analysis of risk retention groups – third quarter 2013

®

Analysis of Risk Retention GroupsThird Quarter 2013

Demotech, Inc.

January 2014

www.demotech.com Volume 4 Issue 1

®

ISSN 2168-7013 (online) Published January 23, 2014 COPYRIGHT©

2014 Demotech, Inc.

Analysis of Risk Retention Groups – Third Quarter 2013 contains expert analysis from Demotech, Inc. as well as the reported financial data of RRGs.

Contents

3 Special thank you to the following people for their contributions, comments and commitment:

RRGs Report Financially Stable Results at Third Quarter 2013 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups January 2014 Volume 4 Issue 1

Additional Analysis of RRGs Assigned an FSR In-depth financial analysis for RRGs assigned a Financial Stability Rating®. The company profile pages provided courtesy of SNL Financial and used with their permission.

FINANCIAL ANALYSIS

W. Burke Coleman | Legal Counsel and Compliance Manager,

Demotech, Inc.

James Cutts | Publisher, Risk Retention Reporter

Joseph Deems | Executive Director, National Risk Retention Association

Melissa-Anne Duncan | Executive Director,

Insurance Industry Charitable Foundation

Keith Enslow | Senior Program Manager, SNL Center for Financial Education

Karrie Hyatt | Managing Editor,

Risk Retention Reporter

Barry Koestler | Chief Ratings Officer, Demotech, Inc.

Josh Magden | Vice President of

Insurance and Institutional Marketing, Sage Advisory Services

Mechlin Moore | Communications Director,

National Risk Retention Association

Paul Osborne | Senior Consultant, Demotech, Inc.

Rachel Wilkins | Analyst,

Demotech, Inc.

9

45

The ratios, percentages and calculations contained herein have been compiled from data considered reliable or are expressions of opinion. They are not intended to be complete, and we do not assume responsibility for the accuracy of the data prepared or provided by others. No ratio or other presentation herein constitutes or shall be considered as a recommendation to enter in a contractual relationship, is meant as an offer to sell dispose of any securities, or is a solicitation to buy the securities of any of the companies included in the listing.

RRG AND FINANCIAL INFORMATION

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In reviewing the reported financial results of risk retention groups (RRGs), one gets the impression that this is a group of insurers with a great deal of financial stability. Based on third quarter 2013 reported financial information, RRGs continue to effectively provide specialized coverage to their

insureds. Over the past five years, RRGs have remained committed to maintaining adequate capital to handle losses. It is important to note that ownership of an RRG is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in the strengthened capital position exhibited by RRGs.

Since RRGs are restricted to liability coverage, they tend to insure medical providers, product manufacturers, law enforcement officials and contractors, as well as other professional industries. While RRGs have reported direct premium written in nine lines of business so far in 2013, nearly 60 percent of this premium was in the medical professional liability lines.

Balance Sheet Analysis

Comparing the last five years of results, cash and invested assets, total net admitted assets and policyholders’ surplus have all continued to increase at a faster rate than total liabilities (figure 1). The level of policyholders’ surplus becomes increasingly important in times of difficult economic conditions, as properly capitalized insurers can remain solvent while facing uncertain economic conditions.

Since third quarter 2009, cash and invested assets increased 25.9 percent and total net admitted assets increased 19.7 percent. More importantly, over a five year period from third quarter 2009 through third quarter 2013, RRGs collectively increased policyholders’ surplus 42.9 percent. This increase represents the addition of nearly $1.1 billion to policyholders’ surplus. During this same time period, liabilities increased only 6.1 percent, approximately $258 million. These reported results indicate that RRGs collectively are adequately capitalized and able to remain solvent if faced with adverse economic conditions or increased losses.

Liquidity, as measured by liabilities to cash and invested assets, for third quarter 2013 was approximately 66.4 percent. A value less than 100 percent is considered favorable as it

indicates that there was more than $1 of net liquid assets for each $1 of total liabilities. This also indicates an improvement for RRGs collectively as liquidity was reported at 68.3 percent at third quarter 2012. Moreover, this ratio has improved steadily each of the last five years.

Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and unpaid LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for third quarter 2013 was 237.9 percent and indicates an improvement over third quarter 2012, as this ratio was 229.1 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs, as measured by total liabilities to policyholders’ surplus, for third quarter 2013 was 127 percent. This indicates an improvement for RRGs collectively as leverage was reported at 131.9 percent at third quarter 2012.

The loss and LAE reserves to policyholders’ surplus ratio for third quarter 2013 was 80.4 percent and indicates an improvement over third quarter 2012, as this ratio was 84.2 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

In regards to RRGs collectively, the ratios pertaining to the balance sheet appear to be appropriate.

®

RRGs Report Financially Stable Results at Third Quarter 2013 Financial analysis of Risk Retention Groups based on reported historical results through third quarter 2013.

Douglas A Powell | Senior Financial Analyst, Demotech, Inc.

4

5

6

7

8

9

10

Short‐term Assets

Net Admitted Assets

Liabilities

Policyholders Surplus

0

1

2

3

4

20132012201120102009

Figure 1 - RRG Balance Sheet Metrics at 9/30 (In Billions)

Premium Written Analysis

RRGs collectively reported over $2.4 billion of direct premium written (DPW) through third quarter 2013, an increase of 3.9 percent over third quarter 2012. RRGs reported nearly $1.2 billion of net premium written (NPW) through third quarter 2013, an increase of 9.6 percent over third quarter 2012. These results are reasonable.

The DPW to policyholders’ surplus ratio for RRGs collectively through third quarter 2013 was 90.6 percent and indicates an improvement over third quarter 2012, as this ratio was 91.1 percent. The NPW to policyholders’ surplus ratio for RRGs through third quarter 2013 was 44.2 percent and indicates a diminishment over 2012, as this ratio was 42.1 percent. Please note that both of these amounts have been adjusted to reflect projected annual DPW and NPW based on third quarter 2013 results.

An insurer’s DPW to surplus ratio is indicative of its policyholders’ surplus leverage on a direct basis, without consideration for the effect of reinsurance. An insurer’s NPW to surplus ratio is indicative of its policyholders’ surplus leverage on a net basis. An insurer relying heavily on reinsurance will have a large disparity in these two ratios.

A DPW to surplus ratio in excess of 600 percent would subject an individual RRG to greater scrutiny during the financial review process. Likewise, a NPW to surplus ratio greater than 300 percent would subject an individual RRG to greater scrutiny. In certain cases, premium to surplus ratios in excess of those listed would be deemed appropriate if the RRG had demonstrated that a contributing factor to the higher ratio was relative improvement in rate adequacy.

In regards to RRGs collectively, the ratios pertaining to premium written appear to be conservative.

Income Statement Analysis

The profitability of RRG operations remains positive (figure 2). RRGs reported an aggregate underwriting gain through third quarter 2013 of $28.4 million, a decrease of $15.8 million over third quarter 2012, and a net investment gain of $155.6 million, a decrease of $13.5 million over third quarter 2012. RRGs collectively reported net income of $163.9 million, a decrease of $20.4 million over third quarter 2012.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through third quarter 2013 was 68.6 percent and is

a diminishment over third quarter 2012, as the loss ratio was reported at 63.7 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, through third quarter 2013 was 23.8 percent and indicates an improvement

over third quarter 2012, as the expense ratio was reported at 26.4 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through third quarter 2013 was 92.4 percent and is a diminishment over third quarter 2012, as the combined ratio was reported at 90.1 percent. This ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 percent indicates an underwriting profit.

Regarding RRGs collectively, the ratios pertaining to income statement analysis appear to be appropriate. Moreover, these ratios have remained fairly stable each of the last five years and well within a profitable range (figure 3).

®

The third quarter results of RRGs indicate that these specialty insurers continue to exhibit financial stability.

