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Home My WebLink About03-0001 -i&. os COMMONWEALTH OF PENNSYLVANIA INSURANCE DEPARTMENT Harrisburg, PA _April 1,2002 Whereas, the SENECA INSURANCE COMPANY, located at New York, N. Y., has filed in this Department a certified copy of its charter and a detailed statement of its Assets and Liabilities, and otherwise complied with the requirements of Section 661 of the Act of Assembly of the Commonwealth of Pennsylvania, entitled "An act relating to insurance; amending, revising and consolidating the Law &c.," approved the 17th day of May, A.D. 1921, as well as with the requirements of the laws of this Connnonwealth applicable t~9 such company in doing business herein. Now Therefore, I, M. Diane Koken~ Insurance Commissioner of the Commonwealth o~ Pennsylvania, do hereby certify, in accordance with Section 1, of the Act of Assembly approved June 29, 1923 and known as act No. 373 of the Laws of 1923, that the Seneca Insurance Company, of New York, N.Y., is duly authorized to become and be accepted as sole surety on all bonds, undertakings and obligations required or permitted by law or the ordinances, rules or regulations of any municipality, board, body, organization, or public officer. In Witness Whereof, I have hereunto set my hand and affixed my official seal, the day and year first above written. Insurance Commissioner PROPERTY AND CASUALTY COMPANIES--ASSOCIATION EDITION 1 0 ' 9 3 6 2 0 0 1 2 0 1 0 0 I 0 0 ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2001 OF THE CONDITION AND AFFAIRS OF THE NAIC Group Code 0158 SENECA INSURANCE COMPANY, INC. 0158 NAIC Company Code 10936 Employer's ID Number 13-2941133 (Current Period) (Pnor Period) Organized under the Laws of New York Country of Domicile , State of Domicile or Port of Entry United States of Amedce New York Incorporated 03/29/1978 Statutory Home Office 160 Water Street (Street and Number) Main Administrative Office New York, NY 10038-4922 (City or Town, State and Zip Code) Commenced Business 07/01/1978 New York, NY 10038-4922 (City or To','~n, Slate and Zip Code) 160 Water Street (SIreet and Number) 212-344-3000 (Area Code) (Telephone Number) New York, NY 10038-4922 (Cily or Town, Slate and Zip Code) 160 Water Street Mail Address 160 Water Street (S[reet and Number or P.O. Box) Primary Location of Books and Records New York, NY 10038-4922 (Slreet and Number) 212-344-3000 (City or Town, State and Zip Code) (Area Code) (Telephone Number) Internet Website Address senecamsurance.com Statement Contact Vincent I. Maida 212-344-3000 vmaida~senecainsurance.com (Name) (Area Code) (Telephone Number) (Extension) ( E-rnail Address) 212-344-4567 (FAX Number) OFFICERS President Douglas M Libby. Secretary Marc Todd Andrew Wolin Treasurer Marc Todd Andrew Wolin David Wiles Bishop Raymond Dawid Ahmed Kamal Ibrahim Ellen Caramore O'Connor Chris Ivan Stormo Nikolas Antonopoulos Harvey Childs Dennis James Hammer Gar7 Stuart Resman Carl Dennis Sullo # VICE PRESIDENTS Robert Philip Blaunstain Frank Vincent Donahue Jr. James Kramer Robert Wiliard Rhoades Marc Todd Andrew Wolin Thomas Wesley Cochran Jr. Melvin George Funk Jr, Keith McCarthy John Irving Rich Jr. DIRECTORS OR TRUSTEES Andrew Acheson Barnard Peter James Dal¥ Albert Benjamin Lewis Mar,/Jane Robertson Marc Todd Andrew Wolin Joseph Francis Braunstein Jr. Bruce Adam Esselbom Douglas M Libby Frances Avignone Smith State of ............................... New Yo_rk. ............................... ~ SS County of ...... New Yore The officers of this reporting entity, being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all ot the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and dqductions therefrom for the pedod ended, and have been completed in accordance with the NAIC .~nnual Statement Instructions and Accounting Practices and Procedures Manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge~and belief, respectively. ~ ~ D~°ugl~:I '~bby!-- ~.~ Marc Todd~no'~ Wolin Marc Todd Andrew Wolin Secretary Treasurer ANNUAL STATEMENT FOR THE YEAR 2001 OF THE SENECA INSURANCE COMPANY, INC. A SETS Current Year Prior Year 1 2 3 4 Nonadmttted Net Admitted Assets Assets Assets (Ccts. 1 - 2) Net Admitted Assets 1. Bonds ................................................................................................................................... 88,599,368 ....................................................... 88,599,368 ................. 73,926,918 2. Stocks: 2,1 Preferred stocks (Schedule D, Part 2, Section 1) ............................................................................................................................................................................................ 2.2 Common stocks (Schedule D, Part 2, Section 2) ....................................... 17,429,526 .............................. 17,429,526 ................. 16,857,516 3. Mortgage loans on real estate (Schedule B): 3.1 First liens ................................................................................................................................................................................................................................................................. 3.2 Other than first liens ........................................................................................................................................................................................................................................... 