EXAMINATION REPORT OF
TRANSAMERICA CASUALTY INSURANCE COMPANY
CEDAR RAPIDS, IOWA
AS OF DECEMBER 31, 2023
1
Cedar Rapids, Iowa
July 26, 2024
HONORABLE DOUG OMMEN
Commissioner of Insurance
State of Iowa
Des Moines, Iowa
Commissioner:
In accordance with your authorization and pursuant to Iowa statutory provisions, an examination has been made
of the records, business affairs and financial condition of
TRANSAMERICA CASUALTY INSURANCE COMPANY
CEDAR RAPIDS, IOWA
AS OF DECEMBER 31, 2023
at its home office located at 6400 C Street SW, Cedar Rapids, Iowa 52499.
INTRODUCTION
Transamerica Casualty Insurance Company, hereinafter referred to as the “Company”, was last examined as of
December 31, 2019. The examination reported herein was conducted by the Iowa Insurance Division.
SCOPE OF EXAMINATION
This is the regular comprehensive financial examination of the Company covering the intervening period from
January 1, 2020, to the close of business on December 31, 2023, including any material transactions and events occurring
and noted subsequent to the examination period.
The examination was conducted in accordance with the National Association of Insurance Commissioners
(NAIC) Financial Condition Examiners Handbook (Handbook). The Handbook requires that the Division plan and
perform the examination to evaluate the financial condition, identify current and prospective risks of the Company and
evaluate system controls and procedures used to mitigate those risks. An examination also includes identifying and
evaluating significant risks that could cause an insurer’s surplus to be materially misstated both currently and
prospectively.
All accounts and activities of the Company were considered in accordance with the risk-focused examination
process. This may include assessing significant estimates made by management and evaluating management’s
compliance with Statutory Accounting Principles.
The examination does not attest to the fair presentation of the financial statements included herein. If, during the
course of the examination an adjustment is identified, the impact of such adjustment will be documented separately
following the Company’s financial statements.
The examination report includes significant findings of fact and general information about the insurer and its
financial condition.
2
HISTORY
The Company was originally incorporated as a property and casualty insurance company under the laws of the
State of Ohio effective November 15, 1957, and began business on April 15, 1958. The Company was originally entitled
Educator & Executive Insurers, Inc., then changed its name in 1976 to J.C. Penney Casualty Insurance Company.
Effective January 1, 1978, Great American of Dallas & Casualty Company and Great American of Dallas
Insurance Company were merged into the Company.
In 2002, the Company changed its name to Stonebridge Casualty Insurance Company and in 2014 changed its
name, to its current name, Transamerica Casualty Insurance Company.
Effective September 30, 2018, the Company re-domesticated from the State of Ohio to the State of Iowa.
The Company is currently owned by Transamerica Corporation, an indirect, wholly owned subsidiary of Aegon
Ltd. As of October 1, 2023, Aegon Ltd. (fka Aegon N.V.) is a Bermuda Limited Company that has common shares
traded on the Euronext exchange in Amsterdam and the New York Stock Exchange in New York. Prior to the
domestication to Bermuda, Aegon N.V. was a public limited liability stock company organized under Dutch law.
CAPITAL STOCK AND DIVIDENDS
The Company is authorized to issue $11,014,190 in common stock, comprised of 500,645 shares with a par
value of twenty-two dollars ($22) per share. Issued and outstanding capital, as of December 31, 2023, consists of 396,563
shares of common stock, all of which is held by Transamerica Corporation. Common capital stock and gross paid in and
contributed surplus as of December 31, 2023, totaled $8,724,386 and $3,217,106, respectively. There were no changes
to the amount of common stock issued during the period. Contributed surplus decreased by a total of $19,000,000 from
2019, as described below:
Beginning Balance, 1/1/2020
$ 22,217,106
Return of capital to parent, 10/28/2020
(20,000,000)
Capital contribution from parent, 5/26/2022
1,000,000
Ending Balance, 12/31/2023
$ 3,217,106
A $20,000,000 return of capital and a $10,000,000 cash dividend was approved by the Iowa Insurance Division
on October 28, 2020, in compliance with Chapter 521A.5(3)(b)(1), Code of Iowa. On May 26, 2022, the Company
received a capital contribution of $1,000,000 from Transamerica Corporation. The capital distributions correspond with
the current run-off status of the Company.
