-----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, LGiHz6V0OwdxCyeJ1gIzAza7pg2kHgCu5pUb9hD5D7XAsFWg4r3B4+WuLCowT8UO rJ89mnnAzii+o8ObwsIGbA== 0000950112-96-001912.txt : 19960612 0000950112-96-001912.hdr.sgml : 19960612 ACCESSION NUMBER: 0000950112-96-001912 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19960607 EFFECTIVENESS DATE: 19960626 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPMAC HOLDINGS INC CENTRAL INDEX KEY: 0000889906 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 133670828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 333-05429 FILM NUMBER: 96578009 BUSINESS ADDRESS: STREET 1: 885 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127551155 MAIL ADDRESS: STREET 1: 885 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 S-8 1 CAPMAC HOLDINGS INC. As filed with the Securities and Exchange Commission on June 7, 1996 Registration No. 333- ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ------------------ CapMAC Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 13-3670828 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 885 Third Avenue, 14th Floor New York, New York 10022 (Address, including zip code, of Registrant's principal executive office) Employee Stock Option Plan of CapMAC Acquisition Corp. and Subsidiaries 1994 Stock Option Plan of CapMAC Holdings Inc. and Subsidiaries CapMAC Holdings Inc. 1995 Omnibus Stock Incentive Plan (Full title of the Plan) ------------------------------- Ram D. Wertheim, Esq. Managing Director, General Counsel and Secretary CapMAC Holdings Inc. 885 Third Avenue, 14th Floor New York, New York 10022 (212) 755-1155 (Name, address, including zip code, and telephone number, including area code, of Registrant's agent for service) Copies to: Wilson S. Neely, Esq. Simpson Thacher & Bartlett 425 Lexington Avenue New York, New York 10017-3954 (212) 455-2000 ------------------------------- Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement. CALCULATION OF REGISTRATION FEE
============================================================================================================== Proposed Proposed Amount to Maximum Maximum be Offering Price Aggregate Amount of Title of Securities to be Registered Registered Per Share Offering Price Registration Fee - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(a) 15,000 $ 14.67(d) $ 220,000(d) $ 76(d) - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(a) 1,705,211 $ 13.33(d) $22,730,463(d) $ 7,839(d) - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(b) 195,000 $ 20.00(d) $ 3,900,000(d) $ 1,345(d) - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(c) 198,000 $ 20.00(d) $ 3,960,000(d) $ 1,366(d) - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(c) 195,000 $ 24.50(d) $ 4,777,500(d) $ 1,648(d) - -------------------------------------------------------------------------------------------------------------- Common Stock, $.01 par value per share(c) 429,367 $27.563(e) $11,834,643(e) $ 4,081(e) - -------------------------------------------------------------------------------------------------------------- Total $16,355 - --------------------------------------------------------------------------------------------------------------
(a) Represents Common Stock issuable under the Employee Stock Option Plan of CapMAC Acquisition Corp. (renamed CapMAC Holdings Inc.) and Subsidiaries. Excludes 4,789 shares which will not be issued. (b) Represents Common Stock issuable under the 1994 Stock Option Plan of CapMAC Holdings Inc. and Subsidiaries. (c) Represents Common Stock issuable under the CapMAC Holdings Inc. 1995 Omnibus Stock Incentive Plan. Excludes 182,633 shares of restricted stock previously issued. (d) Pursuant to Rule 457(h) under the Securities Act of 1933, as amended (the "Act"), the proposed maximum offering price per share, the proposed maximum aggregate offering price and the amount of registration fee have been computed on the basis of the price at which the options may be exercised. (e) Pursuant to Rule 457(h) under the Act the proposed maximum offering price per share, the proposed maximum aggregate offering price and the amount of registration fee have been computed on the basis of the average of the high and low prices per share of Common Stock on the New York Stock Exchange on June 3, 1996. ================================================================================ PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference The following documents, previously filed by CapMAC Holdings Inc. (the "Company" or the "Registrant") with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are hereby incorporated by reference in this Registration Statement: (a) Annual Report on Form 10-K for the fiscal year ended December 31, 1995; (b) Quarterly Report on Form 10-Q for the quarter ended