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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2020
OR
| | | | | |
☐ | 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
(Address of Principal Executive Offices)
10038
(Zip Code)
(212) 380-9500
(Registrant’s Telephone Number, Including Area Code)
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, Representing 1/40th of a Share of 7.50% Non-Cumulative Preferred Stock, Series B | | NGHCO | | The Nasdaq Stock Market LLC |
Depositary Shares, 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 |
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 ☒ No ☐
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 ☒ No ☐
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 | ☒ | | Accelerated Filer | ☐ | |
| Non-Accelerated Filer | ☐ | | Smaller Reporting Company | ☐ | |
| | | | Emerging Growth Company | ☐ | |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 27, 2020, the number of common shares of the registrant outstanding was 113,475,176.
NATIONAL GENERAL HOLDINGS CORP.
TABLE OF CONTENTS
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)
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| September 30, | | December 31, |
| 2020 | | 2019 |
ASSETS | | | |
Investments: | | | |
Debt securities, available-for-sale, at fair value (allowance for expected credit losses $1,085 - 2020) (Exchanges - $300,124 and $324,249; allowance for expected credit losses $150 - 2020) | $ | 4,549,133 | | | $ | 4,476,358 | |
Short-term investments (Exchanges - $30,952 and $5,245) | 510,800 | | | 67,353 | |
Other investments (related parties - $231,593 and $238,841) | 282,866 | | | 311,287 | |
Total investments | 5,342,799 | | | 4,854,998 | |
Cash and cash equivalents (Exchanges - $416 and $959) | 188,282 | | | 135,942 | |
Restricted cash and cash equivalents (Exchanges - $325 and $24) | 63,061 | | | 28,521 | |
Accrued investment income (related parties - $1,210 and $2,391) (Exchanges - $1,397 and $2,001) | 26,135 | | | 30,927 | |
Premiums and other receivables (net of allowance for expected credit losses $37,163 - 2020; net of bad debt allowance $24,067 - 2019) (Exchanges - $70,076 and $55,859; net of allowance for expected credit losses $844 - 2020; net of bad debt allowance $541 - 2019) | 1,598,316 | | | 1,428,948 | |
Deferred acquisition costs (Exchanges - $18,507 and $23,307) | 284,963 | | | 263,523 | |
Reinsurance recoverable (net of allowance for expected credit losses $810 - 2020) (Exchanges - $125,095 and $119,125; net of allowance for expected credit losses $173 - 2020) | 1,286,852 | | | 1,394,308 | |
Prepaid reinsurance premiums (Exchanges - $105,597 and $105,894) | 458,960 | | | 575,747 | |
Property and equipment, net (Exchanges - $0 and $241) | 382,696 | | | 403,827 | |
Intangible assets, net (Exchanges - $3,090 and $3,225) | 345,974 | | | 365,823 | |
Goodwill | 179,328 | | | 179,328 | |
Prepaid and other assets (Exchanges - $4,312 and $3,521) | 66,890 | | | 94,642 | |
Total assets | $ | 10,224,256 | | | $ | 9,756,534 | |
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See accompanying notes to unaudited condensed consolidated financial statements.
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NATIONAL GENERAL HOLDINGS CORP. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In Thousands, Except Shares and Par Value per Share) |
(Unaudited) |
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| September 30, | | December 31, |
| 2020 | | 2019 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Liabilities: | | | |
Unpaid loss and loss adjustment expense reserves (Exchanges - $208,496 and $205,786) | $ | 2,897,465 | | | $ | 2,886,414 | |
Unearned premiums and other revenue (Exchanges - $219,582 and $252,553) | 2,337,469 | | | 2,312,241 | |
Reinsurance payable (Exchanges - $51,711 and $35,689) | 402,428 | | | 562,844 | |
Accounts payable and accrued expenses (Exchanges - $7,604 and $8,497) | 420,144 | | | 315,366 | |
Debt | 679,436 | | | 686,006 | |
Other liabilities (Exchanges - $44,004 and $30,803) | 401,749 | | | 376,169 | |
Total liabilities | $ | 7,138,691 | | | $ | 7,139,040 | |
Contingencies (Note 10) | | | |
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Stockholders’ equity: | | | |
Preferred stock, $0.01 par value - authorized 10,000,000 shares, issued and outstanding 2,565,120 shares - 2020 and 2019; Aggregate liquidation preference $450,000 - 2020 and 2019 | $ | 450,000 | | | $ | 450,000 | |
Common stock, $0.01 par value - authorized 150,000,000 shares, issued 113,934,259 and 113,368,811 shares - 2020 and 2019, outstanding 113,475,176 and 113,368,811 shares - 2020 and 2019 | 1,139 | | | 1,134 | |
Treasury stock, at cost - 459,083 shares - 2020 | (8,482) | | | — | |
Additional paid-in capital | 1,073,288 | | | 1,065,634 | |
Accumulated other comprehensive income: | | | |
Unrealized foreign currency translation adjustment, net of tax | (637) | | | (202) | |
Unrealized gain on investments, net of tax | 195,590 | | | 74,750 | |
Total accumulated other comprehensive income | 194,953 | | | 74,548 | |
Retained earnings | 1,392,872 | | | 1,058,138 | |
Total National General Holdings Corp. stockholders’ equity | 3,103,770 | | | 2,649,454 | |
Noncontrolling interest | (18,205) | | | (31,960) | |
Total stockholders’ equity | $ | 3,085,565 | | | $ | 2,617,494 | |
Total liabilities and stockholders’ equity | $ | 10,224,256 | | | $ | 9,756,534 | |
See accompanying notes to unaudited condensed consolidated financial statements.
