-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OyqcVriNC5rqjA7QFn05+tD1TtZZn7PklO2wL1kuZuTWdSTYr0dHvV8Rpz+rLyM7 UJVCNqcVem406kkmOustxA== 0000003642-99-000020.txt : 19991229 0000003642-99-000020.hdr.sgml : 19991229 ACCESSION NUMBER: 0000003642-99-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLCITY INSURANCE CO /NY/ CENTRAL INDEX KEY: 0000003642 STANDARD INDUSTRIAL CLASSIFICATION: 6331 IRS NUMBER: 132530665 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07411 FILM NUMBER: 99752815 BUSINESS ADDRESS: STREET 1: 335 ADAMS STREET CITY: NEW YORK STATE: NY ZIP: 11201 BUSINESS PHONE: 7184224383 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [S] For the transition period from ____ to ____ [S] Commission File Number 1-7411 [S] ALLCITY INSURANCE COMPANY (Exact name of registrant as specified in its charter) [S] New York 13-2530665 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) 335 Adams Street, Brooklyn, N.Y 11201-3731 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (718)422-4000 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] On November 8, 1999, there were 7,078,625 shares of Common Stock outstanding. ALLCITY INSURANCE COMPANY INDEX PART I Financial Information PAGE Item 1. Interim Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets - September 30, 1999 and December 31, 1998 1 Consolidated Statements of Operations - Nine months ended September 30, 1999 and September 30, 1998 2 Consolidated Statements of Operations - Three months ended September 30, 1999 and September 30, 1998 3 Consolidated Statements of Cash Flows - Nine months ended September 30, 1999 and September 30, 1998 4 Consolidated Statements of Changes in Shareholders' Equity - Nine months ended September 30, 1999 and September 30, 1998 5 Notes to Interim Consolidated Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Interim Results of Operations 8-13 PART II Other Information Item 6. Exhibits and Reports on Form 8-K 14 Signature Page 15
CONSOLIDATED BALANCE SHEETS ALLCITY INSURANCE COMPANY AND SUBSIDIARY (In thousands, except share and par value amounts)
September 30, December 31, 1999 1998 (Unaudited) ASSETS Investments: Available for sale at fair value (amortized cost of $160,058 in 1999 and $181,214 in 1998) $157,762 $181,905 Held to maturity at amortized cost (fair value of $483 in 1999 and $498 in 1998) 496 502 Short-term 7,347 20,186 Other invested assets 33,207 31,446 TOTAL INVESTMENTS 198,812 234,039 Cash 1,169 390 Agents' balances, less allowance for doubtful accounts ($1,895 in 1999 and $1,817 in 1998) 6,178 10,015 Accrued investment income 1,666 3,662 Reinsurance balances receivable 255,917 295,994 Prepaid reinsurance premiums 24,976 37,691 Deferred policy acquisition costs 3,890 5,365 Deferred income taxes 12,093 11,101 Due from affiliates 9,512 3,010 Other assets 5,305 4,437 TOTAL ASSETS $519,518 $605,704 LIABILITIES Unpaid losses $327,448 $382,109 Unpaid loss adjustments expenses 43,126 52,123 Unearned premiums 44,428 63,972 Drafts payable 2,573 3,912 Unearned service fee income 1,344 2,240 Reserve for servicing carrier claim exp 1,082 1,730 Reinsurance balances payable 2,159 885 Other liabilities 6,045 5,233 Surplus note 15,707 15,300 TOTAL LIABILITIES 443,912 527,504 SHAREHOLDERS' EQUITY Common stock, $1.00 par value; 7,368,420 shares authorized; 7,078,625 shares issued and outstanding in 1999 and 1998 7,079 7,079 Additional paid-in-capital 9,331 9,331 Accumulated other comprehensive (loss)/income, net of deferred taxes of $(804) and $242 in 1999 and 1998, respectively (1,492) 449 Retained earnings 60,688 61,341 TOTAL SHAREHOLDERS' EQUITY 75,606 78,200 TOTAL LIABILITIES AND SHAREHOLDERS'EQUITY $519,518 $605,704 See Notes to Interim Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) ALLCITY INSURANCE COMPANY AND SUBSIDIARY (In thousands, except share and per share amounts)