3
INSURANCE HOLDING COMPANY SYSTEM
The Company is a member of a Holding Company System as defined by Chapter 521A, Code of Iowa. The
identity of holding company members is shown as of December 31, 2023, in the following is an abbreviated
organizational chart:
Abbreviations
TFLIC – Transamerica Financial Life Insurance Company
TIRe – Transamerica International Re (Bermuda) Ltd.
TCIC – Transamerica Casualty Insurance Company
Other significant affiliated organizations with whom the companies transact business include the following:
• AEGON USA Investment Management, LLC (Investment Management)
• Transamerica Capital, Inc. (Wholesaling Distribution)
• AEGON USA Realty Advisors, LLC (Mortgage Loan Operations)
• Transamerica Asset Management, Inc. (Administrative Services)
All ownership is 100% with the exception of Vereniging Aegon, which owns 31.99 percent of Aegon Ltd.
MANAGEMENT AND CONTROL
SHAREHOLDERS
The Articles and Bylaws provide that the annual meeting of the shareholders shall be held on the fourth Monday
in April, and special meetings of the shareholders may be called by the President upon written notice. Meetings by
written consent are allowable.
A majority of the outstanding shares of the capital stock issued and outstanding and entitled to vote, either in
person or by proxy, shall constitute a quorum.
Vereniging
Aegon
(Netherlands)
Aegon International B.V.
(Netherlands)
Transamerica Corporation
(Delaware)
Aegon Ltd.
(Bermuda)
TFLIC
(NY)
TIRe
(Bermuda)
TCIC
(IA)
Commonwealth General Corporation
(Delaware)
Aegon Management Co
(IN)
4
BOARD OF DIRECTORS
The Board of Directors shall be elected annually and shall consist of not fewer than five (5) nor more than twelve
(12) Directors. Each director shall hold office until the next annual meeting of shareholders and until the Director’s
successor shall have been elected and qualified.
A regular meeting of the Board of Directors shall be held at such times and locations as the Board of Directors
may designate upon written notice five days prior, with such meeting to be held at the principal office of the Company
or at such place as they may designate. Special meetings may be called by the Chairman of the Board, the President, or
by a minimum of three directors and require two days prior written notice. Meetings by written consent are also allowed.
A majority of the Board of Directors constitutes a quorum, with a quorum being necessary to transact business.
The Directors duly elected and serving as of December 31, 2023, were as follows:
Name
Principal Business Affiliation
Term Expires
Christopher S. Fleming
Summerfield, NC
Chief Operations Officer, Individual Solutions
Transamerica Corporation
2024
Bonnie T. Gerst
Cedar Rapids, IA
President, Financial Assets
Transamerica Corporation
2024
Christopher Giovanni
Berwyn, PA
Chief Strategy & Development Officer
Transamerica Corporation
2024
Zachary Harris
Coralville, IA
Chief Operating Officer, Workplace Solutions
Transamerica Corporation
2024
Jamie Ohl
Cody, Wyoming
President, Individual Solutions
Transamerica Corporation
2024
Andrew S. Williams
Towson, MD
General Counsel
Transamerica Corporation
2024
There were no committees of the Board in place as of December 31, 2023; however, the Board delegated
investment oversight to Transamerica corporate’s operational investment committee, Asset Liability Management
Committee (ALCO), comprised of the following members:
Name
Principal Business Affiliation
Scott Albertson
Head of Tax
Jim Demopolos
Sr. Director, Risk Management
Brent Hipsher
Controller
Michael Madden
Individual Solutions Finance
Susan Mann
Workplace Solutions Chief Financial Officer
Bryan O'Keeffe
Financial Assets, Annuity and Capital Strategy
Pat Whalen
Head of Investments, ALM, and Hedging
Ross Zilber
Chief Actuary
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The Company does not have an Audit Committee; however, the Transamerica Corporate Audit
Committee provides coverage over TCIC operations and activity.
