Citizens Property Insurance Corporation

Transcription

1 QUARTERLY STATEMENT OF THE Citizens Property Insurance Corporation 0 9 OF Tallahassee IN THE STATE OF FLORIDA TO THE INSURANCE DEPARTMENT OF THE STATE OF FLORIDA AS OF MARCH, 009 PROPERTY AND CASUALTY 009

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3 ASSETS Assets Current Statement Date 4 Nonadmitted Assets Net Admitted Assets (Cols. - ) December Prior Year Net Admitted Assets. Bonds,80,47,94,40,97,796,906,467,865,88,67. Stocks:. Preferred stocks. Common stocks. Mortgage loans on real estate:. First liens. Other than first liens 4. Real estate: 4. Properties occupied by the company (less $ encumbrances) 4. Properties held for the production of income (less $ encumbrances) 4. Properties held for sale (less $ encumbrances) 5. Cash ($ (57,506,909) ), cash equivalents ($ ) and short-term investments ($ 5,8,77,74 ) 6,0,784,804 55,757,04 5,766,07,76 5,46,,08 6. Contract loans (including $ premium notes) 7. Other invested assets 8. Receivables for securities 9. Aggregate write-ins for invested assets 0. Subtotals, cash and invested assets (Lines to 9) 7,8,0,98 69,097,970 7,56,94,8 7,6,60,05. Title plants less $ charged off (for Title insurers only). Investment income due and accrued,986,9,986,9 9,796,76. Premiums and considerations:. Uncollected premiums and agents balances in the course of collection 59,495,466 8,487,56 5,008,0 84,4,05. Deferred premiums, agents balances and installments booked but deferred and not yet due (including $ but unbilled premiums). Accrued retrospective premiums 4. Reinsurance: earned 4. Amounts recoverable from reinsurers 9,8,68 9,8,68 7,60,0 4. Funds held by or deposited with reinsured companies 4. Other amounts receivable under reinsurance contracts 40,97,9,54,49 9,49,49,769,95 5. Amounts receivable relating to uninsured plans 6.Current federal and foreign income tax recoverable and interest thereon 6.Net deferred tax asset 7. Guaranty funds receivable or on deposit 8. Electronic data processing equipment and software 5,756,84 7,667,8 8,089,00 9,098,88 9. Furniture and equipment, including health care delivery assets ($ ) 5,65,5 5,65,5 0. Net adjustment in assets and liabilities due to foreign exchange rates. Receivables from parent, subsidiaries and affiliates 70,95 70,95 45,75. Health care ($ ) and other amounts receivable. Aggregate write-ins for other than invested assets 58,40,47 8,75,0 57,07,46 69,405,8 4. Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines 0 to ) 8,668,749,889 00,8,44 8,67,96,465 8,09,64,5 5. From Separate Accounts, Segregated Accounts and Protected Cell Accounts 6. Total (Lines 4 and 5) 8,668,749,889 00,8,44 8,67,96,465 8,09,64, DETAILS OF WRITE-INS Summary of remaining write-ins for Line 9 from overflow page Totals (Lines 090 through 090 plus 0998) (Line 9 above) 0. ASSESSMENT RECEIVABLE 57,,5 89,49 57,84,7 69,09,97 0. OTHER ASSETS NONADMITTED 5,,89 5,,89 0. OTHER ASSETS,957,066,77,8 85,4 95,8 98. Summary of remaining write-ins for Line from overflow page 99. Totals (Lines 0 through 0 plus 98) (Line above) 58,40,47 8,75,0 57,07,46 69,405,8

4 LIABILITIES, SURPLUS AND OTHER FUNDS Current Statement Date December, Prior Year. Losses (current accident year $,64,97 ) 698,848, ,0,95. Reinsurance payable on paid losses and loss adjustment expenses. Loss adjustment expenses 67,05,68 6,44,06 4. Commissions payable, contingent commissions and other similar charges 6,88,85 6,059,8 5. Other expenses (excluding taxes, licenses and fees) 0,66,999 8,58,5 6. Taxes, licenses and fees (excluding federal and foreign income taxes) 9,757,490 4,650,759 7.Current federal and foreign income taxes (including $ on realized capital gains (losses)) 7. Net deferred tax liability 8. Borrowed money $,76,5,69 and interest thereon $ 58,45,47,774,74,09,866,40, Unearned premiums (after deducting unearned premiums for ceded reinsurance of $,66,44 and including warranty reserves of $ ) 990,507,957,087,88,89 0. Advance premium 56,4,5 6,89,454. Dividends declared and unpaid:. Stockholders. Policyholders. Ceded reinsurance premiums payable (net of ceding commissions) 48,8,80 4,,. Funds held by company under reinsurance treaties 9,65 9,65 4. Amounts withheld or retained by company for account of others 4,597,05 5,094, Remittances and items not allocated 6,490,05,860,9 6. Provision for reinsurance 0,585,48 0,585,46 7. Net adjustments in assets and liabilities due to foreign exchange rates 8. Drafts outstanding 9. Payable to parent, subsidiaries and affiliates 0. Payable for securities. Liability for amounts held under uninsured plans. Capital notes $ and interest thereon $. Aggregate write-ins for liabilities,69,846 9,59, Total liabilities excluding protected cell liabilities (Lines through ) 4,865,978,940 5,08,867, Protected cell liabilities 6. Total liabilities (Lines 4 and 5) 4,865,978,940 5,08,867, Aggregate write-ins for special surplus funds 4,57,56 4,044, Common capital stock 9. Preferred capital stock 0. Aggregate write-ins for other than special surplus funds (860,468) (860,468). Surplus notes. Gross paid in and contributed surplus. Unassigned funds (surplus),478,45,67,47,589,85 4. Less treasury stock, at cost: 4. shares common (value included in Line 8 $ ) 4. shares preferred (value included in Line 9 $ ) 5. Surplus as regards policyholders (Lines 7 to, less 4),50,957,55,70,77, Totals 8,67,96,465 8,09,64,5 DETAILS OF WRITE-INS 0. ESCHEAT FUNDS,69,846 9,59, Summary of remaining write-ins for Line from overflow page 99. Totals (Lines 0 through 0 plus 98) (Line above),69,846 9,59, FSLSO RESTRICTED SURPLUS 4,57,56 4,044, Summary of remaining write-ins for Line 7 from overflow page 799. Totals (Lines 70 through 70 plus 798) (Line 7 above) 4,57,56 4,044, ACCUMULATED OTHER COMPREHENSIVE INCOME (860,468) (860,468) Summary of remaining write-ins for Line 0 from overflow page 099. Totals (Lines 00 through 00 plus 098) (Line 0 above) (860,468) (860,468)