March 31, 1996; and (c) The description of the Company's Common Stock set forth in its Registration Statement on Form 8-A, dated November 16, 1995. All documents filed by the Company pursuant to Section 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Item 4. Description of Securities Not required. Item 5. Interests of Named Experts and Counsel None. Item 6. Indemnification of Directors and Officers Reference is made to Section 102(b)(7) of the Delaware General Corporation Law (the "DGCL"), which enables a corporation in its original certificate of incorporation or an amendment thereto to eliminate or limit the personal liability of a director for violations of the director's fiduciary duty, except (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL (providing for liability of directors for unlawful payment of dividends or unlawful stock purchases or redemptions) or (iv) for any transaction from which a director derived an improper personal benefit. The Registrant's Amended and Restated Certificate of Incorporation limits the liability of directors to the extent permitted by Section 102(b)(7) of the DGCL. Under the Amended and Restated Certificate of Incorporation of the Registrant and under its Amended and Restated Bylaws, the Registrant shall have the power to indemnify its officers, directors, employees and agents to the full extent permitted by the laws of the State of Delaware. The Registrant maintains insurance, at its expense, to protect any director or officer of the Registrant against certain expenses, liabilities or losses. Item 7. Exemption from Registration Claimed Not applicable II-1 Item 8. Exhibits The following exhibits are filed as part of this Registration Statement: 4.1 Amended and Restated Certificate of Incorporation of Company (filed as Exhibit 3.1 to the Company's Annual Report on Form 10-K, Commission File No. 1-14096, and incorporated herein by reference). 4.2 Amended and Restated Bylaws of the Company (filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K, Commission File No. 1-14096, and incorporated herein by reference). 5.1 Opinion of Simpson Thacher & Bartlett (a partnership which includes professional corporations) regarding the legality of the common stock being registered. 23.1 Consent of KPMG Peat Marwick LLP. 23.2 Consent of Simpson Thacher & Bartlett (included in their opinion filed as Exhibit 5.1 hereto). 24.1 Power of Attorney (included in Part II of this Registration Statement). 28.1 Information from reports furnished to state insurance regulatory authorities. Item 9. Undertakings The undersigned Registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement; (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended; (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement (except to the extent the information required to be included by clauses (i) or (ii) is contained in periodic reports filed by the Company pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference into this Registration Statement); and (iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement. (2) That, for the purposes of determining any liability under the Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (4) That, for purposes of determining any liability under the Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (5) Insofar as indemnification for liabilities arising under the Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other II-2 than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. II-3 SIGNATURES Pursuant to the requirements of the Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on this 6th day of June, 1996. CapMAC Holdings Inc. By /s/ John B. Caouette ---------------------------------- John B. Caouette Chairman of the Board of Directors, President and Chief Executive Officer POWER OF ATTORNEY We, the undersigned officers and directors of CapMAC Holdings Inc. and each of us, do hereby constitute and appoint each and any of John B. Caouette, Ram D. Wertheim and Paul V. Palmer, our true and lawful attorney and agent, with full power of substitution and resubstitution, to do any and all acts and things in our name and behalf in any and all capacities and to execute any and all instruments for us in our names in any and all capacities, which attorney and agent may deem necessary or advisable to enable said corporation to comply with the Securities Act of 1933, as amended, and any rules, regulations, and requirements of the Securities and Exchange Commission, in connection with this Registration Statement, including specifically, but without limitation, power and authority to sign for us or any of us in our names in the capacities indicated below, any and all amendments (including post-effective amendments) hereto; and we do hereby ratify and confirm all that said attorney and agent, or his substitute, shall do or cause to be done by virtue thereof. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. Signature Title Date --------- ----- ---- /s/ John B. Caouette Chairman of the Board of Directors, June 6, 1996 - -------------------------- President and Chief Executive Officer John B. Caouette (Principal Executive Officer) /s/ Paul V. Palmer Managing Director and Chief Financial June 6, 1996 - -------------------------- Officer (Principal Financial Officer) Paul V. Palmer /s/ Gerard Edward Murray Controller (Principal Accounting June 6, 1996 - -------------------------- Officer) Gerard Edward Murray II-4 /s/ Bryan A.Bowers Director May 28, 1996 - -------------------------- Bryan A. Bowers /s/ Todd G. Cole Director May 30, 1996 - -------------------------- Todd G. Cole /s/ Charles P. Durkin, Jr. Director May 30, 1996 - -------------------------- Charles P. Durkin, Jr. /s/ David Elliman Director May 29, 1996 - -------------------------- David Elliman /s/ Stephen L. Green Director May 29, 1996 - -------------------------- Stephen L. Green - -------------------------- Director May __, 1996 Michael S. Horgan /s/ George Merritt Jenkins Director May 30, 1996 - -------------------------- George Merritt Jenkins /s/ James H. Laird Director May 29, 1996 - -------------------------- James H. Laird /s/ Dr. Rosita Leong, M.D. Director May 30, 1996 - -------------------------- Dr. Rosita Leong, M.D. /s/ Robert Model Director May 29, 1996 - -------------------------- Robert Model /s/ Leif H. Olsen Director May 30, 1996 - -------------------------- Leif H. Olsen /s/ Arthur S. Penn Director May 29, 1996 - -------------------------- Arthur S. Penn /s/ Homer Mck. Rees Director May 25, 1996 - -------------------------- Homer Mck. Rees II-5 - -------------------------- Director May __, 1996 D.W. Russler /s/ Akira Seko Director May 28, 1996 - -------------------------- Akira Seko /s/ John T. Shea Director May 24, 1996 - -------------------------- John T. Shea /s/ Richard Yancey Director May 30, 1996 - -------------------------- Richard Yancey II-6 INDEX TO EXHIBITS Exhibit Number Description 4.1 Amended and Restated Certificate of Incorporation of Company (filed as Exhibit 3.1 to the Company's Annual Report on Form 10-K, Commission File No. 1-14096, and incorporated herein by reference). 4.2 Amended and Restated Bylaws of the Company (filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K, Commission File No. 1-14096, and incorporated herein by reference). 5.1 Opinion of Simpson Thacher & Bartlett (a partnership which includes professional corporations) regarding the legality of the common stock being registered. 23.1 Consent of KPMG Peat Marwick LLP. 23.2 Consent of Simpson Thacher & Bartlett (included in their opinion filed as Exhibit 5.1 hereto). 24.1 Power of Attorney (included in Part II of this Registration Statement). 28.1 Information from reports furnished to state insurance regulatory authorities. II-7 EX-5.1 2 EXHIBIT 5.1 - OPINION OF SIMPSON THACHER & BARTLETT Simpson Thacher & Bartlett 425 Lexington Avenue New York, New York 10017 June 7, 1996 CapMAC Holdings Inc. 885 Third Avenue, 14th Floor New York, New York 10022 Ladies and Gentlemen: We are acting as counsel to CapMAC Holdings, Inc., a Delaware corporation (the "Company"), in connection with the registration under the Securities Act of 1933, as amended (the "Act"), pursuant to a registration statement on Form S-8 (the "Registration Statement") of (i) 822,367 shares Common Stock, par value $.01 per share (the "Common Stock"), of the Company issuable under the CapMAC Holdings Inc. 1995 Omnibus Stock Incentive Plan (the "Omnibus Plan"), (ii) 195,000 shares of Common Stock of the Company issuable under the 1994 Stock Option Plan of CapMAC Holdings Inc. and Subsidiaries (the "1994 Plan") and (iii) 1,720,211 shares of Common Stock of the Company issuable under the Employee Stock Option Plan of CapMAC Acquisition Corp. and Subsidiaries (the "1992 Plan", together with the Omnibus Plan and 1994 Plan, the "Plans"; such 2,737,578 shares issuable under the Plans being referred to as the "Issuable Shares"). CapMAC Holdings Inc. -2- June 7, 1996 In rendering this opinion, we have examined (i) the Registration Statement; (ii) the Omnibus Plan; (iii) the 1994 Plan and (iv) the 1992 Plan. In addition, we have examined, and have relied as to matters of fact upon, originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, agreements, documents and other instruments and such certificates or comparable documents of public officials and of officers and representatives of the Company, and have made such other and further investigations, as we have deemed relevant and necessary as a basis for the opinions hereinafter set forth. In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such latter