OFFICERS
The executive officers of the corporation shall be a Chairman of the Board, a President, a Vice President, a
Treasurer, and a Secretary, each of whom shall be elected by the Board of Directors annually. Additional officers may
be elected by the Board as deemed necessary. The Chairman of the Board and the President are to be members of the
Board of Directors.
The principal officers elected and serving as of December 31, 2023, were as follows:
Name
Title
Jamie Ohl
President & Chief Executive Officer, Individual Solutions Division
Brent Hipsher
Controller
Gregory E. Miller-Breetz
Secretary
Bonnie T. Gerst
Chairman of the Board, President, Financial Assets
Scott Albertson
Chief Tax Officer
Philip S. Eckman
President, Workplace Solutions Division
Christopher S. Fleming
Chief Operating Officer, Individual Solutions Division
Christopher Giovanni
Chief Strategy & Development Officer
Zachary Harris
Chief Operating Officer, Workplace Solutions Division
Thomas Haus
Chief Technology Officer
Matthew Keppler
Treasurer & Chief Financial Officer
Chad Meyers
Chief Auditor
Mark Pinocci
Chief Compliance Officer
Pooja Rahman
Chief Risk Officer
Patrick Whalen
Chief Investment Officer
Andrew S. Williams
General Counsel
CONFLICT OF INTEREST
Transamerica Corporation has a Code of Conduct policy that addresses conflicts of interest and is
acknowledged by key employees on an annual basis. Our review of the responses disclosed that there were no
significant conflicts of interest reported.
CORPORATE RECORDS
The Articles of Incorporation and the Bylaws were not amended during the period under review. The minutes
of the meetings of the shareholders, the Board of Directors, and the committees of the Board were reviewed for the
examination period. All minutes provided were signed and properly attested.
FIDELITY BONDS AND OTHER INSURANCE
The Company’s ultimate parent, Aegon Ltd., purchases an insurance policy that provides coverage for Civil
Liability Insurance (also known as professional liability or errors and omission insurance); Directors and Officers
Liability Insurance; and Comprehensive Crime Insurance. This insurance policy covers the ultimate parent and all its
subsidiaries. The policy does not list all covered subsidiaries by name but provides coverage to the subsidiaries by
definition. The Comprehensive Crime Insurance coverage, which includes fidelity, provides for a limit of liability of
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$25,000,000, excess of $5,000,000, which appears adequate in consideration of NAIC recommendations of suggested
minimums.
Other insurance maintained covering the Company include Commercial General Liability, along with an
Umbrella policy. The Company’s parent, Transamerica Corporation, purchases a Commercial General Liability Policy
that includes any subsidiary company of Transamerica Corporation. The policy does not list all covered subsidiaries by
name but provides coverage to the subsidiaries by definition. The policy provides for limit of liability in the amount of
$2,000,000 per occurrence, $10,000,000 aggregate. The Company’s ultimate parent, Aegon Ltd., purchases an Umbrella
policy that sits in excess of the Transamerica Corporation Commercial General Liability policy. The policy provides for
a limit of liability in the amount of $15,000,000.