5 STATEMENT OF INCOME Current Year to Date Prior Year to Date Prior Year Ended December UNDERWRITING INCOME. Premiums earned:. Direct (written $ 50,9,657 ) 64,464,7 887,5,8,79,8,0. Assumed (written $ ). Ceded (written $ 5,950,849 ) 78,44,040 98,,8 9,754,594.4 Net (written $ 467,4,808 ) 564,0,67 789,,595,56,67,56 DEDUCTIONS:. Losses incurred (current accident year $ 4,496,000 ):. Direct 4,98,40 98,78,5 8,85,45. Assumed. Ceded 8,04,94 (6,7,44) (,55,8).4 Net,98,06 04,999,59 85,97,77. Loss adjustment expenses incurred 9,46,87 8,00,44 5,697,66 4. Other underwriting expenses incurred 8,75,948 00,6,6 99,90, Aggregate write-ins for underwriting deductions 6. Total underwriting deductions (Lines through 5) 44,540,5 4,9,45,,05, Net income of protected cells 8. Net underwriting gain or (loss) (Line minus Line 6 + Line 7) 9,48, 445,99,450 95,60,748 INVESTMENT INCOME 9. Net investment income earned (,69,089) 6,80,99 9,97,6 0. Net realized capital gains (losses) less capital gains tax of $,474,465 6,8 (,87,7). Net investment gain (loss) (Lines 9 + 0) (64,64) 6,96,480 (8,944,507) OTHER INCOME. Net gain or (loss) from agents' or premium balances charged off (amount recovered $ 500 amount charged off $,804 ) (,04) (,998,94) (,950,5). Finance and service charges not included in premiums,667,80,,004 6,45,0 4. Aggregate write-ins for miscellaneous income,796,5 (,,80) (8,65,876) 5. Total other income (Lines through 4) 5,45,7 (,78,70) (,865,77) 6. Net income before dividends to policyholders after capital gains tax and before all other federal and foreign income taxes (Lines ) 4,770,49 480,687,560 79,79,86 7. Dividends to policyholders 8. Net income, after dividends to policyholders after capital gains tax and before all other federal and foreign income taxes (Line 6 minus Line 7) 4,770,49 480,687,560 79,79,86 9. Federal and foreign income taxes incurred 0. Net income (Line 8 minus Line 9)(to Line ) 4,770,49 480,687,560 79,79,86 CAPITAL AND SURPLUS ACCOUNT. Surplus as regards policyholders, December prior year,70,77,848,64,08,0,64,08,0. Net income (from Line 0) 4,770,49 480,687,560 79,79,86. Net transfers (to) from Protected Cell accounts 4. Change in net unrealized capital gains or (losses) less capital gains tax of $,96,57,96,57 5. Change in net unrealized foreign exchange capital gain (loss) 6. Change in net deferred income tax 7. Change in nonadmitted assets 6,4,48,9,840 (7,79,6) 8. Change in provision for reinsurance 6,499, 9. Change in surplus notes 0. Surplus (contributed to) withdrawn from protected cells. Cumulative effect of changes in accounting principles. Capital changes:. Paid in. Transferred from surplus (Stock Dividend). Transferred to surplus. Surplus adjustments:. Paid in. Transferred to capital (Stock Dividend). Transferred from capital 4. Net remittances from or (to) Home Office 5. Dividends to stockholders 6. Change in treasury stock 7. Aggregate write-ins for gains and losses in surplus (860,468) 8. Change in surplus as regards policyholders (Lines through 7),8, ,57,97 57,565,78 9. Surplus as regards policyholders, as of statement date (Lines plus 8),50,957,55,9,76,057,70,77,848 DETAILS OF WRITE-INS Summary of remaining write-ins for Line 5 from overflow page TOTALS (Lines 050 through 050 plus 0598) (Line 5 above) 40. TAKE-OUT BONUS (DEPOPULATION) 7,58,45 (75,8) 85, BAD DEBT RECOVERY/(WRITE OFF) OTHER THAN PREMIUM (46,409) (54) 40. LOC FEES AND NOTES ISSUED COSTS (,5,5) (578,9) (7,768,6) 498. Summary of remaining write-ins for Line 4 from overflow page (6,684) 9,50 (68,807) 499. TOTALS (Lines 40 through 40 plus 498) (Line 4 above),796,5 (,,80) (8,65,876) 70. CHANGE IN EXCESS ADDITIONAL PENSION LIABILITY OVER UNRECOGNIZED PRIOR SERVICE COSTS (860,468) Summary of remaining write-ins for Line 7 from overflow page 799. TOTALS (Lines 70 through 70 plus 798) (Line 7 above) (860,468) 4

6 CASH FLOW Current Year To Date Prior Year Ended December Cash from Operations. Premiums collected net of reinsurance 5,85,985,74,799,9. Net investment income (88,775,44) (69,58,869). Miscellaneous income (,4,0) 76,949,50 4. Total (Lines to ) 4,74,4,749,67, 5. Benefit and loss related payments 58,99, ,570, Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts 7. Commissions, expenses paid and aggregate write-ins for deductions 7,88, ,688,4 8. Dividends paid to policyholders 9. Federal and foreign income taxes paid (recovered) net of $ tax on capital gains (losses) 0. Total (Lines 5 through 9),8,496,0,58,0. Net cash from operations (Line 4 minus Line 0) 78,99, ,908,99 Cash from Investments. Proceeds from investments sold, matured or repaid:. Bonds 0,954,50 4,5,07,747. Stocks. Mortgage loans.4 Real estate.5 Other invested assets.6 Net gains or (losses) on cash, cash equivalents and short-term investments 4,5,59 7,856,859.7 Miscellaneous proceeds.8 Total investment proceeds (Lines. to.7) 5,05,660 4,4,874,606. Cost of investments acquired (long-term only):. Bonds 5,85,469,56,65,88. Stocks. Mortgage loans.4 Real estate.5 Other invested assets.6 Miscellaneous applications.7 Total investments acquired (Lines. to.6) 5,85,469,56,65,88 4. Net increase (or decrease) in contract loans and premium notes 5. Net cash from investments (Line.8 minus Line.7 and Line 4) 7,70,9 580,,75 Cash from Financing and Miscellaneous Sources 6. Cash provided (applied): 6. Surplus notes, capital notes 6. Capital and paid in surplus, less treasury stock (47,089) 47,478,0 6. Borrowed funds (,050,000,000) 6.4 Net deposits on deposit-type contracts and other insurance liabilities 6.5 Dividends to stockholders 6.6 Other cash provided (applied) 54,65,876 (40,87,50) 7. Net cash from financing and miscellaneous sources (Line 6. through Line 6.4 minus Line 6.5 plus Line 6.6) 54,405,787 (,04,9,00) RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 8. Net change in cash, cash equivalents and short-term investments (Line, plus Lines 5 and 7) 04,705,7 (,96,6,) 9. Cash, cash equivalents and short-term investments: 9. Beginning of year 5,46,,08 7,77,58,5 9. End of period (Line 8 plus Line 9.) 5,766,07,76 5,46,,08 5

7 NOTES TO FINANCIAL STATEMENTS Note - Summary of Significant Accounting Policies A. Accounting Practices No significant changes. B. Use of Estimates in the Preparation of the Financial Statements No significant changes. C. Accounting Policies No significant changes. Note - Accounting Changes and Correction of Errors A. Accounting Changes Other than Codification and Correction of Errors Note Business Combinations and Goodwill A. Statutory Purchase Method B. Statutory Merger No significant changes. C. Impairment Loss Note 4 Discontinued Operations Note 5 Investments A. Mortgage Loans - B. Troubled Debt Restructuring for Creditors - C. Reverse Mortgages - D. Loan Backed Securities No significant changes. E. Repurchase Agreements - F. Real Estate - G. Low Income Housing Tax Credits Note 6 Joint Ventures, Partnerships and Limited Liability Companies A. Detail for Those Greater than 0% of Admitted Assets - B. Writedowns for Impairment of Joint Ventures, Partnerships and LLCs Note 7 Investment Income A. Accrued Investment Income No significant changes. 6

