"Norcal Insurance Company","PNC AS","2024 03 31" Annual Statutory Statement

I llllll 11111 11111 11111 11111 11111 11111 lllll 11111 11111 11111 11111 11111 11111 11111 11111 11111 1111 1111

PROPERTY AND CASUALTY COMPANIES-ASSOCIATION EDITION3

3 2 0 0 2 0 2 4 2 0

1 0

0

1 0 1

QUARTERLY STATEMENT

AS OF MARCH 31, 2024

OF THE CONDITION AND AFFAIRS OF THE

NORCAL Insurance Company

NAIC Group Code

02698

02698

NAIC Company Code ___3--'3_200'--- Employer's ID Number

9_4---'2=3�0'-'-54-10_

(Current Period)

(Prior Period)

Organized under the Laws of _______Cal_ifor-'a------n"'l

--

-

-• State of Domicile or Port of Entry

California

=- cc

=-

-

Country of Domicile

United States

Incorporated/Organized -----------'0'-'9-'-/1--'8'-/-'-1975'------------

Commenced Business

11/11/1975

Statutory Home Office

201 California Street, Suite 600

Sa n Francisco, CA, US 94111

(Slre»t

and Number)

(City or Town, Stale, Cmmlry and Zip C,,w,)

Main Administrative Office

201 California Street, Suile 600

San Francisco, CA, US 94111

844-466-7225

Number)

(Street and Numbe,)

(City or Town, State, Countr1 and ZipCo�e)

(Area Code)

(Telephone

Mail Address

PO Box 2080

Mechanicsburg, PA, US 17055

,(Streel end Number or P,O. Box)

Country and Zip COdcj

(Cily or Tolvn, Stale,

Primary Location of Books and Records

201 California Street, Suite 600

San Francisco, CA, US 94111

844-466-7225

Number)

(Street and Number)

(Cily or Town, Slate, Country and Zip Code)

(Area Code) (Telephone

Internet Web Site Address

www.norcal-group.com

Sta tutory Statement Contact

Elaine Marie Sparks

615-301-1445

(Area Code) (Telephone Number) (El<>

(Name)

[email protected]

615-324-9169

(Fax Number)

(E-Mail Addm")

OFFICERS

Title

Name

Title

Name

TREASURER & CHIEF FINANCIAL

ROBERT DAVID FRANCIS

PRESIDENT & CEO

DANA SHANNON HENDRICKS

OFFICER

KATHRYN ANNE NEVILLE

OTHER

OFFICERS

SECRETARY

SENIOR VICE PRESIDENT

STEVEN JAMES DAPKUS

SENIOR VICE PRESIDENT

SOKOL BERISHA

KAREN BANKS CARLILE

SENIOR' VICE PRES!DENT

LAWRENCE KERRY COCHRAN

VICE PRESIDENT

ASSISTANT TREASURER &

DENNIS ALLEN MEISEL

SENIOR VICE PRESIDENT

JEFFREY PATTON LISENBY

ASSISTANT SECRETARY

CRAIG GRANVILLE MUSGRAVE

SENIOR VICE PRESIDENT

RACHEL REGA PAULSON

ASSISTAND SECRETARY

PAMELA JOAN ROBERTSON

SENIOR VICE PRESIDENT

EDWARD LEWlS RAND JR.

CHAIRMAN

JOSEPH MICHAEL ROSENTHAL

SENIOR VICE PRESIDENT

SHEPHERD MOTT TAPASAK

SENIOR VICE PRESIDENT

DIRECTORS OR TRUSTEES

DARRYL KEITH THOMAS

SENIOR VICE PR SIDENT

ROBERT DAVID FRANCIS

DANA SHANNON HENDRICKS

JEFFREY PATTON LISENBY

KAREN MARIE MURPHY

EDWARD LEWIS RAND JR.