INTERCOMPANY AGREEMENTS
Administration Agreement
Effective January 1, 2017, the Company along with a number of affiliates (designated Receiving Companies)
entered into a “Shared Services and Cost Sharing Agreement” with AEGON Global Services, LLC, AEGON USA Realty
Advisors, LLC, TLIC, TPLIC and World Financial Group, Inc. (designated as Providing Companies). Pursuant to the
terms of this agreement, the Providing Companies will provide administrative services including accounting, actuarial,
billing/premium adjustment, claims adjustment, financial and regulatory reporting, information technology, employee
services, reinsurance, risk management, internal audit, legal/compliance, tax, treasury, and underwriting and certain
other services for the Company. Total fees incurred by the Company for services rendered under the Shared Services
and Cost Sharing Agreement in 2020, 2021, 2022, and 2023 were $367,912, $920,967, $260,073, and $44,916,
respectively.
Federal Tax Allocation Agreement
The Company, along with various other subsidiaries of the Transamerica Corporation holding company system,
is a party to a Federal Income Tax Allocation Agreement with its parent, Transamerica Corporation. An agreement was
originally entered into effective for tax years commencing 2005 and after, and the agreement was amended/restated
effective for tax years commencing 2013 and after.
Transamerica Corporation agrees to file a consolidated federal income tax return and make payment on behalf
of this affiliated group. Amounts payable by the Company will be equal to that which would be payable had the Company
filed a separate income tax return. The Company will pay interim payments due within 15 days following the due date
for estimated payment filings and within 30 days of the final federal income tax filing.
Investment Management Agreement
Effective April 1, 2007 (and amended and restated February 1, 2020), the Company and Aegon USA Investment
Management LLC (AUIM) entered into an investment management agreement under which AUIM provides advice and
services necessary for the sound management of the designated assets, including supplying investment research portfolio
management in accordance with Investment Guidelines attached to the agreement (including, the selection of securities
to purchase, hold, sell or otherwise effect transactions, as well as the selection of brokers to execute portfolio
transactions), directing the investment and reinvestment of the assets in securities, cash or cash equivalents, and periodic
reporting to the Board of Directors. Total fees incurred by the Company for services rendered under the Investment
Management Agreement in 2020, 2021, 2022, and 2023 were $123,284, $32,878, $14,395, and $13,785, respectively.
Catastrophic Asset Loss Insurance Policy
In 2009, the Company issued a catastrophic asset loss contract to Transamerica Premier Life Insurance
Company, an affiliated life insurer. The policy covered realized losses in excess of a defined limit on a portfolio of
7
investment securities matched to reserve levels of a closed in-force block of business which was ceded on a modified
coinsurance basis to an affiliated reinsurer. The contract was cancelled effective October 1, 2020, as a result of the
affiliated life insurer and reinsurer merging into an affiliate, effective October 1, 2020. Premiums on the contract were
paid annually at the beginning of the calendar year in the amount of $3.0 million. Premiums were recorded with an
offsetting unearned premium liability which was reduced pro rata throughout the year. The Company maintained a $1.5
million contingency reserve within unassigned surplus at December 31, 2019, which was also released during the fourth
quarter of 2020 due to the cancellation of the contract.
EMPLOYEES' WELFARE
The Company has no employees. Services are provided by employees of affiliated companies as part of a Cost
Sharing Agreement with applicable costs allocated to the Company.
REINSURANCE
The reinsurance contracts of the Company were reviewed, and no contract provisions were found to be outside
the customs of the industry. All contracts had acceptable insolvency clauses and transfer of risk.
Assumed
All of the Company’s previously assumed business is now in run-off, including commercial multiple peril and
general liability, and the Company reported no assumed premiums in years 2020 through 2023. As of December 31,
2023, the Company reported a total of $78,000 of assumed paid losses and LAE and $5,405,000 of assumed known case
loss and LAE reserves.
