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Triad Guaranty Inc. Reports Second Quarter Results
WINSTON-SALEM, N.C., Aug. 7 /PRNewswire-FirstCall/ -- Triad Guaranty Inc. (Nasdaq: TGIC) today reported a net loss for the quarter ended June 30, 2009 of $359.4 million compared to a net loss of $55.2 million for the first quarter of 2009 and a net loss of $198.8 million for the second quarter of 2008. The 2009 second quarter diluted loss per share was $23.91 compared to a diluted loss per share of $3.68 for the 2009 first quarter and $13.36 for the second quarter of 2008.
The net loss for the six months ended June 30, 2009 was $414.6 million compared to a net loss of $348.8 million for the six months ended June 30, 2008. The diluted loss per share was $27.65 for the six months ended June 30, 2009 compared to a diluted loss per share of $23.45 for six months ended June 30, 2008.
Ken Jones, President and CEO, said, "During the second quarter of 2009, we experienced a further decline in the cure rates on loans in default as well as higher severity on settled losses. The cure rate and settled loss severity are two key components in the calculation of the reserves for loans in default and the deterioration of these factors contributed to a significant increase in our loss reserves for the second quarter. In addition to the increase in loss reserves, settled losses increased significantly as more loans from the 2006 and 2007 vintages are now completing the foreclosure process. While the amount of risk going into default declined during the quarter, it was not enough to offset the negative financial impact of the increase in reserves. As a company in run-off, our primary focus remains the efficient and effective servicing of our insured portfolio, particularly with respect to loss management, in order to maximize our claims paying ability."
Total insurance in force declined to $57.5 billion at June 30, 2009, a 4.9% drop from March 31, 2009 and a 13.3% decline from June 30, 2008. Our persistency rates have remained high over the past year reflecting restrictive credit standards in mortgage lending and declining home prices, both of which limit the opportunities for borrowers to refinance existing mortgages. When credit becomes more available and home prices stabilize, however, we expect that our persistency rates and the related premium revenue will be negatively affected.
Total revenues grew to $77.7 million for the second quarter of 2009 from $50.9 million in the first quarter of 2009 and $75.2 million for the second quarter of 2008. Despite a decline in insurance in force during the second quarter of 2009, earned premiums were higher than the first quarter as the combined impact of cash premium refunds and the change in the non-cash accrual for premium refunds was minimal in the second quarter of 2009 compared to a reduction in earned premium of $24.4 million in the first quarter of 2009. Non-cash impairment losses on invested assets in the second quarter of 2009 were negligible while we realized investment gains on the disposition of previously impaired assets of $2.1 million. The net investment gain for the second quarter compares favorably with a net loss of $4.6 million in the first quarter of 2009 and a $3.8 million loss for the second quarter of 2008, primarily the result of impairment charges.
Net losses and loss adjustment expenses were $431.4 million for the second quarter of 2009, a significant increase compared to $101.6 million for the first quarter of 2009 and $292.7 million for the second quarter of 2008. Net settled losses also increased substantially in the second quarter of 2009, totaling $149.9 million compared to $53.9 million in the first quarter of 2009 and $68.3 million in the second quarter of 2008. The increase in net settled losses during the quarter was due to the lifting of various foreclosure moratoriums and the progression of the higher number of defaults from the 2006 and 2007 vintages through the foreclosure process. We expect that settled losses will continue to grow in future quarters, but at a much slower rate than that experienced in the second quarter of 2009. Settled losses were reduced by approximately $13.9 million in the second quarter and $10.1 million in the first quarter of 2009, the result of captive and excess-of-loss reinsurance ceded losses.
In the second quarter of 2009, loss reserves increased by $279.0 million compared to an increase of $39.6 million in the first quarter of 2009 and $218.6 million in the second quarter of 2008. The substantial increase in the second quarter of 2009 was primarily due to increases in both the severity and frequency factors utilized in our reserve methodology. The cure rate on loans three or more months in default dropped to a historic low during the second quarter of 2009 which, along with increasing severity on settled claims, necessitated the increase in the severity and frequency factors. In addition to the factor changes, the growth in loss reserves during the second quarter of 2009 was also due to a 9% increase in reported loans in default. We continue to recognize significant benefits from captive reinsurance programs and stop loss provisions contained in our Modified Pool contracts. For the second quarter of 2009, we recognized benefits of $285.4 million from risk-sharing structures, compared with $97.4 million in the first quarter of 2009 and $52.4 million in the second quarter of 2008.
