Well if that's what Gene says, then we either own a piece of Wisdom International, or another reinsurance company was launched, or Gene isn't being upfront.
INSURANCE – INTERNATIONAL REINSURANCE COMPANY, LTD Wisdom International Corporation purchased International Reinsurance Company, Ltd (International Re) in 2003 and since that time propertycasualty insurance has been our core business and the propellant of our growth. Our efforts in the insurance industry have provided an amount of funds with which we have been able to grow the company. Because the insurance business is so important to our overall future growth, I will spend some time in this section telling you how we got were we are. The Founders of International Re realized in the midnineties that the insurance companies making the most profits in the insurance industry were those who were selling reinsurance policies. Therefore, International Re was founded and began its operation on February 8, 2000 and we believe we are on our way to establishing a niche as a leading, boutique reinsurance company.
RCC Holdings, Corp (hereafter referred to as "Company") was founded and organized under the laws of the State of Colorado on March 10, 2003. The company's founder is Mr. Gene Newton, born in Oxnard, California on May 14, 1946. Mr. Newton has an excess of thirty years of education, holding a Master's degree in Finance and a BA in Physical Education. Mr. Newton acquired International Reinsurance Company, Ltd. (hereafter referred to as "IRC"), a sole ownership business, originally licensed in the State of Wisconsin under the guidance of Mr. Todd Norvett, in which he was the founder and managing director during the mid-eighties till President. Upon the acquisition of IRC, Mr. Norvett resigned and was replaced by Mr. Holloway, who is presently the managing director of IRC. The acquisition of IRC was conducted as a transaction between Mr. Newton, Individually prior to the incorporation on March 10, 2003. Mr. Newton realized in the mid-eighties that the insurance companies that were the most profitable were the re-insurance companies. Mr. Norvett began IRC in February of 2000 and has become a significant niche in the reinsurance industry. After Mr. Newton's personal acquisition of IRC, he moved the company operation headquarters to Las Vegas, Nevada and maintains subsidiary offices in London, England and Dallas, Texas, in which it provides unique reinsurance solutions to clients throughout the world. IRC became a wholly owned subsidiary of the Company shortly after the founding of the Company in March of 2003. IRC's business includes the provisions of reinsurance and retrocession to underwriters of life, property, casualty, accident and health, in addition to, a world-class annuity business.
Mr. Holloway, under the direct supervision of Mr. Newton and the Board of Directors of the Company, has directed IRC towards reinsurance of companies such as Warren Buffet's Berkshire Hathaway, have centered their entire operation around their insurance and reinsurance business, even though they own numerous name brand companies. There are no conflicts of interest between the above named firms.
In our opinion, the financial statements referred to about present fairly, in all material respects, the financial position of International Reinsurance Co. Ltd (a subsidiary of RCC HOLDINGS CORP) as of September 20, 2002 and June 30, 2002, and the results of its operation and cash flows for the three months ended September 30, 2002 and the year ended June 30,2002 in conformity with accounting principles generally accepted in the United States.
Respectfully submitted,
/s/ Robison, Hill & Co Certified Public Accountants
Salt Lake City, UT October 1, 2002
NOTES TO FINANCIAL STATEMENTS
NOTE 1--ORGANIZATION AND SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES
This summary of accounting policies for International Reinsurance Co. Ltd. Is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.
Organization and Basis of Presentation
The company was incorporated under the laws of the Island of Nevis on February 8, 2000. The Company's fiscal year end is June 30. Since February 8, 2000, the Company is in the development stage, and has not commenced planned principal operations.
Nature of Business
The Company has no products or services as of September 30, 2002. The Company intends to provide reinsurance policies to licensed insurance companies, throughout the United States and in certain international markets.
Cash and Cash Equivalents
For the purpose of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
Pervasiveness of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles required management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration of Credit Risk
The Company has no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.
Depreciation
Fixed assets are stated at cost. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Asset Rate
Furniture and Fixtures 5-7 years Office Equipment 3-5 years
Maintenance and repairs are charged to operations; betterments are capitalized. The cost of property sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the property and related accumulated depreciation accounts, and any resulting gain or loss is credited or charged to income.
The Company has adopted the Financial Accounting Standards Board SFAS No. 121, Account for the Impairment of Long-Lived Assets. SFAS No. 121 addresses the accounting for (i) impairment of long-lived assets, certain identified intangibles and goodwill related to assets to be held and used, and (ii) long-lived assets and certain identifiable intangibles to be disposed of. SFAS No. 121 requires that long-lived assets and certain identifiable intangibles be held and use by an entity be reviewed for impairment whenever events or changed in circumstances indicated that the carrying amount of an asset may not be recoverable. If the sum of the expected future cash flows from the used of the asset and its eventual disposition (un-discounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized.
Wisdom International Purchases Remaining Shares of International Re from Norwich December 15, 2004
Wisdom International Corporation, a diversified holding company based in Salt Lake City, Utah, announced today that it has reached an agreement to purchase the remaining ownership shares of International Reinsurance, Ltd., Wisdom's Nevis based reinsurance company, from Norwich Management Company of Norwich, England.
Wisdom Chairman and CEO Michael Merservy of noted: "We are pleased that Norwich has expressed the continued confidence in our management and business plan, electing to take stock as consideration for the final piece of their holdings."
Norwich Management Company is an international insurance broker and consultant, headquartered in the UK. Norwich has represented a diverse client base and is active in all aspect of risk management, underwriting and marketing. Peter Greengrass, CEO of Norwich noted: "We like what we see at Wisdom and think that the growth opportunities are significant. They will be good partners."
Wisdom is a diversified holding company. Its reinsurance activities are conducted through its subsidiary, International Reinsurance Company, Ltd., with offices in Nevis, West Indies, Norwich, England and Dallas, Texas.
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