8 NOTES TO FINANCIAL STATEMENTS B. Amounts Nonadmitted Note 8 Derivative Instruments Note 9 Income Taxes No significant changes. Note 0 Information Concerning Parent, Subsidiaries and Affiliates Not applicable Note Debt No significant changes. Note Retirement Plans, Deferred Compensation, Post Employment Benefits, Compensated Absences and Other Postretirement Benefit Plans A. Defined Benefit Plans - No significant changes. B. Defined Contribution Plans - No significant changes. C. Multi-employer Plans D. Consolidated/Holding Company Plans E. Post employment Benefits and Compensated Absences - No significant changes. F. Impact of Medicare Modernization Act on Postretirement Benefits (INT 04-7) Not Applicable. Note Capital and Surplus, Shareholders Dividend Restrictions and Quasi-Reorganizations Not applicable (see note B). Note 4 Contingencies A. Contingent Commitments - B. Assessments - C. Gain Contingencies D. Claims Related Extra Contractual Obligation and Bad Faith Losses Stemming from Lawsuits E. All Other Contingencies and Writedowns for Impairment - No significant changes. 6.

9 NOTES TO FINANCIAL STATEMENTS Note 5 - Leases A. Lessee Leasing Arrangements - No significant changes. B. Lessor Leasing Arrangements Note 6 Information About Financial Instruments With Off-Balance Sheet Risk and Financial instruments with Concentrations of Credit Risk. Note 7 Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities A. Transfers of Receivables Reported as Sales B. Transfers and Servicing of Financial Assets C. Wash Sales - Note 8 Gain or Loss from Uninsured Plans and the Uninsured Portion of Partially Insured Plans Note 9 Direct Premium Written/Produced by Managing General Agents/Third Party Administrators No significant changes. Note 0 Other Items A. Extraordinary items Not applicable B. Troubled Debt Restructuring for Debtors Not applicable C. Other Disclosures - No significant changes. D. Uncollectible Premiums Receivable - No significant changes. E. Business Interruption Insurance Recoveries F. State Transferable Tax Credits G. Hybrid Securities 6.

10 NOTES TO FINANCIAL STATEMENTS H. Subprime Mortgage Related Risk Exposure No significant changes. Note - Events Subsequent On May 7, 009, Citizens issued $,0,000 of High-Risk Account tax-exempt Senior Secured Bonds, Series 009A- and $65,000,000 of High-Risk Account tax-exempt Senior Secured bonds, Series 009A- for the purpose of funding losses in the event of a future catastrophe. The bond yields range from.65% to 5.7% per annum, payable June st and December st (the Series 009A- bonds also feature a May, 00 interest payment). The bonds are secured by pledged revenues which consist of moneys and investments held in accounts established under the trust indenture, proceeds from any regular assessment and/or reimbursements received from the FHCF. Note Reinsurance A. Unsecured Reinsurance Recoverables No significant changes. B. Reinsurance Recoverables in Dispute None. C. Reinsurance Assumed and Ceded None. D. Uncollectible Reinsurance None. E. Commutation of Ceded Reinsurance None. F. Retroactive Reinsurance None. G. Reinsurance Accounted for as a Deposit None. Note Retrospectively Rated Contracts and Contracts Subject to Redetermination Note 4 Changes in Incurred Losses and Loss Adjustment Expenses The estimated cost of loss and loss adjustment expenses attributable to insured events of prior years decreased by approximately $. million, net of reinsurance, during 009. Increases or decreases of this nature occur as a result of claim settlements during the current year, and as additional information is received regarding individual claims, causing changes from the original estimates of the cost of these claims. 009 Calendar Year Losses and LAE Incurred 009 Loss Year (000 s omitted) Lines of Business Losses and LAE Incurred Shortage (Redundancy) Losses Incurred LAE Incurred Totals Homeowners 75,77 4,460 90,87 84,5 5,85 Fire and Allied Lines 58, 4,966 7,77 80,75 (7,98) Totals,98 9,46 6,64 64,70 (,46) Note 5 Intercompany Pooling Arrangements Note 6 Structured Settlements 6.

11 Note 7 Health Care Receivables NOTES TO FINANCIAL STATEMENTS Note 8 Participating Policies Note 9 Premium Deficiency Reserves Note 0 High Deductibles Note Discounting of Liabilities for Unpaid Losses or Unpaid Loss Adjustment Expenses Note Asbestos and Environmental Reserves Note Subscriber Savings Accounts Note 4 Multiple Peril Crop Insurance 6.4

12 GENERAL INTERROGATORIES (Responses to these interrogatories should be based on changes that have occurred since prior-year, end unless otherwise noted.) PART - COMMON INTERROGATORIES GENERAL. Did the reporting entity experience any material transactions requiring the filing of Disclosure of Material Transactions with the State of Domicile, as required by the Model Act? Yes [ ] No [X]. If yes, has the report been filed with the domiciliary state? Yes [ ] No [ ]. Has any change been made during the year of this statement in the charter, by-laws, articles of incorporation, or deed of settlement of the reporting entity? Yes [ ] No [X]. If yes, date of change:. Have there been any substantial changes in the organizational chart since the prior quarter end? Yes [ ] No [X] If yes, complete the Schedule Y - Part - organizational chart. 4. Has the reporting entity been a party to a merger or consolidation during the period covered by this statement? Yes [ ] No [X] 4. If yes, provide the name of entity, NAIC Company Code, and state of domicile (use two letter state abbreviation) for any entity that has ceased to exist as a result of the merger or consolidation. Name of Entity NAIC Company Code State of Domicile 5. If the reporting entity is subject to a management agreement, including third-party administrator(s), managing general agent(s), attorney-infact, or similar agreement, have there been any significant changes regarding the terms of the agreement or principals involved? Yes [ ] No [X] NA [ ] If yes, attach an explanation. 6. State as of what date the latest financial examination of the reporting entity was made or is being made. 6. State the as of date that the latest financial examination report became available from either the state of domicile or the reporting entity. This date should be the date of the examined balance sheet and not the date the report was completed or released. 6. State as of what date the latest financial examination report became available to other states or the public from either the state of domicile or the reporting entity. This is the release date or completion date of the examination report and not the date of the examination (balance sheet date). 6.4 By what department or departments? 6.5 Have all financial statement adjustments within the latest financial examination report been accounted for in a subsequent financial statement filed with Departments? Yes [ ] No [ ] NA [X] 6.6 Have all of the recommendations within the latest financial examination report been complied with? Yes [ ] No [ ] NA [ ] 7. Has this reporting entity had any Certificates of Authority, licenses or registrations (including corporate registration, if applicable) suspended or revoked by any governmental entity during the reporting period? Yes [ ] No [X] 7. If yes, give full information: 8. Is the company a subsidiary of a bank holding company regulated by the Federal Reserve Board? Yes [ ] No [X] 8. If response to 8. is yes, please identify the name of the bank holding company. 8. Is the company affiliated with one or more banks, thrifts or securities firms? Yes [ ] No [X] 8.4 If response to 8. is yes, please provide below the names and location (city and state of the main office) of any affiliates regulated by a federal regulatory services agency [i.e. the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), the Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC)] and identify the affiliate s primary federal regulator.] Affiliate Name Location (City, State) FRB 4 OCC 5 OTS 6 FDIC 7 SEC 7

