Triad Guaranty Inc. Reports Third Quarter Results
Mon Nov 10, 4:30 PMWINSTON-SALEM, N.C., Nov. 10 /PRNewswire-FirstCall/ -- Triad Guaranty Inc. (Nasdaq: TGIC) today reported a net loss for the quarter ended September 30, 2008 of $160.1 million compared with a net loss of $198.8 million for the second quarter of 2008 and a net loss of $31.8 million in the third quarter of 2007. The 2008 third quarter loss per share was $10.69 compared to a net loss per share of $13.36 for the 2008 second quarter and $2.15 for the third quarter of 2007.
The net loss for the nine months ended September 30, 2008 was $508.9 million compared to a net loss of $2.5 million for the nine months ended September 30, 2007. The loss per share was $34.14 for the first nine months of 2008 compared to a loss per share of $0.17 for the same period last year.
Ken Jones, President and CEO, said, "Our focus is now strictly on the efficient and effective servicing of our insured portfolio, particularly around loss mitigation. We continue to improve our processes in this area by examining and refining all aspects of our default management and claims process, including enhancing our processes for investigating potential misrepresentation and fraud in the mortgage commitment process. The amount of risk in default or in the foreclosure process continues to increase and, as a result, our loss reserves increased significantly again in the third quarter. The distressed markets of California, Florida, Arizona and Nevada continue to be adversely impacted by declining home prices, and reserves for defaults in these states comprised approximately 65% of the increase in our gross reserves for the quarter."
Mr. Jones noted, "We continue to work closely with our primary regulator, the Illinois Division of Insurance, as well as with Fannie Mae and Freddie Mac. We have obtained the approval of our run-off plan from the Illinois insurance regulators and have reviewed it with the GSEs. Due to the continued increase in defaults and the related provision for expected future paid losses, we are now reporting a deficiency in assets at September 30, 2008. Since much of the decline in stockholders' equity during 2008 is from increases in our reserve for losses, cash and invested assets have actually increased during 2008, with positive cash flow from operations for the nine months ended September 30, 2008 amounting to $151 million."
"Our underlying performance during the quarter was generally consistent with our run-off plan, as the plan projected significant losses in the early stages of the run-off period. Additionally, we have not realized a significant portion of the structured benefits on the modified pool stop losses and captive reinsurance benefits that we anticipate in the subsequent years of the run-off. Finally, it should be noted that no benefit has been recognized in these financial statements from our $95 million excess of loss reinsurance policy that is presently in arbitration."
Triad is no longer issuing commitments for new mortgage insurance; therefore, production during the third quarter was insignificant. Total insurance in force amounted to $64.3 billion at September 30, 2008, a 3.0% decline from June 30, 2008 and a 5.4% decline since last year. The primary reason for the lack of any significant decline in our insurance in force is high persistency rates as reduced credit availability and declining home prices limit the opportunities for borrowers to refinance existing mortgages.
Net losses and loss adjustment expenses amounted to $231.2 million for the third quarter of 2008, compared to $292.7 million for the second quarter of 2008. Paid losses for the 2008 third quarter totaled $59.8 million compared to $68.2 million for the second quarter of this year, with the decline from the second quarter reflecting increased loss mitigation efforts, servicer delays in filing claims, and foreclosure moratoriums. The increase in reserves of $166.0 million in the third quarter of 2008 was less than the increase in reserves of $218.6 million during the second quarter of this year. The 2008 second quarter growth in reserves included an increase in both the frequency and severity factors utilized in the reserve model that added approximately $59 million, while no such changes in either the frequency or severity factors were made during the third quarter.
Operating expenses were down significantly compared to the second quarter of 2008, which included accruals for severance and other exit costs of approximately $12 million. The third quarter results reflect the downsizing of Triad's workforce as well as other operating efficiencies. During the third quarter of 2008, pre-tax investment losses included other-than-temporary impairments of investments of $9.6 million, which was largely attributable to adverse events in the overall capital markets during the quarter. The effective tax rate for both the quarter and nine months ended September 30, 2008 reflects the inability to recognize the full tax benefit on the pre-tax loss as the Company expects to be in a net operating loss carry forward position for the foreseeable future.
We have updated the supplemental information for the 2008 third quarter results related to product differentiation, risk structures, additional portfolio characteristics and performance on our web site at www.triadguaranty.com. The supplemental information can be found under "Investors" and then under "Webcasts and Presentations" by the title "Supplemental Information - Third Quarter 2008".
