|
 |
|
|
|
At December 31,
|
|
|
(in thousands, except per share data)
|
|
|
2001
|
|
|
|
2000
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
16,048
|
$
|
37,027
|
|
|
Restricted cash
|
|
50,328
|
|
32,017
|
|
|
Short-term investments
|
451
|
|
2,149
|
|
|
Premiums, commissions and fees receivable
|
101,449
|
|
96,952
|
|
|
|
Other current assets
|
8,230
|
|
9,007
|
|
|
|
Total current assets
|
|
|
176,506
|
|
|
|
177,152
|
|
|
Fixed assets, net
|
|
|
25,544
|
|
|
|
17,357
|
|
|
Intangibles, net
|
268,311
|
|
113,031
|
|
|
Investments
|
8,983
|
|
6,457
|
|
|
Deferred income taxes, net
|
1,519
|
|
2,873
|
|
|
Other assets
|
7,874
|
|
7,807
|
|
|
|
Total assets
|
|
$
|
488,737
|
|
|
|
324,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Premiums payable to insurance companies
|
$
|
151,649
|
$
|
142,183
|
|
|
Premium deposits and credits due clients
|
|
12,078
|
|
8,347
|
|
|
Accounts payable
|
10,085
|
|
5,508
|
|
|
Accrued expenses
|
31,930
|
|
27,624
|
|
|
Current portion of long-term debt
|
20,855
|
|
4,387
|
|
|
|
Total current liabilities
|
|
|
226,597
|
|
|
|
188,049
|
|
|
Long-term debt
|
|
78,195
|
|
|
10,660
|
|
|
Other liabilities
|
6,308
|
|
5,937
|
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|
|
Minority interest
|
2,352
|
|
1,659
|
|
|
Shareholders’ Equity:
|
|
|
|
|
|
Common stock, par value $0.10 per share; authorized
140,000 shares; issued and outstanding, 63,194 at 2001
and 62,164 at 2000
|
6,319
|
|
6,216
|
|
|
Additional paid-in capital
|
11,181
|
|
–
|
|
|
Retained earnings
|
153,392
|
|
109,661
|
|
|
Accumulated other comprehensive income, net of tax effect
of $2,750 at 2001 and $1,595 at 2000
|
4,393
|
|
2,495
|
|
|
|
Total shareholders’ equity
|
|
|
175,285
|
|
|
|
118,372
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
$
|
488,737
|
|
$
|
324,677
|
|
|
|
See accompanying notes to our consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