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NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Revenues: | | | | | | | |
Net earned premium | $ | 1,178,573 | | | $ | 1,053,638 | | | $ | 3,319,346 | | | $ | 3,048,446 | |
Ceding commission income | 30,724 | | | 57,587 | | | 127,669 | | | 187,313 | |
Service and fee income | 184,969 | | | 161,626 | | | 545,002 | | | 476,041 | |
Net investment income | 28,904 | | | 33,740 | | | 90,322 | | | 102,316 | |
Net gain (loss) on investments | 19,839 | | | 1,581 | | | 18,136 | | | (3,627) | |
Total revenues | 1,443,009 | | | 1,308,172 | | | 4,100,475 | | | 3,810,489 | |
Expenses: | | | | | | | |
Loss and loss adjustment expense | 774,164 | | | 745,334 | | | 2,066,608 | | | 2,112,678 | |
Acquisition costs and other underwriting expenses | 268,645 | | | 209,090 | | | 726,265 | | | 615,134 | |
General and administrative expenses | 244,611 | | | 263,864 | | | 774,589 | | | 759,725 | |
Interest expense | 11,292 | | | 12,898 | | | 34,851 | | | 38,822 | |
Total expenses | 1,298,712 | | | 1,231,186 | | | 3,602,313 | | | 3,526,359 | |
Income before provision for income taxes | 144,297 | | | 76,986 | | | 498,162 | | | 284,130 | |
Provision for income taxes | 27,428 | | | 16,747 | | | 106,107 | | | 61,494 | |
Net income | 116,869 | | | 60,239 | | | 392,055 | | | 222,636 | |
Net (income) loss attributable to noncontrolling interest | (6,900) | | | 10,915 | | | (14,753) | | | 18,152 | |
Net income attributable to NGHC | 109,969 | | | 71,154 | | | 377,302 | | | 240,788 | |
Dividends on preferred stock | (7,875) | | | (7,875) | | | (24,675) | | | (24,675) | |
Net income attributable to NGHC common stockholders | $ | 102,094 | | | $ | 63,279 | | | $ | 352,627 | | | $ | 216,113 | |
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Earnings Per Share (“EPS”) attributable to NGHC common stockholders: |
Basic EPS | $ | 0.90 | | | $ | 0.56 | | | $ | 3.11 | | | $ | 1.91 | |
Diluted EPS | $ | 0.88 | | | $ | 0.54 | | | $ | 3.04 | | | $ | 1.87 | |
See accompanying notes to unaudited condensed consolidated financial statements.
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NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Net income | $ | 116,869 | | | $ | 60,239 | | | $ | 392,055 | | | $ | 222,636 | |
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Other comprehensive income: | | | | | | | |
Foreign currency translation adjustment | 62 | | | (4,104) | | | (550) | | | (8,147) | |
Income tax effect | (13) | | | 862 | | | 115 | | | 1,707 | |
Total foreign currency translation adjustment, net of tax | 49 | | | (3,242) | | | (435) | | | (6,440) | |
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Gross unrealized gain on investments before reclassifications | 17,347 | | | 33,294 | | | 173,235 | | | 190,266 | |
Income tax effect | (3,644) | | | (6,991) | | | (36,380) | | | (39,955) | |
Total change in net unrealized gain on investments, net of tax | 13,703 | | | 26,303 | | | 136,855 | | | 150,311 | |
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Reclassification adjustments for investments gain or loss to net income: | | | | | | | |
Net realized gain on investments | (19,393) | | | (1,886) | | | (21,350) | | | (1,835) | |
Income tax effect | 4,073 | | | 396 | | | 4,484 | | | 385 | |
Total gain on investments reclassifications to net income, net of tax | (15,320) | | | (1,490) | | | (16,866) | | | (1,450) | |
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Other comprehensive income (loss) before income tax effect | (1,984) | | | 27,304 | | | 151,335 | | | 180,284 | |
Income tax effect | 416 | | | (5,733) | | | (31,781) | | | (37,863) | |
Other comprehensive income (loss), net of tax | (1,568) | | | 21,571 | | | 119,554 | | | 142,421 | |
Comprehensive income | 115,301 | | | 81,810 | | | 511,609 | | | 365,057 | |
Comprehensive income (loss) attributable to noncontrolling interest | 2,757 | | | 9,821 | | | (13,902) | | | 8,248 | |
Comprehensive income attributable to NGHC | $ | 118,058 | | | $ | 91,631 | | | $ | 497,707 | | | $ | 373,305 | |
See accompanying notes to unaudited condensed consolidated financial statements.