Ceded
There are various ceded reinsurance agreements in place that continue to provide coverage of the Company’s
run-off business. Notable agreements executed include the following:
On October 31, 2014, the Company entered into an indemnity reinsurance agreement, effective January 1, 2014,
with White Shoals Reinsurance, LTD (now Sirius Bermuda Insurance Company), a non-affiliated company to cede the
remaining risk related to a runoff block of general liability and commercial multi-peril lines of business. The block of
business ceded to White Shoals Reinsurance was the in-force business that remained from the transfer of CORPA
Reinsurance Company (CORPA) to Stonebridge Casualty Insurance Company (Stonebridge) through an intercompany
affiliated reinsurance agreement executed in 2004. Subsequent to the transfer of the block to Stonebridge, the CORPA
entity was dissolved. In 2014, Stonebridge’s name was changed to Transamerica Casualty Insurance Company (TCIC).
Under the reinsurance agreement with White Shoals Reinsurance, the Company paid $35,604,937 cash and transferred
$35,604,937 million of claim reserves. No gain or loss was realized on the transaction; therefore, no segregation of
special surplus was required. This reinsurance agreement is accounted for as retroactive reinsurance. The agreement was
amended, effective April 18, 2016, to revise the named parent of the reinsurer within the agreement. Additionally, the
agreement was amended, effective November 16, 2021, to replace the reference to the laws of the State of Ohio with the
laws of the State of Iowa, the Company’s current state of domicile.
Effective October 1, 2018, the Company and affiliate Transamerica Premier Life Insurance Company (TPLIC)
entered into a reinsurance agreement with a non-affiliated reinsurer, Sirius Bermuda Insurance Company (Sirius),
whereby Sirius will reinsure specified workers compensation business reinsured by TCIC and TPLIC from commuting
reinsurers. The Company paid consideration of $5,993,967 and transferred claim reserves of $5,821,801 on the
Company's workers compensation business. The transaction resulted in a pre-tax loss of $172,166 and was reflected in
the Statement of Income. The agreement was approved by the Company's domiciliary regulator and qualified pursuant
to SSAP No. 62R, Property and Casualty Reinsurance, to receive P&C run-off accounting treatment. The schedule of
commuted tranches is updated from time to time to confirm Sirius’s assumption of liability for reinsured liabilities. There
8
have been two amendments to the agreement to confirm Sirius's assumption of reinsured liabilities for the commuted
tranches. The effective commutation dates for the applicable commuting reinsurers indicated in the amendment include
October 24, 2018, October 25, 2018, and December 31, 2018.
As of December 31, 2023, the Company reported a net amount recoverable from reinsurers totaling $5,876,000.
With respect to retroactive reinsurance, reserves ceded are segregated within the detail of write-ins as a contra liability,
and totaled $11,916,149 as of December 31, 2023.
STATUTORY DEPOSIT
As of December 31, 2023, the book/adjusted carrying value of state deposits held in trust by the Insurance
Commissioner of Arkansas, Georgia, Massachusetts, New Mexico, North Carolina, Oregon, and Guam totaled
$1,518,596. The State of Iowa does not have a statutory deposit requirement.
TERRITORY AND PLAN OF OPERATION
The Company holds certificates of authority to transact business in all fifty states and the District of Columbia.
The Company provided both credit unemployment and credit disability insurance, as well as travel insurance,
Guaranteed Auto Protection (GAP) products and vehicle service contracts. New sales of these products have been
discontinued and the business is in run-off with all current contractual obligations being honored.
Travel insurance provides coverage for trip interruption, cancellation, delay, baggage damage, and medical
assistance in excess of the insured’s primary insurance. The majority of the travel premium was produced by managing
general agents. In December 2017, the Company announced that it was ceasing all travel insurance sales effective
December 31, 2017.
The credit unemployment and credit disability coverages were marketed through credit card issuers and issued
as additional products to life insurance issued by an affiliate, Transamerica Life Insurance Company (TLIC). GAP
provided reimbursement to an individual insured in the event that the remaining amount of an outstanding auto loan
exceeds the funds paid by the auto insurance in the event of total loss. New sales of credit insurance ceased in 2016 with
the last sale of GAP coverage occurring in 2017. The Company also maintains a discontinued block of Workers
Compensation, which was reinsured in 2018, as well as assumed general liability and commercial multi-peril lines of
business that’s in runoff, which was reinsured in 2014.