State of

ALABAMA

County of

JEFFERSON

ss

The officers of this rnportlrig entity being duly sworn, each depose and say that \\hey are the described officers of said reporting en!lty, end that on the reporting period.st$ted

above, all of the herein descrll;,ed assets were the absolute property of the said reporting entity, free and clearfrom any. liens or clalms thereon. except as herein staled, and

that this statemant, together with relaled exhibits, schedules and explanations therein contained, annexed or referred to, Is a full and true statement of all the assets and

liabilities and of the condition and affairs of the said reporting entity es of·the reporting period staledabove, a11d of its income and deductions therefrom for the period ended,

and have been comple\\ed in accordance with the NAiC Annual -Statement Instructions and Accounting Practices and Procedures manual except to the extent that. (1) state

law may differ; or, (2) that s(ate rules or regulations re9uire diflerem;es in reporting nol related lo accounting practices and procedures, according to the best or their

informatlon, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officersalso includes the related corresponding electronic filing with

the NAIC, when required, that Is an exact copy (e�cept for formatting differences due to electronic filing) of the enclosed statement. The electronic tll1ng may ber. �uested by

various regulators In lie� of or in additlo to the enclosed sta

ent.

Subscribe ,and swoto before me this

M�W�

b. If no:

---���--��

1. State the amendment number

2. Dale filed

3, Number of pages attached

1 111111 11111 11111 IIIII 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 1111 1111

PROPERTY AND CASUALTY COMPANIES-ASSOCIATION EDITION3 3

2 0 0 2 0 2

4

2 0

1 0

0

1 0 1

QUARTERLY STATEMENT

AS OF MARCH 31, 2024

OF THE CONDITION AND AFFAIRS OF THE

NORCAL Insurance Company

NAIC Group Code

02698

02698

NAIC Company Code __ 3_3_200___ Employer's ID Number

9_4-2�3_00'1--54__

(Current Period)

(Prior Period)

_

Organized under the Laws of

_______C"-a-'l_lfo-'--r-'-nc..cia'--------State of' Domicile or Port of Entry

California

Country of Domicile

United States

Incorporated/Organized

-------------------

09/18/1975

Commenced Business

11/11/1975

Statutory Home Office

201 California Street, Suite 600

San Francisco, CA, US 94111

Main Administrative Office

201 California Street, Suite 600

San Francisco, CA, US 94111

Country

Zip844-466-7225

(Street and Number)

(City or Town, Slate,

and

Code)

Number)

(Straot and Number)

(City or Town, State, Country and Zip Code)

(Area Code)

(Telephone

Mail Address

PO Box 2080

Mechanicsburg, PA, US 17055

(Streat and Number or P.O. Box)

Country a11d Zip Codo]

(City or Tolvn, Slate,

Primary Location of Books and Records

201 California Street, Suite 600

San Francisco, CA, US 94111

844-466-7225

Number)

Internet Web Site Address

(Street and Number)

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone

www.norcal:9roup.com

Statutory Statement Contact

Elaine Marie Sparks

615'-301-1445

[email protected]

(Name}

(Area Code) (TelephOn• Numlior) (El<>

615-324-9169

ROBERT DAVID FRANCIS

DANA SHANNON HENDRICKS

JEFFREY PATTON LISENBY

KAREN MARIE MURPHY

EDWARD LEWIS RAND JR.

Stale of

ALABAMA

ss

County of

JEFFERSON

reporting entity, and lhal on the reporting period stated

The officers of this reporting entity being duly swom, each depose and say that lhey are the described officers of_said

to.

all

above, all of the herein described assets were the absolute property of the said reporting entity, free and clear fro_m any liens or daims thereon. except as hereir, stated, and

that this statement, tpgether with related e�hibits, stiledules and explanations therein contained, annexed or referred

rs a full and true statemer>t of

lhe assets and

liabilities and or IQ_!l.,conditlon a9d affairs of the said reporting entity as of the.reporting period stated above, and of ilS Income and deductions therefrom for the period ended.

and have bet;J)-Com' le:ted in

ccordance with the NAtC Annual Statement Instructions and Accounting Practices and Procedures manual except to the eJ<1ent that: (1) state

law may di er,, {2

that

titate rules

or regulations require differences in reporting not related to aocountlng practices and procedures, according to lhe best of their

information,

n

P.

and

eUef, respecllvely. Furthermore, the scope of this attestation by the described officers also includes the related correspohding eleclmnlc filing with

i:Jg

the NAIC:

he�

r qui�d.