4. Real estate: (Schedule A): 4.1 Properties occupied bythe company (less $ ........................................ encumbrances) ............................................ , ...................................................................................................................................................... 4.2 Properties held for the produoUon of income (leas $ ........................................ encumbrances) ................................................................................................................................................................................................... 4.3 Properties held for sale (less $ ........................................ encumbrances) ................................................................................................................................................................................................... 5. Cash ($ ...................... {902,553) Schedule E, Part 1) and short.term ieves{ments($ .................. 10,800,528 Schedule DA, Part 2) ............................................ 9,897,975 ........................................................ 9,897,975 ............... 14,655,275 6. Other invested assets (Schedule BA) .......................................................................................................................................................................................................... ~,602 8. Aggregate write-ins for invested assets ............................................................... 9. Subtotals, cash and invested assets (Lines 1 to 8) ............................................................ 115,926,869 ................... 5,926 869 . .............. 105,446,311 10. Agents' balances or unoollected premiums (net as to commissions and dividends): 10,1 Premiums and agents' balances in course of collection ..... 3,357 708 ................... 543,953 ................... 2,813,755 ...................... 602,690 10.2 Premiums, agents' balances and installments booked but deferred and not yet due (Including $ ........................................ earned but unbilled premiums) ...................................... 3,306,292 .......... 3,306 ~2 ................... 4,628,269 10.3 Accrued retrospective premiums .................................................................................................................................................................................................................. 11. Funds he~d by or deposited with reinsured companies .......................................................................................................................................................................................... 12. Bills receivable, taken for premiums .................................................................................................................................................................................................................... 13. Amounts billed and receivable under high deductible policiea ........................................................................................................................................................................... (Schedule F, Pad 3, Cols, 7 and 8) ................................................................................... 5,671,876 .. 5,671,876 ................... 7,658,517 15. Federal and foreign income tax recoverable and interest thereon (including $ ........................................ net deferred tax asset} ............................................................................................................................................................................................. ' 16. Guaranty funds receivable or on deposit ................................................................................................................................................................................................................... 17. Electronic data precessing equipment and soflware. ................................................................. 340,158 ................. 17,054....................... 323,104 ...................... 239,986 18. Interest, dividends and real estate income due and accrued ................................................ 1,315,306....................................................... 1,315,306 ................... 1,214,208 19. Net adjustments in assets and liabilities due to foreign exchange rates .................................................................................................................................................................. ................ 733,000 20. Receivable from parent, subsidiaries and affiliates ...................................................................................................................................................................... 21. Equities and deposits in pools and associations ......................................................................... 14,080 ..................................................... 14,080 ...................................... 