CAWCD INSURANCE COMPANY, INC. (A Component Unit of Central Arizona Water Conservation District) Phoenix, Arizona

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1 (A Component Unit of Central Arizona Water Conservation District) Phoenix, Arizona FINANCIAL STATEMENTS

2 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 2 FINANCIAL STATEMENTS Balance Sheets... 5 Statements of Revenues, Expenses and Changes in Net Assets... 6 Statements of Cash Flows... 7 Notes to Financial Statements... 8

3 CliftonLarsonAllen LLP Independent Auditor s Report The Board of Directors CAWCD Insurance Company, Inc. Phoenix, Arizona We have audited the accompanying balance sheets of CAWCD Insurance Company, Inc. (the Company), a component unit of the Central Arizona Water Conservation District, as of, and the related statements of revenue, expenses and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CAWCD Insurance Company, Inc. as of, and the changes in its financial position and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 2 through 4 be presented to supplement the basic financial statements, such information although not a part of the basic financial statements is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical content. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing information for consistency with management s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of basic financial statements. However, we did not audit the information and express no opinion on it. a Phoenix, Arizona May 17,

4 MANAGEMENT S DISCUSSION AND ANALYSIS Introduction The following is management s discussion and analysis of the financial performance of the CAWCD Insurance Company, Inc. (the Company) for the years ended December 31, 2011 and The Company is organized and operated exclusively to support, benefit or carry out some or all of the purposes of Central Arizona Water Conservation District (CAWCD) and its other affiliated departments (Affiliates). In furtherance of such purposes, the Company provides or will enter into arrangements to insure various liability risks of CAWCD and its Affiliates. The financial statements of the Company consist of the Balance Sheets, Statements of Revenues, Expenses and Changes in Net Assets and the Statements of Cash Flows. The Balance Sheets present information on the Company s assets, liabilities and net assets. The Statements of Revenues, Expenses and Changes in Net Assets present information showing how the Company s net assets changed during the year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows which is shown by the Statements of Cash Flows. Balance Sheets Assets: Cash, cash equivalents and investments $ 5,514,182 $ 2,577,416 $ 2,286,771 Escrow deposit 10,000 10,000 10,000 Total assets $ 5,524,182 $ 2,587,416 $ 2,296,771 Liabilities: Reserve for losses and loss expense $ 1,563,009 $ 1,399,626 $ 1,391,468 Accrued expenses 47,587 46,433 44,723 Total liabilities 1,610,596 1,446,059 1,436,191 Net assets 3,913,586 1,141, ,580 Total liabilities and net assets $ 5,524,182 $ 2,587,416 $ 2,296,771 In 2011, increase in assets is primarily attributed to a $2,000,000 contribution by CAWCD, required by the Hawaii Insurance Division, for the health and benefits program. The health and benefits program is effective starting January 1, In 2010, increase in assets is primarily attributed to lower than anticipated cash payments of loss expenses. 2

5 MANAGEMENT S DISCUSSION AND ANALYSIS Reserves for losses and loss expense increased in 2011 and 2010 by $163,383 or 12% and $8,158 or 0.59% respectively. The 2011 increase on reserves is primarily due to the Company s health insurance stop loss risk. The increase in reserves for 2010 is primarily due to additional years of loss development and an increase in the provision for losses and loss adjustment expenses for current year claims for the Company s workers compensation and property risks. Revenue Premiums written $ 1,762,433 $ 1,351,350 $ 1,509,541 Premiums to third-party insurers 516, , ,023 Net premiums written 1,245, , ,518 Change in unearned premium - - 2,742 Net premium earned 1,245, , ,260 Investment income 5,455 11,549 17,250 Total revenue $ 1,251,118 $ 716,911 $ 940,510 The Company pays insurance premiums to third-party insurers on behalf of CAWCD. The Company s insurance premiums are estimated to provide for the projected ultimate losses for each policy year of the various liability risks of CAWCD and its affiliates, premiums the Company pays to third-party insurers and operating expenses. The Company s written premiums for 2011 increased by $411,083 or 30% from The increase is primarily due to the increase in health insurance stop-loss insurance and workers compensation premiums. Premiums to third-party insurers decreased ($129,218) or (20%) from The decrease is primarily due to a decrease in the re-insurance premiums. The investment income decreased by ($6,094) or (53%) in 2011 compared to 2010 primarily due to the decrease in interest rates. The Company s written premiums for 2010 was decreased by ($158,191) or (10%) from The decrease is primarily due to the decrease in workers compensation premium. Premiums to third-party insurers increased $56,965 or 10% from The increase is primarily due to an increase in the re-insurance premiums for property insurance. The investment income decreased by ($5,701) or (33%) in 2010 compared to 2009 primarily due to the decrease in interest rates Expenses Losses and loss expense $ 324,919 $ 274,976 $ 769,322 Operating expenses 153, , ,536 Total expenses $ 478,889 $ 436,134 $ 921,858 3