.it is an exact copy (except for formatting differences due-to electronic filing) o_f the enclosed stat!clmen The electronic filing may be requested by

various ,egul o1/eu

for in addition to the enclosed statement.

/

-,=

=

=

---�

----

�

,.,.

_

__,

� -

-

�

---

"'"

OBER

DAVID FRANCIS

DANA SHANNO

HENDRICKS

KATHR

i<>

ANNE

NEVILLE

f /

PRESIDENT & CEO

TREASURER & CHIE

FINANCIAL OFFICER

ECRETARY

Yes

IX]

No I

Subscribe::=nd s1voto before me this

a. Is this an original filing?

I

MAY. 2024

b, If no:

___n�_r._�__

day sf

1. State the amendment number

2. Date filed

94

3. Number of pages attached

JEAN H. NOOJIN

-·)\\

Current Statement Date

4

1

2

3

December 31

Net Admitted Assets

Prior Year Net

Assets

Nonadmitted Assets

(Cols. 1 - 2)

Admitted Assets

1.

Bonds

1,278,101,501

1,278,101,501

1,274,735,481

2.

Stocks:

2.1

Preferred stocks

1,581,666

1,581,666

1,534,722

2.2

Common stocks

96,547,836

96,547,836

97,500,039

$

0

encumbrances)

4.2 Properties held for the production of income

(less $

0

encumbrances)

4.3 Properties held for sale (less

$

0

encumbrances)

5.

Cash ($

2,094,294

),

cash equivalents ($

8,334,738 )

and short-term investments ($

5,838,295

)

16,267,327

16,267,327

40,419,594

6.

Contract loans (including $

0

premium notes)

7.

Derivatives

8.

Other invested assets

46,777,869

46,777,869

46,081,379

9.

Receivables for securities

1,924,434

1,924,434

12.

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

1,441,200,633

1,441,200,633

1,460,271,215

13.

Title plants less $

0 charged off (for Title insurers

only)

14.

Investment income due and accrued

9,078,057

9,078,057

8,959,029

15.

Premiums and considerations:

15.1 Uncollected premiums and agents' balances in the course of

collection

12,596,573

207,670

12,388,903

407,305

15.2 Deferred premiums, agents' balances and installments booked but

deferred and not yet due (including $

0 earned

but unbilled premiums)

75,464,294

75,464,294

64,281,485

15.3 Accrued retrospective premiums

($

0 ) and

contracts subject to redetermination ($

0 )

16.

Reinsurance:

16.1 Amounts recoverable from reinsurers

3,185

3,185

1,067,066

18.1 Current federal and foreign income tax recoverable and interest thereon

18.2 Net deferred tax asset

35,681,174

9,547,919

26,133,255

26,139,645

19.

Guaranty funds receivable or on deposit

20.

Electronic data processing equipment and software

964,371

542,206

422,165

465,137

21.

Furniture and equipment, including health care delivery assets

($

0

)

2,002,710

2,002,710

22.

Net adjustment in assets and liabilities due to foreign exchange rates

23.

Receivables from parent, subsidiaries and affiliates

3,370,102

3,370,102

2,877,098

24.

Health care ($

0 ) and other amounts receivable

25.

Aggregate write-ins for other-than-invested assets

18,695,798

5,966,459

12,729,339

12,993,144

26.

Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

1,599,056,897

18,266,964

1,580,789,933

1,577,461,124

27.

From Separate Accounts, Segregated Accounts and Protected

Cell Accounts

28.

Total (Lines 26 and 27)

1,599,056,897

18,266,964

1,580,789,933

1,577,461,124

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.

Prepaid Benefit-Qual Ret Plan

1,437,073

1,437,073

2502.

