*24350202420100101*
PROPERTY AND CASUALTY COMPANIES-ASSOCIATION EDITION
QUARTERLY STATEMENT
AS OF MARCH 31, 2024
OF THE CONDITION AND AFFAIRS OF THE
TRIAD GUARANTY INSURANCE CORPORATION, IN REHABILITATION
NAIC Group Code | 00421 | , | 00421 | NAIC Company Code | 24350 | Employer's ID Number | 56-1570971 |
(Current Period) | (Prior Period) |
Organized under the Laws of Country of Domicile Incorporated/Organized Statutory Home Office
Illinois | , State of Domicile or Port of Entry | Illinois | |||
United States | |||||
07/30/1987 | Commenced Business | 08/07/1987 | |||
222 Merchandise Mart Plaza, Suite 960 | , | Chicago, IL, US 60654 | |||
(Street and Number) | (City or Town, State, Country and Zip Code) |
Main Administrative Office | 101 South Stratford Road | Winston-Salem, NC, US 27104 | 336-723-1282 | ||||||||||||
(Street and Number) | (City or Town, State, Country and Zip Code) | (Area Code) (Telephone Number) | |||||||||||||
Mail Address | Post Office Box 2300 | , | Winston-Salem, NC, US 27102-2300 | ||||||||||||
(Street and Number or P.O. Box) | (City or Town, State, Country | and Zip Code) | |||||||||||||
Primary Location of Books and Records | 101 South Stratford Road | Winston-Salem, NC, US 27104 | 336-723-1282-1155 | ||||||||||||
(Street and Number) | (City or Town, State, Country and Zip Code) | (Area Code) (Telephone Number) | |||||||||||||
Internet Web Site Address | www.triadguaranty.com | ||||||||||||||
Statutory Statement Contact | Randall Keith Shields | 336-723-1282-1155 | |||||||||||||
(Name) | (Area Code) (Telephone Number) (Extension) | ||||||||||||||
rshields@tgic.com | 336-761-5174-1155 | ||||||||||||||
(E-Mail Address) | (Fax Number) |
OFFICERS
Name | Title | Name | Title | |||
, | , | |||||
, | , |
OTHER OFFICERS | ||||
, | , |
DIRECTORS OR TRUSTEES
State of
County of | ss |
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 of 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 deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual 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. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.
a. Is this an original filing? | Yes [ ] No [ ] | |||||
Subscribed and sworn to before me this | b. If no: | |||||
day of | , | 1. | State the amendment number | |||
2. | Date filed | |||||
3. Number of pages attached | ||||||
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
ASSETS
Current Statement Date | 4 | ||
1 | 2 | 3 | December 31 |
Net Admitted Assets | Prior Year Net | ||
Assets | Nonadmitted Assets | (Cols. 1 - 2) | Admitted Assets |
1. | Bonds | 73,361,218 | 73,361,218 | 76,000,901 | |
2. | Stocks: | ||||
2.1 | Preferred stocks | ||||
2.2 | Common stocks | 12,380,083 | 12,380,083 | 12,299,357 |
- Mortgage loans on real estate:
- First liens
- Other than first liens
- Real estate:
- Properties occupied by the company (less
$ | encumbrances) | |||||
4.2 | Properties held for the production of income | |||||
(less $ | encumbrances) | |||||
4.3 | Properties held for sale (less | |||||
$ | encumbrances) | |||||
5. | Cash ($ | 4,114,889 | ), | |||
cash equivalents ($ | 2,838,489 ) | |||||
and short-term investments ($ | ) | 6,953,377 | 6,953,377 | 5,045,776 | ||
6. | Contract loans (including $ | premium notes) |
- Derivatives
- Other invested assets
9. | Receivables for securities | 46 | 46 | 84 | |
10. | Securities lending reinvested collateral assets | ||||
11. | Aggregate write-ins for invested assets | ||||
12. | Subtotals, cash and invested assets (Lines 1 to 11) | 92,694,724 | 92,694,724 | 93,346,118 | |
13. | Title plants less $ | charged off (for Title insurers | |||
only) | |||||
14. | Investment income due and accrued | 493,593 | 493,593 | 629,106 | |
15. | Premiums and considerations: | ||||
15.1 Uncollected premiums and agents' balances in the course of | |||||
collection | 432,249 | 432,249 | 450,601 | ||
15.2 Deferred premiums, agents' balances and installments booked but | |||||
deferred and not yet due (including $ | earned | ||||