(Relevant Triad Guaranty Inc. financial and statistical information follows)
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance Corporation, is a nationwide mortgage insurer pursuing a voluntary run-off of its existing in-force book of business. For more information, please visit the Company's web site at www.triadguaranty.com.
Certain of the statements contained in this release are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include estimates and assumptions related to economic, competitive, regulatory, operational and legislative developments. These forward-looking statements are subject to change, uncertainty and circumstances that are, in many instances, beyond our control and they have been made based upon our current expectations and beliefs concerning future developments and their potential effect on us. Actual developments and their results could differ materially from those expected by us, depending on the outcome of a number of factors, including our ability to complete the run-off of our existing in-force book of business, the possibility of general economic and business conditions that are different than anticipated, legislative, regulatory, and other similar developments, the appointment of FHFA as the conservator of Fannie Mae and Freddie Mac, our ability to satisfy the continued listing requirements of the NASDAQ stock market, changes in interest rates, the housing market, the mortgage industry and the stock market, as well as the factors described under "Risk Factors" and under "Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995" in our Annual Report on Form 10-K for the year ended December 31, 2007 and in other reports and statements that we file with the Securities and Exchange Commission. Forward-looking statements are based upon our current expectations and beliefs concerning future events and we undertake no obligation to update or revise any forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.
Triad Guaranty Inc.
Consolidated Statement of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
(Dollars in thousands except per share
amounts)
Earned premiums $65,654 $72,090 $207,583 $205,770
Net investment income 10,349 8,370 29,071 23,392
Net realized investment
(losses) gains (6,519) 85 (7,615) (3,020)
Other income 2 2 6 6
Total revenues 69,486 80,547 229,045 226,148
Net paid claims 59,357 28,471 167,708 64,272
Change in reserves 165,958 76,612 559,469 113,888
Loss adjustment expenses 5,879 1,730 18,025 3,127
Net losses and loss adjustment
expenses 231,194 106,813 745,202 181,287
Interest expense on debt 691 1,161 2,863 2,548
Policy acquisition costs - 4,567 39,416 13,860
Other operating expenses - net 8,726 11,686 50,070 32,733
Loss before income taxes (171,125) (43,680) (608,506) (4,280)
Income tax benefit (11,030) (11,831) (99,586) (1,780)
Net loss $(160,095) $(31,849) $(508,920) $(2,500)
Diluted loss per share $(10.69) $(2.15) $(34.14) $(0.17)
Diluted weighted average
common and common stock
equivalents outstanding
(in thousands) 14,973 14,838 14,907 14,936
Triad Guaranty Inc.
Consolidated Balance Sheet
(Unaudited) (Unaudited)
Sep 30, Dec 31, Sep 30,
2008 2007 2007
(Dollars in thousands except per share
amounts)
Assets:
Invested assets:
Fixed maturities,
available for sale, at
market $862,486 $725,631 $711,918
Equity securities,
available for sale, at
market 615 2,162 3,483
Short-term investments 27,619 56,746 78,972
890,720 784,539 794,373
Cash and cash equivalents 47,818 124,811 30,617
Deferred policy acquisition
costs - 36,243 35,574
Prepaid federal income tax 15 116,008 168,817
Reinsurance recoverable 111,827 5,815 2
Other assets 51,576 65,437 67,290
Total assets $1,101,956 $1,132,853 $1,096,673
Liabilities:
Losses and loss adjustment
expenses $1,042,053 $359,939 $200,455
Unearned premiums 16,870 17,793 15,980
Revolving line of credit - 80,000 80,000
Deferred income tax 22,889 123,297 170,477
Long-term debt 34,527 34,519 34,517
Other liabilities 14,017 18,454 23,774
Total liabilities 1,130,356 634,002 525,203
Stockholders' equity:
Retained earnings
(accumulated deficit) (133,302) 375,618 450,576
Accumulated other
comprehensive (loss)
income (7,914) 13,405 12,091
Other equity accounts 112,816 109,828 108,803
Total stockholders' equity
(deficiency in assets) (28,400) 498,851 571,470
Total liabilities and
stockholders' equity $1,101,956 $1,132,853 $1,096,673
Stockholders' equity
(deficiency in assets) per
share: $(1.88) $33.43 $38.30
Common shares outstanding 15,116,259 14,920,243 14,920,269
Triad Guaranty Inc.