In 2009, the Company issued a financial guaranty contract for catastrophic asset loss with its affiliate
Transamerica Premier Life Insurance Company (TPLIC), where the Company covers realized losses in excess of defined
limits on a portfolio of investment securities matched to reserve levels of a closed inforce block of business which was
ceded to affiliated reinsurer MLIC Re I, Inc. (MLRe). The catastrophic asset contract was issued to TPLIC in 2009 and
had an annual premium of $3,000,000. The contract was deemed cancelled during the fourth quarter of 2020 as a result
of TPLIC and MLRe merging into TLIC effective October 1, 2020.
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GROWTH OF COMPANY
The growth of the Company is reflected by the following data obtained from the Company’s filed annual
statements and covers the examination period:
(000's Omitted)
Year
Admitted
Assets
Surplus As
Regards
Policyholders
Net
Premiums
Written
Net Losses
Paid
Net
Income
2020
$ 24,485,370
$ 17,574,777
$ 3,551,961
$ 2,369,085
$ 4,380,342
2021
15,365,619
11,924,650
612,819
1,052,033
(3,066,295)
2022
20,124,293
13,587,656
468,627
488,800
582,586
2023
16,427,792
12,971,269
430,144
747,592
(156,885)
The balances reflect the Company’s run-off of all business.
ACCOUNTS AND RECORDS
It was observed that the Annual Statement Schedule F – Part 3 as of December 31, 2023, inaccurately reflected
the aging of reinsurance recoverables which had a material impact on the Company’s provision for reinsurance
resulting in a change in provision for reinsurance in both 2022 and 2023. The 2023 error was identified and corrected
in the annual statement filing. The 2022 annual statement was not restated but the error was reflected as a prior period
correction of error in accordance with SSAP No. 3 in the 2023 annual statement in Note 2 Accounting Changes and
Corrections of Errors. The result of the error was an understatement in the provision for reinsurance and a
corresponding overstatement in the change in provision for reinsurance in the amount of $527,720, net of tax, which
is reflected as a correction of an error in Other changes – net in the Statements of Changes in Capital and Surplus.
No other statutory compliance issues were noted nor were any material aggregate surplus differences identified
from the amount reflected in the financial statements, as presented in the annual statement as of December 31, 2023.
SUBSEQUENT EVENTS
No subsequent events have been identified.
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F I N A N C I A L S T A T E M E N T S
A N D C O M M E N T S T H E R E O N
NOTE: The following financial statements are based on the
amended statutory financial statements filed by the Company
with the Iowa Insurance Division and present the financial
condition of the Company for the period ending December 31,
2023.
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STATEMENT OF ASSETS AND LIABILITIES
ASSETS
Assets
Non-
Admitted
Admitted
Bonds
$ 9,148,738
$
$ 9,148,738
Cash, cash equivalents and short-term investments
4,145,824
4,145,824
Other invested assets
461,496
461,496
Investment income due and accrued
92,479
92,479
Uncollected premiums and agents' balances in the
course of collection
180
180
Amounts recoverable from reinsurers
1,177,299
1,177,299
Current federal and foreign income tax recoverable
and interest thereon
180
180
106,334
106,334
Guarantee funds receivable or on deposit
34,550
34,550
Receivables from parent, subsidiaries and affiliates
96,166
96,166
Aggregate write-ins for other than invested assets
1,164,726
1,164,726
Total Assets
$ 16,427,792
$
$ 16,427,792
LIABILITIES, SURPLUS AND OTHER FUNDS
Losses
$ 11,449,332
Reinsurance payable on paid losses and loss adjustment expenses
77,516
Loss adjustment expenses
442,631
Taxes, licenses and fees (excluding federal and foreign incomes taxes)
16,603
Net deferred tax liability
407,011