Cash Surrender Value - Life Insurance

12,729,339

12,729,339

12,731,027

2503.

Miscellaneous Receivables

4,138,553

4,138,553

262,117

2598.

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

390,833

390,833

2599.

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

18,695,798

5,966,459

12,729,339

12,993,144

1

2

Current

December 31,

Statement Date

Prior Year

1.

Losses (current accident year $

28,676,403

)

642,578,877

655,717,783

2.

Reinsurance payable on paid losses and loss adjustment expenses

3,491,870

5,920,237

3.

Loss adjustment expenses

233,208,596

238,467,902

4.

Commissions payable, contingent commissions and other similar charges

985,085

1,502,993

5.

Other expenses (excluding taxes, licenses and fees)

3,409,572

9,467,750

6.

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

1,048,021

383,684

7.1Current federal and foreign income taxes (including $

0

on realized capital gains (losses))

1,354,036

1,354,036

7.2 Net deferred tax liability

8.

Borrowed money $

0 and interest thereon $

0

9.

Unearned premiums (after deducting unearned premiums for ceded reinsurance of $

6,156,889 and

including warranty reserves of $

0 and accrued accident and health experience rating refunds

including $

0 for medical loss ratio rebate per the Public Health Service Act)

161,523,597

126,620,168

10.

Advance premium

1,067,799

9,729,113

12.

Ceded reinsurance premiums payable (net of ceding commissions)

4,628,375

2,586,274

13.

Funds held by company under reinsurance treaties

(8,199,653)

(8,260,868)

14.

Amounts withheld or retained by company for account of others

203,942

127,234

15.

Remittances and items not allocated

16.

Provision for reinsurance (including $

0 certified)

19.

Payable to parent, subsidiaries and affiliates

783,227

884,299

20.

Derivatives

21.

Payable for securities

1,537,153

24.

Capital notes $

0 and interest thereon $

0

25.

Aggregate write-ins for liabilities

26.

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

1,047,620,497

1,044,500,605

27.

Protected cell liabilities

28.

Total liabilities (Lines 26 and 27)

1,047,620,497

1,044,500,605

29.

Aggregate write-ins for special surplus funds

30.

Common capital stock

2,617,920

2,617,920

33.

Surplus notes

190,520,552

190,520,552

34.

Gross paid in and contributed surplus

248,811,876

248,811,876

35.

Unassigned funds (surplus)

91,219,088

91,010,172

36.

Less treasury stock, at cost:

36.1

0

shares common (value included in Line 30

$

0

)

36.2

0

shares preferred (value included in Line 31

$

0

)

37.

Surplus as regards policyholders (Lines 29 to 35, less 36)

533,169,436

532,960,520

38.

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

1,580,789,933

1,577,461,125

1

2

3

Current Year

Prior Year

Prior Year Ended

to Date

to Date

December 31

1.

Premiums earned:

UNDERWRITING INCOME

1.1

Direct (written $

91,292,101

)

51,521,620

56,074,687

218,089,101

1.2

Assumed (written $

8,385,221 )

11,335,054

10,983,528

43,752,262

1.3

Ceded (written $

5,150,835

)

3,233,615

11,998,816

22,156,148

1.4

Net (written $

94,526,487

)

59,623,059

55,059,399

239,685,215

2.

DEDUCTIONS:

Losses incurred (current accident year $

28,676,403 ):

2.1 Direct

26,097,226

29,898,469

128,085,541

2.2 Assumed

5,160,051

16,670,015

20,516,272

2.3 Ceded

2,319,092

20,535,423

36,081,943

3.

2.4 Net

28,938,185

26,033,061

112,519,870

Loss adjustment expenses incurred

19,470,727

28,580,354

91,468,097

4.

Other underwriting expenses incurred

21,861,462

17,490,605

57,565,441

5.

Aggregate write-ins for underwriting deductions

6.

Total underwriting deductions (Lines 2 through 5)

70,270,374

72,104,020

261,553,408

7.

Net income of protected cells

8.