but unbilled premiums) | |||||
15.3 Accrued retrospective premiums | ($ | ) and | |||
contracts subject to redetermination ($ | ) |
- Reinsurance:
- Amounts recoverable from reinsurers
- Funds held by or deposited with reinsured companies
- Other amounts receivable under reinsurance contracts
- Amounts receivable relating to uninsured plans
- Current federal and foreign income tax recoverable and interest thereon
- Net deferred tax asset
19. | Guaranty funds receivable or on deposit | ||||
20. | Electronic data processing equipment and software | 1,748 | 1,748 | 5,818 | |
21. | Furniture and equipment, including health care delivery assets | ||||
($ | ) | ||||
22. | Net adjustment in assets and liabilities due to foreign exchange rates | ||||
23. | Receivables from parent, subsidiaries and affiliates | 392 | 392 | 2,626 | |
24. | Health care ($ | ) and other amounts receivable |
- Aggregate write-ins for other-than-invested assets
- Total assets excluding Separate Accounts, Segregated Accounts and
Protected Cell Accounts (Lines 12 to 25) | 93,622,706 | 93,622,706 | 94,434,269 | |
27. | From Separate Accounts, Segregated Accounts and Protected | |||
Cell Accounts | ||||
28. | Total (Lines 26 and 27) | 93,622,706 | 93,622,706 | 94,434,269 |
DETAILS OF WRITE-INS
1101.
1102.
1103.
1198. Summary of remaining write-ins for Line 11 from overflow page
1199. Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)
2501.
2502.
2503.
2598. Summary of remaining write-ins for Line 25 from overflow page
2599. Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)
2
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
LIABILITIES, SURPLUS AND OTHER FUNDS
1 | 2 | ||||
Current | December 31, | ||||
Statement Date | Prior Year | ||||
1. | Losses (current accident year $ | 1,299,116 ) | 23,464,973 | 24,581,230 | |
2. | Reinsurance payable on paid losses and loss adjustment expenses | ||||
3. | Loss adjustment expenses | 3,013,657 | 3,238,985 | ||
4. | Commissions payable, contingent commissions and other similar charges | ||||
5. | Other expenses (excluding taxes, licenses and fees) | 8,525,000 | 8,525,000 | ||
6. | Taxes, licenses and fees (excluding federal and foreign income taxes) | 375 | |||
7.1Current federal and foreign income taxes (including $ | on realized capital gains (losses)) | 358,282 | 358,282 | ||
7.2 Net deferred tax liability | |||||
8. | Borrowed money $ | and interest thereon $ | |||
9. | Unearned premiums (after deducting unearned premiums for ceded reinsurance of $ | 1,320 and | |||
including warranty reserves of $ | and accrued accident and health experience rating refunds | ||||
including $ | for medical loss ratio rebate per the Public Health Service Act) | 224,419 | 228,237 |
- Advance premium
- Dividends declared and unpaid:
- Stockholders
- Policyholders
12. | Ceded reinsurance premiums payable (net of ceding commissions) | 107,464 | 107,620 | |
13. | Funds held by company under reinsurance treaties | |||
14. | Amounts withheld or retained by company for account of others | 427,078 | 426,014 | |
15. | Remittances and items not allocated | 18,441 | 239,045 | |
16. | Provision for reinsurance (including $ | certified) |
- Net adjustments in assets and liabilities due to foreign exchange rates
- Drafts outstanding
- Payable to parent, subsidiaries and affiliates
- Derivatives
- Payable for securities
- Payable for securities lending
- Liability for amounts held under uninsured plans
24. | Capital notes $ | and interest thereon $ | ||
25. | Aggregate write-ins for liabilities | 779,041,766 | 778,776,683 | |
26. | Total liabilities excluding protected cell liabilities (Lines 1 through 25) | 815,181,455 | 816,481,096 | |
27. | Protected cell liabilities | |||
28. | Total liabilities (Lines 26 and 27) | 815,181,455 | 816,481,096 | |
29. | Aggregate write-ins for special surplus funds | |||
30. | Common capital stock | 3,500,000 | 3,500,000 |
- Preferred capital stock