Consolidated Statement of Cash Flow
(Unaudited)
Nine Months Ended
September 30,
2008 2007
(Dollars in Thousands)
OPERATING ACTIVITIES
Net loss $(508,920) $(2,500)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Increase in loss and unearned
premium reserves 681,191 118,890
Decrease (increase) in amounts due
to/from reinsurer (111,419) 464
Net realized investment losses 7,615 3,020
Policy acquisition costs deferred (3,173) (14,291)
Amortization of policy acquisition
costs 39,416 13,860
Decrease in deferred income taxes (94,991) (3,248)
Redemption (purchases) of Tax and
Loss Bonds 115,993 (1,909)
Other operating activities 24,926 (5,126)
Net cash provided by operating
activities 150,638 109,160
INVESTING ACTIVITIES
Purchases of investment securities (782,316) (238,049)
Sales and maturities of investment
securities 612,418 113,239
Decrease (increase) in short-term
investments 26,692 (73,671)
Other investing activities (1,348) (4,636)
Net cash used in investing activities (144,554) (203,117)
FINANCING ACTIVITIES
Borrowings (repayments) on credit
facility (80,000) 80,000
Excess tax benefits related to share
based compensation - 175
Proceeds from exercise of stock options - 616
Net cash provided by (used in) financing
activities (80,000) 80,791
Foreign currency translation adjustment (3,077) 5,174
Net decrease in cash (76,993) (7,992)
Cash at beginning of period 124,811 38,609
Cash at end of period $47,818 $30,617
Triad Guaranty Inc.
Sequential Quarterly Statistical Information
(Unaudited)
Sep 30, Jun 30, Mar 31,
2008 2008 2008
(Dollars in millions
unless otherwise indicated)
Insurance In Force
Primary insurance in force:
- Flow business $40,451 $41,645 $42,086
- Structured bulk transactions 4,065 4,248 4,374
Total Primary insurance in
force 44,516 45,894 46,459
Modified Pool insurance in force 19,823 20,439 21,187
Total insurance in force $64,339 $66,333 $67,646
Number of insured loans:
- Primary 259,556 267,689 272,289
- Modified Pool 95,089 97,960 101,723
Total number of insured loans 354,645 365,649 374,012
Primary net risk in force:
- Flow business $9,234 $9,524 $9,671
- Structured bulk business 1,358 1,425 1,470
Total Primary net risk in
force $10,592 $10,949 $11,141
Modified Pool risk in force net of
stop loss $853 $875 $903
Deductibles on modified pool risk $95 $103 $108
Primary flow insurance in force
subject to captive reinsurance
arrangements 57.6% 57.9% 58.8%
Primary annual persistency rate 85.8% 85.1% 83.3%
Triad Guaranty Inc.
Sequential Quarterly Statistical Information
(Unaudited)
Dec 31, Sep 30, Jun 30,
2007 2007 2007
(Dollars in millions
unless otherwise indicated)
Insurance In Force
Primary insurance in force:
- Flow business $41,840 $40,610 $38,590
- Structured bulk transactions 4,525 4,700 4,133
Total Primary insurance in
force 46,365 45,310 42,724
Modified Pool insurance in force 21,863 22,737 23,649
Total insurance in force $68,228 $68,047 $66,373
Number of insured loans:
- Primary 273,798 269,681 258,163
- Modified Pool 105,109 109,133 113,725
Total number of insured loans 378,907 378,814 371,888
Primary net risk in force:
- Flow business $9,642 $9,350 $8,866
- Structured bulk business 1,525 1,583 1,373
Total Primary net risk in
force $11,166 $10,933 $10,239
Modified Pool risk in force net of
stop loss $913 $922 $935
Deductibles on modified pool risk $112 $115 $117
Primary flow insurance in force
subject to captive reinsurance
arrangements 59.0% 58.0% 56.8%
Primary annual persistency rate 81.4% 79.1% 77.7%
Triad Guaranty Inc.