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NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Shares)
(Unaudited)
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| Three Months Ended September 30, 2020 |
| Preferred Stock | | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income | | Retained Earnings | | Noncontrolling Interest | | Total |
Balance July 1, 2020 | $ | 450,000 | | | $ | 1,139 | | | $ | (8,482) | | | $ | 1,069,152 | | | $ | 186,864 | | | $ | 1,296,451 | | | $ | (15,448) | | | $ | 2,979,676 | |
Net income | — | | | — | | | — | | | — | | | — | | | 109,969 | | | 6,900 | | | 116,869 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | 48 | | | — | | | — | | | 48 | |
Change in unrealized gain (loss) on investments, net of tax | — | | | — | | | — | | | — | | | 8,041 | | | — | | | (9,657) | | | (1,616) | |
Common stock dividends declared | — | | | — | | | — | | | — | | | — | | | (5,673) | | | — | | | (5,673) | |
Preferred stock dividends declared | — | | | — | | | — | | | — | | | — | | | (7,875) | | | — | | | (7,875) | |
Common stock issued under employee stock plans and exercises of stock options | — | | | — | | | — | | | 1,134 | | | — | | | — | | | — | | | 1,134 | |
Shares withheld related to net share settlement | — | | | — | | | — | | | (156) | | | — | | | — | | | — | | | (156) | |
Stock-based compensation | — | | | — | | | — | | | 3,158 | | | — | | | — | | | — | | | 3,158 | |
Balance September 30, 2020 | $ | 450,000 | | | $ | 1,139 | | | $ | (8,482) | | | $ | 1,073,288 | | | $ | 194,953 | | | $ | 1,392,872 | | | $ | (18,205) | | | $ | 3,085,565 | |
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| Three Months Ended September 30, 2019 |
| Preferred Stock | | Common Stock | | Additional Paid-in Capital | | | | Accumulated Other Comprehensive Income | | Retained Earnings | | Noncontrolling Interest | | Total |
Balance July 1, 2019 | $ | 450,000 | | | $ | 1,132 | | | $ | 1,060,379 | | | | | $ | 59,910 | | | $ | 907,841 | | | $ | (18,394) | | | $ | 2,460,868 | |
Net income (loss) | — | | | — | | | — | | | | | — | | | 71,154 | | | (10,915) | | | 60,239 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | | | (3,242) | | | — | | | — | | | (3,242) | |
Change in unrealized gain on investments, net of tax | — | | | — | | | — | | | | | 23,719 | | | — | | | 1,094 | | | 24,813 | |
Common stock dividends declared | — | | | — | | | — | | | | | — | | | (5,665) | | | — | | | (5,665) | |
Preferred stock dividends declared | — | | | — | | | — | | | | | — | | | (7,875) | | | — | | | (7,875) | |
Common stock issued under employee stock plans and exercises of stock options | — | | | 1 | | | 188 | | | | | — | | | — | | | — | | | 189 | |
Shares withheld related to net share settlement | — | | | — | | | (493) | | | | | — | | | — | | | — | | | (493) | |
Stock-based compensation | — | | | — | | | 2,785 | | | | | — | | | — | | | — | | | 2,785 | |
Balance September 30, 2019 | $ | 450,000 | | | $ | 1,133 | | | $ | 1,062,859 | | | | | $ | 80,387 | | | $ | 965,455 | | | $ | (28,215) | | | $ | 2,531,619 | |
See accompanying notes to unaudited condensed consolidated financial statements.
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NATIONAL GENERAL HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Shares)
(Unaudited)
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| Nine Months Ended September 30, 2020 |
| Preferred Stock | | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income | | Retained Earnings | | Noncontrolling Interest | | Total |
Balance January 1, 2020 | $ | 450,000 | | | $ | 1,134 | | | $ | — | | | $ | 1,065,634 | | | $ | 74,548 | | | $ | 1,058,138 | | | $ | (31,960) | | | $ | 2,617,494 | |
Cumulative-effect adjustment of change in accounting principle, net of tax | — | | | — | | | — | | | — | | | — | | | (863) | | | (147) | | | (1,010) | |
Net income | — | | | — | | | — | | | — | | | — | | | 377,302 | | | 14,753 | | | 392,055 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | (436) | | | — | | | — | | | (436) | |
Change in unrealized gain (loss) on investments, net of tax | — | | | — | | | — | | | — | | | 120,841 | | | — | | | (851) | | | 119,990 | |
Common stock repurchased | — | | | — | | | (8,482) | | | — | | | — | | | — | | | — | | | (8,482) | |
Common stock dividends declared | — | | | — | | | — | | | — | | | — | | | (17,030) | | | — | | | (17,030) | |
Preferred stock dividends declared | — | | | — | | | — | | | — | | | — | | | (24,675) | | | — | | | (24,675) | |
Common stock issued under employee stock plans and exercises of stock options | — | | | 5 | | | — | | | 1,965 | | | — | | | |