22. Amounts receivable relating to uninsured accident and health plans ................................................................................................................................................................ 23. Other assets nonadmitted (Exhibit 1) ...................................................................................... 265,014 ....................... 265,014 ............................................................................ 24. Aggregate write-ins for other than invested assets ............................................ 134,356 134,356 60,156 25. TOTALS (Linea 9 throo,qh 24) 140,331,659 826,021 139~505,638 120,583,137 DETAILS OF WRITE-INS 0801 .......................................................................................................................................................................................................................................................................................... 0802 ...................................................................................................................................................................................................................................................................................... 0803 ......................................................................................................................................................................................................................................................................................... 0898. Summary of remaining write-ins for Line 8 from overflow page ......................................................................................................................................................................... 0899, Totals (Lines 0801 thru 0803 plus 0898) {Line 8 above) 2401. Miscellaneous Receivables ......................................................................................................... 134,356 ............................................................. 134,356 .................. 60,156 2402 ........................................................................................................................................................................................................... I ............................................................................ 2403 .......................................................................................................................................................................................................................................................................................... 2498. Summery of remaining write-ins for Line 24 from oven%w page ........................................................................................................................................................................... 2499, Totals (Lines 2401 thru 2403 plus 2498) {Line 24 above) 134,356 134,356 60,156 ANNUAL STATEMENT FOR THE YEAR 2001 OF THE SENECA INSURANCE COMPANY, INC. UNDERWRITING AND INVESTMENT EXHIBIT STATEMENT OF INCOME UNDERWRITING iNCOME 1. Premiums earned (Par1 2, Line 34, Column 4) .............. 112,830,699 ............... 100,161,027 , DEDUCTIONS 2, Losses incurred (Parl 3. Line 34, Column 7) 81.980.507 ................. 57,242,747 3, Loss expenses incurred (Part 4, Line 25, Column 1) 4.860.625 .................. 5.740.812 4. Other underwriting expenses incurred (Pad 4. Line 25, Column 2) 45.448.217 ................. 37,393,270 5. Aggregate write-ins for underwriting deduclions 6, Total underwriting deductions Lines2 hrough5) 112.289.349 100~376.829 7. Net underwriting gain or (loss) (Line 1 minus Line 6) 541.350 ..................... {215.802 INVESTMENT INCOME 8. Net investment income earned (Part I, Line 15) 5.349.615 ................... 5.060.001 9. Nm realized capital gains or (losses) (Pad lA, Line 10) (108. 195) (3,126.643 10. Net investment gain or (loss) (Lines 8 + 9) 5.241.420 ................... 1.933.358 OTHER INCOME 11 Net gain or (loss) from agents' or premium balances charged off (amount recovered $ ................................ amount charged off $ ) 12, Finance and service charges nm included in premkmls 13. Aggregate wrfle-ins for miscellaneous income 14. Total other income (Lines 11 through 13) 15 Net income before dividends to p,:,llcyholders and before federal and foreign income taxes (Lines 7 + 10 + 14) .............................. 5.782.770 .................. 1.717.556 16. Dividend s to policyholders 17. Net income, after dividends ~o policyholders but before federal and foreign income taxes (Line 15 minus Line 16) ................................... 5,782,770 ................... 1.717.556 18 Federal and foreign income taxes incurred ............................................................................................................................ 2.034.712 319.779 19. Ne~ income (Line 17 minus Line 18) (to Line 21) ................................. .......................... 3.748.058 1.397.777 CAPITAL AND SURPLUS ACCOUNT 20. Surplus as regards policyholders, December 31 prior year (Page 4, Line 36, Column 2) ......................................................... 49.544.344 46.281.863 GAINS AND (LOSSES) IN SURPLUS 21. Net income (from Line 19) 3.748.058 ................... 1,397,777 22. Ne unrea zed cap a ga ns or (losses) 763,646 ................... 