Cascade Mutual Insurance Association

G. Blair Gleason

116 Monroe St. SE, P.O. Box 370

Cascade IA 52033

Iowa Company Number: 0056

December 31, 2016 - Annual Statement

.. .•.. ,.,._,._-,._--_ •. _----_. DECEMBER 31,2016

1. Ledger Assets, December 31 of previous year, Total, column 1, page 4 ..... .. .

2. Fire ... .

3. W indstorm.

4 . Policy Fees.

5. Homeowners assumed

6. Totals ..

7. Aggregate exce'

8, Total not asses

9. Net interest rece

10. Increase in adj $

11. Dividends recei

12. Interest receivel

13. Interest receive,

14. Other Interest

15. Profit on sale a

16. Rents received

17. Total income fn

18. Borrowed man

19. Premiums colle

20. Checks charge'

21. Increase in led

22. Underwriting e

23. Federal incorn

24. Miscellaneous

25.

25.

27, Total (items 18

28. Total income (i

29. Total assets an

"Includes $

INCOME· INCREASES IN LEDGER ASSETS

PREMIUMS

1" 12' ", ''I ~tlnl u .. nc. 6~.o IIC , . ... F'l'fImiums A:. ,nlurl nc, "'Nlm"""'1

P~"ml ~Iumtll p,.m,uml Ceded (1< 2 - 3= .)

$ 218,188 $ $ $ 218,188

181.626 181,626

8,835 8,835

XJOOOOO(

$ 408,649 $ $ $ 408,649

s loss reinsurance paid . . ... 106,441

nent. premiums and fees (line 6, COl , 4 - line 7 :a line 8) ............... .

ved on bonds ... :l.lment of bonds $ , less

decrease in adjustment of bonds

led . . . . . . . . . . . - .

j on bank deposits (schedule C-2, column 7) ........ . . 8,280

j on mortgage loans (schedule D, column 6) .

. ... . .. . .. Money Market 379

investment ... ........... . ..... .. ...

..... ..... . . ............. . . .. . . .... . ..

tm investments (items 9 through 16) . .... .

y"", ...... , ... ,""", ........... ,', • • ,

j:ed for other companies (less refunds)

I~""", .... """""

er liabilities .............. ...... . . .. . ..•••.

Jense reimbursement . . . . . . . . . . . . . . . . . . . . . . .

tax refund .. ............ . . ...... ... .

lcome .. . . , . ............... •.•. . . .............

.. ..........

hrough 26) ..............

,ms8,17and27) """',. ..... , ............... .. . . ..

I income (item 1 plus item 28) .... . . .... . . ... . .. . ........... • ..

_______ For association's occupancy of its own buildings

2

$ 714,707

$ 302,206

$ 8,659

$

$ 310,867

$ 1,025,574

· . ... ...................... ,_.- .-..... -_._----------------_._---. DECEMBER 31,2016

1. Amount brought forward from line 29 page 2 . . . .1 $ 1,025,574 I

DISBURSEMENTS - DECREASES IN LEDGER ASSETS , I I ,

(1) ''l (>, '" D;r&et Rei.....,r.nce Specifto Reinsur.nc. Net LOSMS P.id

,- ANumed ReCO'lered (1.2-3 .. 4)

2. Fire .... ... ........ .. "I $ 191.316 1 $ 1 $ 191.316 1 3. Windstorm """ ", ", 6.104 6.104 4. Crop Hail , , . , , , , , ,

5. Homeowners Assumed. . .. '1 )()(){){)()()( 1 1 1 I 6. Totals. . . . . . .... .. .. $ 197,420 $ $ $ 197,420

7. Received from aggregate excess loss reinsurance. 88,945

8. Total of all netlosses (line 6, col.4 -line 7 = line 8).. . . . ....... . . ................... _I $ 108,4751

OPERATING EXPENSE

9. Loss Adjustment Expenses. 10. Commissions . .... . 11. Advertising . .... .. .. . . 12. Boards, bureaus and associations. 13. Inspection and loss prevention

14. Salaries of officers.

15. Expenses of officers ... 16. Salaries of office employees. 17. Employee welfare. 18. Insurance .... 19. Directors' compensation. 20. Oiredors' expenses. 21 . Rent and rent items ..... 22. Equipment................. . . ... . . •• . ••..... 23. Printing, stationery and supplies . . 24. Postage and telephone , , , , , , , , , ,

4.065

5.969 3.557

68.044 712

912 , , , , , , , , , ... 1 4.517 1

1.500

1 715 1

6,360 139

1,875 5,957

" " . " .... " " " , " " " " " " , 1 5,898 1

26. State insurance taxes March 1 49

25, Legal and auditing,

June 1 2.023 August 15 2.023 I 4,095 I 27. Insurance Division licenses and fees. 105

