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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2019
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
Commission File Number: 001-36311
 

NATIONAL GENERAL HOLDINGS CORP.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
27-1046208
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
59 Maiden Lane, 38th Floor
New York, New York
 
10038
(Address of Principal Executive Offices)
 
(Zip Code)
(212) 380-9500
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x
 
Accelerated Filer o
Non-Accelerated Filer o
 
Smaller Reporting Company o
 
 
Emerging Growth Company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share
 
NGHC
 
The Nasdaq Stock Market LLC
7.50% Non-Cumulative Preferred Stock, Series A
 
NGHCP
 
The Nasdaq Stock Market LLC
Depositary Shares, each Representing 1/40th of a Share of 7.50% Non-Cumulative Preferred Stock, Series B
 
NGHCO
 
The Nasdaq Stock Market LLC
Depositary Shares, each Representing 1/40th of a Share of 7.50% Non-Cumulative Preferred Stock, Series C
 
NGHCN
 
The Nasdaq Stock Market LLC
7.625% Subordinated Notes due 2055
 
NGHCZ
 
The Nasdaq Stock Market LLC

As of May 2, 2019, the number of common shares of the registrant outstanding was 113,168,026.





NATIONAL GENERAL HOLDINGS CORP.

TABLE OF CONTENTS


 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 



i



PART I - FINANCIAL INFORMATION


Item 1. Financial Statements


NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Par Value per Share)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
 
2019
 
2018
ASSETS
 
 
 
Investments:
 
 
 
Debt securities, available-for-sale, at fair value (Exchanges - $299,282 and $297,083)
$
3,635,347

 
$
3,561,032

Equity securities, at fair value
10,285

 
10,949

Short-term investments (Exchanges - $19,632 and $17,328)
390,052

 
348,549

Other investments (related parties - $233,555 and $233,723)
305,971

 
306,276

Total investments
4,341,655

 
4,226,806

Cash and cash equivalents
188,064

 
193,858

Restricted cash and cash equivalents (Exchanges - $293 and $200)
32,208

 
39,725

Accrued investment income (related parties - $1,188 and $2,362)
(Exchanges - $2,135 and $1,596)
26,451

 
27,177

Premiums and other receivables, net (Exchanges - $60,293 and $61,327)
1,608,251

 
1,399,812

Deferred acquisition costs (Exchanges - $20,305 and $20,007)
268,177

 
251,408

Reinsurance recoverable (related parties - $6,136 and $7,425)
(Exchanges - $125,722 and $117,068)
1,489,565

 
1,611,738

Prepaid reinsurance premiums (Exchanges - $127,210 and $136,433)
637,024

 
665,674

Premises and equipment, net (Exchanges - $1,183 and $1,695)
413,180

 
308,004

Intangible assets, net (Exchanges - $3,360 and $3,405)
372,812

 
379,937

Goodwill
180,183

 
180,183

Prepaid and other assets (Exchanges - $5,592 and $4,581)
73,997

 
154,958

Total assets
$
9,631,567

 
$
9,439,280

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying notes to unaudited condensed consolidated financial statements.
1



NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Par Value per Share)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
 
2019
 
2018
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Unpaid loss and loss adjustment expense reserves (Exchanges - $196,022 and $178,470)
$
2,870,323

 
$
2,957,159

Unearned premiums and other revenue (Exchanges - $258,701 and $265,763)
2,440,280

 
2,280,728

Reinsurance payable (Exchanges - $31,579 and $40,393)
524,859

 
656,265

Accounts payable and accrued expenses (related parties - $19,196 and $69,874)
(Exchanges - $6,160 and $7,720)
362,267

 
398,058

Debt
710,196

 
705,795

Other liabilities (Exchanges - $58,539 and $61,640)
392,160

 
240,404

Total liabilities
$
7,300,085

 
$
7,238,409

Commitments and contingencies (Note 10)
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
Common stock, $0.01 par value - authorized 150,000,000 shares, issued and outstanding 113,137,346 shares - 2019; authorized 150,000,000 shares, issued and outstanding 112,940,595 shares - 2018.
$
1,131

 
$
1,129

Preferred stock, $0.01 par value - authorized 10,000,000 shares, issued and outstanding 2,565,120 shares - 2019; authorized 10,000,000 shares, issued and outstanding 2,565,120 shares - 2018.
Aggregate liquidation preference $450,000 - 2019, $450,000 - 2018.
450,000

