long,winding road The to storm recovery
CONSOLIDATED BALANCE SHEET As of December 31, 2020 (unaudited)
Admitted Assets Cash and Investments
$667,212,245
Real Estate and Equipment
7,433,532
Premiums Receivable
147,932,696 4,516,844 2,741,092 15,806,552 5,042,629 $850,685,590
Accrued Investment Income Reinsurance Recoverable
Net Deferred Tax Asset
Other Assets Total Assets
Liabilities and Surplus Unearned Premiums
$287,669,162 132,262,265 90,268,635
Loss and Loss Adjustment Expenses
Life Future Policy Benefits Federal Income Tax Payable
226,017
Other Liabilities Total Liabilities
47,754,901 558,180,980 292,504,610 $850,685,590
Policyholders’ Surplus
Total Liabilities and Surplus
Winter storm Uri swept through Texas with a vengeance in February, dumping snow and ice on millions of vulnerable Texans. The winter storms and arctic temperatures created national headlines speculating the cost of damage could reach $20 billion, rivaling the cost of hurricanes Harvey (2017) and Katrina (2005). We understand what a frustrating and exhausting time this was for our policyholders. Our team worked tirelessly to vet through each claim to ensure each policyholder received the time and attention they deserved. Over 7,000 claims have been filed and assigned to adjusters in the aftermath of the winter storms – making it one of the largest claims event in Germania’s history. The winter storm provided the opportunity to remind us all of the processes to follow when facing devastation. • Document damage. Take photos and videos of damage and/ or temporary repairs. • Save receipts. Collect receipts for any expense incurred for temporary repairs and other out-of-pocket expenses. • Contact a mitigation contractor. Please contact a mitigation contractor to review any cleanup efforts before you begin to rebuild. This will help ensure the appropriate corrective actions are completed to minimize potential future damage and issues. Recovery from large weather events can take months. We appreciate your patience as we work with you during this time. Remember, you can check the status of your claim, associated documents, and the amount paid on your claims through your account by visiting www.germaniainsurance.com or through our free Germania Insurance app. Search “Germania Insurance” in the Apple App or Google Play stores.
CONSOLIDATED INCOME STATEMENT For the year ended December 31, 2020 (unaudited) Underwriting Income Net Premiums Written
$543,726,143
Change in Unearned Premiums
2,703,183
Net Premiums Earned Net Losses Incurred Loss Expenses Incurred
$541,022,960 $293,544,450 54,159,070 160,354,791
Underwriting Expenses Incurred Increase in Life Future Policy Benefits Net Losses and Expenses Incurred
3,221,119
$511,279,430
Underwriting Gain (Loss)
$29,743,530
Net Investment Income
17,420,248
Other Income
309,805
Net Income (Loss) before Taxes
47,473,583 8,296,342 $39,177,241
Federal Income Taxes Net Income (Loss)
TOTAL PROPERTY PAID LOSS AND LOSS ADJUSTMENT EXPENSE BY PERIL* Storm $125,464,336 Fire 23,662,751 Water 16,752,034 Theft 1,369,646 Other 6,328,598 Total $173,577,365
*Net of Salvage and Subrogation
Spring 2021 | 11
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