First Sealord - Assets and Liabilities


First Sealord Surety, Inc. - Licensed Company 
Estimated Net Assets Available and Estimated Liabilities - As of  12/31/14
Estimated Net Assets Available                                                         
      Includes early access distributions to Guaranty                                                                                                                                                                                               $6,645,573
      Associations of $0
Estimated Liabilities
      Priority Class See Footnote 1
        A $4,107,462
               Liquidation Expenses Paid
               See Footnote 2
        E $38,155,117  
        F $213,195
        G                                                                                                                                                                                                                                                                               $159,693
      Known but unevaluated claims
Total Estimated Remaining Unpaid Liabilities $39,024,349

Estimated Surplus (Deficit) ($32,378,776)  

The Financial Statement Disclosure is an integral part of this statement. It is necessary to read the disclosure to fully understand the statements. PLEASE READ THIS DISCLOSURE

1 Priority Classes
The order of distribution of claims from the insurer's estate is set forth in detail in Article V of the Insurance Department Act of 1921 at 40 P.S. 22144.  Briefly the classes are:
A   Administrative expenses
B   Claims for policy benefits*
C   Federal government claims
D   Certain employee claims
E   Claims under nonassessable policies for unearned premium or other premium refund, claims of
     general creditors, and claims against payment & performance bonds.
F   State and local government claims
G   Late filed claims
H   Surplus or contribution note claims
I    Shareholder/owner claims.
*Claims against payment and performance bonds are considered priority class "E" claims.
 Priority Class A - Administrative Expenses
Administrative expenses include both the Guaranty Associations’ expenses related to administering the claims of the companies in liquidation and the Liquidator’s expenses.  As shown, the Liquidator’s expenses have been bracketed to indicate they have been paid and the net assets available were reduced by that amount.  The net difference in this priority class, if any, represents administrative expenses incurred by the Guaranty Associations.