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

(10,647,315)

(17,044,621)

(21,868,193)

9.

Net investment income earned

INVESTMENT INCOME

11,137,085

10,713,716

41,296,182

10.

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

131,242

493,721

172,549

70,354

11.

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

11,630,806

10,886,265

41,366,536

12.

OTHER INCOME

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

13.

(amount recovered $

35,521

amount charged off $

49,213 )

(13,692)

(30,570)

(333,055)

Finance and service charges not included in premiums

14.

Aggregate write-ins for miscellaneous income

51,674

304,491

738,620

15.

Total other income (Lines 12 through 14)

37,982

273,921

405,565

16.

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

and foreign income taxes (Lines 8 + 11 + 15)

1,021,473

(5,884,435)

19,903,908

19.

and foreign income taxes (Line 16 minus Line 17)

1,021,473

(5,884,435)

19,903,908

Federal and foreign income taxes incurred

(131,242)

(1,930,244)

2,341,678

20.

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

1,152,715

(3,954,191)

17,562,230

21.

CAPITAL AND SURPLUS ACCOUNT

Surplus as regards policyholders, December 31 prior year

532,960,520

486,539,638

486,539,637

22.

Net income (from Line 20)

1,152,715

(3,954,191)

17,562,230

25.

$

(148,912)

(1,512,396)

4,371,486

2,463,254

Change in net unrealized foreign exchange capital gain (loss)

26.

Change in net deferred income tax

(3,942,316)

783,084

41,073,893

27.

Change in nonadmitted assets

4,223,604

(3,270,739)

(16,423,540)

28.

Change in provision for reinsurance

90,000

37.

Aggregate write-ins for gains and losses in surplus

287,309

325,435

1,655,046

38.

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

208,916

(1,744,925)

46,420,883

39.

Surplus as regards policyholders, as of statement date (Lines 21 plus 38)

533,169,436

484,794,713

532,960,520

0501.

DETAILS OF WRITE-INS

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/(Loss)

51,674

362,515

738,620

1402.

Interest on Funds Withheld

(58,024)

1403.

1498.

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

1499.

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

51,674

304,491

738,620

3701.

Change in Prepaid Pension

287,309

325,435

1,655,046

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)

287,309

325,435

1,655,046

1

2

3

Current Year

Prior Year

Prior Year Ended

To Date

To Date

December 31

1.

Cash from Operations

Premiums collected net of reinsurance

64,770,491

62,304,808

229,258,474

2.

Net investment income

11,083,834

13,401,909

45,657,377

3.

Miscellaneous income

37,982

273,921

405,570

4.

Total (Lines 1 to 3)

75,892,307

75,980,638

275,321,421

5.

Benefit and loss related payments

43,441,577

52,835,849

188,702,001

6.

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

7.

Commissions, expenses paid and aggregate write-ins for deductions

51,923,073

50,864,416

162,060,147

8.

Dividends paid to policyholders

9.

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

0 tax on capital

10.

gains (losses)

(131,244)

66,246

(667,744)

Total (Lines 5 through 9)

95,233,406

103,766,511

350,094,404

11.

Net cash from operations (Line 4 minus Line 10)

(19,341,099)

(27,785,873)

(74,772,983)

12.

Cash from Investments

Proceeds from investments sold, matured or repaid:

12.1

Bonds

50,800,515

34,911,694

184,269,704

12.2

Stocks

497,014

(1,425,596)

3,088,140

12.3

Mortgage loans

12.4

Real estate

12.5

Other invested assets

1,307,611

324,493

7,084,035

12.6

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

12.7

Miscellaneous proceeds

(1,924,437)

13.

12.8

Total investment proceeds (Lines 12.1 to 12.7)

50,680,703

33,810,591

194,441,879

Cost of investments acquired (long-term only):

13.1

Bonds

54,775,825

20,598,959

77,333,798

13.2

Stocks

9,232,749

13.3

Mortgage loans

13.4

Real estate

13.5

Other invested assets

2,176,953

5,113,165

20,858,859

13.6

Miscellaneous applications

(1,537,153)

1,390,594

1,390,594

14.