Nine Months Ended September 30, 1999 1998 REVENUES Net earned premiums $34,474 $52,403 Net investment income 9,336 11,765 Service fee income 1,649 2,623 Net realized securities (losses)/ gains (1,339) 955 Other income 305 449 44,425 68,195 LOSSES AND EXPENSES Losses 25,025 46,720 Loss adjustment expenses 6,575 5,512 Other underwriting expenses less deferrals of $6,083 in 1999 and $9,624 in 1998 6,915 6,294 Amortization of deferred policy acquisition costs 7,558 10,374 Interest on surplus note 407 446 46,480 69,346 LOSS BEFORE FEDERAL INCOME TAXES (2,055) (1,151) FEDERAL INCOME TAXES Current tax benefit (1,456) (317) Deferred tax expense/(benefit) 54 (83) (1,402) (400) NET LOSS $ (653) $ (751) Per share data, based on 7,078,625 average shares outstanding in 1999 and 1998: BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.09) $ (0.11) See Notes to Interim Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) ALLCITY INSURANCE COMPANY AND SUBSIDIARY (In thousands, except share and per share amounts)
Three Months Ended September 30, 1999 1998 REVENUES Net earned premiums $ 9,496 $16,245 Net investment income 3,157 4,078 Service fee income 483 902 Net realized securities (losses)/ gains (867) 631 Other income 84 142 12,353 21,998 LOSSES AND EXPENSES Losses 7,339 14,393 Loss adjustment expenses 2,111 1,630 Other underwriting expenses less deferrals of $1,494 in 1999 and $2,767 in 1998 2,221 2,455 Amortization of deferred policy acquisition costs 2,079 3,382 Interest on surplus note 136 149 13,886 22,009 LOSS BEFORE FEDERAL INCOME TAXES (1,533) (11) FEDERAL INCOME TAXES Current tax benefit (1,516) 60 Deferred tax expense 297 (61) (1,219) (1) NET LOSS $ (314) $ (10) Per share data, based on 7,078,625 average shares outstanding in 1999 and 1998: BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.04) $ (0.01) See Notes to Interim Consolidated Financial Statements.
[S] CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ALLCITY INSURANCE COMPANY AND SUBSIDIARY (In thousands)
Nine Months Ended September 30, 1999 1998 NET CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (653) $ (751) Adjustment to reconcile net loss to net cash used for operations: Deferred income taxes expense/(benefit) 54 (83) Amortization of deferred policy acquisition costs 7,558 10,374 Provision for doubtful accounts 78 (4) Net realized securities losses/(gains) 1,339 (955) Policy acquisition costs incurred and deferred (6,083) (9,624) Net changes in: Agents' balances 3,759 394 Reinsurance balances receivable 40,077 (11,356) Prepaid reinsurance premiums 12,715 10,888 Unpaid losses and loss adjustment expenses (63,656) 4,201 Unearned premiums (19,545) (15,214) Drafts payable (1,339) (1,046) Due to/from affiliates (6,502) (18,135) Unearned service fees (896) (2,123) Reserve for servicing carrier claim expenses (649) (1,396) Reinsurance balances payable 1,274 (1,274) Other 3,396 (1,352) NET CASH USED FOR OPERATING ACTIVITIES (29,073) (37,456) NET CASH FLOWS FROM INVESTING ACTIVITIES Available for sale: Acquisition of fixed maturities (165,798) (98,543) Proceeds from sale of fixed maturities 170,079 161,924 Proceeds from maturities of fixed maturities 14,493 12,494 Net change in other invested assets (1,761) (31,310) Net change in short-term investments 12,839 (7,864) NET CASH PROVIDED BY INVESTING ACTIVITIES 29,852 36,701 NET INCREASE/(DECREASE) IN CASH 779 (755) Cash, at beginning of period 390 2,863 Cash, at the end of period $ 1,169 $ 2,108 See Notes to Interim Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) ALLCITY INSURANCE COMPANY AND SUBSIDIARY (In thousands, except par value amounts)
Accumulated Common Other Stock Additional Comprehensive $1 Par Paid-in Income/ Retained Value Capital (Loss) Earnings Total Balance, January 1, 1998 $7,079 $9,331 $ 917 $60,837 $78,164 Comprehensive income: Net loss (751) (751) Other comprehensive income: Net change in unrealized gains on investments (net of deferred tax of $2,602) 4,833 4,833 Less: reclassification of net securities gains included in net loss (net of tax of $334) (621) (621) Comprehensive income 3,461 Balance, September 30, 1998 $7,079 $9,331 $ 5,129 $60,086 $81,625 Balance, January 1, 1999 $7,079 $9,331 $ 449 $61,341 $78,200 Comprehensive loss: Net loss (653) (653) Other comprehensive loss: Net change in unrealized gains/(losses) on investments (net of deferred tax benefit of $1,331) (2,473) (2,473) Less: reclassification of net securities losses included in net loss (net of tax benefit of $286) 532 532 Comprehensive loss (2,594) Balance, September 30, 1999 $7,079 $9,331 $(1,492) $60,688 $75,606 See Notes to Interim Consolidated Financial Statements.