.1 5,540 1 196

28. Payroll taxes ......... .

29. All other taxes (excluding Federal income) ..... . . .. . 30. Real estate expenses.

31 . Real estate taxes. 32. Interest on borrowed money. 33. Miscellaneous. Data Processing

. ... ·····e-I -------------1

6,000 , f-I ---------:-:-::--1

a Office Insurance 203 b . . . . . . . . . Memorials 217 e ...... ..... ,', • .......................... Consu~ng 1.250 d " .. " " .... , , , , , , , , , , , , , " , , , , , , , , , , , " " , " " , , , , , , , , , , , , , , , ...... '~I ____________ _

34. 35. Total operating expense (items 9 through 34) . . . . , .. ..... 1 $ 127,8261

NON-OPERA TING EXPENSE

36. Borrowed money repaid ... 37. Depreciation on real estate ..

.. .. f-I ----j . ........ ,. """"" ................. 'e-I -------------1

38. Loss on sale of investments.

39. Federal income tax Prior year Current year

Premium collections transmitted to other companies.

Commissions paid agents for other companies. . '1 I Decrease in ledger liabilities... . . . . .. . .. .. 1,143

40, , , , , , , , .. , 'e-I -------------1 41 ,

42. 43, ............ 44. Total non-operating_xpense (items 36 through 43) """""""", """""", $ 1,143 45. Total disbursements (items 8. 35 and 44) , , .... , .. , $ 237444 46. Ba~nce -ledger assets, December 31st must agree with Une 22, Column 1, Page 4 $ 788 130

3

· ,,,',,,,.,, .. ,~.'-''''~ '''-.,~"~.'''.'''' ''''''''-__ -_----------

ASSETS - DECEMBER 31, 2016

(') (2) (3) (4) (5)

Non~ltdger including Assets nol admitted Current Year Prior Year excess of mal1<;et including excess of No' Not

Ledger Assets (or amoltzed) over book over market Admitted Assets Admitted Assets

book value 0( amortized values 1+2-3=4}

1. Bonds (schedule A-part 1) ......... $ $ $ $ $

2. Stocl<s (schedule A-part 2) . ... . .. . . 2,350 13.496 15,846 15,892

3. Bank Balances

3.1 Subject to check (C-1) . 54.420 54,420 31,375

3.2 On interest (C-2) . 731,922 731,922 680,982

4. Mortgage loans (schedule D)

4.1 First liens . ............

4.2 Other than first ... . . . .. .. . ...

5. Callaterallaans (schedule E) .....

6. Real estate (schedule F) ...

7. Cash in office . ..............

8. Unpaid Premiums

8.1 Due before November 1 . JOOOOOO( JOOOOOO(

8.2 Due after November 1 . ...

9. Bills receivable . . .. .. . . . ... . XJOOOOO( XJOOOOO(

10. Agents' balances . . .... ..........

11 . Reinsurance receivable on paid

losses . ....................

12. Accrued interest . ...... . . . XJOOOOO( 1,086 1,086 2,001

13. Accrued rent due. XJOOOOO(

14. Equipment and furniture. 5,840 5,840 XJOOOOO( xxxxxxx

15. Supplies ....................... XJOOOOO( xxxxxxx

16. Automobiles . . .. . ... ............ XJOOOOO( xxxxxxx

17. Cash surrender value of life ins . . ...

18. Federal income tax recoverable.

19 . .. ... ........................ .

20 . .. . . . ... . ..... .

21 . . . . . . . . . . . . . . . 22. Totals ............•..... $ 788,692 $ 20,422 $ 5,840 $ 803,274 $ 730,250

4

. -~- , -.~'"-~" ..... .,..".-~.--~-------------------------------------------------

LIABILITIES - DECEMBER 31, 2016 Current Year Prior Year

1. Unpaid claims (reported) .... $

2. Unpaid claims (incurred but not repartee

3. Total unpaid losses 4. Less: reinsurance recoverable on unpaid losses ............ ... .....

5. Net unpaid claims ..................... . ............. . .... $ $

6. Unpaid adjusting expenses .. .......... ........... ... . .

7. Ceded reinsurance balances payable ........ ... . .. ... . . .. .

8. Unpaid salaries and commissions ....... _ .

9. Borrowed money

10. Interest due on borrowed money

11 . Amounts withheld for the account of others . ..... .... 1,766 3,154

'2. Taxes payable: Real Estate .............

Federal Income . . ........

Premium.

Other. FUTA 126 126

13. Other unpaid expenses APPS - 500 AD - 203.25 CABLEIPH - 351.22 1,054 1,042

14. Premiums collected for other companies - not remitted

15. Premiums received in advance ........................•.

*16. Uneamed premium reserve ... ........... . .... ....•••••. 159,926 158,294

17. """"', ................. ........ ........ .. .... ,., ... 18.