6 MANAGEMENT S DISCUSSION AND ANALYSIS The increase in losses and loss expense for 2011 is primarily due to an increase in reserves and lower than anticipated losses from prior years claims analysis. The decrease in loss and loss expense were less than the decrease in premiums written for 2010, when compared to 2009; resulting in an increase in net assets of $280,777 in 2010 compared to Net Assets Net assets: Restricted $ 2,250,000 $ 250,000 $ 250,000 Unrestricted 1,663, , ,580 $ 3,913,586 $ 1,141,357 $ 860,580 Change in net assets: Net assets, beginning of year $ 1,141,357 $ 860,580 $ 841,928 Change in net assets 2,772, ,777 18,652 Net assets, end of year $ 3,913,586 $ 1,141,357 $ 860,580 The increase in net assets for 2011 is primarily due to a $2,000,000 contribution by CAWCD and an increase in premiums written. Requests for Financial Information This financial report is designed to provide a general overview of the Company s finances. Questions concerning any of the information provided in this report or requests for additional financial information; contact Theodore C. Cooke, President at: Post Office Box Phoenix, Arizona

7 BALANCE SHEETS ASSETS ASSETS Cash and cash equivalents $ 5,119,265 $ 2,182,499 Escrow deposit 10,000 10,000 Certificate of deposit 394, ,917 TOTAL ASSETS $ 5,524,182 $ 2,587,416 LIABILITIES AND NET ASSETS LIABILITIES Accrued expenses $ 47,587 $ 46,433 Reserve for losses and loss adjustment expenses: Reported claims 321, ,991 Claims incurred but not reported 1,241,729 1,061,635 Total liabilities 1,610,596 1,446,059 NET ASSETS Restricted 2,250, ,000 Unrestricted 1,663, ,357 Total net assets 3,913,586 1,141,357 TOTAL LIABILITIES AND NET ASSETS $ 5,524,182 $ 2,587,416 The accompanying notes are an integral part of the financial statements. 5

8 STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Years Ended OPERATING REVENUES Premiums earned, net $ 1,245,663 $ 705,362 OPERATING EXPENSES Losses and loss expense 324, ,976 Other operating expenses 153, ,158 Total operating expenses 478, ,134 Operating income 766, ,228 NON-OPERATING ACTIVITY Contribution From CAWCD 2,000,000 - Investment income 5,455 11,549 CHANGE IN NET ASSETS 2,772, ,777 NET ASSETS, BEGINNING OF YEAR 1,141, ,580 NET ASSETS, END OF YEAR $ 3,913,586 $ 1,141,357 The accompanying notes are an integral part of the financial statements. 6

9 STATEMENTS OF CASH FLOWS Years Ended CASH FLOWS FROM OPERATING ACTIVITIES Premiums collected $ 1,245,663 $ 705,362 Losses and loss expenses paid (161,536) (266,818) Payment of management and administrative expenses (152,816) (159,448) Net cash provided by operating activities 931, ,096 CASH FLOWS PROVIDED BY INVESTING ACTIVITIES Interest income received 5,455 11,549 CASH FLOWS PROVIDED BY NONCAPITAL FINANCING ACTIVITIES Contribution From CAWCD 2,000,000 - NET INCREASE IN CASH AND CASH EQUIVALENTS 2,936, ,645 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,182,499 1,891,854 CASH AND CASH EQUIVALENTS, END OF YEAR $ 5,119,265 $ 2,182,499 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERTING ACTIVITIES: Operating income $ 766,774 $ 269,228 Adjustment to reconcile operating income to net cash provided by operating activities: Accrued expenses 1,154 1,710 Reserve for losses and loss adjustment expenses 163,383 8,158 NET CASH PROVIDED BY OPERATING ACTIVITITES $ 931,311 $ 279,096 The accompanying notes are an integral part of the financial statements. 7