 
450,000

Additional paid-in capital
1,058,061

 
1,057,783

Accumulated other comprehensive income:
 
 
 
Unrealized foreign currency translation adjustment, net of tax
(17,825
)
 
(14,461
)
Unrealized gain (loss) on investments, net of tax
18,406

 
(37,669
)
Total accumulated other comprehensive income (loss)
581

 
(52,130
)
Retained earnings
843,415

 
764,056

Total National General Holdings Corp. Stockholders’ Equity
2,353,188

 
2,220,838

Non-controlling interest
(21,706
)
 
(19,967
)
Total stockholders’ equity
$
2,331,482

 
$
2,200,871

Total liabilities and stockholders’ equity
$
9,631,567

 
$
9,439,280




See accompanying notes to unaudited condensed consolidated financial statements.
2



NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2019
 
2018
Revenues:
 
 
 
 
Net earned premium
 
$
964,157

 
$
905,538

Ceding commission income
 
69,534

 
44,468

Service and fee income
 
165,507

 
142,122

Net investment income
 
33,445

 
25,011

Net gain on investments
 
22

 
118

Total revenues
 
1,232,665

 
1,117,257

Expenses:
 
 
 
 
Loss and loss adjustment expense
 
651,809

 
634,166

Acquisition costs and other underwriting expenses
 
211,918

 
168,710

General and administrative expenses
 
248,094

 
231,005

Interest expense
 
12,999

 
11,154

Total expenses
 
1,124,820

 
1,045,035

Income before provision for income taxes
 
107,845

 
72,222

Provision for income taxes
 
22,506

 
16,202

Net income
 
85,339

 
56,020

Net (income) loss attributable to non-controlling interest
 
6,419

 
12,188

Net income attributable to NGHC
 
91,758

 
68,208

Dividends on preferred stock
 
(7,875
)
 
(7,875
)
Net income attributable to NGHC common stockholders
 
$
83,883

 
$
60,333

 
 
 
 
 
Earnings per common share (“EPS”):
 
 
 
 
Basic EPS
 
$
0.74

 
$
0.57

Diluted EPS
 
$
0.72

 
$
0.55




See accompanying notes to unaudited condensed consolidated financial statements.
3



NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2019
 
2018
Net income
 
$
85,339

 
$
56,020

 
 
 
 
 
Other comprehensive income:
 
 
 
 
Foreign currency translation adjustment
 
(4,253
)
 
(907
)
Income tax effect
 
889

 
188

Total foreign currency translation adjustment, net of tax
 
(3,364
)
 
(719
)
 
 
 
 
 
Gross unrealized gain (loss) on investments before reclassifications
 
76,785

 
(53,206
)
Income tax effect
 
(16,125
)
 
11,173

Total change in net unrealized gain (loss) on investments, net of tax
 
60,660

 
(42,033
)
Reclassification adjustments for investments gain/loss to net income:
 
 
 
 
Net realized loss on investments
 
120

 
2

Income tax effect
 
(25
)
 

Total loss on investments reclassifications to net income, net of tax
 
95

 
2

 
 
 
 
 
Other comprehensive income (loss) before income tax effect
 
72,652

 
(54,111
)
Income tax effect
 
(15,261
)
 
11,361

Other comprehensive income (loss), net of tax
 
57,391

 
(42,750
)
Comprehensive income
 
142,730

 
13,270

Comprehensive (income) loss attributable to non-controlling interest
 
1,739

 
17,292

Comprehensive income attributable to NGHC
 
$
144,469

 
$
30,562


See accompanying notes to unaudited condensed consolidated financial statements.
4



NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Shares and Per Share Data)
(Unaudited)

 
Three Months Ended March 31, 2019
 
Common Stock
 
Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
Shares
 
$
 
Shares
 
$
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Non-controlling Interest
 
Total
Balance January 1, 2019
112,940,595

 
$
1,129

 
2,565,120

 
$
450,000

 
$
1,057,783

 
$
(52,130
)
 
$
764,056

 
$
(19,967
)
 
$
2,200,871

Net income (loss)

 

 

 

 

 

 
91,758

 
(6,419
)
 
85,339

Foreign currency translation adjustment, net of tax

 

 

 

 

 
(3,364
)
 

 

 
(3,364
)
Change in unrealized gain on investments, net of tax

 

 

 

 

 
56,075

 

 
4,680

 
60,755

Common stock dividends declared ($0.04 per share)