ALLCITY INSURANCE COMPANY AND SUBSIDIARY NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. The unaudited interim consolidated financial statements, which reflect all adjustments (consisting only of normal recurring items) that management believes necessary to fairly present interim results of operations, should be read in conjunction with the Notes to Consolidated Financial Statements (including the Summary of Significant Accounting Policies) included in the Company's audited consolidated financial statements for the year ended December 31, 1998, which are included in the Company's Annual Report filed on Form 10-K for such year (the "1998 10-K"). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 1998 was extracted from the audited annual financial statements and does not include all disclosures required by generally accepted accounting principles for annual financial statements. 2. Certain amounts for prior periods have been reclassified to conform with the 1999 presentation. 3. In 1998, the Company adopted Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise and Related Information", ("SFAS No. 131"). At the time the Company adopted SFAS No. 131, the Company had identified three reportable segments: 1) automobile lines; 2) commercial lines; and 3) miscellaneous and personal lines. Beginning in 1999, the Company's business was reorganized into three segments: 1) Personal Lines and Residual Markets; 2) Mid-Market; and 3) Small Business. Each of these segments has separate management teams responsible for all marketing, sales and underwriting decisions within their units. The reorganization is designed to provide a greater degree of accountability for underwriting results and to create a closer relationship with agents and customers of the Company. The Personal Lines and Residual Market segment will primarily concentrate on personal automobile and homeowners insurance; the Mid-Market segment will focus on commercial auto, commercial package and workers' compensation insurance for larger accounts; and the Small Business segment will primarily focus on commercial package products for small businesses. Further segment information is provided in Note 4 in this Report. In January 1998, the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants issued Statement of Position 97-3, "Accounting by Insurance and Other Enterprises for Insurance- Related Assessments" ("SOP 97-3"), which is effective for fiscal years beginning after December 15, 1998, and provides guidance for determining when an insurance company should recognize a liability for guaranty-fund and other insurance related assessments and how to measure that liability. In 1999, the Company adopted SOP 97-3; the financial position and operating results of the Company have not been materially affected. 4. Selected information concerning the Company's segments, as restated (see Note 3 above) for the three and nine month periods ended September 30, 1999 and 1998 is as follows (in thousands):
Three Months Ended Nine Months Ended September 30, September 30, 1999 1998 1999 1998 Net Earned Premiums Personal Lines & Residual Markets $ 5,048 $ 9,713 $18,510 $31,093 Mid-Market 2,944 4,853 10,933 16,336 Small Business 1,504 1,679 5,031 4,974 Total Net Earned Premiums $ 9,496 $16,245 $34,474 $52,403 Losses Personal Lines & Residual Markets $ 3,967 $ 6,470 $13,522 $24,585 Mid-Market 2,596 6,715 8,838 18,528 Small Business 776 1,208 2,665 3,607 Total Losses $ 7,339 $14,393 $25,025 $46,720 Loss Adjustment Expenses Personal Lines & Residual Markets $ 1,159 $ 1,223 $ 3,608 $ 4,137 Mid-Market 746 254 2,325 858 Small Business 206 153 642 517 Total Loss Adjustment Expenses $ 2,111 $ 1,630 $ 6,575 $ 5,512
Item 2.: [S] Management's Discussion and Analysis of Financial Condition and Interim Results of Operations The following should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the 1998 10-K. LIQUIDITY AND CAPITAL RESOURCES During each of the nine month periods ended September 30, 1999 and 1998 the Company operated at a net loss. For the nine month periods ended September 30, 1999 and 1998, net cash was used for operations principally due to decreased premium writings from tighter underwriting standards, reunderwriting, competition, and a decline in the number of assigned risk automobile contracts under which the Company acquires assigned risk business from other insurance companies combined with a depopulation of the related assigned risk pools. For the periods ended September 30, 1999 and 1998, cash required to fund operations was provided primarily from the maturity of investments available for sale and short-term investments as well as the sale of fixed maturity securities. At September 30, 1999 and 1998, the yield on the Company's fixed maturities portfolio was 5.84% and 6.09%, respectively, with an average maturity of 2.6 years and 3.5 years, respectively. At September 30, 1999, a significant portion of the Company's investment portfolio is invested in U.S. Government and its agencies and other investment grade corporate and industrial issues. The Company maintains cash, short-term and readily marketable securities and anticipates that the cash flow generated from investment income and the maturities and sales of short-term investments and fixed maturities will be sufficient to satisfy its anticipated cash needs. The Company does not presently anticipate paying dividends in the near future and believes it has sufficient capital to meet its currently anticipated level of operations. RESULTS OF OPERATIONS-NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED TO THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1998. [S] Net earned