10 NOTES TO FINANCIAL STATEMENTS NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Reporting Entity CAWCD Insurance Company, Inc. (the Company) is a blended component unit of the Central Arizona Water Conservation District (CAWCD). The primary objective in forming the Company is to provide stable insurance coverage by ensuring availability of appropriate coverage for lower layers of CAWCD s insurance program, controlling and managing the claims process, developing specific loss prevention/loss control services, and stabilizing the changes in selfinsured retention, perils covered and premiums charged for CAWCD s insurance program. The Company was incorporated under the laws of the State of Hawaii and formed to be a nonprofit captive insurance company pursuant to Article 19 of Chapter 431 of the Hawaii Revised Statues. The Company received its Certificate of Authority from the Hawaii Insurance Division on December 18, The Certificate of Authority enables the Company to operate as a captive insurance company in the State of Hawaii. CAWCD is the sole member of the Company and was initially capitalized with $350,000. The Company insures the following risks, by policy, for the period January 1, 2010 to January 1, 2012: Type of Risk Workers compensation Public officials liability, including employment practices liability Property Automobile liability General liability Fiduciary Police professional liability Non-owned aircraft liability Health Insurance Stop Loss Coverage Limits $2,000,000 per occurrence, no annual aggregate except $2,000,000 annual aggregate for disease only $2,000,000 per claim, no annual aggregate on a claims-made basis $2,000,000 per occurrence, no annual aggregate $2,000,000 per occurrence, no annual aggregate $2,000,000 per occurrence, annual aggregate $2,000,000 annual aggregate limit on a claims-made basis $2,000,000 per claim, $2,000,000 annual aggregate on a claims-made basis $2,000,000 per occurrence, no annual aggregate $1,000,000 in excess of $125,000 per covered units and an annual aggregate excess of loss of $2,000,000 per policy (effective for the period January 1, 2011 to January 1, 2012.). 8

11 NOTES TO FINANCIAL STATEMENTS NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Basis of Accounting The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America as applicable to an enterprise fund of a governmental unit. Accordingly, the accrual basis of accounting is utilized, whereby revenues are recorded when they are earned, and expenses are recorded when the liability is incurred. The operating revenues and expenses of the Company generally result from providing insurance coverage to CAWCD and Affiliates in connection with the Company s ongoing operations. New Accounting Standards The District implemented Government Accounting Standards Board (GASB) Statement No. 62, Codification of Accounting and financial Reporting Guidance contained in Pre-November 30, 1989 FASB and AICPA pronouncements. The adoption of this guidance did not have a material effect on the financial statements. Cash and Investments The Company s cash and cash equivalents are considered to be cash in bank and short-term investments (money market mutual funds) with maturities of 90 days or less when originally acquired. Escrow deposit relates to cash held in escrow to pay claims by the Company s claim administrator as of. All investment securities are recorded at estimated fair value. Fair value is estimated based on quoted market prices. Investments at, consisted of money market mutual funds and a long-term certificate of deposit. Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses includes the unpaid accumulation of case estimates for losses reported; estimates for losses incurred but not reported, and estimates of expenses for investigating and adjusting incurred losses. In estimating the unpaid loss and loss adjustment expenses, the Company and its consulting actuary, employ methods and assumptions they consider reasonable and appropriate given the information currently available. The reserve for losses and loss adjustment expenses is based upon the aggregated loss experience of CAWCD and is estimated using individual case-basis valuations and statistical analyses. These estimates are subject to the effects of trends in loss severity and frequency. Management believes the reserve for losses and loss adjustment expenses is adequate. The estimates are continually reviewed and adjusted, as necessary, as experience develops or new information becomes known; such adjustments are included in current operations. There is a level of uncertainty inherent in the evaluation of the required losses and loss adjustment expense reserves for the Company. The long-tailed nature of liability claims adds to the uncertainty. The ultimate costs of claims are dependent upon future events, the outcomes of which are affected by many factors. 9