13 GENERAL INTERROGATORIES 9. Are the senior officers (principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions) of the reporting entity subject to a code of ethics, which includes the following standards? Yes [X] No [ ] (a) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (b) Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the reporting entity; (c) Compliance with applicable governmental laws, rules and regulations; (d) The prompt internal reporting of violations to an appropriate person or persons identified in the code; and (e) Accountability for adherence to the code. 9. If the response to 9. is No, please explain: 9. Has the code of ethics for senior managers been amended? Yes [ ] No [X] 9. If the response to 9. is Yes, provide information related to amendment(s). 9. Have any provisions of the code of ethics been waived for any of the specified officers? Yes [ ] No [X] 9. If the response to 9. is Yes, provide the nature of any waiver(s). FINANCIAL 0. Does the reporting entity report any amounts due from parent, subsidiaries or affiliates on Page of this statement? Yes [X] No [ ] 0. If yes, indicate any amounts receivable from parent included in the Page amount: $ INVESTMENT. Were any of the stocks, bonds, or other assets of the reporting entity loaned, placed under option agreement, or otherwise made available for use by another person? (Exclude securities under securities lending agreements.) Yes [ ] No [X]. If yes, give full and complete information relating thereto:. Amount of real estate and mortgages held in other invested assets in Schedule BA: $. Amount of real estate and mortgages held in short-term investments: $ 4. Does the reporting entity have any investments in parent, subsidiaries and affiliates? Yes [ ] No [X] 4. If yes, please complete the following: Prior Year-End Book/Adjusted Carrying Value 4. Bonds $ $ 4. Preferred Stock $ $ 4. Common Stock $ $ 4.4 Short-Term Investments $ $ 4.5 Mortgage Loans on Real Estate $ $ 4.6 All Other $ $ 4.7 Total Investment in Parent, Subsidiaries and Affiliates (Subtotal Lines 4. to 4.6) $ $ 4.8 Total Investment in Parent included in Lines 4. to 4.6 above $ $ Current Quarter Book/Adjusted Carrying Value 5. Has the reporting entity entered into any hedging transactions reported on Schedule DB? Yes [ ] No [X] 5. If yes, has a comprehensive description of the hedging program been made available to the domiciliary state? Yes [ ] No [ ] If no, attach a description with this statement. 7.

14 GENERAL INTERROGATORIES 6. Excluding items in Schedule E Part Special Deposits, real estate, mortgage loans and investments held physically in the reporting entity s offices, vaults or safety deposit boxes, were all stocks, bonds and other securities, owned throughout the current year held pursuant to a custodial agreement with a qualified bank or trust company in accordance with Section, III Conducting Examinations, F - Custodial or Safekeeping Agreements of the NAIC Financial Condition Examiners Handbook? Yes [X] No [ ] 6. For all agreements that comply with the requirements of the NAIC Financial Condition Examiners Handbook, complete the following: BNY MELLON BANK, N.A. Name of Custodian(s) Custodian Address ONE MELLON CENTER 500 GRANT STREET, SUITE 5 PITTSBURGH, PA For all agreements that do not comply with the requirements of the NAIC Financial Condition Examiners Handbook, provide the name, location and a complete explanation: Name(s) Location(s) Complete Explanation(s) 6. Have there been any changes, including name changes, in the custodian(s) identified in 6. during the current quarter? Yes [ ] No [X] 6.4 If yes, give full and complete information relating thereto: Old Custodian New Custodian Date of Change 4 Reason 6.5 Identify all investment advisors, brokers/dealers or individuals acting on behalf of broker/dealers that have access to the investment accounts, handle securities and have authority to make investments on behalf of the reporting entity: Central Registration Depository Name(s) Address MBIA ASSET MANAGEMENT KING STREET, ARMONK, NY Have all the filing requirements of the Purposes and Procedures Manual of the NAIC Securities Valuation Office been followed? Yes [X] No [ ] 7. If no, list exceptions: 7.

15 GENERAL INTERROGATORIES (Responses to these interrogatories should be based on changes that have occurred since prior year end unless otherwise noted.) PART - PROPERTY & CASUALTY INTERROGATORIES. If the reporting entity is a member of a pooling arrangement, did the agreement or the reporting entity's participation change? Yes [ ] No [ ] NA [X] If yes, attach an explanation.. Has the reporting entity reinsured any risk with any other reporting entity and agreed to release such entity from liability, in whole or in part, from any loss that may occur on the risk, or portion thereof, reinsured? Yes [ ] No [X] If yes, attach an explanation.. Have any of the reporting entity's primary reinsurance contracts been canceled? Yes [ ] No [X]. If yes, give full and complete information thereto. 4. Are any of the liabilities for unpaid losses and loss adjustment expenses other than certain workers' compensation tabular reserves (see Annual Statement Instructions pertaining to disclosure of discounting for definition of tabular reserves, ) discounted at a rate of interest greater than zero? Yes [ ] No [X] 4. If yes, complete the following schedule: Line of Business Maximum Interest Discount Rate 4 Unpaid Losses TOTAL DISCOUNT 5 6 Unpaid LAE IBNR 7 TOTAL DISCOUNT TAKEN DURING PERIOD Unpaid Unpaid Losses LAE IBNR TOTAL TOTAL 8

16 NAIC Company Code Federal ID Number SCHEDULE F CEDED REINSURANCE Showing All New Reinsurers - Current Year to Date 4 5 Is Insurer Authorized? (Yes or No) Name of Reinsurer Location AFFILIATES US INSURERS FEDERATED NATIONAL INSURANCE CO. PO BOX#4079 FT LAUDERDALE,FL 40 Yes CAPITOL PREFERRED INSURANCE CO. PO BOX#5409 TALLAHASSEE, FL Yes SOUTHERN FIDELITY INS CO. PO BOX#609 TALLAHASSEE, FL Yes POOLS AND ASSOCIATIONS ALL OTHER INSURERS 9