documents. Based upon the foregoing, and subject to the qualifications and limitations stated herein, we are of the opinion that the Issuable Shares that are being registered pursuant to the Registration Statement have been duly authorized and upon their issuance and delivery in accordance with the Plans, the Issuable Shares will be validly issued, fully paid and nonassessable. We are members of the Bar of the State of New York, and we do not express any opinion herein concerning any law other than the law of the State of New York, the federal law of the United States and the Delaware General Corporation Law. CapMAC Holdings Inc. -3- June 7, 1996 This opinion letter is rendered to you in connection with the above described transactions. We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. Except as stated herein, this opinion letter may not be relied upon by you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our prior written consent. Very truly yours, /s/ Simpson Thacher & Bartlett SIMPSON THACHER & BARTLETT EX-23.1 3 EXHIBIT 23.1-CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Consent of Independent Certified Public Accountants The Board of Directors CapMAC Holdings Inc.: We consent to the use of our reports incorporated by reference in Form S-8 for CapMAC Holdings Inc. with respect to the Employee Stock Option Plan of CapMAC Acquisition Corp. and Subsidiaries, the 1994 Stock Option Plan of CapMAC Holdings Inc. and Subsidiaries and the CapMAC Holdings Inc. 1995 Omnibus Stock Incentive Plan. Our reports dated January 31, 1996 refer to the Company's adoption at December 31, 1993 of Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". KPMG Peat Marwick LLP New York, New York June 7, 1996 EX-28.1 4 EXHIBIT 28.1-REPORTS FURNISHED TO STATE INSURANCE REGULATORY AUTHORITIES Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES Notes to Schedule P (1) The Parts of Schedule P: Part 1 - detailed information on losses and loss expenses. Part 2 - history of incurred losses and allocated expenses. Part 3 - history of loss and allocated expense payments. Part 4 - history of bulk and incurred-but-not reported reserves. Part 5 - history of claims. Part 6 - history of premiums earned. Part 7 - history of loss sensitive contracts. Schedule P Interrogatories (2) Lines of business A through M, R, and S are groupings of the lines of business used on the state page. (3) Reinsurance A, B, C, and D (lines N to Q) are: Reinsurance A = nonproportional property (1988 and subsequent) Reinsurance B = nonproportional liability (1988 and subsequent) Reinsurance C = financial lines (1988 and subsequent) Reinsurance D = old Schedule O line 30 (1987 and prior) SCHEDULE P - PART 1 - SUMMARY ($000 omitted)
- ------------------------------------------------------------------------------------------------------------------------------------ Premiums Earned Loss and Loss Expense Payments 1 -------------------------------------------------------------------------------------------------------- 12 Years 2 3 4 Loss Payments Allocated Loss 9 10 11 in Which Expense Payments Number of Premiums Were ------------------- ------------------ Salvage Unallocated Total Claims Earned and Direct Net 5 6 7 8 and Loss Net Paid Reported - Losses Were and Ceded (2 -3) Direct Direct Subrogation Expense (5 - 6 + 7 Direct and Incurred Assumed and Assumed Ceded and Assumed Ceded Received Payments - 8 + 10) Assumed - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior XXX XXX XXX XXX 2. 1986 XXX 3. 1987 XXX 4. 1988 5,184 166 5,018 XXX 5. 1989 19,310 896 18,414 XXX 6. 1990 48,130 30,230 17,900 XXX 7. 1991 32,714 8,538 24,176 XXX 8. 1992 32,930 8,488 24,442 XXX 9. 1993 41,390 6,778 34,612 XXX 10. 1994 57,150 15,352 41,798 XXX 11. 1995 36,105 10,646 25,459 1,378 1,378 681 681 XXX - ------------------------------------------------------------------------------------------------------------------------------------ 12. Totals XXX XXX XXX 1,378 1,378 681 681 XXX - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Losses Unpaid Allocated Loss Expenses Unpaid ----------------------------------------------------------------------- 21 22 23 24 Case Basis Bulk + IBNR Case Basis Bulk + IBNR ----------------------------------------------------------------------- Number of 13 14 15 16 17 18 19 20 Salvage Unallocated Total Claims Direct Direct Direct Direct and Loss Net Losses Outstanding and and and and Subrogation Expenses and Expenses Direct Assumed Ceded Assumed Ceded Assumed Ceded Assumed Ceded Anticipated Unpaid Unpaid and Assumed - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior XXX 2. 1986 XXX 3. 1987 XXX 4. 1988 XXX 5. 1989 XXX 6. 1990 XXX 7. 1991 XXX 8. 1992 XXX 9. 1993 XXX 10. 1994 XXX 11. 