Expenses were down moderately for the second quarter of 2009 as compared to the first quarter of 2009 and down significantly compared to the second quarter of 2008, primarily due to the recognition of the severance and other exit costs as we transitioned into run-off in the second quarter of 2008. The increase in interest expense in the second quarter of 2009 reflects a $1.2 million accrual for potential interest owed from a recently completed Federal tax examination.
Beginning on June 1, 2009, all valid claims under Triad's mortgage guaranty insurance policies are being settled 60% in cash and 40% by the creation of a deferred payment obligation ("DPO") payable to the insured. The DPO will accrue a carrying charge based on the investment yield earned by our investment portfolio. Payments of the carrying charge and the DPO will be subject to our future financial performance and will require the approval of the Director of the Illinois Department of Insurance. Under U.S. generally accepted accounting principles, the DPOs and the related accrued interest are recorded as liabilities and are included in the "deferred payment obligation" line on our balance sheet.
We have updated the supplemental information for the 2009 second 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 - Second Quarter 2009".
(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 the possibility that the Illinois Department of Insurance may take various actions regarding Triad if it does not operate its business in accordance with its revised financial and operating plan and the corrective orders, including seeking receivership proceedings; our ability to operate our business in run-off and maintain a solvent run-off; our ability to continue as a going concern; the possibility of general economic and business conditions that are different than anticipated; legislative, regulatory, and other similar developments; changes in interest rates, employment rates, the housing market, the mortgage industry and the stock market; and various factors described under "Risk Factors" and in the "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, 2008 and in other reports and statements filed 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
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in thousands except per share amounts)
Earned premiums $64,833 $69,865 $109,191 $141,929
Net investment income 10,859 9,175 22,051 18,722
Net realized investment
gains (losses) 2,017 (3,799) (2,548) (1,096)
Other income 2 2 4 4
---- ---- ---- ----
Total revenues 77,711 75,243 128,698 159,559
Losses and loss
adjustment expenses:
Net settled claims 149,863 68,263 203,783 108,350
Change in reserves 278,956 218,568 318,584 393,512
Loss adjustment expenses 2,549 5,918 10,578 12,146
----- ----- ------ ------
Net losses and loss
adjustment expenses 431,368 292,749 532,945 514,008
Net change in premium
deficiency reserve - (15,000) - -
Interest expense 1,895 696 2,589 2,172
Policy acquisition costs - - - 39,416
Other operating
expenses - net 8,680 27,238 18,091 41,344
----- ------ ------ ------
Loss before
income taxes (364,232) (230,440) (424,927) (437,381)
Income tax benefit (4,813) (31,629) (10,334) (88,556)
------ ------- ------- -------
Net loss $(359,419) $(198,811) $(414,593) $(348,825)
========= ========= ========= =========
Diluted loss per share $(23.91) $(13.36) $(27.65) $(23.45)
Diluted weighted
average common and
common stock equivalents
outstanding (in thousands) 15,031 14,879 14,995 14,874
Triad Guaranty Inc.
Consolidated Balance Sheet
(Unaudited) (Unaudited)
June 30, December 31, June 30,
2009 2008 2008
---- ---- ----
(Dollars in thousands except per share amounts)
Assets:
Invested assets:
Fixed maturities, available
for sale, at market $847,809 $854,186 $843,951
Equity securities, available
for sale, at market 31 583 1,749
Short-term investments 3,800 40,653 23,322
----- ------ ------
851,640 895,422 869,022
Cash and cash equivalents 31,600 39,940 19,669
Prepaid federal income tax 15 15 63,183
Reinsurance recoverable 234,248 150,848 55,316
Other assets 57,635 44,309 56,608
------ ------ ------
Total assets $1,175,138 $1,130,534 $1,063,798
========== ========== ==========
Liabilities:
Losses and loss adjustment
expenses $1,591,207 $1,187,840 $817,262
Unearned premiums 14,890 15,863 18,360
Deferred income tax - - 30,386
Long-term debt 34,535 34,529 34,527
Deferred payment obligation 27,020 - -
Other liabilities 37,175 28,968 22,354
------ ------ ------
Total liabilities 1,704,827 1,267,200 922,889
Stockholders' equity:
Retained earnings (accumulated
deficit) (670,102) (255,509) 26,793
Accumulated other
comprehensive income 27,262 6,063 2,585
Other equity accounts 113,151 112,780 111,531
------- ------- -------
Total stockholders' equity
(deficit in assets) (529,689) (136,666) 140,909
-------- -------- -------
Total liabilities and
stockholders' equity $1,175,138 $1,130,534 $1,063,798
========== ========== ==========
Stockholders' equity (deficit in
assets) per share: $(34.81) $(9.01) $9.32
Common shares outstanding 15,215,378 15,161,259 15,117,733
Triad Guaranty Inc.