17 States, etc. STATEMENT AS OF MARCH, 009 OF THE Citizens Property Insurance Corporation SCHEDULE T - EXHIBIT OF PREMIUMS WRITTEN Current Year to Date - Allocated by States and Territories Direct Premiums Written Direct Losses Paid (Deducting Salvage) Direct Losses Unpaid Active Status Current Year To Date Prior Year To Date Current Year To Date Prior Year To Date Current Year To Date Prior Year To Date. Alabama AL N. Alaska AK N. Arizona AZ N 4. Arkansas AR N 5. California CA N 6. Colorado CO N 7. Connecticut CT N 8. Delaware DE N 9. District of Columbia DC N 0. Florida FL N 50,9,657 74,07,488 49,49,4 4,657,769 86,7,58 85,898,4. Georgia GA N. Hawaii HI N. Idaho ID N 4. Illinois IL N 5. Indiana IN N 6. Iowa IA N 7. Kansas KS N 8. Kentucky KY N 9. Louisiana LA N 0. Maine ME N. Maryland MD N. Massachusetts MA N. Michigan MI N 4. Minnesota MN N 5. Mississippi MS N 6. Missouri MO N 7. Montana MT N 8. Nebraska NE N 9. Nevada NV N 0. New Hampshire NH N. New Jersey NJ N. New Mexico NM N. New York NY N 4. North Carolina NC N 5. North Dakota ND N 6. Ohio OH N 7. Oklahoma OK N 8. Oregon OR N 9. Pennsylvania PA N 40. Rhode Island RI N 4. South Carolina SC N 4. South Dakota SD N 4. Tennessee TN N 44. Texas TX N 45. Utah UT N 46. Vermont VT N 47. Virginia VA N 48. Washington WA N 49. West Virginia WV N 50. Wisconsin WI N 5. Wyoming WY N 5. American Samoa AS N 5. Guam GU N 54. Puerto Rico PR N 55. U.S. Virgin Islands VI N 56. Northern Mariana Islands MP N 57. Canada CN N 58. Aggregate Other Alien OT XXX 59. Totals (a) 0 50,9,657 74,07,488 49,49,4 4,657,769 86,7,58 85,898,4 DETAILS OF WRITE-INS 580. XXX 580. XXX 580. XXX Summary of remaining writeins for Line 58 from overflow page Totals (Lines 580 through 580 plus 5898) (Line 58 above) (a) Insert the number of L responses except for Canada and Other Alien. XXX XXX 0

18 SCHEDULE Y - INFORMATION CONCERNING ACTIVITIES OF INSURER MEMBERS OF A HOLDING COMPANY GROUP PART - ORGANIZATIONAL CHART

19 PART - LOSS EXPERIENCE Direct Premiums Earned Current Year to Date 4 Direct Losses Direct Loss Incurred Percentage Prior Year to Date Direct Loss Percentage Line of Business. Fire 40,0,64 8,047, Allied lines 59,489,690 5,66, Farmowners multiple peril 4. Homeowners multiple peril 4,67,8 78,7, Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability -occurrence. Medical professional liability -claims made. Earthquake. Group accident and health 4. Credit accident and health 5. Other accident and health 6. Workers compensation 7. Other liability occurrence 7. Other liability-claims made 8. Products liability-occurrence 8. Products liability-claims made 9.,9. Private passenger auto liability 9.,9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils). Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 0. Warranty. Reinsurance - Nonproportional Assumed Property XXX XXX XXX XXX. Reinsurance - Nonproportional Assumed Liability XXX XXX XXX XXX. Reinsurance - Nonproportional Assumed Financial Lines XXX XXX XXX XXX 4. Aggregate write-ins for other lines of business 5. TOTALS 64,464,7 4,98,40.. DETAILS OF WRITE-INS Sum. of remaining write-ins for Line 4 from overflow page 499. Totals (Lines 40 through 40 plus 498) (Line 4) PART - DIRECT PREMIUMS WRITTEN Current Quarter Current Year to Date Prior Year Year to Date Line of Business. Fire 9,4,99 9,4,99 46,0,657. Allied Lines 88,40,00 88,40,00 409,55,87. Farmowners multiple peril 4. Homeowners multiple peril 9,469,566 9,469,566 85,489, Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability -occurrence. Medical professional liability -claims made. Earthquake. Group accident and health 4. Credit accident and health 5. Other accident and health 6. Workers compensation 7. Other liability occurrence 7. Other liability-claims made 8. Products liability-occurrence 8. Products liability-claims made 9.,9. Private passenger auto liability 9.,9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils). Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 0. Warranty. Reinsurance - Nonproportional Assumed Property XXX XXX XXX. Reinsurance - Nonproportional Assumed Liability XXX XXX XXX. Reinsurance - Nonproportional Assumed Financial Lines XXX XXX XXX 4. Aggregate write-ins for other lines of business 5. TOTALS 50,9,657 50,9,657 74,07,488 DETAILS OF WRITE-INS Sum. of remaining write-ins for Line 4 from overflow page 499. Totals (Lines 40 through 40 plus 498) (Line 4)

20 PART (000 omitted) LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES SCHEDULE Years in Which Losses Occurred Prior Year-End Known Case Loss and LAE Reserves Prior Year-End IBNR Loss and LAE Reserves Total Prior Year-End Loss and LAE Reserves (Cols. + ) 009 Loss and LAE Payments on Claims Reported as of Prior Year-End 009 Loss and LAE Payments on Claims Unreported as of Prior Year-End Total 009 Loss and LAE Payments (Cols ) Q.S. Date Known Case Loss and LAE Reserves on Claims Reported and Open as of Prior Year-End Q.S. Date Known Case Loss and LAE Reserves on Claims Reported or Reopened Subsequent to Prior Year-End Q.S. Date IBNR Loss and LAE Reserves Total Q.S. Loss and LAE Reserves (Cols ) Prior Year-End Known Case Loss and LAE Reserves Developed (Savings)/ Deficiency (Cols minus Col. ) Prior Year-End IBNR Loss and LAE Reserves Developed (Savings)/ Deficiency (Cols minus Col. ) Prior Year-End Total Loss and LAE Reserve Developed (Savings)/ Deficiency (Cols. + ) Prior 47,667 64,676,4 4,50 4,50 6,040 55,64 8,680,7 (9,05) (6,) ,46 47,44,589 0,57 0,57 66,559 7,94 0,75,57 (0,050),50. Subtotals prior,0,99 44,9 44,708 44,708 9,598 9,84 85,4 4,9 (9,085) (4,79) ,44 59,9 46,5 8,97 8,97 5,,7 46,58 5,94 (47,847), Subtotals prior 90,47 47,09 86,465 8,05 8,05 7, ,07 7,06 65,587 (66,9) (,45) XXX XXX XXX XXX 0,85 0,85 XXX 6,706 97,78,884 XXX XXX XXX 7. Totals 90,47 47,09 86,465 8,05 0,85 58,90 7,909 6,706 50,85 865,900 65,587 (66,9) (,45) 8. Prior Year-End Surplus As Regards Policyholders,70,774 Col., Line 7 As % of Col., Line 7 Col., Line 7 As % of Col., Line 7 Col., Line 7 As % of Col., Line (4.). (0.) Col., Line 7 Line

21 SUPPLEMENTAL EXHIBITS AND SCHEDULES INTERROGATORIES The following supplemental reports are required to be filed as part of your statement filing. However, in the event that your company does not transact the type of business for which the special report must be filed, your response of NO to the specific interrogatory will be accepted in lieu of filing on NONE report and a bar code will be printed below. If the supplement is required of your company but is not being filed for whatever reason enter SEE EXPLANATION and provide an explanation following the interrogatory questions. RESPONSE. Will the Trusteed Surplus Statement be filed with the state of domicile and the NAIC with this statement? NO. Will Supplement A to Schedule T (Medical Professional Liability Supplement) be filed with this statement? NO. Will the Medicare Part D Coverage Supplement be filed with the state of domicile and the NAIC with this statement? NO Explanation:... Bar Code:. * *. * *. * * 4