1995 571 571 118 118 XXX - ------------------------------------------------------------------------------------------------------------------------------------ 12. Totals 571 571 118 118 XXX - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Total Losses and Loss and Loss Expense Percentage Discount for Time Net Balance Sheet Reserves Loss Expenses Incurred (Incurred/Premiums Earned) Value of Money 33 After Discount ------------------------------------------------------------------------------ Inter-Company --------------------------- 25 26 27 28 29 30 31 32 Pooling 34 35 Direct Direct Loss Participation Losses Loss Expenses and Assumed Ceded Net and Assumed Ceded Net Loss Expense Percentage Unpaid Unpaid - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior XXX XXX XXX XXX XXX XXX XXX 2. 1986 3. 1987 4. 1988 5. 1989 6. 1990 7. 1991 8. 1992 9. 1993 10. 1994 11. 1995 2,748 2,748 7.6 25.8 - ------------------------------------------------------------------------------------------------------------------------------------ 12. Totals XXX XXX XXX XXX XXX XXX XXX - ------------------------------------------------------------------------------------------------------------------------------------
74 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION SCHEDULE P - PART 2 - SUMMARY
- -------------------------------------------------------------------------------------------------------------------- 1 Incurred Losses and Allocated Expenses Reported At Year End ($000 omitted) Development Years in Which ---------------------------------------------------------------------------------------------------- Losses Were 2 3 4 5 6 7 8 9 10 11 12 13 Incurred 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 One Year Two Year - -------------------------------------------------------------------------------------------------------------------- 1. Prior 2. 1986 3. 1987 XXX 4. 1988 XXX XXX 5. 1989 XXX XXX XXX 6. 1990 XXX XXX XXX XXX NONE 7. 1991 XXX XXX XXX XXX 8. 1992 XXX XXX XXX XXX 9. 1993 XXX XXX XXX XXX XXX XXX XXX 10. 1994 XXX XXX XXX XXX XXX XXX XXX XXX XXX 11. 1995 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX - -------------------------------------------------------------------------------------------------------------------- 12. Totals - --------------------------------------------------------------------------------------------------------------------
SCHEDULE P - PART 3 - SUMMARY
- ----------------------------------------------------------------------------------------------------------------------- 12 13 1 Cumulative Paid Losses and Allocated Expenses At Year End ($000 omitted) Number of Number of Years in Which --------------------------------------------------------------------------- Claims Claims Losses Were 2 3 4 5 6 7 8 9 10 11 Closed With Closed With Incurred 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Loss Without Loss Payment Payment - ----------------------------------------------------------------------------------------------------------------------- 1. Prior 000 XXX XXX 2. 1986 XXX XXX 3. 1987 XXX XXX XXX 4. 1988 XXX XXX XXX XXX 5. 1989 XXX XXX XXX XXX XXX 6. 1990 XXX XXX XXX XXX NONE XXX XXX 7. 1991 XXX XXX XXX XXX XXX XXX 8. 1992 XXX XXX XXX XXX XXX XXX 9. 1993 XXX XXX XXX XXX XXX XXX XXX XXX XXX 10. 1994 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 11. 1995 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX - -----------------------------------------------------------------------------------------------------------------------
SCHEDULE P - PART 4 - SUMMARY
- ---------------------------------------------------------------------------------------------------------------------- 1 Bulk and Incurred But Not Reported Reserves on Losses and Allocated Expenses at Year End ($000 omitted) Years in Which ------------------------------------------------------------------------------------------------------- Losses Were 2 3 4 5 6 7 8 9 10 11 Incurred 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 - ---------------------------------------------------------------------------------------------------------------------- 1. Prior 2. 1986 3. 1987 XXX 4. 1988 XXX XXX 5. 1989 XXX XXX XXX 6. 1990 XXX XXX XXX NONE 7. 1991 XXX XXX XXX 8. 1992 XXX XXX XXX XXX 9. 1993 XXX XXX XXX XXX XXX XXX XXX 10. 1994 XXX XXX XXX XXX XXX XXX XXX XXX 11. 1995 XXX XXX XXX XXX XXX XXX XXX XXX XXX - ----------------------------------------------------------------------------------------------------------------------