1.342.114 23. Change in net unrealized foreign exchange capital gain (loss) 24. Change in net deferred income tax . .... .......................................................................... 29. Change in provision for reinsurance (Page 3, Line 15, Column 2 minus Column I . ......................... (944.546) ..................... (459.039) 27 Change in surplus notes .................................................................. 29.3, Transferred Io surplus 30. Surplus adjustments: ....................................................................... 30,2 Transferred to capital (Stock Dividend) ' .................................... 30.3, Transferred from capital ......................................... ' ........................................................................ 31. Ne rem ancesfromor(o HomeOffce .......................................................................... 32~ Dividends to stockholders (cash) ................................................................................................. 33 Change in treasury stock (Page 3 Lines 31 1 and 31.2 Column 2 minus Column 1) ........................................................................ 34. Aggregate wrile-ins for gains and losses in surplus ............................................................................................ 387,000 35. Change in surplus as regards poficyholders for the year (Lines 21 ~hrough 34 ................................. 3,071,113 3,262,481 36. Surplus as re,qards po icyholders, December 31 current year (Lines 20 plus Line 35) (Page 3, Line 321 52,621.457 49,544,344 DETAILS OF WRITE.INS ' 0598 Summa~, o rema n ng write ................................................. ins ,or Line 5 from overflow page ii ........ I 0599. Totals (Lines 0501 thru 0503 plus 0598) (Line 5 above) ~ ................ 1302. 1303. 1398. Summary of remaining write-ins for Line 13 from overflow page ................................................................................................ , 1399. Totals (Lines 1301 lhru 1303 plus 13981 (Line 13 aboveI ..................................... I ...................................... 3401 Change in excess o~ slalulory reserves over slalemenl reserves 3402. ~3498' Summary of remaining write-ins for Line 34 from overflow page ................. ANNUAL STATEMENT FOR THE YEAR 2001 OF THE SENECA INSURANCE COMPANY, INC. LIABILITIES, SURPLUS AND OTHER FUNDS 1 2 Current Year Prior Year 1. Losses (Part 3A, Line 34, Column 8) ................................................................................................................. 37,469,124 ............. 34,705,316 2. Reinsurance payable on paid loss and loss adjustment expenses (Schedule F, Part 1, Column 6) ................................................................ 3. Loss adjustment expenses (Part 3A, Line 34, Column 9) .................................................................................. 11,404,033 .............. 12,765,424 4. Commissions payable, contingent commissions and other similar charges ..................................................... 578,285 ................. 537, ?22 5. Other expenses (excluding taxes, licenses and fees) 1,024,372 .............. 1,113,162 772,622 647,029 6. Taxes, licenses and fees (excluding federal and foreign income taxes) 7. Federal and foreign income taxes (including $ ................................... on realized capital gains (losses)) (including $ ........................................ net deferred tax liability) 644,037 ............. 657,535 8. Borrowed money $ ................................... and interest thereon $ 9. Unearned premiums (Part 2A, Line 37. Column 5) (after deducting unearned premiums for ceded reinsurance el $ ........ 12,739,773 and including warranly reserves of $ ................................... ) 29,044,337 19,634,862 10. Dividends declared and unpaid: 10.1 Stockholders ....................................................................................................................................................................... 10,2 Policyholders .................................................................................................................................. 11. Ceded reinsurance premiums payable (riel of ceding commissions) ............................................................. 4,047,286 ................... 12. Funds f!eld by company under reinsurance treaties ScheduleF, Part3, Cclumn 19) .......................................................................... 137,294 ................... 112,749 86,725 118,387 13. Amounts Withheld or retained by company for account of others ............... 14. Remlgances and items not allocated 15, Provision for reinsurance (Schedule F, Part 7) 1,542,731 .............. 598,166 16. Net adjuslments in assets and liabilities due to Ioreign exchange rates 17. Drafts outstanding 18. Payable to parent, subsidiaries and affiliates 132,467 19. Payable for secudlies 20. Liability for amounts held under uninsured accident and health plans 21. Capital Notes $ ....................................... and interest thereon $ 22. Aggregate writeqns for liabilities ...................................... ~. 268 28,422 23. Total liabilities (Lines 1 through 22) ............................................................................................ 