22 OVERFLOW PAGE FOR WRITE-INS PQ004 Additional Aggregate Lines for Page 04 Line 4. *STMTINCOME Current Year to Date Prior Year to Date Prior Year Ended December 404. OTHER INCOME/(EXPENSE) (6,684) 9,50 (68,807) Summary of remaining write-ins for Line 4 from Page 04 (6,684) 9,50 (68,807) 5

23 SCHEDULE A VERIFICATION Real Estate. Book/adjusted carrying value, December of prior year. Cost of acquired:. Actual cost at time of acquisition. Additional investment made after acquisition NONE. Current year change in encumbrances 4. Total gain (loss) on disposals 5. Deduct amounts received on disposals 6. Total foreign exchange change in book/adjusted carrying value 7. Deduct current year s other than temporary impairment recognized 8. Deduct current year s depreciation 9. Book/adjusted carrying value at the end of current period (Lines ) 0. Deduct total nonadmitted amounts. Statement value at end of current period (Line 9 minus Line 0) Year To Date Prior Year Ended December SCHEDULE B VERIFICATION Mortgage Loans. Book value/recorded investment excluding accrued interest, December of prior year. Cost of acquired:.. Actual cost at time of acquisition.. Additional investment made after acquisition. Capitalized deferred interest and other 4. Accrual of discount NONE 5. Unrealized valuation increase (decrease) 6. Total gain (loss) on disposals 7. Deduct amounts received on disposals 8. Deduct amortization of premium and mortgage interest points and commitment fees 9. Total foreign exchange change in book value/recorded investment excluding accrued interest 0. Deduct current year s other than temporary impairment recognized. Book value/recorded investment excluding accrued interest at end of current period (Lines ). Total valuation allowance. Subtotal (Line plus Line ) 4. Deduct total nonadmitted accounts 5. Statement value at end of current period (Line minus Line 4) Year To Date Prior Year Ended December SCHEDULE BA VERIFICATION Other Long-Term Invested Assets. Book/adjusted carrying value, December of prior year. Cost of acquired:.. Actual cost at time of acquisition.. Additional investment made after acquisition. Capitalized deferred interest and other NONE 4. Accrual of discount 5. Unrealized valuation increase (decrease) 6. Total gain (loss) on disposals 7. Deduct amounts received on disposals 8. Deduct amortization of premium and depreciation 9. Total foreign exchange change in book/adjusted carrying value 0. Deduct current year s other than temporary impairment recognized. Book/adjusted carrying value at end of current period (Lines ). Deduct total nonadmitted amounts. Statement value at end of current period (Line minus Line ) Year To Date Prior Year Ended December SCHEDULE D VERIFICATION Bonds and Stocks Prior Year Ended Year To Date December. Book/adjusted carrying value of bonds and stocks, December of prior year,878,876,8,50,7,70. Cost of bonds and stocks acquired 5,85,47,56,65,88. Accrual of discount 90,97,87, Unrealized valuation increase (decrease),96,56 5. Total gain (loss) on disposals (,764,00) (4,574,6) 6. Deduct consideration for bonds and stocks disposed of 0,954,50 4,5,07, Deduct amortization of premium 6,576,56 8. Total foreign exchange change in book/adjusted carrying value 9. Deduct current year s other than temporary impairment recognized 48,8, Book/adjusted carrying value at end of current period (Lines ),80,47,94,878,876,8. Deduct total nonadmitted amounts,40,97,588,05. Statement value at end of current period (Line 0 minus Line ),796,906,467,865,88,66 SI0

24 Book/Adjusted Carrying Value Beginning of Current Quarter SCHEDULE D - PART B Showing the Acquisitions, Dispositions and Non-Trading Activity During the Current Quarter for all Bonds and Preferred Stock by Rating Class 4 Non-Trading Acquisitions Dispositions Activity During During During Current Quarter Current Quarter Current Quarter 5 Book/Adjusted Carrying Value End of First Quarter 6 Book/Adjusted Carrying Value End of Second Quarter 7 Book/Adjusted Carrying Value End of Third Quarter 8 Book/Adjusted Carrying Value December Prior Year BONDS. Class (a) 7,5,849,00,469,464,0,007,64,679 (7,48,88) 7,780,04,758 7,5,849,00. Class (a) 9,678,784 6,000,000,06,87 5,985,655 9,678,784. Class (a) 4. Class 4 (a) 5. Class 5 (a),040,000,040, Class 6 (a) 6,79,057 6,95,94 (,06,7) 78,759,9 6,79, Total Bonds 7,67,66,85,469,464,0,00,577,97 (4,6,8) 8,086,989,805 7,67,66,85 PREFERRED STOCK 8. Class 9. Class 0. Class. Class 4. Class 5. Class 6 4. Total Preferred Stock 5. Total Bonds & Preferred Stock 7,67,66,85,469,464,0,00,577,97 (4,6,8) 8,086,989,805 7,67,66,85 (a) Book/Adjusted Carrying Value column for the end of the current reporting period includes the following amount of non-rated short-term and cash equivalent bonds by NAIC designation: NAIC $ ; NAIC $ ; NAIC $ ; NAIC 4 $ ; NAIC 5 $ ; NAIC 6 $

25 SCHEDULE DA - PART Short-Term Investments Book/Adjusted Carrying Value Par Value Actual Cost 4 Interest Collected Year To Date 5 Paid for Accrued Interest Year To Date ,079,9,7 XXX 6,50,05,6 8,,684 9,98 SCHEDULE DA - VERIFICATION Short-Term Investments Year To Date Prior Year Ended December. Book/adjusted carrying value, December of prior year 5,5,478,46 4,789,560,79. Cost of short-term investments acquired,576,475,67,65,08,05. Accrual of discount 4,569,887,85, Unrealized valuation increase (decrease) 5. Total gain (loss) on disposals 4,5,59 7,856, Deduct consideration received on disposals,09,48,669 0,74,90,0 7. Deduct amortization of premium,67 0, Total foreign exchange change in book/adjusted carrying value 9. Deduct current year s other than temporary impairment recognized 56,85, Book/adjusted carrying value at end of current period (Lines ) 6,079,9,7 5,5,478,46. Deduct total nonadmitted amounts 55,564,9 6,654,4. Statement value at end of current period (Line 0 minus Line ) 5,8,77,74 5,7,84, SI0

26 Schedule DB - Part F - Section NONE Schedule DB - Part F - Section NONE SI04, SI05

27 SCHEDULE E - VERIFICATION (Cash Equivalents) Year To Date Prior Year Ended December. Book/adjusted carrying value, December of prior year 49,684,08,89,890,84. Cost of cash equivalents acquired,9,49,65. Accrual of discount 4,58,09 4. Unrealized valuation increase (decrease) 5. Total gain (loss) on disposals 6. Deduct consideration received on disposals 49,684,08 5,474,80, Deduct amortization of premium 8. Total foreign exchange change in book/adjusted carrying value 9. Deduct current year s other than temporary impairment recognized 0. Book/adjusted carrying value at end of current period (Lines ) 49,684,08. Deduct total nonadmitted amounts. Statement value at end of current period (Line 0 minus Line ) 49,684,08 SI06