- Aggregate write-ins for other than special surplus funds
33. | Surplus notes | 25,000,000 | 25,000,000 | |||
34. | Gross paid in and contributed surplus | 105,215,928 | 105,215,928 | |||
35. | Unassigned funds (surplus) | (855,274,677) | (855,762,755) | |||
36. | Less treasury stock, at cost: | |||||
36.1 | shares common (value included in Line 30 | $ | ) | |||
36.2 | shares preferred (value included in Line 31 | $ | ) | |||
37. | Surplus as regards policyholders (Lines 29 to 35, less 36) | (721,558,749) | (722,046,827) | |||
38. | Totals (Page 2, Line 28, Col. 3) | 93,622,706 | 94,434,269 | |||
DETAILS OF WRITE-INS | ||||||
2501. | Deferred Premium Refund | 5,494,009 | 5,466,940 | |||
2502. | Deferred Payment Obligation, including carry charges | 773,547,757 | 773,269,325 | |||
2503. | Rescinded Premium Payable | 40,418 | ||||
2598. | Summary of remaining write-ins for Line 25 from overflow page | |||||
2599. | Totals (Lines 2501 through 2503 plus 2598) (Line 25 above) | 779,041,766 | 778,776,683 | |||
2901. | ||||||
2902. | ||||||
2903. | ||||||
2998. | Summary of remaining write-ins for Line 29 from overflow page | |||||
2999. | Totals (Lines 2901 through 2903 plus 2998) (Line 29 above) | |||||
3201. | ||||||
3202. | ||||||
3203. | ||||||
3298. | Summary of remaining write-ins for Line 32 from overflow page | |||||
3299. | Totals (Lines 3201 through 3203 plus 3298) (Line 32 above) |
3
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
STATEMENT OF INCOME
1 | 2 | 3 | ||||||
Current Year | Prior Year | Prior Year Ended | ||||||
to Date | to Date | December 31 | ||||||
1. | Premiums earned: | UNDERWRITING INCOME | ||||||
1.1 | Direct (written $ | 2,349,700 | ) | 2,353,497 | 2,411,577 | 8,875,138 | ||
1.2 | Assumed (written $ | ) | ||||||
1.3 | Ceded (written $ | 14,627 | ) | 14,605 | 3,125 | 57,803 | ||
1.4 | Net (written $ | 2,335,073 | ) | 2,338,892 | 2,408,452 | 8,817,335 | ||
2. | DEDUCTIONS: | |||||||
Losses incurred (current accident year $ | 1,274,172 ): | |||||||
2.1 Direct | (86,777) | (2,296,171) | (6,527,245) | |||||
2.2 Assumed | ||||||||
2.3 Ceded | 1,721 | 2,335 | 5,402 | |||||
3. | 2.4 Net | (88,498) | (2,298,506) | (6,532,647) | ||||
Loss adjustment expenses incurred | 178,773 | 385,851 | 1,298,948 | |||||
4. | Other underwriting expenses incurred | 2,329,009 | 1,974,674 | 8,029,476 | ||||
5. | Aggregate write-ins for underwriting deductions | |||||||
6. | Total underwriting deductions (Lines 2 through 5) | 2,419,284 | 62,019 | 2,795,777 | ||||
7. | Net income of protected cells | |||||||
8. | Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7) | (80,392) | 2,346,433 | 6,021,558 | ||||
9. | Net investment income earned | INVESTMENT INCOME | 487,805 | 399,180 | 1,681,968 | |||
10. | Net realized capital gains (losses) less capital gains tax of $ | (60) | (23) | (3,170) | ||||
11. | Net investment gain (loss) (Lines 9 + 10) | 487,745 | 399,157 | 1,678,798 | ||||
12. | OTHER INCOME | |||||||
Net gain or (loss) from agents' or premium balances charged off | ||||||||
(amount recovered $ | amount charged off $ | ) |
- Finance and service charges not included in premiums
- Aggregate write-ins for miscellaneous income
- Total other income (Lines 12 through 14)
- Net income before dividends to policyholders, after capital gains tax and before all other federal
and foreign income taxes (Lines 8 + 11 + 15) | 407,353 | 2,745,590 | 7,700,356 |
- Dividends to policyholders
- Net income, after dividends to policyholders, after capital gains tax and before all other federal
19. | and foreign income taxes (Line 16 minus Line 17) | 407,353 | 2,745,590 | 7,700,356 |
Federal and foreign income taxes incurred | ||||
20. | Net income (Line 18 minus Line 19)(to Line 22) | 407,353 | 2,745,590 | 7,700,356 |
21. | CAPITAL AND SURPLUS ACCOUNT | |||
Surplus as regards policyholders, December 31 prior year | (722,046,828) | (730,028,676) | (730,028,676) | |
22. | Net income (from Line 20) | 407,353 | 2,745,590 | 7,700,356 |