19. Total liabilities .............. .. .. . . . $ 162,872 $ 162,616

20. Surplus. .... $ 640,402 $ 567.634

21. Total liabilities and surplus ...... • . , , ... .. , , . , , .. $ 803,274 $ 730,250

(line 21 must agree with line 22, column 4, page 4)

*Method of calculation:

5

.', .. , ~ .. -.,~ .- .~-" .... ---.. ,----.... -... --~,----------------.----------------,

HISTORICAL INFORMATION

20, 6 20,5 20'4 20, 3 20, 2 I lirn!a P!:!!!!lum

Fire .. 218,1 88 216,560 212,929 207,290 197,492

Windstorm . 181,626 179,329 177,806 177.641 168,728

Policy Fees .... .. . . . . 8,835 8,766 88,774 9 ,315 9,364

Total .. 408,649 404,655 399,519 394,246 375,584

fill erem1u!!l! ~riU!D Fife .. .......... .. 218,188 216,560 212,929 207,200 197,492

WlOdslorm . 181,626 179,329 177,B06 177,641 168,728

Poky Fees . 6,835 8,766 8,874 9,315 9,364

Total .. ........ 408,649 404 ,655 399,519 394,246 375,584

Total Net of Agg . . . , . .. " 302,208 291,989 284 ,124 277,287 267,693

~I'ON Lo .... Pal!IJ

Fire .. .... . .... . 191 ,316 56,567 43,601 88,864 22,869 _ann . . . . . . . . , . 6,104 7,125 29,700 44,331 11.220 Policy Fees . ..... , .• . •.• . •. . _ ..... TOtal .. 197,420 63,692 73,301 133,195 34 ,089

rBt LOUN Paid

Fire .. 191,316 56,567 43,601 88,864 22,867

Windstorm . 6,1Cl4 7,125 29,700 44,331 11 ,220

Crop Hail ... .............. . . , ,

Total .. . . . . . . . . . . . 197,420 63,692 73,301 133,195 34,089

Total Net of Agg ........... " . 108,475 63,692 73,301 133,HI5 34,089

b!i!!:a ~rcenta~ lotrKt} Fill l osseslFire Premo . sa% 26% 21% 43% 12%

Wfldstorm Lossesl'vVindstorm Prem . 3% 4% 17% 25% 7%

Crop Hail Losses/Crop Hall Premo . . ... Totai losseslTotal Premo . .,% 16% 19% 35% 10%

L.2I! eercentaa. IN!1) Fn l osaeslFire Premo 86% 26% 21% 43% 12%

Wndstonn LossesIWindatorm Prem . 3% 4% 17% 25% 7%

Crop Hail LossesJCrop Hal Premo .

Total LouesITolai Prem .. .,% 16% ,,% 35% 10%

Toe Net ~ lO$sesITot Net Agg Prem 36% 22% 26% 35% 13%

gllt [5! 1!l!!l 11l1D1 Total Admmed Assets . 803,274 730,250 642,802 556,525 533,652

Liabilities .. 162,872 162.678 160, 190 157,122 149,442

S~s. _. 640,402 567 ,598 482,612 399,403 384,210

Bonds . ....

S1DCks . 15,846 15,892 12,989 11 ,360 10,590

Real Estate ...

Unpaid Premium (1irKt 8 .1), .

Unpaid Premium (line B.2), . , .

Agents' Balaf1oes ..

l.Ineamed Premium. 159,926 158,356 156,294 153,972 146.488

a!1!!!£! §hM! p![5i!Dblgl! Bonda/Admitted Assets ........... """"'" . StockS/Admitted Assets ...... 0.02% 0.02% 0.02% 0.02% 0.02%

Real Estate/Admitted Assets .........

Unpaid Pram (1ine8.2)1Admitted Assets . . ......... ., .. .. .. ... . Agents' Ba&anceslAdmiHed Assets . " , .. . . . .. ... . , ... ... . ,

IDSomeIDlIbune!l!! Ol Illma Total Income . ......... 406,649 404,655 399,519 283,507 273,884

Total Disblxsements . . 237,444 21 6,518 207,372 261,804 160.405

Operating Expense . 58,587 59.024 45,764 43,728 46,717

Commission6 .. .. ... . . . Investment Income . . . . . . , . . 8,581 8,375 7,190 6,091 6 ,191

SaI8ties (hs 14-17) ....... . . . .. 69,667 93,802 88,307 84,346 79,589

!1!!1!! Gross Risk in Force ..... 94,991,650 94,515 ,000 92,748.000 90,686,000 86,479,000

Number t:iI POlicies , 290 290 268 302 309

Operating ExpenseJNet Premium. 15% 20% 17% 16% 18% --- ---- -

15

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