$200

Underwriting Income

Investment Income

Net Income

$02009 2010 2011 2012 2013

Figure 2 - RRG Income at 9/30 (In Millions)

40%

50%

60%

70%

80%

90%

100% Combined Ratio Loss Ratio Expense Ratio

0%

10%

20%

30%

2009 2010 2011 2012 2013

Figure 3 - RRG Ratios at 9/30

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No. of RRGs Liquidity

Cash/ Losses & LAE Res. Leverage

Losses & LAE Res./

PHSDPW/ PHS*

NPW/ PHS* Loss Ratio

Expense Ratio

Combined Ratio

Net Underwriting Gain (Loss)

Net Investment Gain (Loss)

Net Income (Loss)

Commercial Auto 19 101.8% 208.9% 191.5% 90.1% 194.7% 94.9% 72.5% 22.4% 94.9% -$400K $3.0M $2.5M

Medical Professional (Claims-made) 128 70.0% 230.5% 140.2% 86.9% 95.0% 50.7% 67.3% 23.8% 91.1% $30.2M $85.1M $102.4M

Medical Professional (Occurrence) 10 88.9% 161.9% 182.6% 126.9% 119.9% 69.8% 97.4% 9.8% 107.2% -$6.1M $6.3M $1.8M

Other (Claims-made) 47 44.8% 351.0% 68.9% 43.8% 84.5% 21.9% 58.2% 31.3% 89.5% $9.9M $30.7M $25.8M

Other (Occurrence) 38 73.8% 191.6% 179.5% 126.9% 72.3% 50.6% 70.8% 23.5% 94.3% $431K $24.4M $32.2M

Figure 4 - Key Ratios and Metrics - 9/30/13

Mr. Powell has nearly ten years of progressively responsible experience involving Property and Casualty insurers, Title underwriters, financial analysis and business consulting. He has previous work experience as an accountant and auditor in the not-for-profit and government sectors. He possesses extensive experience in monitoring, reviewing and assessing the financial stability of insurers. Since joining Demotech, Mr. Powell has been actively engaged in the Property and Casualty and Title insurance industries. Demotech produces many articles and studies throughout the year. Mr. Powell is instrumental in providing research, analysis and insight for these endeavors. Mr. Powell also acts as a liaison on behalf of Demotech and its clients in correspondence with various government agencies, insurance industry associations, insureds and the media. Email your questions or comments to Mr. Powell at [email protected].

Analysis by Primary Lines of Business

The financial ratios calculated based on third quarter results of the various primary lines of business appear to be reasonable (figure 4). Also, the RRGs have continued to report changes in DPW within a reasonable threshold (figure 5). It is typical for insurers’ financial ratios to fluctuate year over year. Moreover, none of the reported results are indicative of a continuing negative trend.

Jurisdictional Analysis

Much like insurers, it is typical for jurisdictions to compete for new business. Some of the factors that may impact an

insurer’s decision to do business in a certain jurisdiction include minimum policyholders’ surplus requirements and the premium tax rate. RRGs have continued to report changes in DPW, on a jurisdictional basis, within a reasonable threshold (figure 6).

Conclusions Based on Third Quarter 2013 Results

Despite political and economic uncertainty, RRGs remain financially stable and continue to provide specialized coverage to their insureds. The financial ratios calculated based on the third quarter results of RRGs appear to be reasonable, keeping in mind that it is typical for insurers’ financial ratios to fluctuate over time.

The third quarter results of RRGs indicate that these specialty insurers continue to exhibit financial stability. It is important to note again that while RRGs have reported net underwriting gains and net profits, they have also continued to maintain adequate loss reserves while increasing premium written year over year. RRGs continue to exhibit a great deal of financial stability.

Auto Phys 0 2,712 0 0 0Boiler & Machinery 715 574 574 478 25Comm'l Auto Liab 123,229 89,027 76,982 80,685 71,078Fidelity 7,422 7,341 7,119 7,229 7,345Med Prof Liab (Claims Made) 1,286,092 1,264,470 1,210,018 1,195,310 1,076,082Med Prof Liab (Occurrence) 124,563 108,380 118,555 111,562 164,504Oth Liab (Claims) 601,183 572,123 560,270 591,238 640,531Oth Liab (Occurrence) 271,530 273,381 245,748 241,933 254,258Other P&C 0 1,335 885 698 454Product Liab (Claims) 4,367 4,052 6,439 8,233 1,361Product Liab (Occ) 1,992 1,472 921 0 2,792

Total 2,421,093 2,324,867 2,227,510 2,237,367 2,218,431

DPW9/30/13

DPW9/30/09Line of Business

DPW9/30/12

DPW9/30/11

DPW9/30/10

Figure 5- Direct Premium Written by Lines of Business (000’s omitted)

