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'^' - ` PEERLESS INSURANCE COMPANY
I certify that the following Individuals are officers of Peerless Insurance
Victor M. Yenill ..................................................Chief Executive Officer
Roger L. Jean ....................................................Chief Operating Officer
Richard T. Bell ...................................................................... President
Euguene G. Ballard, Joseph E. Vardaro,Mark E. Fiebrink, Howard
Haskowitz, Joseph L. Zarandona .................Executive Vice Presidents
Forrest H. Johnson .............................................Senior Vice President
Joseph P. Tracey ...............................Senior Vice President/ Treasurer
Elliot S. Orol ..................................................Vice President/ Secretary
Company as of December 31, 1998, to wit:
Douglas S. Benedict, Dwight W. Bowie, Donald Cheek, Michael R.
Christiansen, John T. Clifford, Donna Egyed, Steven A. Futwood,
Justin D. Healy, Matthew W. Klimczak, Steven M. Myers, Bruce W.
Seaman ........................................................................Vice Presidents
Jane F. Taylor ................Assistant Vice PresidenVAssistant Secretary
Nancy C. Callender, Myrna J. Harrington, Kevin M. Killelea, Steven
S. May, John J. Williams, Thomas F. Wilson, Jr ...................................
..................................................................Assistant Vice Presidents
Mildred F. Mullen ...................................Assistant Secretary(Resident)
1 further CERTIFY that the following Financial Statement of the Company Is true, as taken from the books of sold Company as of December 31, 1998 to wit:
ASSETS
Bonds at Amortized Values ........................ ................$ 496,867,548
Stocks at Market Values ............................. .......................47,040,767
Real Estate .................................................... .......................7,585,287
Cash ....................................................................................(2,844,485)
Short -term Investments ............................ ......................70,687,212
Agent Balances ................................................................100,943,792
Reinsurance Recoverable ........................... .............................82,656
Accrued Interest and Dividends .........................................5,678,532
Other Assets ................................................. ......................11,590,157
TOTAL ADMITTED ASSETS ........................ ....................737,631,466
LIABILITIES
Reserve for Losses ........................................................ $249,956,749
Reinsurance Payable on Paid Losses .............................21,854,823
Reserve for Loss Adjustment Expenses .................... .....65,871,168
Reserve for Contingent Commissions ........................ .......4,343,987
Reserve for Other Underwriting Expenses ........................5,086,958
Reserve for Taxes, Licenses and Fees ....................... .......1,741,264
Reserve for Federal Income Taxes ...................................................0
Reserve for Unearned Premiums ...................................162,379,307
Funds Hold for Others .........................................................2,369,811
Reserve for Outstanding Loss Drafts .......................................2,370
Other Liabilities .............................................................. ....17,551,314
TOTAL LIABILITIES ....................................................... ..531,157,751
Capital ............................................................................. ......8,848,635
Surplus ........................................................................... ..197,790,796
Treasury Stock ............................................................... ......... 165,716
Surplus to Policyholders ...............................................206,473,715
TOTAL LIABILITIES AND CAPITAL ...............................737,631,466
Securities carried at $7,846,673 on the above statement are deposited as required by law.
1 further CERTIFY the following is a true copy of the By-Laws of The Peerless Insurance Company, relating to the execution of bonds and all other writings
obligatory in the nature thereof.
ARTICLE 3, SECTION 7
'The President may appoint Attomeys-in-Fact, Resident Vice Presidents, Resident Assistant Vice Presidents and Resident Assistant Secretaries
and assign to them such duties as may be advantageous to the Company including the execution and attestation of bonds, undertakings,
reoognizances, contracts of indemnity, and all other writings obligatory in the nature thereof and other documents on behalf of the Company with
power to redelegate such authority."
And I further CERTIFY that at the Annual Meeting of the Stockholders duly called and held at Keene, New Hampshire, Dec. 14, 1972, the following vote was
unanimously adopted:
RESOLVED, that the signature of the President, Secretary, Treasurer, Vice President, Assistance Vice President and Assistant Secretary may be
affixed to any such Power of Attorney or any certified copy thereof or any certification relating thereto, by facsimile and any such Power of Attorney
or any certified copy thereof, or any certification relating thereto bearing such facsimile signatures or facsimile seal shall be valid and binding upon
the Corporation in the future with respect to any bonds, undertakings, recognizances or contracts of indemnity to which it is attached.
IN TESTIMONY WHEREOF, I hereunto subscribe my na'mee and affix the seal of said Co pang, this day of ,
Vice President
Subscribed and Swom to before me this day of
?/n (j /I //.? JJwwy
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J?7LNotary V. a ?y?IMM, I
P tic
My Commission Expires March 18, 2003
341.335(5x99)
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