- Net transfers (to) from Protected Cell accounts
- Change in net unrealized capital gains or (losses) less capital gains tax of
$ | 80,726 | 55,142 | 281,493 |
- Change in net unrealized foreign exchange capital gain (loss)
- Change in net deferred income tax
- Change in nonadmitted assets
- Change in provision for reinsurance
- Change in surplus notes
- 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
- Net remittances from or (to) Home Office
- Dividends to stockholders
- Change in treasury stock
- Aggregate write-ins for gains and losses in surplus
38. | Change in surplus as regards policyholders (Lines 22 through 37) | 488,079 | 2,800,732 | 7,981,849 |
39. | Surplus as regards policyholders, as of statement date (Lines 21 plus 38) | (721,558,749) | (727,227,944) | (722,046,828) |
0501. | DETAILS OF WRITE-INS | |||
0502. | ||||
0503. | ||||
0598. | Summary of remaining write-ins for Line 5 from overflow page | |||
0599. | TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above) | |||
1401. | Misc. Income | |||
1402. | ||||
1403. | ||||
1498. | Summary of remaining write-ins for Line 14 from overflow page | |||
1499. | TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above) | |||
3701. | ||||
3702. | ||||
3703. | ||||
3798. | Summary of remaining write-ins for Line 37 from overflow page | |||
3799. | TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above) |
4
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
CASH FLOW
1 | 2 | 3 | ||||
Current Year | Prior Year | Prior Year Ended | ||||
To Date | To Date | December 31 | ||||
1. | Cash from Operations | |||||
Premiums collected net of reinsurance | 2,119,249 | 2,412,633 | 8,953,118 | |||
2. | Net investment income | 669,296 | 495,092 | 1,875,346 | ||
3. | Miscellaneous income | |||||
4. | Total (Lines 1 to 3) | 2,788,545 | 2,907,725 | 10,828,464 | ||
5. | Benefit and loss related payments | 750,530 | 925,358 | 3,429,251 | ||
6. | Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts | |||||
7. | Commissions, expenses paid and aggregate write-ins for deductions | 2,727,394 | 1,954,353 | 9,439,921 | ||
8. | Dividends paid to policyholders | |||||
9. | Federal and foreign income taxes paid (recovered) net of $ | tax on capital | ||||
10. | gains (losses) | |||||
Total (Lines 5 through 9) | 3,477,924 | 2,879,711 | 12,869,172 | |||
11. | Net cash from operations (Line 4 minus Line 10) | (689,379) | 28,014 | (2,040,708) | ||
12. | Cash from Investments | |||||
Proceeds from investments sold, matured or repaid: | ||||||
12.1 | Bonds | 5,879,912 | 410,433 | 9,233,065 | ||
12.2 | Stocks | |||||
12.3 | Mortgage loans | |||||
12.4 | Real estate | |||||
12.5 | Other invested assets | |||||
12.6 | Net gains or (losses) on cash, cash equivalents and short-term investments | |||||
12.7 | Miscellaneous proceeds | 38 | 9 | |||
13. | 12.8 | Total investment proceeds (Lines 12.1 to 12.7) | 5,879,950 | 410,433 | 9,233,074 | |
Cost of investments acquired (long-term only): | ||||||
13.1 | Bonds | 3,286,269 | 6,545,674 | 12,779,854 | ||
13.2 | Stocks | |||||
13.3 | Mortgage loans | |||||
13.4 | Real estate | |||||
13.5 | Other invested assets | |||||
13.6 | Miscellaneous applications | |||||
14. | 13.7 | Total investments acquired (Lines 13.1 to 13.6) | 3,286,269 | 6,545,674 | 12,779,854 | |
Net increase/(decrease) in contract loans and premium notes | ||||||
15. | Net cash from investments (Line 12.8 minus Line 13.7 and Line 14) | 2,593,681 | (6,135,241) | (3,546,780) | ||
16. | Cash from Financing and Miscellaneous Sources | |||||
Cash provided (applied): | ||||||
16.1 | Surplus notes, capital notes | |||||
16.2 | Capital and paid in surplus, less treasury stock | |||||
16.3 | Borrowed funds | |||||
16.4 | Net deposits on deposit-type contracts and other insurance liabilities | |||||
16.5 | Dividends to stockholders | |||||
16.6 | Other cash provided (applied) | 3,300 | 1,815 | (2,754) | ||
17. | Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5 | |||||