75 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS NONE SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL NONE SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL NONE SCHEDULE P - PART 1D - WORKERS' COMPENSATION NONE SCHEDULE P - PART 1E - COMMERCIAL MULTIPLE PERIL NONE SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE NONE SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS-MADE NONE SCHEDULE P - PART 1G - SPECIAL LIABILITY NONE - -------------------------------------------------------------------------------- 76, 77, 78, 79, 80, 81, 82, 83 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE NONE SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS-MADE NONE SCHEDULE P - PART 1I - SPECIAL PROPERTY NONE SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE NONE SCHEDULE P - PART 1K - FIDELITY/SURETY NONE SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH) NONE SCHEDULE P - PART 1M - INTERNATIONAL NONE - -------------------------------------------------------------------------------- 84, 85, 86, 87, 88, 89, 90 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 1N - REINSURANCE A NONE SCHEDULE P - PART 1O - REINSURANCE B NONE SCHEDULE P - PART 1P - REINSURANCE C NONE SCHEDULE P - PART 1Q - REINSURANCE D NONE SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE NONE SCHEDULE P - PART 1R - SECTION 2- PRODUCTS LIABILITY - CLAIMS-MADE NONE - -------------------------------------------------------------------------------- 91, 92, 93, 94, 95, 96 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
($000 omitted) - ------------------------------------------------------------------------------------------------------------------------------------ Premiums Earned Loss and Loss Expense Payments 1 -------------------------------------------------------------------------------------------------------- 12 Years 2 3 4 Loss Payments Allocated Loss 9 10 11 in Which Expense Payments Number of Premiums Were ------------------- ------------------ Salvage Unallocated Total Claims Earned and Direct Net 5 6 7 8 and Loss Net Paid Reported - Losses Were and Ceded (2 -3) Direct Direct Subrogation Expense (5 - 6 + 7 Direct and Incurred Assumed and Assumed Ceded and Assumed Ceded Received Payments - 8 + 10) Assumed - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior XXX XXX XXX XXX 2. 1994 28,575 7,676 20,899 XXX 3. 1995 36,105 10,646 25,459 1,378 1,378 681 681 XXX - ------------------------------------------------------------------------------------------------------------------------------------ 4. Totals XXX XXX XXX 1,378 1,378 681 681 XXX - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Losses Unpaid Allocated Loss Expenses Unpaid ----------------------------------------------------------------------- 21 22 23 24 Case Basis Bulk + IBNR Case Basis Bulk + IBNR ----------------------------------------------------------------------- Number of 13 14 15 16 17 18 19 20 Salvage Unallocated Total Claims Direct Direct Direct Direct and Loss Net Losses Outstanding- and and and and Subrogation Expenses and Expenses Direct Assumed Ceded Assumed Ceded Assumed Ceded Assumed Ceded Anticipated Unpaid Unpaid and Assumed - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior 2. 1994 3. 1995 571 571 118 118 - ------------------------------------------------------------------------------------------------------------------------------------ 12. Totals 571 571 118 118 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Total Losses and Loss and Loss Expense Percentage Discount for Time Net Balance Sheet Reserves Loss Expenses Incurred (Incurred/Premiums Earned) Value of Money 33 After Discount ------------------------------------------------------------------------------ Inter-Company --------------------------- 25 26 27 28 29 30 31 32 Pooling 34 35 Direct Direct Loss Participation Losses Loss Expenses and Assumed Ceded Net and Assumed Ceded Net Loss Expense Percentage Unpaid Unpaid - ------------------------------------------------------------------------------------------------------------------------------------ 1. Prior XXX XXX XXX XXX XXX XXX XXX 2. 1994 3. 1995 2,748 2,748 7.6 25.8 - ------------------------------------------------------------------------------------------------------------------------------------ 12. Totals XXX XXX XXX XXX XXX XXX XXX - ------------------------------------------------------------------------------------------------------------------------------------
97 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 2A THRU 2S - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 98, 99, 100, 101, 102 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 3A THRU 3S - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 103, 104, 105, 106, 107 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 4A THRU 4S - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 108, 109, 110, 111, 112 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 5A THRU 5R - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 113, 114, 115, 116, 117, 118, 119, 120, 121, 122, 123 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 6C THRU 6R - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 124, 125, 126, 127, 