28 Schedule A - Part NONE Schedule A - Part NONE Schedule B - Part NONE Schedule B - Part NONE Schedule BA - Part NONE Schedule BA - Part NONE E0, E0, E0

29 SCHEDULE D - PART Show All Long-Term Bonds and Stock Acquired During the Current Quarter CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value Paid for Accrued Interest and Dividends NAIC Designation or Market Indicator (a) Bonds - U.S. Governments 8X8-HJ-4 FEDERAL HOME LOAN MORTGAGE CORP 0/9/009 BNY/MIZUHO SECURITIE 0,00,55 0,000,000 7,4 G-FD-6 FEDERAL FARM CREDIT BANK 0/0/009 MORGAN J P SECS INC, 0,008,970 0,000,000,947 G-KE-8 FEDERAL FARM CREDIT BANK 0/06/009 FIRST TENNESSEE BK N 5,000,000 5,000,000 G-KM-0 FEDERAL FARM CREDIT BANK 0/08/009 MERRILL LYNCH GOVT S 0,000,000 0,000,000 Y-6Z-8 FEDERAL FARM CREDIT BANK 0/6/009 MORGAN J P SECS INC, 9,946,55 0,000, A-UW-0 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0//009 BNY/MIZUHO SECURITIE 9,994,70 0,000,000 0,84 98A-VE-9 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0/9/009 BARCLAYS CAP INC/BAR 9,998,550 0,000,000 4, Total - Bonds - U.S. Government 64,95,08 65,000,000 7,95 XXX Bonds - All Other Government Bonds - U.S. States, Territories and Possessions Bonds - U.S. Political Subdivisions of States, Territories and Possessions Bonds - U.S. Special Revenue Bonds - Industrial and Miscellaneous (Unaffiliated) 0580H-AA-4 AMERICAN EXPRESS BANK FSB 0/08/009 CITIGROUP GBL MKTS/S 5,06,645 5,000,000 7 FE 06050B-AB-7 BANK OF AMERICA CORP 0//009 BANC OF AMERICA SEC,00,650,000,000 4,40 FE 0605A-AB-7 BANK OF AMERICA NA 0/8/009 BNY/MIZUHO SECURITIE 4,06,80 4,000,000 7,64 FE 0605A-AF-8 BANK OF AMERICA NA 0//009 BANC OF AMERICA SEC 6,000,000 6,000,000 FE 74A-AA-0 CITIGROUP FUNDING INC 0//009 CITIGROUP GBL MKTS/S 5,000,000 5,000,000 FE 74J-AC-7 CITIBANK NA 0//009 CITIGROUP GBL MKTS/S 0,000,000 0,000,000 FE 6967H-AA-5 GENERAL ELECTRIC CAPITAL CORP 0/5/009 JEFFERIES & CO (BOND 6,55,750 6,500,000 6,84 FE 6967H-AC- GENERAL ELECTRIC CAPITAL CORP 0//009 CITIGROUP GBL MKTS/S,046,600,000,000 8,48 FE 6967H-AF-4 GENERAL ELECTRIC CAPITAL CORP 0/05/009 MORGAN STANLEY & CO,000,000,000,000 FE 6967H-AM-9 GENERAL ELECTRIC CAPITAL CORP 0/09/009 MORGAN STANLEY & CO,000,000,000,000 FE 846F-AB-7 GOLDMAN SACHS GROUP INC/THE 0/08/009 GOLDMAN SACHS GLOBAL 5,05,050 5,000,000,74 FE 846F-AG-6 GOLDMAN SACHS GROUP INC/THE 0//009 GOLDMAN SACHS GLOBAL 4,00,966 4,00,000,94 FE 846F-AJ-0 GOLDMAN SACHS GROUP INC/THE 0//009 GOLDMAN SACHS GLOBAL 4,000,000 4,000,000 FE 4847-AH-7 JPMORGAN CHASE & CO 0/8/009 JP MORGAN CHASE/JP M,000,000,000,000 FE 497G-AA-5 KEYCORP 0/0/009 BANC OF AMERICA SEC 0,0,900 0,000,000 59,54 FE 6757U-AL-4 MORGAN STANLEY 0/04/009 VARIOUS 0,04,0 0,000,000,78 FE AB-8 UNION BANK NA 0//009 FX- CREDIT SUISSE FI,000,000,000,000 FE 906X-FC- UBS AG/STAMFORD BRANCH F 0/07/009 UBS SECURITIES INC, 4,85,00 5,000,000 5,688 FE Totals - Bonds - Industrial and Miscellaneous (Unaffiliated) 88,884,6 88,700,000 7,54 XXX Bonds - Credit Tenant Loans Bonds - Hybrid Securities Bonds - Parent, Subsidiaries, and Affiliates Subtotals- Bonds - Part 5,85,469 5,700,000 64,709 XXX Subtotals - Bonds 5,85,469 5,700,000 64,709 XXX Preferred Stocks - Industrial and Miscellaneous Preferred Stocks - Parent, Subsidiaries, and Affiliates Common Stocks - Industrial and Miscellaneous Common Stocks - Parent, Subsidiaries, and Affiliates Common Stocks - Mutual Funds Common Stocks - Money Market Mutual Funds Totals 5,85,469 XXX 64,709 XXX (a) For all common stock bearing the NAIC market indicator "U" provide: the number of such issues.