86,884,181 71,038,793 24. Aggregate wdle-ins for special surplus funds 25. Common capital stock : ............. 4,800,000 ................. 4,800,000 26. Preferred capital stock 27. Aggregate write-ins for other Ihan special surplus funds 28. Surplus Notes .......... 24,431,461 ~ ............ 24,431,461 29. Gross paid in and contributed surplus ............................................................................................ 23,389,996 ............. 20,312,883 30. Unassigned funds (surplus) ................................................................................................................................................ 31. Less freasun/stock, at cost: 31.1 ........................................ shares common (value included in Line 25 $ ....................... ) ............................................. 31.2 ........................................ shares preferred (value included in Line 26 $ ................................ ) ........................ 32. Surplus as regards policyholders (Lines 24 to 30, less 31) (Page 4, Line 36) ......................................................................... 52,621,457 ........49,544,344 33. TOTALS (PaGe 2, Line 25, Col. 3) 139,505,638 120,583,137 DETAILS OF WRfTE-INS 268 .................. 28,269 2201. i~iscelJaneous Payables 153 2202. Fair Plan Liability 2203 2298. Summary of remaining write-ins for Line 22 from overflow page 2299. Totals (Lines 2201 thru 2203 plus 2298) (Line 22 above) 268 ; 28,422 2401, t ~ ............................. 2402 .................................................................................................................................................................................................... 2403 ............................................................................................................................................................................................ 2498. Summary of remaining wdfe-ins for Line 24 from overflow page ...................................................................................................................... ' ........................... 2499. Totals (Lines 2401 thru 2403 plus 2498) (Line 24 above) 2701 ............................ : .............................................................................................................................................................................. 2702. 2703 ......................................................................................................................................................................................................... NO. INSURANCE COMPANY, INC. 160WATER ST., NEWYOFIK, NY 10038 QUALIFYING POWER OF ATTORNEY Cumber 1 and County only Valid in __ Tic. ox,-o/ $ 000177.08 KNOW ALL MEN BY THESE PRESENTS: That SENECA INSURANCE COMPANY, INC., a corporation of the State of New York, does hereby make, constitute and appoint:_ William Colello its true and lawful attorney-in-fact with full power and attthority, for and on behalf of the Company as surety, to execute and liver and affix the seal of the Company thereto, if a seal is required, on all documents necessary or incidental to the execution of bail bonds not exceeding $ ~'q~00..000*** per bond. The execution of a bail bond by said attorney-in-fact shall be binding upon this Company as if such bond has been executed and acknowledged by thc regnlarly elected officers of this Company. SENECA INSURANCE COMPANY, INC. certifies that this appointlnent is made in accordance with a resolution of the Board of Directors of SENECA INSURANCE COMPANY, 1NC., by unanimous written consent dated January 1, 1998, a true and exact copy of which follows: The Compauy authorizes thc President, Executive Vice Presidents, Senior Vice Presidents, and Secretary to appoint attorneys-in-fact or agents who shall haYe the authority to issue bail bonds in the name of the Company. The signature of any of these authorized Company officers and tLc Company seal may be affixed by facsimile to qualifvino power of attorney for lhe execution of a bail bond. The facsimile signature and seal used in this manner is bereby adopted by the Company as the original and, therefore, is bindin~ upon the Company with the same force and effect as though manually affixed. , SENECA INSURANCE COMPANY, INC., has caused t~s document~* be~gne~¢Y its IN WITNESS WHEREOF ~ ~ , .......... :, ,,,da,~ofJanuarv ~ [~0~. ~ co : duly author zed officer and its co~orate seal to ¢e nereunto amxea tm~ ~>t j :,~ ~- ~ :__ : SENECA INSURANCE COMPANY, INC. 2~ -. :~ ~ Qualifying Power only, not to be ~*~"CE~o% ~'::: individual Power of Attorney is By: ~ --~' ~ ., attached to each Bond executed. ][ ~%~///~x~¢~ State of New York NO~Y ~U~LIC Notary P ........... te of New York Nc. 24-x943150 Q,_~ai;~[cd n Kings County Borough of Manha~an Comrniss~o¢~ Ex~.~res Oc(ober 17, 2006 - ' ,' knowled ed before me this 1st day of January, ~O0~, ~T.A. Wolin, The foregoing instrument w~s.~ ..... ~' .... ~*~. a Ne York Co,oration, ~~nmtiom / Secretary, of SENECA 1NSURANC~ COlVlV~t~I, tl~ , W ~~ LANCELOT L. THOM~york Notar- Public, State of Ne ~ / ~ ~ ~ ~/~ Y No. 24-4943150 / Not~ Fu~ Excitation Date Quafified in Kin~s Coun~ 200~ Notaw . ~mmission Expires October ~7, Lance Thomas Print cotmv copy SENQP122-OI98