13.7

Total investments acquired (Lines 13.1 to 13.6)

55,415,625

27,102,718

108,816,000

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

15.

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

(4,734,922)

6,707,873

85,625,879

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

16.6

Other cash provided (applied)

(76,246)

(5,022,605)

(4,658,206)

17.

Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5

plus Line 16.6)

(76,246)

(5,022,605)

(4,658,206)

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)

(24,152,267)

(26,100,605)

6,194,690

19.

Cash, cash equivalents and short-term investments:

19.1

Beginning of year

40,419,594

34,224,904

34,224,904

19.2

End of period (Line 18 plus Line 19.1)

16,267,327

8,124,299

40,419,594

Year-to-date period ended

NET INCOME

SSAP

F/S

F/S

March 31,

December 31,

#

Page

Line #

2024

2023

(1)

State basis (Page 4, Line 20, Columns 1 & 3)

XXX

XXX

XXX

$

1,152,715

$

17,562,230

(2)

State Prescribed Practices that are an increase/

-

-

(decrease) from NAIC SAP:

(3)

State Permitted Practices that are an increase/

-

-

(decrease) from NAIC SAP:

(4)

NAIC SAP (1-2-3=4)

XXX

XXX

XXX

$

1,152,715

$

17,562,230

SURPLUS

(5)

State basis (Page 3, Line 37, Columns 1 & 2)

XXX

XXX

XXX

$

533,169,436

$

532,960,520

(6)

State Prescribed Practices that are an increase/

-

-

(decrease) from NAIC SAP:

(7)

State Permitted Practices that are an increase/

-

-

(decrease) from NAIC SAP:

(8)

NAIC SAP (5-6-7=8)

XXX

XXX

XXX

$

533,169,436

$

532,960,520

1

2

3

4

5

6

7

8

9

Amount of

Admitted

goodwill as a

Original

Admitted

goodwill

% of SCA

Original

amortized

BACV, gross of

Purchased

Acquisition

Cost of

Amount of

goodwill as of

during the

Book Value of

admitted

amount of

admitted

the reporting

reporting

goodwill Col.

entity

date

acquired entity

goodwill

goodwill

date

period

SCA

6/Col. 8

PPM

Insurance

01/01/2017

$

44,945,309

$

44,025,969

$

44,025,969

$

12,107,141

$

1,100,649

$

15,587,991

77.67 %

Services, Inc. .

Total

XXX

$

44,945,309

$

44,025,969

$

44,025,969

$

12,107,141

$

1,100,649

$

15,587,991

XXX

Calculation of Lim-

Current Reporting

itation Using Prior

Quarter Numbers

Period

(1)

Capital and Surplus

$

532,960,520

XXX

Less:

(2)

Admitted Positive Goodwill

13,207,791

XXX

(3)

Admitted EDP Equipment & Operating System Software

465,137

XXX

(4)

Admitted Net Deferred Taxes

26,139,645

XXX

(5)

Adjusted Capital and Surplus (Line 1-2-3-4)

493,147,947

XXX

(6)

Limitation on amount of goodwill (adjusted capital and surplus

49,314,795

XXX

times 10% goodwill limitation [Line 5*10%]

(7)

Current period reported Admitted Goodwill

XXX

12,107,141

(8)

Current period Admitted Goodwill as a % of prior period Adjusted

XXX

2.455 %

Capital and Surplus (Line 7/Line 5)

1.

Less than 12 Months

$

(228,843)

2.

12 Months or Longer

$

(38,701,514)

1.

Less than 12 Months

$ 39,020,390

2.

12 Months or Longer

$264,413,314

Interest Income Due and Accrued

Amount

1.

Gross

$

9,078,057

2.

Nonadmitted

$

-

3.

Admitted

$

9,078,057

1.