12 NOTES TO FINANCIAL STATEMENTS NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Reserve for Losses and Loss Adjustment Expenses (Continued) The Company s claim reserving procedures and settlement philosophy, current and perceived social conditions, economic inflation, current and future court rulings and jury attitudes, improvements in medical technology, and many other economic scientific, legal, political, and social factors all can have significant effects on the ultimate costs of claims. Since the emergence and disposition of claims are subject to uncertainties, the net amounts that will ultimately be paid to settle the liability may vary significantly from the estimated amounts provided for in the accompanying financial statements. Any adjustments to reserves are reflected in the operating results of the periods in which they are made. Excess Insurance The Company uses excess insurance to reduce exposure to losses. Excess insurance permits recovery of a portion of losses, although it does not discharge the primary liability of the Company as direct insurer of the risks insured. Premium Revenue The Company derives all of its premium revenue from CAWCD. Premiums are earned on a prorata basis over the term of the related policies. Premiums related to the unexpired terms of the policies are deferred. Use of Estimates in Preparing Financial Statements The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of those financial statements requires management to make a number of estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future, as more information becomes known which could impact the amounts reported and disclosed herein. Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ from those estimates. 10

13 NOTES TO FINANCIAL STATEMENTS NOTE 2 CASH AND INVESTMENTS The following is a summary of the Company s cash and investments: Cash in bank $2,084,899 $ 87,025 Maximizer Savings 238, ,010 Money market mutual funds 2,795,980 1,745,464 Total cash and cash equivalents 5,119,265 2,182,499 Escrow deposits 10,000 10,000 Certificate of deposit 394, ,917 Total cash and investments $ 5,524,182 $ 2,587,416 In 2010, CAWCD was authorized to self-insure worker s compensation in the State of Arizona effective January 1, The State of Arizona requires CAWCD to establish trust funds for the payment of losses and claims for the self-insured worker s compensation program. CAWCD utilized the Company s captive insurance authority to meet the State of Arizona requirement. The Company opened a maximizer savings account for an initial amount of $350,000 with First Hawaiian Bank. At, the Company s reported cash deposits were $2,718,202 and $831,952, respectively. The bank balances related to these deposits totaled $2,723,312 and $834,927, at, respectively. Bank balances of $2,473,312 and $584,927 at, respectively, are uncollateralized. Cash is a legally authorized investment pursuant to the Hawaii Insurance Code. The Company manages its exposure to interest rate risk by limiting the weighted average maturity of its money market mutual funds to 90 days. The Company s money market mutual funds are unrated. NOTE 3 PREMIUMS The Company agrees to pay out premiums for CAWCD s insurance policies covering workers compensation, public officials and property risks in excess of $2,000,000 to the extent the Company receives such premiums from CAWCD. For the policy periods January 1, 2010 to January 1, 2012, the Company s premium revenue consisted of the following: Written Earned Written Earned Direct premiums $1,762,433 $1,762,433 $ 1,351,350 $ 1,351,350 Premiums to third-party insurers (516,770) (516,770) (645,988) (645,988) Net premiums $1,245,663 $1,245,663 $ 705,362 $ 705,362

14 NOTES TO FINANCIAL STATEMENTS NOTE 4 RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending balances of the reserve for losses and loss adjustment expenses at December 31: Balance, beginning of year $ 1,399,626 $ 1,391,468 Add provision for losses and loss adjustment expenses for claims occurring during: Current year 635, ,930 Prior years (310,081) (120,954) 324, ,976 Deduct losses and loss adjustment expense payments for claims occurring during: Current year 60,728 62,150 Prior years 100, , , ,818 Balance, end of year $ 1, $ 1,399,626 The 2011 provision for losses and loss expenses increased from the prior year because of higher losses for current year claims related to the Company s workers compensation, property risks, and health insurance stop loss. NOTE 5 INCOME TAXES Pursuant to the Company s status under Section 115 of the Internal Revenue Code, the increase in net assets are exempt from federal income taxes. Therefore, the accompanying financial statements do not include a provision for federal and state corporate income taxes. NOTE 6 RELATED PARTY TRANSACTIONS CAWCD performs certain administrative functions for the Company at no charge to the Company. 12

15 NOTES TO FINANCIAL STATEMENTS NOTE 7 MINIMUM CAPITAL AND SURPLUS The Hawaii Insurance Division has established certain minimum capital and surplus requirements for the Company. As of, the Company was in compliance with the minimum capital and surplus requirements of the State of Hawaii. NOTE 8 SUBSEQUENT EVENTS The District did not renew the health insurance stop loss coverage for Effective January 1, 2012, the District added a self insurance health and benefit program covering medical and prescription claims. The minimum capital and surplus required was increased to $2,250,000 by the Hawaii Insurance Division. Management evaluated subsequent events through April 10, 2012, the date the financial statements were available to be issued. This information is an integral part of the accompanying financial statements. 13

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