plus Line 16.6) | 3,300 | 1,815 | (2,754) | |||
18. | RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |||||
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17) | 1,907,602 | (6,105,412) | (5,590,242) | |||
19. | Cash, cash equivalents and short-term investments: | |||||
19.1 | Beginning of year | 5,045,775 | 10,636,017 | 10,636,017 | ||
19.2 | End of period (Line 18 plus Line 19.1) | 6,953,377 | 4,530,605 | 5,045,775 |
5
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
NOTES TO FINANCIAL STATEMENTS
As directed by the Office of Special Deputy Receiver, representing the Illinois Director of Insurance, Notes to the Financial Statements are no longer required by the Company. Questions regarding specific items usually included in the Notes should be directed to the annual statement contact.
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
GENERAL INTERROGATORIES
PART 1 - 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?
- If yes, has the report been filed with the domiciliary state?
- 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?
- If yes, date of change:
-
Is the reporting entity a member of an Insurance Holding Company System consisting of two or more affiliated persons, one or more of which is an insurer?
If yes, complete Schedule Y, Parts 1 and 1A. - Have there been any substantial changes in the organizational chart since the prior quarter end?
- If the response to 3.2 is yes, provide a brief description of those changes.
- Is the reporting entity publicly traded or a member of a publicly traded group?
- If the response to 3.4 is yes, provide the CIK (Central Index Key) code issued by the SEC for the entity/group.
- Has the reporting entity been a party to a merger or consolidation during the period covered by this statement?
- 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.
1 | 2 | 3 |
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-in- fact, or similar agreement, have there been any significant changes regarding the terms of the agreement or principals involved?
If yes, attach an explanation.
- State as of what date the latest financial examination of the reporting entity was made or is being made.
- 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.
- 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).
- By what department or departments?
Yes [ ] No [X]
Yes [ ] No [ ]
Yes [ ] No [X]
Yes [X] No [ ]
Yes [ ] No [X]
Yes [X] No [ ]
0000911631
Yes [ ] No [X]
Yes [ ] No [ ] NA [X]
12/31/2007
12/31/2007
06/30/2009
Illinois Department of Insurance
- Have all financial statement adjustments within the latest financial examination report been accounted for in a subsequent financial statement filed with Departments?
- Have all of the recommendations within the latest financial examination report been complied with?
- 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?
- If yes, give full information:
- Is the company a subsidiary of a bank holding company regulated by the Federal Reserve Board?
- If response to 8.1 is yes, please identify the name of the bank holding company.
- Is the company affiliated with one or more banks, thrifts or securities firms?
- If response to 8.3 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 Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC)] and identify the affiliate's primary federal regulator.]
Yes [ ] No [ ] NA [X]
Yes [X] No [ ] NA [ ]
Yes [ ] No [X]
Yes [ ] No [X]
Yes [ ] No [X]
1 | 2 | 3 | 4 | 5 | 6 |
Location | |||||
Affiliate Name | (City, State) | FRB | OCC | FDIC | SEC |
9.1 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 [ ] |
- Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
- Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the reporting entity;
- Compliance with applicable governmental laws, rules and regulations;
- The prompt internal reporting of violations to an appropriate person or persons identified in the code; and
- Accountability for adherence to the code.