Sequential Quarterly Statistical Information
(Unaudited)
Mar 31, Dec 31, Sep 30,
2007 2006 2006
(Dollars in millions
unless otherwise indicated)
Insurance In Force
Primary insurance in force:
- Flow business $35,366 $32,779 $31,012
- Structured bulk transactions 2,616 1,330 1,094
Total Primary insurance in
force 37,982 34,109 32,106
Modified Pool insurance in force 23,507 22,719 21,779
Total insurance in force $61,489 $56,828 $53,885
Number of insured loans:
- Primary 239,326 225,531 219,287
- Modified Pool 114,711 112,555 110,650
Total number of insured loans 354,037 338,086 329,937
Primary net risk in force:
- Flow business $8,094 $7,447 $7,016
- Structured bulk business 843 377 305
Total Primary net risk in
force $8,937 $7,824 $7,321
Modified Pool risk in force net of
stop loss $933 $890 $837
Deductibles on modified pool risk $114 $101 $94
Primary flow insurance in force
subject to captive reinsurance
arrangements 57.9% 61.0% 63.0%
Primary annual persistency rate 77.0% 76.6% 75.3%
Triad Guaranty Inc.
Sequential Quarterly Statistical Information (con't.)
(Unaudited)
Sep 30, Jun 30, Mar 31,
2008 2008 2008
(Dollars in millions
unless otherwise indicated)
Delinquencies and Claim Information
Total Primary delinquent loans 19,441 16,075 13,322
- Flow business 16,456 13,710 11,576
- Bulk business 2,985 2,365 1,746
Total Modified Pool delinquent loans 12,664 10,526 8,594
- Structured with deductibles (3) 7,278 6,221 5,128
- Structured without deductibles 5,386 4,305 3,466
Total Primary delinquency rate 7.49% 6.01% 4.89%
Modified Pool delinquency rate 13.32% 10.75% 8.45%
Primary average paid severity
($ thousands) $51.3 $52.4 $42.6
- Flow business $49.4 $49.3 $41.4
- Bulk business $77.5 $90.8 $68.3
Primary net paid claims ($ thousands) $48,766 $48,071 $29,209
- Flow business $43,727 $41,805 $27,091
- Bulk business $5,040 $6,266 $2,119
Modified Pool average paid severity
($ thousands) $71.7 $55.6 $65.0
Modified Pool net paid claims
($ thousands) $10,755 $20,192 $10,852
Gross Case Reserves as percent of risk
in default (4) 45.4% 45.0% 40.5%
Financial Information (5)
Loss ratio - GAAP 352.1% 419.0% 307.0%
Expense ratio - GAAP 13.6% 39.4% 25.5%
Combined ratio - GAAP 365.7% 458.4% 332.5%
Risk-to-capital ratio 39.7:1 42.7:1 27.7:1
Triad Guaranty Inc.
Sequential Quarterly Statistical Information (con't.)
(Unaudited)
Dec 31, Sep 30, Jun 30,
2007 2007 2007
(Dollars in millions
unless otherwise indicated)
Delinquencies and Claim Information
Total Primary delinquent loans 10,419 7,541 5,940
- Flow business 9,166 6,807 5,504
- Bulk business 1,253 734 436
Total Modified Pool delinquent loans 6,402 4,826 3,913
- Structured with deductibles (3) 4,072 3,104 2,508
- Structured without deductibles 2,330 1,722 1,405
Total Primary delinquency rate 3.81% 2.80% 2.30%
Modified Pool delinquency rate 6.09% 4.42% 3.44%
Primary average paid severity
($ thousands) $41.6 $36.9 $30.9
- Flow business $40.9 $36.9 $30.9
- Bulk business $63.9 $35.9 $30.1
Primary net paid claims ($ thousands) $27,012 $23,058 $16,687
- Flow business $25,798 $22,090 $15,965
- Bulk business $1,214 $968 $722
Modified Pool average paid severity
($ thousands) $57.9 $41.3 $26.6
Modified Pool net paid claims
($ thousands) $9,328 $5,413 $1,386
Gross Case Reserves as percent of
risk in default (4) 36.6% 32.1% 26.9%
Financial Information (5)
Loss ratio - GAAP 262.1% 148.2% 60.1%
Expense ratio - GAAP 20.8% 22.4% 21.9%
Combined ratio - GAAP 282.9% 170.6% 82.0%
Risk-to-capital ratio 20.5:1 17.8:1 16.0:1
Triad Guaranty Inc.
Sequential Quarterly Statistical Information (con't.)