Unearned premiums
9,563
Advance premium
255
Funds held by company under reinsurance treaties
1,792,737
Remittances and items not allocated
263,615
Provision for reinsurance
752,000
Aggregate write-ins for liabilities
(11,754,740)
Total Liabilities
$ 3,456,523
Common capital stock
8,724,386
Gross paid in and contributed surplus
3,217,106
Unassigned funds (surplus)
1,029,777
Surplus as regards policyholders
$ 12,971,269
Total Liabilities and Surplus
$ 16,427,792
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STATEMENT OF INCOME
Underwriting Income
Premiums earned:
$ 446,030
Underwriting deductions
Losses incurred
$ (487,185)
Loss adjustment expenses incurred
6,810
Other underwriting expenses incurred
1,156,609
Total underwriting deductions
676,234
Net underwriting (loss)
$ (230,204)
Investment Income
Net investment income earned
$ 553,353
Net realized capital (losses)
(71,209)
Net investment gain
$ 482,144
Other Income
Aggregate write-ins for miscellaneous income
$ (497,530)
Total other income
$ (497,530)
Net income before dividends to policyholders, after capital gains tax
and before all other federal and foreign income taxes
$ (245,590)
Dividend to policyholders
0
Net income, after dividends to policyholders, after capital gains
tax and before all other federal and foreign income taxes
$ (245,590)
Federal and foreign income taxes incurred
(88,705)
Net income
$ (156,885)
Capital and Surplus Account
Surplus as regards policyholders, December 31, 2022
$ 13,587,656
Net income, 2023
$ (156,885)
Change in net unrealized capital gains less capital gains tax of $47
176
Change in net deferred income tax
36,042
Change in provision for reinsurance
32,000
Dividends to stockholders
0
Aggregate write-ins for gains and losses in surplus
(527,720)
Change in surplus as regards policyholders for the year
(616,387)
Surplus as regards policyholders, December 31, 2023
$ 12,971,269
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CASH FLOW
Cash from Operations
Premiums collected net of reinsurance
$ 430,047
Net investment income
516,046
Miscellaneous income
(507,054)
Total
$ 439,039
Benefit and loss related payments
$ 656,097
Commissions, expenses paid and aggregate write-ins
for deductions
(2,483,390)
884,833
Federal and foreign income taxes paid (recovered)
57,992
Total
$ 1,598,922
Net cash from operations
$ (1,159,883)
Cash from Investments
Proceeds from investments sold, matured or repaid:
Bonds
$ 6,384,040
Other invested assets
14,949
Net gains on cash, cash equivalents and short-term investments
223
Total investment proceeds
$ 6,399,212
Cost of investments acquired:
Bonds
$ 4,802,849
Total investments acquired
$ 4,802,849
Net cash from investments
$ 1,596,363
Cash from Financing and Miscellaneous Sources
Other cash provided (applied)
$ 1,156,897
Net cash from financing and miscellaneous sources
$ 1,156,897
Reconciliation of Cash, Cash Equivalents, and Short-Term Investments
Net change in cash, cash equivalents and short-term investments
$ 1,593,377
Cash, cash equivalents and short-term investments
Beginning of year
2,552,447
End of year
$ 4,145,824
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CONCLUSION
The cooperation and assistance extended by the officers and employees of the Company during the course of
this examination is hereby acknowledged.
In addition to the undersigned, examiners, information systems specialists, and actuarial specialists of the INS
Companies (INS Regulatory Insurance Services, Inc., INS Services, Inc., and INS Consultants, Inc.), participated in the
examination and the preparation of this report.
Respectfully submitted,
/s/ Cecilee Diamond-Houdek
Cecilee Diamond-Houdek, CFE, CPA, MCM
Examiner-in-Charge
INS Regulatory Insurance Services, Inc.
on behalf of the Insurance Division
State of Iowa
/s/ Amanda Theisen
Amanda Theisen, CFE, PIR, MCM
Supervisor and Assistant Chief – Examinations
Insurance Division
State of Iowa