128 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION - -------------------------------------------------------------------------------- SCHEDULE P - PART 7A AND 7B - ALL SECTIONS NONE - -------------------------------------------------------------------------------- 129, 130, 131, 132 Form 2 ANNUAL STATEMENT FOR THE YEAR 1995 OF THE CAPITAL MARKETS ASSURANCE CORPORATION SCHEDULE P INTERROGATORIES - -------------------------------------------------------------------------------- 1. Computation of excess statutory reserves over statement reserves. a. Auto Liability (private passenger and commercial) 1995 (60.0%) 1994 (60.0%) 1993 (60.0%) ------------- ------------- ------------- Total _______________ b. Other Liability and Products Liability 1995 (60.0%) 1994 (60.0%) 1993 (60.0%) ------------- ------------- ------------- Total _______________ c. Medical Malpractice 1995 (60.0%) 1994 (60.0%) 1993 (60.0%) ------------- ------------- ------------- Total _______________ d. Workers' Compensation 1995 (65.0%) 1994 (65.0%) 1993 (65.0%) ------------- ------------- ------------- Total _______________ e. Credit Total _______________ f. All Lines Total (Report here and Page 3) Total _______________ 2. What is the extended loss and expense reserve - direct and assumed - for the following classes? An example of an extended loss and expense reserve is the actuarial reserve for the free-tail coverage arising upon death, disability or retirement in most medical malpractice policies. Such a liability is to be reported here even if it was not reported elsewhere in Schedule P, but otherwise reported as a liability line on page 3. Show the full reserve amount, not just the change during the current year. --------------------------------------------------------------------------- Year in which premiums 1 2 3 were earned and losses Medical Other Products were incurred Malpractice Liability Liability --------------------------------------------------------------------------- a. 1987 b. 1988 c. 1989 d. 1990 e. 1991 f. 1992 g. 1993 h. 1994 i. 1995 --------------------------------------------------------------------------- j. Totals --------------------------------------------------------------------------- 3. The term "Loss expense" includes all payments for legal expenses, including attorney's and witness fees and court costs, salaries and expenses of investigators, adjustors and field men, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all other payments under or on account of such injuries, whether the payments are allocated to specific claims or are unallocated. Are they so reported in this statement? Answer: Yes [X] No [ ] 4. The unallocated loss expense payments during the most recent calendar year should be distributed to the various years in which losses were incurred as follows: (1) 45% to the most recent year, (2) 5% to the next most recent year, and (3) the balance to all years, including the most recent, in proportion to the amount of loss payments paid for each year during the most recent calendar year. If the distribution in (1) or (2) produces an accumulated distribution to such year in excess of 10% of the premiums earned for such year, disregarding all distributions made under (3), such accumulated distribution should be limited to 10% of premiums earned and the balance distributed in accordance with (3). Are they so reported in this Statement? Answer: Yes [X] No [ ] 5. Do any lines in Schedule P include reserves which are reported gross of any discount to present value of future payments, but are reported net of such discounts on page 11? Answer: Yes [ ] No [X] If yes, proper reporting must be made in the Notes to Financial Statements, as specified in the Instructions. Also, the discounts must be reported in Schedule P - Part 1, Columns 31 and 32. Schedule P must be completed gross of non-tabular discounting. Work papers relating to discount calculations must be available for examination upon request. Discounting is allowed only if expressly permitted by the state insurance department to which this Annual Statement is being filed. 6. What were the net premiums in force at the end of the year for: (in thousands of dollars) a. Fidelity $0 b. Surety $0 7. Claim count information is reported (check one) If not all the same in all years, explain in Question 8. a. per claim X b. per claimant ___ 8. The information provided in Schedule P will be used by many persons to estimate the adequacy of the current loss and expense reserves, among other things. Are there any especially significant events, coverage, retention or accounting changes which have occurred which must be considered when making such analyses? (An extended statement may be attached.) --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 133 -----END PRIVACY-ENHANCED MESSAGE-----