Change between years

3/31/2024

12/31/2023

Change

by tax character

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(Col 1+2)

(Col 4+5)

(Col 1-4)

(Col 2-5)

(Col 7+8)

Ordinary

Capital

Total

Ordinary

Capital

Total

Ordinary

Capital

Total

(a)

Gross Deferred Tax Assets

$

36,469,675

$

5,161,058

$

41,630,733

$

37,053,252

$

5,101,509

$

42,154,761

$

(583,577)

$

59,549

$

(524,028)

(b)

Statutory Valuation Allowance

-

3,675,554

3,675,554

-

-

-

-

3,675,554

3,675,554

Adjustments

(c)

Adjusted Gross Deferred Tax

36,469,675

1,485,504

37,955,179

37,053,252

5,101,509

42,154,761

(583,577)

(3,616,005)

(4,199,582)

Assets (1a - 1b)

(d)

Deferred Tax Assets

8,062,415

1,485,504

9,547,919

8,233,424

5,101,509

13,334,933

(171,009)

(3,616,005)

(3,787,014)

Nonadmitted

(e)

Subtotal Net Admitted

28,407,260

-

28,407,260

28,819,828

-

28,819,828

(412,568)

-

(412,568)

Deferred Tax Asset (1c - 1d)

(f)

Deferred Tax Liabilities

2,274,005

-

2,274,005

2,680,183

-

2,680,183

(406,178)

-

(406,178)

(g)

Net Admitted Deferred Tax

Asset/(Net Deferred Tax

$

26,133,255

$

-

$

26,133,255

$

26,139,645

$

-

$

26,139,645

$

(6,390)

$

-

$

(6,390)

Liability)(1e-1f)

2.

Admission Calculation

3/31/2024

12/31/2023

Change

Components SSAP No. 101

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(Col 1+2)

(Col 4+5)

(Col 1-4)

(Col 2-5)

(Col 7+8)

Ordinary

Capital

Total

Ordinary

Capital

Total

Ordinary

Capital

Total

(a)

Federal Income Taxes Paid in

Prior Years Recoverable

Through Loss Carrybacks

$

3,116,750

$

-

$

3,116,750

$

3,116,750

$

-

$

3,116,750

$

-

$

-

$

-

2(b)2 Below)

$ 23,016,506

$

-

$ 23,016,506

$ 23,022,894

$

-

$ 23,022,894

$

(6,388)

$

-

$

(6,388)

1.

Adjusted Gross Deferred

Tax Assets Expected To

Be Realized Following the

$ 23,016,506

$

-

$ 23,016,506

$ 23,022,894

$

-

$ 23,022,894

$

(6,388)

$

-

$

(6,388)

Balance Sheet Date

2.

Adjusted Gross Deferred

Tax Assets Allowed per

XXX

XXX

$ 75,863,540

XXX

XXX

$ 75,953,361

XXX

XXX

$

(89,821)

Limitation Threshold

Deferred Tax Liabilities

$ 2,274,006

$

- $ 2,274,006

$ 2,680,184

$

- $ 2,680,184

$ (406,178)

$

- $ (406,178)

SSAP No. 101

$ 28,407,262

$

- $ 28,407,262

$ 28,819,828

$

- $ 28,819,828

$ (412,566)

$

- $ (412,566)

4. Impact of tax-planning strategies

3/31/2024

12/31/2023

Change

(1)

(2)

(3)

(4)

(5)

(6)

(Col 1-3)

(Col 2-4)

Ordinary

Capital

Ordinary

Capital

Ordinary

Capital

1 Adjusted Gross DTAs Amount From Note 9A1(c)

$36,469,675

$1,485,504

$37,053,252

$ 5,101,509

$ (583,577)

$(3,616,005)

Strategies

-

100 %

-

-

-

100%

3

Net Admitted Adjusted Gross DTAs Amount From

28,407,260

-

28,819,828

-

(412,568)

-

Note 9A1(e)

4

Percentage Of Net Admitted Adjusted Gross DTAs By

Tax Character Admitted Because Of The Impact Of

-

-

-

-

-

-

Tax Planning Strategies

(b) Does the Company's tax-planning strategies include the use of reinsurance?

No