10-Q: BALDWIN & LYONS INC
10-Q: BALDWIN & LYONS INC
(EDGAR Online via COMTEX) -- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Company generally experiences positive cash flow from operations resulting from the fact that premiums are collected on insurance policies in advance of the disbursement of funds in payment of claims. Operating costs of the property/casualty insurance subsidiaries, other than loss and loss expense payments and commissions paid to related agency companies, generally average less than 30% of premiums earned and the remaining amount is available for investment for varying periods of time pending the settlement of claims relating to the insurance coverage provided. The Company's cash flow relating to premiums is significantly affected by reinsurance programs in effect from time-to-time whereby the Company cedes both premium and risk to other insurance and reinsurance companies. These programs vary significantly among products. For the first nine months of 2011, the Company experienced positive cash flow from operations totaling $44.6 million which compares to positive cash flow from operations of $36.9 million generated during the first nine months of 2010. The $7.7 million increase in cash flow from the 2010 period is primarily due to higher net premium volume.
The Company's investment philosophy has emphasized the purchase of relatively short-term instruments with maximum quality and liquidity. The average life of the Company's fixed income (bond and short-term investment) portfolio, using contractual maturities applied to par value, was 3.6 years at September 30, 2011, which is substantially shorter than the Company's liability average life.
Financing activity for the first nine months of 2011 included regular dividend payments to shareholders of $11.2 million ($.75 per share) and the repayment of $5.0 million under the Company's line of credit.
Cash Advance On Pending Insurance Settlements - News
During the third quarter of 2011, certain warrants were amended in connection with the Merger Agreement to have a cash settlement feature and as a result 771020 of our then issued and outstanding common stock purchase warrants previously treated as
GCA's products and services provide gaming patrons access to cash through a variety of methods, including ATM cash withdrawals, point-of-sale debit card transactions, credit card cash advances, check verification and warranty services,
The Company generally experiences positive cash flow from operations resulting from the fact that premiums are collected on insurance policies in advance of the disbursement of funds in payment of claims. Operating costs of the property/casualty
These costs were partly offset by $11.3 million of interest and other income primarily related to net proceeds received from the settlement of an arbitration claim. The Company's aggregate cash and short-term investments totaled $55.0 million at
Periodic revisions to the estimated timing of cash flows or to the original estimated undiscounted cost can also result in an increase or decrease to the decommissioning liability. Actual costs incurred upon settlement of the obligation are recorded
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