(Unaudited)
Mar 31, Dec 31, Sep 30,
2007 2006 2006
(Dollars in millions
unless otherwise indicated)
Delinquencies and Claim Information
Total Primary delinquent loans 5,632 5,565 5,201
- Flow business 5,335 5,265 4,892
- Bulk business 297 300 309
Total Modified Pool delinquent loans 3,366 3,001 2,387
- Structured with deductibles (3) 2,176 1,897 1,578
- Structured without deductibles 1,190 1,104 809
Total Primary delinquency rate 2.35% 2.47% 2.37%
Modified Pool delinquency rate 2.93% 2.67% 2.16%
Primary average paid severity
($ thousands) $31.3 $28.1 $25.7
- Flow business $31.1 $27.9 $25.0
- Bulk business $34.0 $29.8 $37.6
Primary net paid claims ($ thousands) $16,447 $15,100 $13,016
- Flow business $15,122 $13,880 $11,887
- Bulk business $1,325 $1,220 $1,129
Modified Pool average paid severity
($ thousands) $23.7 $26.2 $18.8
Modified Pool net paid claims
($ thousands) $1,281 $1,493 $603
Gross Case Reserves as percent of
risk in default (4) 27.3% 27.0% 22.9%
Financial Information (5)
Loss ratio - GAAP 50.9% 70.9% 35.7%
Expense ratio - GAAP 22.8% 22.8% 24.8%
Combined ratio - GAAP 73.7% 93.7% 60.5%
Risk-to-capital ratio 13.8:1 12.5:1 12.0:1
(3) We record reserves in our financial statements for defaults on
contracts where the incurred losses have exceeded the amount of the
deductible.
(4) Reflects gross case reserves, which excludes IBNR and ceded
reserves, as a percent of risk in default for total primary delinquent
loans and total modified pool delinquent loans. Previous numbers have
been restated to conform to current presentation.
(5) The Loss & Expense Ratios do not reflect any impact from
establishment of Premium Deficiency Reserve.
TRIAD GUARANTY INC.
Sequential Quarterly Financial Statements
(unaudited)
Condensed Statements of Operations For The Quarter Ended
(dollars in thousands)
Sep 30, Jun 30, Mar 31,
2008 2008 2008
Revenue:
Earned premiums $65,654 $69,864 $72,065
Net investment income 10,349 9,175 9,547
Realized investment gains (losses) (6,519) (3,799) 2,703
Other income (loss) 2 2 2
Total revenues 69,486 75,242 84,317
Losses and expenses:
Net paid claims 59,357 68,263 40,088
Change in reserves 165,958 218,568 174,944
Loss adjustment expenses 5,879 5,918 6,227
Net losses and LAE 231,194 292,749 221,259
Change in premium deficiency
reserve - (15,000) 15,000
Interest expense on debt 691 696 1,476
Amortization of DAC - - 39,416
Other operating expenses 8,726 27,238 14,106
Total losses and expenses 240,611 305,683 291,257
Income (loss) before income taxes (171,125) (230,441) (206,940)
Income taxes (benefit) (11,030) (31,630) (56,926)
Net income (loss) $(160,095) $(198,811) $(150,014)
TRIAD GUARANTY INC.
Sequential Quarterly Financial Statements
(unaudited)
Condensed Statements of Operations For The Quarter Ended
(dollars in thousands)
Dec 31, Sep 30, Jun 30,
2007 2007 2007
Revenue:
Earned premiums $73,130 $72,090 $69,732
Net investment income 9,544 8,370 7,673
Realized investment gains (losses) (29) 85 (3,867)
Other income (loss) 2 2 2
Total revenues 82,647 80,547 73,540
Losses and expenses:
Net paid claims 36,341 28,471 18,073
Change in reserves 150,687 76,612 23,052
Loss adjustment expenses 4,624 1,730 768
Net losses and LAE 191,652 106,813 41,893
Change in premium deficiency
reserve - - -
Interest expense on debt 1,828 1,161 694
Amortization of DAC 4,637 4,567 4,670
Other operating expenses 10,895 11,686 10,716
Total losses and expenses 209,012 124,227 57,973
Income (loss) before income taxes (126,365) (43,680) 15,567
Income taxes (benefit) (51,406) (11,831) 3,541
Net income (loss) $(74,959) $(31,849) $12,026
TRIAD GUARANTY INC.
