I Column J Column K
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Benefits, Amortization
Claims, of Deferred
Net Losses and Policy Other
Investment Settlement Acquisition Operating Premiums
Segment Income Expenses Costs Expenses Written
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Year Ended December 31, 2003:
-------------------------------------
Insurance Underwriting:
General Insurance Group $175,008 $932,945 $251,874 $128,949 $1,460,323
Mortgage Insurance Group 65,703 90,902 51,042 80,303 406,037
Title Insurance Group 23,599 63,801 --- 934,362 749,987
Life Insurance Group 6,378 25,178 12,360 16,552 49,275
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 270,689 1,112,828 315,277 1,160,167 2,665,623
Corporate 8,545 --- --- 17,461 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $279,234 $1,112,828 $315,277 $1,177,628 $2,665,623
================ ================ ================ ================ ================
Year Ended December 31, 2002:
-------------------------------------
Insurance Underwriting:
General Insurance Group $172,577 $852,106 $219,957 $122,459 $1,268,748
Mortgage Insurance Group 65,866 52,934 49,126 97,309 380,430
Title Insurance Group 22,535 40,765 --- 697,997 524,875
Life Insurance Group 6,714 29,089 10,025 11,513 48,303
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 267,693 974,895 279,108 929,279 2,222,359
Corporate 5,003 --- --- 12,213 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $272,697 $974,895 $279,108 $941,493 $2,222,359
================ ================ ================ ================ ================
Year Ended December 31, 2001:
-------------------------------------
Insurance Underwriting:
General Insurance Group $175,773 $748,096 $190,587 $114,929 $1,078,541
Mortgage Insurance Group 63,387 57,028 44,417 72,701 354,147
Title Insurance Group 22,750 25,163 --- 549,112 382,700
Life Insurance Group 7,625 30,248 8,376 14,802 46,475
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 269,536 860,537 243,380 751,544 1,861,864
Corporate 5,233 --- --- 14,040 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $274,770 $860,537 $243,380 $765,584 $1,861,864
================ ================ ================ ================ ================
Note:(a) Financial Accounting Standard (FAS) No. 113 "Accounting and
Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" eliminates the reporting of assets and liabilities relating
to reinsured contracts net of reinsurance ceded balances. Accordingly,
reinsured losses and unearned premiums are to be reported as assets.
Assets and liabilities were, as a result, increased by corresponding
amounts of approximately $1.6 billion at December 31, 2003, $1.5
billion at December 31, 2002 and $1.3 billion at December 21, 2001.
FAS No. 113 does not have any effect on the Company's results of
operations
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 2003, 2002 and 2001
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
--------------------------------------- ----------------- ---------------- ----------------- ----------------- ---------------
Percentage
Ceded Assumed of amount
Gross to other from other Net assumed
amount companies companies amount to net
----------------- ---------------- ----------------- ----------------- ---------------
Year Ended December 31, 2003:
---------------------------------------
Life insurance in force $ 14,502,127 $ 7,070,922 $ --- $ 7,431,205 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,837,689 $ 491,522 $ 33,397 $ 1,379,565 2.4%
Mortgage Insurance Group 467,349 67,705 1,283 400,927 0.3
Title Insurance Group 748,287 96 1,796 749,987 0.2
Life Insurance Group:
Life insurance 34,265 12,833 --- 21,431 ---
Accident and health insurance 55,199 25,081 73 30,191 0.2
----------------- ---------------- ----------------- ----------------- ---------------
Total Life Insurance Group 89,464 37,914 73 51,623 0.1
----------------- ---------------- ----------------- ----------------- ---------------
Consolidating adjustments --- (73) (73) --- ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidated $ 3,142,790 $ 597,164 $ 36,476 $ 2,582,103 1.4%
================= ================ ================= ================= ===============
Year Ended December 31, 2002:
---------------------------------------
Life insurance in force $ 11,437,301 $ 4,053,693 $ --- $ 7,383,608 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,550,929 $ 389,238 $ 22,440 $ 1,184,132 1.9%
Mortgage Insurance Group 432,483 57,333 1,131 376,281 0.3
Title Insurance Group 523,353 (50) 1,471 524,875 0.3
Life Insurance Group:
Life insurance 32,540 8,227 --- 24,312 ---
Accident and health insurance 47,334 22,061 548 25,821 2.1
----------------- ---------------- ----------------- ----------------- ---------------
Total Life Insurance Group 79,875 30,289 548 50,133 1.1
----------------- ---------------- ----------------- ----------------- ---------------
Consolidating adjustments --- (548) (548) --- ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidated $ 2,586,642 $ 476,262 $ 25,044 $ 2,135,423 1.2%
================= ================ ================= ================= ===============
Year Ended December 31, 2001:
---------------------------------------
Life insurance in force $ 11,575,791 $ 4,075,307 $ --- $ 7,500,484 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,282,223 $ 318,823 $ 36,891 $ 1,000,291 3.7%
Mortgage Insurance Group 390,905 38,485 768 353,188 0.2
Title Insurance Group 381,465 141 1,376 382,700 0.4
Life Insurance Group:
Life insurance 37,240 13,757 --- 23,482 ---
Accident and health insurance 44,732 17,544 4 27,191 ---
----------------- ---------------- ----------------- ----------------- ---------------
Total Life Insurance Group 81,972 31,302 4 50,674 ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidating adjustments --- (4) (4) --- ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidated $ 2,136,566 $ 388,748 $ 39,036 $ 1,786,854 2.2%
================= ================ ================= ================= ===============
-9-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2003, 2002 and 2001
($ in Thousands)
------------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
--------------------------------------- -------------- ---------------- -------------- -------------- --------------- -------------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any, Net
Acquisition Adjustment Deducted in Unearned Earned Investment
Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income
-------------------------------------- -------------- ---------------- -------------- -------------- --------------- -------------
Year Ended December 31, 2003:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- -------------- -------------- --------------- -------------
$107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
============== ================ ============== ============== =============== =============
Year Ended December 31, 2002:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- -------------- -------------- --------------- -------------
$90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
============== ================ ============== ============== =============== =============
Year Ended December 31, 2001:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $80,227 $1,755,597 $151,353 $496,048 $1,000,291 $175,773
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- -------------- -------------- --------------- -------------
$80,227 $1,755,597 $151,353 $496,048 $1,000,291 $175,773
============== ================ ============== ============== =============== =============
Note: (a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
-10-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2003, 2002 and 2001
($ in Thousands)
-------------------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
-------------------------------------- ---------------------------- --------------- -------------- ---------------
Claims and Claim
Adjustment Expenses Amortization Paid
Incurred Related to of Deferred Claims
---------------------------- Policy and Claims
Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Year Years Costs Expenses Written
-------------------------------------- ------------- -------------- --------------- -------------- ---------------
Year Ended December 31, 2003:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $943,610 ($25,804) $251,874 $751,090 $1,460,323
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$943,610 ($25,804) $251,874 $751,090 $1,460,323
============= ============== =============== ============== ===============
Year Ended December 31, 2002:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $859,634 ($7,101) $219,957 $727,018 $1,268,748
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$859,634 ($7,101) $219,957 $727,018 $1,268,748
============= ============== =============== ============== ===============
Year Ended December 31, 2001:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $793,115 ($44,537) $190,587 $727,630 $1,078,541
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$793,115 ($44,537) $190,587 $727,630 $1,078,541
============= ============== =============== ============== ===============
Note: (a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
-10-