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nghc-20200331
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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 March 31, 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 April 27, 2020, the number of common shares of the registrant outstanding was 113,750,129 .


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,
2020 2019
ASSETS
Investments:
Debt securities, available-for-sale, at fair value (allowance for expected credit losses $2,927 - 2020) (Exchanges - $313,743 and $324,249; allowance for expected credit losses $298 - 2020) $ 4,382,254     $ 4,476,358    
Short-term investments (Exchanges - $19,778 and $5,245) 70,761     67,353    
Other investments (related parties - $235,843 and $238,841) 287,683     311,287    
Total investments 4,740,698     4,854,998    
Cash and cash equivalents (Exchanges - $0 and $959) 309,802     135,942    
Restricted cash and cash equivalents (Exchanges - $116 and $24) 30,070     28,521    
Accrued investment income (related parties - $1,203 and $2,391)
(Exchanges - $2,152 and $2,001) 		26,131     30,927    
Premiums and other receivables (net of allowance for expected credit losses $27,114 - 2020; net of bad debt allowance $24,067 - 2019) (Exchanges - $49,344 and $55,859; net of allowance for expected credit losses $1,013 - 2020; net of bad debt allowance $541 - 2019) 1,541,760     1,428,948    
Deferred acquisition costs (Exchanges - $22,737 and $23,307) 277,368     263,523    
Reinsurance recoverable (net of allowance for expected credit losses $517 - 2020) (Exchanges - $119,508 and $119,125; net of allowance for expected credit losses $173 - 2020) 1,401,681     1,394,308    
Prepaid reinsurance premiums (Exchanges - $91,003 and $105,894) 511,648     575,747    
Property and equipment, net (Exchanges - $93 and $241) 398,161     403,827    
Intangible assets, net (Exchanges - $3,180 and $3,225) 357,568     365,823    
Goodwill 179,328     179,328    
Prepaid and other assets (Exchanges - $4,110 and $3,521) 86,359     94,642    
Total assets $ 9,860,574     $ 9,756,534    
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,
2020 2019
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Unpaid loss and loss adjustment expense reserves (Exchanges - $197,934 and $205,786) $ 2,848,193     $ 2,886,414    
Unearned premiums and other revenue (Exchanges - $232,538 and $252,553) 2,376,375     2,312,241    
Reinsurance payable (Exchanges - $38,353 and $35,689) 553,982     562,844    
Accounts payable and accrued expenses (Exchanges - $5,746 and $8,497) 313,638     315,366    
Debt 685,078     686,006    
Other liabilities (Exchanges - $41,266 and $30,803) 411,820     376,169    
Total liabilities $ 7,189,086     $ 7,139,040    
Contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value - authorized 150,000,000 shares, issued and outstanding 113,708,996 shares - 2020; authorized 150,000,000 shares, issued and outstanding 113,368,811 shares - 2019. $ 1,137     $ 1,134    
Preferred stock, $0.01 par value - authorized 10,000,000 shares, issued and outstanding 2,565,120 shares - 2020; authorized 10,000,000 shares, issued and outstanding 2,565,120 shares - 2019. Aggregate liquidation preference $450,000 - 2020, $450,000 - 2019. 450,000     450,000    
Additional paid-in capital 1,066,075     1,065,634    
Accumulated other comprehensive income:
Unrealized foreign currency translation adjustment, net of tax ( 472 )   ( 202 )  
Unrealized gain on investments, net of tax 44,317     74,750    
Total accumulated other comprehensive income 43,845     74,548    
Retained earnings 1,144,473     1,058,138    
Total National General Holdings Corp. Stockholders’ Equity 2,705,530     2,649,454    
Noncontrolling interest ( 34,042 )   ( 31,960 )  
Total stockholders’ equity $ 2,671,488     $ 2,617,494    
Total liabilities and stockholders’ equity $ 9,860,574     $ 9,756,534    

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,
2020 2019
Revenues:
Net earned premium $ 1,075,206     $ 964,157    
Ceding commission income 50,305     69,534    
Service and fee income 179,441     165,507    
Net investment income 30,243     33,445    
Net gain (loss) on investments ( 6,861 )   22    
Total revenues 1,328,334     1,232,665    
Expenses:
Loss and loss adjustment expense 691,998     651,809    
Acquisition costs and other underwriting expenses 228,242     211,918    
General and administrative expenses 267,569     248,094    
Interest expense 11,780     12,999    
Total expenses 1,199,589     1,124,820    
Income before provision for income taxes
128,745     107,845    
Provision for income taxes 28,172     22,506    
Net income 100,573     85,339    
Net loss attributable to noncontrolling interest 186     6,419    
Net income attributable to NGHC 100,759     91,758    
Dividends on preferred stock
( 7,875 )   ( 7,875 )  
Net income attributable to NGHC common stockholders $ 92,884     $ 83,883    
Earnings per common share (“EPS”):
Basic EPS $ 0.82     $ 0.74    
Diluted EPS $ 0.80     $ 0.72    

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,
2020 2019
Net income $ 100,573     $ 85,339    
Other comprehensive income:
Foreign currency translation adjustment ( 342 )   ( 4,253 )  
Income tax effect 72     889    
Total foreign currency translation adjustment, net of tax ( 270 )   ( 3,364 )  
Gross unrealized gain (loss) on investments before reclassifications ( 43,400 )   76,785    
Income tax effect 9,114     ( 16,125 )  
Total change in net unrealized gain (loss) on investments, net of tax ( 34,286 )   60,660    
Reclassification adjustments for investments gain or loss to net income:
Net realized loss on investments 2,663     120    
Income tax effect ( 559 )   ( 25 )  
Total loss on investments reclassifications to net income, net of tax 2,104     95    
Other comprehensive income (loss) before income tax effect ( 41,079 )   72,652    
Income tax effect 8,627     ( 15,261 )  
Other comprehensive income (loss), net of tax ( 32,452 )   57,391    
Comprehensive income 68,121     142,730    
Comprehensive loss attributable to noncontrolling interest 1,935     1,739    
Comprehensive income attributable to NGHC $ 70,056     $ 144,469    

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)
(Unaudited)



Three Months Ended March 31, 2020
Common Stock Preferred Stock
Shares $ Shares $ Additional Paid-in Capital Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interest Total
Balance January 1, 2020 113,368,811     $ 1,134     2,565,120     $ 450,000     $ 1,065,634     $ 74,548     $ 1,058,138     $ ( 31,960 )   $ 2,617,494    
Cumulative-effect adjustment of change in accounting principles, net of tax —    —    —    —    —    —    ( 863 )   ( 147 )   ( 1,010 )  
Net income (loss) —    —    —    —    —    —    100,759     ( 186 )   100,573    
Foreign currency translation adjustment, net of tax —    —    —    —    —    ( 270 )   —    —    ( 270 )  
Change in unrealized gain on investments, net of tax —    —    —    —    —    ( 30,433 )   —    ( 1,749 )   ( 32,182 )  
Common stock dividends declared —    —    —    —    —    —    ( 5,686 )   —    (