9.11 If the response to 9.1 is No, please explain:
9.2 Has the code of ethics for senior managers been amended? | Yes [ ] No [X] |
9.21 If the response to 9.2 is Yes, provide information related to amendment(s).
9.3 Have any provisions of the code of ethics been waived for any of the specified officers? | Yes [ ] No [X] |
9.31 If the response to 9.3 is Yes, provide the nature of any waiver(s).
FINANCIAL
10.1 | Does the reporting entity report any amounts due from parent, subsidiaries or affiliates on Page 2 of this statement? | Yes [ ] No [X] |
10.2 | If yes, indicate any amounts receivable from parent included in the Page 2 amount: | $ |
7
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
GENERAL INTERROGATORIES
INVESTMENT
11.1 | 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] | |
11.2 | If yes, give full and complete information relating thereto: |
12. | Amount of real estate and mortgages held in other invested assets in Schedule BA: | $ |
13. | Amount of real estate and mortgages held in short-term investments: | $ |
- Does the reporting entity have any investments in parent, subsidiaries and affiliates?
- If yes, please complete the following:
14.21 | Bonds | $ |
14.22 | Preferred Stock | $ |
14.23 | Common Stock | $ |
14.24 | Short-Term Investments | $ |
14.25 | Mortgage Loans on Real Estate | $ |
14.26 | All Other | $ |
14.27 | Total Investment in Parent, Subsidiaries and Affiliates | |
(Subtotal Lines 14.21 to 14.26) | $ | |
14.28 | Total Investment in Parent included in Lines 14.21 to 14.26 | |
above | $ |
15.1 Has the reporting entity entered into any hedging transactions reported on Schedule DB?
1 | 2 | |
Prior Year-End | Current Quarter | |
Book/Adjusted | Book/Adjusted | |
Carrying Value | $ | Carrying Value |
$ | ||
12,299,357 | $ | 12,380,083 |
$ | ||
$ | ||
$ | ||
12,299,357 | $ | 12,380,083 |
$ |
Yes [X] No [ ]
Yes [ ] No [X]
15.2 If yes, has a comprehensive description of the hedging program been made available to the domiciliary state? | Yes [ ] |
If no, attach a description with this statement. |
16. For the reporting entity's security lending program, state the amount of the following as of the current statement date:
16.1 | Total fair value of reinvested collateral assets reported on Schedule DL, Parts 1 and 2 | $ |
16.2 | Total book/adjusted carrying value of reinvested collateral assets reported on Schedule DL, Parts 1 and 2 | $ |
16.3 | Total payable for securities lending reported on the liability page | $ |
17. Excluding items in Schedule E - Part 3 - 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 1, III - General Examination Considerations, F. Outsourcing of Critical Functions, Custodial or Safekeeping Agreements of the NAIC Financial Condition Examiners Handbook?
17.1 For all agreements that comply with the requirements of the NAIC Financial Condition Examiners Handbook, complete the following:
1 | 2 |
Name of Custodian(s) | Custodian Address |
The Northern Trust Company | 50 South LaSalle Street, Chicago, Illinois 60603 |
No [ ] NA [ ]
Yes [X] No [ ]
17.2 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:
1
Name(s)
2
Location(s)
3
Complete Explanation(s)
17.3 Have there been any changes, including name changes, in the custodian(s) identified in 17.1 during the current quarter? | Yes [ ] No [X] |
17.4 If yes, give full and complete information relating thereto:
1
Old Custodian
2
New Custodian
3
Date of Change
4
Reason
17.5 Investment management - Identify all investment advisors, investment managers, broker/dealers, including individuals that have the authority to make investment decisions on behalf of the reporting entity. For assets that are managed internally by employees of the reporting entity, note as such. ["…that have access to the investment accounts"; "…handle securities"]
1
Name of Firm or Individual
2
Affiliation
Mesirow Financial Investment Management, Inc | U | ||||
17.5097 For those firms/individuals listed in the table for Question 17.5, do any firms/individuals unaffiliated with the reporting entity | |||||
(i.e., designated with a "U") manage more than 10% of the reporting entity's invested assets? | Yes [X] | No | [ ] | ||
17.5098 For firms/individuals unaffiliated with the reporting entity (i.e., designated with a "U") listed in the table for Question 17.5, | |||||
does the total assets under management aggregate to more than 50% of the reporting entity's invested assets? | Yes [X] | No | [ ] |
17.6 For those firms or individuals listed in the table for 17.5 with an affiliation code of "A" (affiliated) or "U" (unaffiliated), provide the information for the table below.
