State of West Virginia - West Virginia Legislature

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STATE OF WEST VIRGINIADEPARTMENT OF ADMINISTRATIONBOARD OF RISK AND INSURANCE MANAGEMENT90 MACCORKLE AVENUE SW, Suite 203 (304) 766-2646 ADMINISTRATIONSOUTH CHARLESTON, WV 25303(304) 766 2653 FAX(800) 345-4669 TOLL FREE WVwww.state.wv.us/brimEarl Ray TomblinGovernorRobert Ferguson, Jr.Charles E. Jones, Jr.Cabinet SecretaryExecutive Directorcharles.e.jones@wv.govChief Financial Officer’s ReportJune 28, 2011A. P Card Report CD copies contain the supporting detail for P card purchases for the months of January,February, March and April 2011. These totals are:January $36,367.66February $28,267.70March $38,387.06April $47,540.97B. Interim Financials – 4/30/11 BRIM’s financial results thru April show net income of $19.6 million with investmentscontributing $17.8 million of the total. Net income for the same period last year was $26.6million with $23.9 being provided by investment earnings. Premium Revenue year to date reflects a decrease of approximately $4.4 million as BRIMreduced rates for FY’11 due to overall favorable loss experience. Claims Expense thru April is down approximately $3 million when compared to last year due tothree large claims paid in 2010, a property windstorm claim and the two large fraud claims.Generally, claims experience for both years has been favorable (i.e. reserves are trending lessthan the original actuarial projections).C. FY’12 Premiums The rates for FY’12 have been finalized for both the State and SB3 programs. Overall, theaverage FY ’12 premium rates will be down again (about 3% vs. FY ’11). However, individualrating factors will impact the final premium amounts billed to each insured.D. AIG/Chartis Update On May 6 th Chartis reported an operating loss of $463 million for the first quarter of 2011,compared to a gain of $879 million last year, primarily due to catastrophe losses this year. Thefirst-quarter combined ratio for Chartis was 119.0 vs. 102.5 a year ago. On May 17 th American International Group Inc. (AIG) Chief Executive Robert Benmoschehighlighted plans to improve AIG's profitability and boost its return on equity (ROE) from itscurrent level of just 6% to 10%. If AIG can boost its ROE to 10%, he suggested, the stockshould trade at or above book value, or about $45 a share. On May 24 th AIG and the U.S. Department of the Treasury offered 300 million shares priced at$29 per share, which raised $8.7 billion. After the offering the Treasury still holds about 1.455billion shares of AIG common stock, bringing its ownership in AIG down to 77 percent. AIG usedits part of the proceeds ($2.9 billion) to help pay toward a July 2010 litigation settlement of asecurities class-action lawsuit and for “general corporate purposes”.
West Virginia Board of Risk and Insurance ManagementUNAUDITED BALANCE SHEETASSETSShort Term AssetsCash and Equivalents 17,858April 302011 2010(in thousands)$ $ 27,738Advance Deposit with Carrier/Trustee 195,319 181,924Receivables - Net 3,283 2,574Prepaid Insurance 1,052 1,042Total Short Term Assets 217,512 213,278Long Term AssetsInvestments 141,284 122,987Total Long Term Assets 141,284 122,987TOTAL ASSETS 358,796 336,265LIABILITIESShort Term LiabilitiesAccounts payable 2,389 1,328Claims Payable 116 157OPEB Liability 181 -Agents Commissions Payable 1,081 1,049Unearned Revenue 9,320 10,277Current Estimated Claim Reserve 44,898 42,204Total Short Term Liabilities 57,985 55,015Long Term LiabilitiesCompensated Absences 66 58Estimated Noncurrent Claim Reserve 88,949 103,618Total Long Term Liabilities 89,015 103,676TOTAL LIABILITIES 147,000 158,691Prior Year Net Assets 192,207 150,958Current Year Earnings 19,589 26,616TOTAL NET ASSETS 211,796 177,574TOTAL LIABILITIES AND RETAINED EARNINGS $ 358,796 $ 336,265DRAFT - Unaudited - Management Purposes Only8/22/2011BRIM - Page 1
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State of West Virginia - West Virginia Legislature

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