Consolidated Statement of Cash Flow
Six Months Ended
June 30,
(Unaudited)
2009 2008
---- ----
(Dollars in Thousands)
OPERATING ACTIVITIES
Net loss $(414,593) $(348,825)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Increase in loss and unearned premium
reserves 402,394 457,890
Increase in amounts due to/from
reinsurer (84,004) (56,026)
Net realized investment losses 2,548 1,096
Policy acquisition costs deferred - (3,173)
Amortization of policy acquisition costs - 39,416
Decrease in deferred income taxes (11,415) (88,554)
Redemption of Tax and Loss Bonds - 52,824
Increase in deferred payment obligation 27,020 -
Other operating activities 6,410 23,565
----- ------
Net cash (used in) provided by
operating activities (71,640) 78,213
------- ------
INVESTING ACTIVITIES
Purchases of investment securities (128,623) (584,572)
Sales and maturities of investment
securities 155,188 450,706
Decrease in short-term investments 36,769 31,655
Other investing activities (34) (1,080)
------ -------
Net cash provided by (used in) investing
activities 63,300 (103,291)
------ --------
FINANCING ACTIVITIES
Repayments on credit facility - (80,000)
------ -------
Net cash used in financing activities - (80,000)
------ -------
Foreign currency translation adjustment - (64)
------ -------
Net decrease in cash (8,340) (105,142)
Cash at beginning of period 39,940 124,811
------ -------
Cash at end of period $31,600 $19,669
======= =======
Triad Guaranty Inc.
Sequential Quarterly Statistical Information
(Unaudited)
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2009 2008 2008 2008 2008
(Dollars in millions unless otherwise indicated)
Insurance In Force
------------------
Primary insurance in
force:
- Flow business $35,969 $37,881 $39,370 $40,451 $41,645 $42,086
- Structured bulk
transactions 3,579 3,780 3,902 4,065 4,248 4,374
----- ----- ----- ----- ----- -----
Total Primary
insurance in
force 39,548 41,662 43,272 44,516 45,894 46,459
Modified Pool
insurance in force 17,965 18,825 19,312 19,823 20,439 21,187
------ ------ ------ ------ ------ ------
Total insurance
in force $57,513 $60,487 $62,584 $64,339 $66,333 $67,646
======= ======= ======= ======= ======= =======
Number of insured loans:
- Primary 232,828 243,548 252,368 259,556 267,689 272,289
- Modified Pool 87,522 90,553 92,687 95,089 97,960 101,723
------ ------ ------ ------ ------ ------
Total number of
insured loans 320,350 334,101 345,055 354,645 365,649 374,012
======= ======= ======= ======= ======= =======
Primary net risk in
force:
- Flow business $8,165 $8,634 $8,972 $9,234 $9,524 $9,671
- Structured bulk
business 1,193 1,256 1,298 1,358 1,425 1,470
----- ----- ----- ----- ----- -----
Total Primary net
risk in force $9,359 $9,890 $10,270 $10,592 $10,949 $11,141
====== ====== ======= ======= ======= =======
Modified Pool risk in
force net of stop loss $746 $812 $837 $853 $875 $903
Deductibles on modified
pool risk $55 $72 $88 $95 $103 $108
Primary flow insurance in
force subject to
captive reinsurance
arrangements 56.0% 55.3% 55.1% 57.6% 57.9% 58.8%
Primary annual
persistency rate 85.6% 86.9% 86.6% 85.8% 85.1% 83.3%
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 $117
Primary flow insurance in force
subject to captive reinsurance
arrangements 59.0% 58.0% 56.8%
Primary annual persistency rate 81.4% 79.1% 77.7%
Triad Guaranty Inc.
