Independent Accountant’s Compilation Report
To the Board of Directors and Policyholders:
Management is responsible for the accompanying statutory financial statements of Vasa – Spring Garden Mutual Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities and policyholders’ surplus as of December 31, 2020 and 2019, and the related statements of income, and the supplementary schedules of operating and investment expenses, for the years then ended, and for determining the accounting practices prescribed or permitted by the Commerce Department of the State of Minnesota is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements included in the accompanying prescribed form nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these statutory financial statements.
These financial statements are presented in accordance with the requirements of the Commerce Department of the State of Minnesota, and are not intended to be a presentation in accordance with accounting principles generally accepted in the United States of America. Accordingly, these financial statements are not designed for those who are not informed about such differences.
Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on a statutory basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Company’s financial position and results of operations. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The supplementary information contained in the statutory schedules of operating expenses and statutory schedules of investment expenses are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary information is the representation of management. The information was subject to our compilation engagement, however, we have not audited or reviewed the supplementary information and, accordingly, do not express an opinion, a conclusion, nor provide any assurance on such supplementary information.
ABDO, EICK & MEYERS, LLP Mankato, Minnesota
February 11, 2021