premium revenues were $34,474,000 and $52,403,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and $9,496,000 and $16,245,000 for the three month periods ended September 30, 1999 and 1998, respectively. Net earned premiums declined in all lines of business, the most significant reductions were in assigned risk automobile and voluntary private passenger automobile lines. Starting in 1998, the Company began to issue fewer assigned risk automobile policies, both as a result of losing contracts for this business to competitors and, with respect to those contracts entered into with other insurance companies, as a result of a general depopulation of the underlying assigned risk automobile pools. The Company's underwriting results in this line of business have also been poor in recent years. As a result of its reduced volume in this line of business and poor operating results, the Company will no longer seek to enter into new assigned risk contracts with other insurance companies. The Company is currently evaluating the possible disposition of its remaining assigned risk premium obligations. Net written and earned premiums for the assigned risk automobile business were approximately $2,190,000 and $4,560,000, respectively, for the nine month period ended September 30, 1999 and approximately $503,000 and $1,131,000 for the three month period ended September 30, 1999. The decline in voluntary private passenger automobile premiums results from the Company's tighter underwriting standards and increased competition. The Company expects that this trend will continue as it reunderwrites private passenger automobile policies at their renewal date, which in many cases may result in the insured not renewing the policy to avoid premium increases. Additionally, the Company discontinued accepting new voluntary private passenger automobile policies from certain agents who have historically had poor underwriting results. Net earned premiums for the voluntary private passenger business were approximately $7,790,000 and $13,875,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and approximately $2,109,000 and $4,432,000 for the three month periods ended September 30, 1999 and 1998, respectively. The Company has experienced declines in written and earned premiums in all other lines of business, due to reunderwriting its book of business in selected lines, the termination of a number of agency relationships due to poor underwriting results and competition. Over the past year the Company has invested its resources to enhance and market its products, to upgrade the quality of customer service and to provide its agents with the ability to process applications, receive price quotes and obtain other policy and claim information via the Internet. While the Company expects these efforts will continue and be successful, no assurances can be given that the Company will be able to profitably grow its premium volume in the future. Net investment income was $9,336,000 and $11,765,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and $3,157,000 and $4,078,000 for the three month periods ended September 30, 1999 and 1998, respectively. The decline in both periods was principally the result of a lower overall invested asset base principally due to lower premium volume, and lower current period yields due to current market conditions. Service fee income was $1,649,000 and $2,623,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and $483,000 and $902,000 for the three month periods ended September 30, 1999 and 1998, respectively. The decreases in both periods are largely the result of the decline in the Company's assigned risk premium discussed above. Losses incurred were $25,025,000 and $46,720,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and $7,339,000 and $14,393,000 for the three month periods ended September 30, 1999 and 1998, respectively. These decreases are primarily the result of lower earned premium volume in the current year, increased reserve strengthening recorded in 1998 for prior accident years and lower current accident year loss ratios resulting from product mix and improved underwriting. Other underwriting expenses and the amortization of deferred policy acquisition costs were $14,473,000 and $16,668,000 for the nine month periods ended September 30, 1999 and 1998, respectively, and $4,300,000 and $5,837,000 for the three month periods ended September 30, 1999 and 1998, respectively. The net decrease in both periods primarily relates to the decline in premium revenue coupled with a reduction in operating expenses. While the Company has reduced expenses during the current year, they have not been reduced at the same rate as the decline in premium volume, due in part to expenditures related to the installation of new information systems and providing Internet access to agents. During the fourth quarter, the Company will implement further expense reductions in all areas of the Company in order to improve its underwriting results. However, the expense reductions alone are not expected to result in underwriting profits, and any further erosion in premium volume would necessitate further expense reductions in the future. Year 2000 and Information Technology Systems The Company continues to evaluate its information technology systems to determine the potential impact of the year 2000. The year 2000 issue is the result of computer programs being written using two digits (rather than four) to define the applicable year. Any programs that have time-sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000, which could result in miscalculations or system failures. As a result, before the end of 1999, computer