30 SCHEDULE D - PART 4 Show All Long-Term Bonds and Stock Sold, Redeemed or Otherwise Disposed of During the Current Quarter Change in Book/Adjusted Carrying Value CUSIP Identification Description Bonds - U.S. Governments F o r e i g n Disposal Date Name of Purchaser Number of Shares of Stock Consideration Par Value Actual Cost Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) 65B-FE- GINNIE MAE I POOL 0/0/009 VARIOUS,05,05,07,064 () (),05 0/0/0 UNITED STATES TREASURY 987-4Y-5 INFLATION INDEXED 0/5/009 MATURITY 7,874,477 6,05,000 7,95,095 7,99, (64,855) (64,855) 7,874,477 5,568 0/5/ Totals - Bonds - U.S. Governments 7,875,50 6,06,05 7,96,67 7,940,96 (64,866) (64,866) 7,875,50 5,58 XXX XXX Bonds - All Other Governments Bonds - U.S. States, Territories and Possessions Bonds - U.S. Political Subdivisions of States, Territories and Possessions Bonds - U.S. Special Revenue and Special Assessment and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions 8V-BB-0 FREDDIE MAC GOLD POOL 0/0/009 VARIOUS 66, 66, 67,85 66,6 (0) (0) 66, 55 07/0/009 8G7-J- FREDDIE MAC GOLD POOL 0/0/009 PAYDOWN 9,006 9,006 9,070 9,044 (8) (8) 9,006 0/0/0 8GK-H9-8 FREDDIE MAC GOLD POOL 0/0/009 PAYDOWN () () /0/0 TM-YT-7 FREDDIE MAC REMICS 0/0/009 VARIOUS 5,0 5,0 6,56 5,49 (45) (45) 5,0 74 0/0/009 74G-C9-6 FANNIE MAE POOL 0/0/009 PAYDOWN (8) (8) /0/0 74T-QH-5 FANNIE MAE POOL 0/0/009 VARIOUS (4) (4) /0/04 8F-N4-8 FANNIE MAE POOL 0/0/009 PAYDOWN,56,56,55,56 (0) (0),56 /0/0 86W-4H-8 FANNIE MAE POOL 0/0/009 PAYDOWN,47,47,448,47 (0) (0),47 5 /0/ AE- FLORIDA EDUCATIONAL LOAN MARKETING CORP 0/5/009 CALL 00 60,000 60,000 60,75 60,00 (7) (7) 60,9 (9) (9) 956 /5/04 FE Totals - Bonds - U.S. Special Revenue and Special Assessment and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions 64,75 64,76 67,597 65,84 (55) (55) 65,08 (9) (9),85 XXX XXX Bonds - Industrial and Miscellaneous (Unaffiliated) ALLSTATE LIFE GLOBAL 000M-AQ-7 FUNDING TRUSTS 0//009 MATURITY,000,000,000,000,00,74,998,7,67,67,000,000,5 0//009 FE AMERICAN EXPRESS CREDIT 058M0-CG- Current Year s (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized 4 Total Change in B./A.C.V. (+-) 5 Total Foreign Exchange Change in B./A.C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal CORP 0/0/009 MATURITY 7,85,000 7,85,000 7,87,500 7,8,50,850,850 7,85,000 8,44 0/0/009 FE AMERICAN HONDA FINANCE CORP 0/09/009 MATURITY 5,000,000 5,000,000 5,00,460 4,999, ,000,000 8,070 0/09/009 FE 0666Q-XW T-KK-7 BANK OF AMERICA NA 0/7/009 MATURITY 5,000,000 5,000,000 4,989,78 4,999, ,000,000 7,569 0/7/009 FE CV-5 BANK OF AMERICA CORP 0/5/009 MATURITY,50,000,50,000,68,775,5,050 (,050) (,050),50,000 6,79 0/5/009 FE 558-AV-0 CIT GROUP INC 0/0/009 MATURITY,000,000,000,000,005,7,000,88 (88) (88),000,000 7,75 0/0/009 FE 775R-AA-0 CISCO SYSTEMS INC 0/0/009 MATURITY 8,495,000 8,495,000 8,504,46 8,496, (,) (,) 8,495,000 46,7 0/0/009 FE 7967-CH- CITIGROUP INC 0/09/009 MATURITY,50,000,50,000,09,450,48,0,979,979,50,000,656 0/09/009 FE 7967-DG- CITIGROUP INC 0/0/009 MATURITY,50,000,50,000,47,606,49, ,50,000,97 0/0/009 FE 70T0-DW-6 CITIGROUP FUNDING INC 0/0/009 MATURITY 5,50,000 5,50,000 5,54,6 5,50,740 (740) (740) 5,50,000 9,99 0/0/009 FE 99-BQ-6 COCA-COLA ENTERPRISES INC 0/04/009 JEFFERIES & CO (BOND 8,487,50 8,500,000 8,46,896 8,486,,484,484 8,488,604 (,54) (,54) 7,40 08/0/009 FE 8H-BD- COUNTRYWIDE FINANCIAL CORP 0/4/009 MATURITY 8,40,000 8,40,000 8,45,77 8,40,9 (9) (9) 8,40,000 6,00 0/4/009 FE 696G-T7-9 GENERAL ELECTRIC CAPITAL CORP 0/05/009 MATURITY 7,000,000 7,000,000 7,00,6 6,999,768 7,000,000 75,57 0/05/009 FE 696G-V8-4 GENERAL ELECTRIC CAPITAL CORP 0/6/009 MATURITY,400,000,400,000,400,066,99, ,400,000 6,864 0/6/009 FE 4049C-CT-7 HSBC FINANCE CORP 0/0/009 CHASE/GREENWICH CAP, 5,775,000 7,500,000 7,5,5 7,54,640 (85) (85) 7,54,55 (,79,55) (,79,55) 98,9 07/9/0 FE 4049C-GA-4 HSBC FINANCE CORP 0/7/009 MATURITY 60,000,000 60,000,000 59,98,480 59,996,047,95,95 60,000,000 89,84 0/7/009 FE 4856-AQ-9 HONEYWELL INTERNATIONAL INC 0//009 MATURITY 5,85,000 5,85,000 5,78,806 5,84, ,85,000 6,564 0//009 FE 4494E-AA-8 IBM INTERNATIONAL GROUP CAPITAL LLC 0//009 MATURITY,500,000,500,000,498,475,499, ,500,000 4,5 0//009 FE 4494E-AC-4 IBM INTERNATIONAL GROUP CAPITAL LLC 0//009 JEFFERIES & CO (BOND 9,06,90 9,000,000 9,000,000 9,000,000 9,000,000 6,90 6,90 06,0 07/9/009 FE GK- INTERNATIONAL BUSINESS MACHINES CORP 0/0/009 JEFFERIES & CO (BOND,9,500,000,000,88,766,86,0 6,65 6,65,8,466 00,04 00,04,77 07/8/0 FE 45974V-A5-7 INTERNATIONAL LEASE FINANCE CORP 0/0/009 CHASE/GREENWICH CAP,,7,500,500,000,47,75,480, ,48,4 (768,9) (768,9) 4,569 07/5/0 FE 597E-AJ- METROPOLITAN LIFE GLOBAL FUNDING I 0/7/009 MATURITY 4,000,000 4,000,000,979,596,996,50,750,750 4,000,000 0, 0/7/009 FE 6746B-AL-0 MORGAN STANLEY 0/5/009 MATURITY,00,000,00,000,0,509,098,877,,,00,000 40,688 0/5/009 FE 6495W-AB-9 NEW YORK LIFE GLOBAL FUNDING 0/5/009 MATURITY 8,500,000 8,500,000 8,657,675 8,50,96 (,96) (,96) 8,500,000 64,688 0/5/009 FE 8444-CF-7 SOUTHERN CALIFORNIA GAS CO 0/0/009 WACHOVIA CAPITAL MAR 6,87,900 6,40,000 6,86,744 6,98,,67,67 6,400,490 (,590) (,590) 8,47 /0/009 FE 907-BL- UNITED TECHNOLOGIES CORP 0/09/009 CALL 00,000,000,000,000,996,60,999, ,999, ,88 06/0/009 FE 94P-AN- UNITEDHEALTH GROUP INC 0/0/009 MATURITY 8,000,000 8,000,000 7,988,4 7,999, ,000,000 45,98 0/0/009 FE 94V-AH-7 VERIZON COMMUNICATIONS INC 0//009 JEFFERIES & CO (BOND 7,000,50 7,000,000 6,986,90 6,995,446,660,660 6,999,06,44,44 96,84 04/0/009 FE Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year Maturity Date NAIC Designation or Market Indicator (a)