1 | 2 | 3 | 4 | 5 | |||
Central Registration | Name of Firm or | Legal Entity | Investment Management | ||||
Depository Number | Individual | Identifier (LEI) | Registered With | Agreement (IMA) Filed | |||
Mesirow Financial Investment | |||||||
1111135 | Management, Inc | IWFK35GSRKL2OLE5C129 | SEC | DS | |||
18.1 | |||||||
Have all the filing requirements of the Purposes and Procedures Manual of the NAIC Investment Analysis Office been followed? | Yes [X] No [ ] | ||||||
18.2 | If no, list exceptions: |
19. By self-designating 5GI securities, the reporting entity is certifying the following elements for each self-designated 5GI security:
- Documentation necessary to permit a full credit analysis of the security does not exist or an NAIC CRP credit rating for an FE or PL security is not available.
- Issuer or obligor is current on all contracted interest and principal payments.
- The insurer has an actual expectation of ultimate payment of all contracted interest and principal.
Has the reporting entity self-designated 5GI securities? | Yes [ ] No [X] |
20. By self-designating PLGI securities, the reporting entity is certifying the following elements of each self-designated PLGI security: a. The security was purchased prior to January 1, 2018.
7.1
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
GENERAL INTERROGATORIES
- The reporting entity is holding capital commensurate with the NAIC Designation reported for the security.
- The NAIC Designation was derived from the credit rating assigned by an NAIC CRP in its legal capacity as a NRSRO which is shown on a current private letter rating held by the insurer and available for examination by state insurance regulators.
- The reporting entity is not permitted to share this credit rating of the PL security with the SVO.
Has the reporting entity self-designated PLGI securities?
21. By assigning FE to a Schedule BA non-registered private fund, the reporting entity is certifying the following elements of each self- designated FE fund:
- The shares were purchased prior to January 1, 2019.
- The reporting entity is holding capital commensurate with the NAIC Designation reported for the security.
- The security had a public credit rating(s) with annual surveillance assigned by an NAIC CRP in its legal capacity as an NRSRO prior to January 1, 2019.
- The fund only or predominantly holds bonds in its portfolio.
- The current reported NAIC Designation was derived from the public credit rating(s) with annual surveillance assigned by an NAIC CRP in its legal capacity as an NRSRO.
- The public credit rating(s) with annual surveillance assigned by an NAIC CRP has not lapsed.
Has the reporting entity assigned FE to Schedule BA non-registered private funds that complied with the above criteria?
Yes [ ] No [X]
Yes [ ] No [X]
7.2
STATEMENT AS OF MARCH 31, 2024 OF THE TRIAD GUARANTY INSURANCE CORPORATION, IN
REHABILITATION
GENERAL INTERROGATORIES
PART 2 - PROPERTY & CASUALTY INTERROGATORIES
- If the reporting entity is a member of a pooling arrangement, did the agreement or the reporting entity's participation change? 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?
If yes, attach an explanation.
- Have any of the reporting entity's primary reinsurance contracts been canceled?
- If yes, give full and complete information thereto.
- 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?
- If yes, complete the following schedule:
Yes [ ] No [ ] NA [X]
Yes [ ] No [X]
Yes [ ] No [X]
Yes [ ] No [X]
TOTAL DISCOUNT | DISCOUNT TAKEN DURING PERIOD | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |
Maximum | Discount | Unpaid | Unpaid | Unpaid | Unpaid | |||||
Line of Business | Interest | Rate | Losses | LAE | IBNR | TOTAL | Losses | LAE | IBNR | TOTAL |
TOTAL |
5. Operating Percentages:
5.1 A&H loss percent
5.2 A&H cost containment percent
5.3 A&H expense percent excluding cost containment expenses
6.1 | Do you act as a custodian for health savings accounts? | |
6.2 | If yes, please provide the amount of custodial funds held as of the reporting date. | $ |
6.3 | Do you act as an administrator for health savings accounts? | |
6.4 | If yes, please provide the balance of the funds administered as of the reporting date. | $ |
7. | Is the reporting entity licensed or chartered, registered, qualified, eligible or writing business in at least two states? | |
7.1 |
If no, does the reporting entity assume reinsurance business that covers risks residing in at least one state other than the state of domicile of the reporting entity?
%
%
%
Yes [ ] No [X]
Yes [ ] No [X]
Yes [X] No [ ]
Yes [ ] No [ ]
8
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Triad Guaranty Inc. published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 18:31:01 UTC.