Sequential Quarterly Statistical Information (con't.)
(Unaudited)
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2009 2008 2008 2008 2008
---- ---- ---- ---- ---- ----
(Dollars in millions unless otherwise indicated)
Delinquencies and Claim Information
-----------------------------------
Total Primary
delinquent loans 31,338 28,646 24,241 19,441 16,075 13,322
- Flow business 26,599 24,292 20,644 16,456 13,710 11,576
- Bulk business 4,739 4,354 3,597 2,985 2,365 1,746
Total Modified
Pool delinquent
loans 21,270 19,686 16,045 12,664 10,526 8,594
Total Primary
delinquency rate 13.46% 11.76% 9.61% 7.49% 6.01% 4.89%
Modified Pool
delinquency rate 24.30% 21.74% 17.31% 13.32% 10.75% 8.45%
Primary average
settled severity
($ thousands) $64.8 $53.9 $58.4 $51.3 $52.4 $42.6
- Flow business $63.0 $50.2 $54.2 $49.4 $49.3 $41.4
- Bulk business $78.7 $88.8 $93.6 $77.5 $90.8 $68.3
Primary direct
settled claims
($ thousands) $114,947 $56,276 $64,647 $48,766 $48,187 $29,235
- Flow business $99,119 $47,397 $53,698 $43,727 $41,921 $27,117
- Bulk business $15,828 $8,879 $10,950 $5,040 $6,266 $2,119
Modified Pool
average settled
severity
($ thousands) $59.0 $59.0 $63.4 $71.7 $55.6 $65.0
Modified Pool
direct settled
claims
($ thousands) $48,826 $7,735 $4,943 $10,755 $20,192 $10,852
Gross Case
Reserves as
percent of risk
in default (2) 53.5% 40.0% 42.0% 45.4% 45.0% 40.5%
Financial Information (3)
-------------------------
Loss ratio - GAAP 665.4% 229.0% 357.3% 352.1% 419.0% 307.0%
Expense ratio - GAAP 13.6% 21.2% 17.7% 13.6% 39.4% 25.5%
---- ---- ---- ---- ---- ----
Combined ratio - GAAP 679.0% 250.2% 375.0% 365.7% 458.4% 332.5%
===== ===== ===== ===== ===== =====
Risk-to-capital
ratio 56.3:1(4) 27.0:1(4) 125.2:1 39.7:1 42.7:1 27.7:1
Dec 31, Sep 30, Jun 30,
2007 2007 2007
---- ---- ----
(Dollars in millions unless otherwise indicated)
Delinquencies and Claim Information
-----------------------------------
Total Primary
delinquent loans 10,419 7,541 5,940
- Flow business 9,166 6,807 5,504
- Bulk business 1,253 734 436
Total Modified
Pool delinquent loans 6,402 4,826 3,913
Total Primary
delinquency rate 3.81% 2.80% 2.30%
Modified Pool
delinquency rate 6.09% 4.42% 3.44%
Primary average
settled severity
($ thousands) $41.6 $36.9 $30.9
- Flow business $40.9 $36.9 $30.9
- Bulk business $63.9 $35.9 $30.1
Primary direct
settled claims
($ thousands) $27,012 $23,058 $16,687
- Flow business $25,798 $22,090 $15,965
- Bulk business $1,214 $968 $722
Modified Pool
average settled
severity
($ thousands) $57.9 $41.3 $26.6
Modified Pool
direct settled
claims ($ thousands) $9,328 $5,413 $1,386
Gross Case
Reserves as
percent of risk in
default (2) 36.6% 32.1% 26.9%
Financial Information (3)
-------------------------
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
(1) We record reserves in our financial statements for defaults on
contracts where the incurred losses have exceeded the amount of the
deductible.
(2) 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.
(3) The Loss & Expense Ratios do not reflect any impact from establishment
of Premium Deficiency Reserve.