Sequential Quarterly Financial Statements
(unaudited)
Condensed Statements of Operations For The Quarter Ended
(dollars in thousands)
Mar 31, Dec 31, Sep 30,
2007 2006 2006
Revenue:
Earned premiums $63,949 $58,222 $54,077
Net investment income 7,349 7,178 6,761
Realized investment gains (losses) 761 (52) (36)
Other income (loss) 2 2 3
Total revenues 72,061 65,350 60,805
Losses and expenses:
Net paid claims 17,728 16,593 13,619
Change in reserves 14,224 23,325 5,219
Loss adjustment expenses 629 1,382 467
Net losses and LAE 32,581 41,300 19,305
Change in premium deficiency
reserve - - -
Interest expense on debt 694 694 693
Amortization of DAC 4,624 4,179 4,109
Other operating expenses 10,330 9,268 9,279
Total losses and expenses 48,229 55,441 33,386
Income (loss) before income taxes 23,832 9,909 27,419
Income taxes (benefit) 6,510 1,806 8,027
Net income (loss) $17,322 $8,103 $19,392
Condensed Balance Sheets As Of
(dollars in thousands)
Sep 30, Jun 30, Mar 31,
2008 2008 2008
Assets
Invested assets $890,720 $869,022 $760,073
Cash 47,818 19,669 80,544
Real estate acquired 3,661 6,202 8,993
Deferred policy acquisition costs - - -
Prepaid federal income tax 15 63,184 115,598
Reinsurance recoverable 111,827 55,316 93,244
Other assets 47,915 50,405 52,572
Total assets $1,101,956 $1,063,798 $1,111,024
Liabilities and stockholders' equity
Liabilities:
Losses and loss adjustment
expenses $1,042,053 $817,262 $547,766
Premium deficiency reserve - - 96,073
Deferred income taxes 22,889 30,386 61,522
Borrowing under credit
facility - - -
Long term debt 34,527 34,527 34,522
Accrued expenses and other
liabilities 30,887 40,714 32,699
Total liabilities 1,130,356 922,889 772,582
Total stockholders' equity
(deficiency in assets) (28,400) 140,909 338,442
Total liabilities and stockholders'
equity $1,101,956 $1,063,798 $1,111,024
Condensed Balance Sheets As Of
(dollars in thousands)
Dec 31, Sep 30, Jun 30,
2007 2007 2007
Assets
Invested assets $784,539 $794,373 $674,199
Cash 124,811 30,617 26,711
Real estate acquired 10,860 12,566 7,923
Deferred policy acquisition costs 36,243 35,574 35,157
Prepaid federal income tax 116,008 168,817 170,076
Reinsurance recoverable 5,815 2 1
Other assets 54,577 54,724 46,210
Total assets $1,132,853 $1,096,673 $960,277
Liabilities and stockholders' equity
Liabilities:
Losses and loss adjustment
expenses $359,939 $200,455 $122,061
Premium deficiency reserve - - -
Deferred income taxes 123,297 170,477 177,888
Borrowing under credit
facility 80,000 80,000 -
Long term debt 34,519 34,517 34,514
Accrued expenses and other
liabilities 36,247 39,754 31,191
Total liabilities 634,002 525,203 365,654
Total stockholders' equity
(deficiency in assets) 498,851 571,470 594,623
Total liabilities and stockholders'
equity $1,132,853 $1,096,673 $960,277
Condensed Balance Sheets As Of
(dollars in thousands)
Mar 31, Dec 31, Sep 30,
2007 2006 2006
Assets
Invested assets $669,160 $607,312 $611,176
Cash 10,429 38,609 9,230
Real estate acquired 9,765 10,170 7,982
Deferred policy acquisition costs 35,035 35,143 34,681
Prepaid federal income tax 166,693 166,908 159,268
Reinsurance recoverable 211 840 1
Other assets 40,223 36,648 35,641
Total assets $931,516 $895,630 $857,979
Liabilities and stockholders' equity
Liabilities:
Losses and loss adjustment
expenses $98,721 $84,352 $60,123
Premium deficiency reserve - - -
Deferred income taxes 180,232 176,483 175,728
Borrowing under credit
facility - - -
Long term debt 34,512 34,510 34,508
Accrued expenses and other
liabilities 30,898 30,062 26,698
Total liabilities 344,363 325,407 297,057
Total stockholders' equity
(deficiency in assets) 587,152 570,224 560,922
Total liabilities and stockholders'
equity $931,515 $895,631 $857,979
SOURCE Triad Guaranty Inc.
69.72 (0.62%)