 

 

 

 

 

 
(4,524
)
 

 
(4,524
)
Preferred stock dividends declared
(Series A - $0.46875,
Series B and C - $18.75 and
Series D - $0 per share)

 

 

 

 

 

 
(7,875
)
 

 
(7,875
)
Common stock issued under employee stock plans and exercises of stock options
292,276

 
2

 

 

 
91

 

 

 

 
93

Shares withheld related to net share settlement
(95,525
)
 

 

 

 
(2,435
)
 

 

 

 
(2,435
)
Stock-based compensation

 

 

 

 
2,622

 

 

 

 
2,622

Balance March 31, 2019
113,137,346

 
$
1,131

 
2,565,120

 
$
450,000

 
$
1,058,061

 
$
581

 
$
843,415

 
$
(21,706
)
 
$
2,331,482


 
Three Months Ended March 31, 2018
 
Common Stock
 
Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
Shares
 
$
 
Shares
 
$
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Non-controlling Interest
 
Total
Balance January 1, 2018
106,697,648

 
$
1,067

 
2,565,000

 
$
420,000

 
$
917,751

 
$
(8,112
)
 
$
597,863

 
$
24,856

 
$
1,953,425

Cumulative-effect adjustment of change in accounting principles

 

 

 

 

 
36

 
8,794

 

 
8,830

Net income (loss)

 

 

 

 

 

 
68,208

 
(12,188
)
 
56,020

Foreign currency translation adjustment, net of tax

 

 

 

 

 
(719
)
 

 

 
(719
)
Change in unrealized loss on investments, net of tax

 

 

 

 

 
(36,927
)
 

 
(5,104
)
 
(42,031
)
Common stock dividends declared ($0.04 per share)

 

 

 

 

 

 
(4,277
)
 

 
(4,277
)
Preferred stock dividends declared
(Series A - $0.46875, and
Series B and C - $18.75)

 

 

 

 

 

 
(7,875
)
 

 
(7,875
)
Common stock issued under employee stock plans and exercises of stock options
251,491

 
2

 

 

 
490

 

 

 

 
492

Shares withheld related to net share settlement
(61,573
)
 

 

 

 
(1,342
)
 

 

 

 
(1,342
)
Stock-based compensation

 

 

 

 
2,130

 

 

 

 
2,130

Balance March 31, 2018
106,887,566

 
$
1,069

 
2,565,000

 
$
420,000

 
$
919,029

 
$
(45,722
)
 
$
662,713

 
$
7,564

 
$
1,964,653



See accompanying notes to unaudited condensed consolidated financial statements.
5



NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
85,339

 
$
56,020

Adjustments to reconcile net income to cash provided by (used in) operating activities:
 
 
 
 
Net (gain) loss on investments
 
(22
)
 
(118
)
Bad debt expense
 
20,967

 
20,184

Depreciation and amortization
 
27,135

 
20,141

Stock-compensation expense
 
2,622

 
2,130

Other, net
 
(1,251
)
 
(7,088
)
Changes in assets and liabilities:
 
 
 
 
Accrued investment income
 
658

 
(1,082
)
Premiums and other receivables
 
(228,239
)
 
(200,150
)
Deferred acquisition costs
 
(17,020
)
 
(20,755
)
Reinsurance recoverable
 
121,500

 
(40,537
)
Prepaid reinsurance premiums
 
28,058

 
(11,648
)
Prepaid expenses and other assets
 
82,591

 
38,712

Unpaid loss and loss adjustment expense reserves
 
(83,073
)
 
17,044

Unearned premiums and other revenue
 
161,680

 
213,465

Reinsurance payable
 
(130,353
)
 
39,036

Accounts payable and accrued expenses
 
9,458

 
(52,811
)
Other liabilities
 
35,160

 
(20,601
)
Net cash provided by operating activities
 
115,210

 
51,942

Cash flows from investing activities:
 
 
 
 
Purchases of:
 
 
 
 
Debt securities, available-for-sale
 
(94,525
)
 
(310,241
)
Short-term investments
 
(678,000
)
 
(906,325
)
Other investments
 
(110
)
 
(2,979
)
Premises and equipment
 
(57,622
)
 
(5,716
)
Proceeds from:
 
 
 
 
Sale and maturity of debt securities, available-for-sale
 
83,138

 
193,733

Sale of equity securities
 
1,700

 

Sale of short-term investments
 
637,682

 
904,788