Replies to post #190 on AICI Capital Trust 9% Pfd (fka AICPQ)

[56Chevy]

"Acceptance stopped writing insurance in the fourth quarter of 2001, except for a few small policies which were issued in 2002".

Source: Granite Re Disclosure Statement dated 2/09/09

*I have a copy of the Granite Re DS..which in itself is a very poorly written document so it may not be the 'gospel truth'. We simply don't know how reliable this info was.

[mrholty]

It wasn't revenue it was that admitted assets increased and were almost offset by an increase in liabilities.

To be honest I am not sure what would cause that much of a movement in both the Assets and Liabilities lines. The two are related, no doubt but I'm not sure what changed.

The only thing I can think of it they moved some assets that had been classified as non-admitted as moved them to admitted. At the same time they would have moved the corresponding liability. However a comparison of non-admitted assets looks flat as compared to the last quarter.

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Agreed that this isn't revenue. They haven't written new policy in a long time. Their only source of income is from their investments, unfortuately as the bonds roll-off each replacement bond is generally a lower return. Previously, I was hoping that the interest from the bonds could cover the overhead and add a little kicker, instead it just slows down the burn.