hardware and software may need to be upgraded with new hardware and software which can distinguish 21st century dates from 20th century dates. As more fully described in the 1998 10-K, since 1996, the Company has been evaluating its year 2000 readiness. At that time, the Company began to evaluate its information technology systems and their ability to support future business needs. This led to a decision to acquire new policy management and accounting systems. These systems provide enhanced functionality and improved processing for underwriting, claims, billing, collection, reinsurance, reporting and accounting and are designed to be year 2000 compliant. The Company's policy management system has been successfully migrated into production for all new and renewal business. The Company's accounting system was also successfully migrated into production during the first quarter of 1999. During September and October 1999, a substantial portion of the Company's non-compliant historical claims system was converted to its new year 2000 compliant policy management system. The Company will convert the remaining information to its new policy management system during the fourth quarter of 1999. If the remaining portion of the conversion is not successful, the Company will maintain the necessary information in a simplified database file and in hard copy. The Company formed a year 2000 readiness team to further increase the Company's state of readiness. The team, which meets regularly, is evaluating contingency plans to address any actual failures that may occur thereby minimizing any outages in operational functions. The Company expects to finalize these plans during the fourth quarter of 1999. The Company has made inquiries of third parties with whom it has material relationships as to the year 2000 compliance of such third parties. Many of such parties have reported plans to be fully compliant by the end of 1999 and most had reported substantial progress at the end of 1998. However, at this time the Company cannot predict the effect of the year 2000 issue on its material third parties or the impact any deficiency in the year 2000 readiness of such parties could have on the Company. Through September 30, 1999, expenses incurred by the Company in connection with the year 2000 issue (excluding expenses related to the Company's acquisition of new systems, which was not motivated by year 2000 concerns) did not exceed $100,000. Based upon current information, the Company does not expect that the year 2000 issue will have a material effect on its consolidated financial position or consolidated results of operations. Cautionary Statement for Forward-Looking Information Statements included in this Management's Discussion and Analysis of Financial Condition and Results of Interim Operations may contain forward- looking statements. Such forward-looking statements are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may relate, but are not limited, to projections of revenues, income or loss, capital expenditures, fluctuations in insurance reserves, plans for growth and future operations (including year 2000 compatibility), competition and regulation as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Management's Discussion and Analysis of Financial Condition and Results of Interim Operations, the words "estimates", "expects", "anticipates", "believes", "plans", "intends" and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward- looking statements. The factors that could cause actual results to differ materially from those suggested by any such statements include, but are not limited to, those discussed or identified from time to time in the Company's public filings, including general economic and market conditions, changes in domestic laws, regulations and taxes, changes in competition and pricing environments, regional or general changes in asset valuation, the occurrence of significant natural disasters, the inability to reinsure certain risks economically, the adequacy of loss reserves, prevailing interest rate levels, weather related conditions that may affect the Company's operations, the difficulty in identifying hardware and software that may not be year 2000 compliant, the lack of success of third parties to adequately address the year 2000 issue, vendor delays and technical difficulties affecting the Company's ability to upgrade or replace its hardware and/or software for year 2000 compliance, and changes in composition of the Company's assets and liabilities through acquisitions or divestitures. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Management's Discussion and Analysis of Financial Condition and Results of Interim Operations or to reflect the occurrence of unanticipated events. [S] Part II - Other Information [S] Item 6. Exhibits and Reports on Form 8-K [S] a) Exhibits The following exhibit is filed herewith: Exhibit Number Description of Document 27 Financial Data Schedule [S] b) Report on Form 8-K There were no reports on Form 8-K filed for the three and nine month periods ended September 30, 1999. SIGNATURE [S] Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. [S] ALLCITY INSURANCE COMPANY Registrant Date: November 12, 1999 By: /s/Francis M. Colalucci Francis M. Colalucci Executive Vice President, CFO and Treasurer (Principal Financial and Accounting Officer) EX-27 2
7 9-MOS DEC-31-1999 SEP-30-1999 $157,586 496 483 176 0 0 198,812 1,169 255,917 3,890 519,518 370,574 44,428 0 0 0 0 0 7,079 68,527 519,518 34,474 9,336 (1,339) 1,954 31,600 7,558 6,915 (2,055) (1,402) (653) 0 0 0 (653) $ (0.09) $ (0.09) 0 0 0 0 0 0 0
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