(4) Reflects the impact of the Corrective Order issued by the Illinois
Director of Insurance effective March 31, 2009.
TRIAD GUARANTY INC.
Sequential Quarterly Financial Statements
(unaudited)
Condensed Statements of Operations For The Quarter Ended
(Dollars in thousands)
----------------------
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2009 2008 2008 2008 2008
---- ---- ---- ---- ---- ----
Revenue:
Earned
premiums $64,833 $44,358 $49,840 $65,654 $69,865 $72,065
Net
investment
income 10,859 11,192 10,509 10,349 9,175 9,547
Realized
investment
gains
(losses) 2,017 (4,565) (18,944) (6,519) (3,799) 2,703
Other
income
(loss) 2 2 2 2 2 2
------ ------ ------ ------ ------ ------
Total
revenues 77,711 50,987 41,407 69,486 75,243 84,317
------ ------ ------ ------ ------ ------
Losses and
expenses:
Net
settled
claims 149,863 53,920 69,372 59,357 68,263 40,471
Change in
reserves 278,956 39,628 106,080 165,958 218,568 174,561
Loss
adjustment
expenses 2,549 8,029 2,647 5,879 5,918 6,227
----- ----- ----- ----- ----- -----
Net losses
and LAE 431,368 101,577 178,099 231,194 292,749 221,259
Change in
premium
deficiency
reserve - - - - (15,000) 15,000
Interest
expense 1,895 694 694 691 696 1,476
Amortization
of DAC - - - - - 39,416
Other
operating
expenses 8,680 9,411 8,639 8,726 27,238 14,106
----- ----- ----- ----- ------ ------
Total
losses
and
expenses 441,943 111,682 187,432 240,611 305,683 291,257
------- ------- ------- ------- ------- -------
Income (loss)
before
income
taxes (364,232) (60,695) (146,025) (171,125) (230,440) (206,940)
Income
taxes
(benefit) (4,813) (5,521) (23,818) (11,030) (31,629) (56,926)
------ ------ ------- ------- ------- -------
Net income
(loss) $(359,419) $(55,174) $(122,207) $(160,095) $(198,811) $(150,014)
========= ======== ========= ========= ========= =========
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 settled 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 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
======== ======== =======
Condensed Balance Sheets As Of
(Dollars in thousands)
----------------------
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2009 2008 2008 2008 2008
---- ---- ---- ---- ---- ----
Assets
Invested
assets $851,640 $918,531 $895,422 $890,720 $869,022 $760,073
Cash 31,600 21,394 39,940 47,818 19,669 80,544
Real
estate
acquired 526 526 713 3,661 6,202 8,993
Deferred
policy
acquisition
costs - - - - - -
Prepaid
federal
income tax 15 15 15 15 63,184 115,598
Reinsurance
recover-
able 234,248 182,589 150,848 111,827 55,316 93,244
Other
assets 57,109 52,307 43,596 47,915 50,405 52,572
------ ------ ------ ------ ------ ------
Total
asse-
ts $1,175,138 $1,175,362 $1,130,534 $1,101,956 $1,063,798 $1,111,024
========== ========== ========== ========== ========== ==========
Liabilities
and stockholders'
equity
Liabilities:
Losses
and loss
adjust-
ment
expen-
ses $1,591,207 $1,262,746 $1,187,840 $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 34,535 34,532 34,529 34,527 34,527 34,522
Accrued
expenses
and
other
liabil-
ities 79,085 59,477 44,831 30,887 40,714 32,699
------ ------ ------ ------ ------ ------
Total
liabil-
ities 1,704,827 1,356,755 1,267,200 1,130,356 922,889 772,582
Total
stock-
holders'
equity
(deficit
in
assets) (529,689) (181,393) (136,666) (28,400) 140,909 338,442
-------- -------- -------- ------- ------- -------
Total
liabilities
and
stock-
holders'
equi-
ty $1,175,138 $1,175,362 $1,130,534 $1,101,956 $1,063,798 $1,111,024
========== ========== ========== ========== ========== ==========
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
(deficit in assets) 498,851 571,470 594,623
------- ------- -------
Total liabilities and
stockholders' equity $1,132,853 $1,096,673 $960,277
========== ========== ========
SOURCE Triad Guaranty Inc.
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