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Alabama 16,408 14,399 13,866 13,968 14,145Alaska 4,255 4,461 4,403 4,789 4,941Arizona 37,145 36,015 36,624 42,458 37,938Arkansas 16,945 19,279 12,240 11,789 9,013California 192,465 183,497 173,818 180,341 191,031Colorado 26,838 31,969 27,018 26,068 25,353Connecticut 80,422 77,942 78,998 82,843 83,031Delaware 20,901 21,435 18,029 12,650 12,732District of Columbia 43,456 41,131 41,273 43,358 45,369Florida 138,549 109,483 87,472 83,698 84,723Georgia 39,451 30,920 29,957 30,186 30,577Hawaii 5,596 5,230 4,905 4,455 3,900Idaho 6,181 6,462 6,060 6,333 8,668Illinois 79,440 75,396 75,422 76,089 79,144Indiana 48,965 45,896 45,638 41,816 42,039Iowa 7,734 6,343 6,666 6,413 6,036Kansas 10,994 10,609 10,893 10,140 10,695Kentucky 26,518 24,563 25,596 24,490 28,784Louisiana 14,583 13,972 12,831 12,394 12,591Maine 6,897 7,561 7,382 8,633 8,355Maryland 96,449 101,237 95,463 97,897 94,070Massachusetts 165,498 163,384 165,803 162,772 162,741Michigan 30,745 29,168 29,419 26,177 25,084Minnesota 13,810 13,517 12,969 14,155 12,756Mississippi 18,602 18,083 18,071 19,142 20,433Missouri 34,142 33,846 36,193 35,229 36,723Montana 16,167 15,560 16,593 15,769 13,199Nebraska 10,104 10,132 9,855 8,396 7,263Nevada 17,302 18,656 18,805 20,185 20,000New Hampshire 5,520 5,146 4,954 4,431 4,617New Jersey 54,333 58,958 56,596 59,182 59,274New Mexico 14,105 12,652 12,492 12,011 11,234New York 376,807 356,938 333,159 331,547 302,271North Carolina 26,852 24,638 23,407 25,129 22,039North Dakota 1,616 1,622 1,458 1,303 1,266Ohio 40,131 37,866 37,241 39,928 42,158Oklahoma 13,543 14,011 13,312 13,465 13,012Oregon 22,265 19,719 18,480 15,860 13,281Pennsylvania 348,562 350,736 338,593 339,769 333,568Rhode Island 5,614 5,499 5,317 5,453 5,912South Carolina 11,116 10,178 9,402 21,233 34,466South Dakota 2,216 1,910 1,820 1,639 1,664Tennessee 17,858 17,805 16,299 19,861 15,997Texas 91,332 83,559 78,019 76,214 82,658Utah 9,704 11,652 13,519 9,905 8,718Vermont 6,079 5,650 10,840 5,682 5,325Virginia 40,300 36,658 34,911 37,746 37,357Washington 39,578 36,815 35,545 35,364 35,677West Virginia 23,893 23,796 22,069 21,515 18,974Wisconsin 11,100 10,935 10,589 10,549 11,183Wyoming 8,070 7,636 7,521 6,804 5,727American Samoa 0 0 0 0 0Guam 51 55 51 54 56Puerto Rico 196 229 133 142 176U.S. Virgin Islands 695 797 803 793 755Northern Mariana Islands 57 53 48 47 46Canada 317 242 263 152 131Aggregate Other Alien 16,805 13,101 12,241 12,903 13,761Total 2,415,282 2,319,001 2,221,343 2,231,312 2,212,641

StateDPW

9/30/12DPW

9/30/13DPW

9/30/11DPW

9/30/10DPW

9/30/09

Figure 6 - Direct Premium Written by State (000’s omitted)

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Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

TESS J. COUTURE (802) 264-4586 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ADVANCED PHYSICIANS INS RRG INC12166 2700 NORTH THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-4620

ED CALDWELL (602) 200-6900 AZPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AEGIS HEALTHCARE RRG, INC.12252 555 FAIRMOUNT AVENUE, BALTIMORE, MD 21286

PRICE PETE POORE 410-583-5458-1 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

DIANE BLAKE (802) 864-2746 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 1707 VILLAGE CENTER CIRCLE, SUITE 100, LAS VEGAS, NV 89134-0515

RICK O'BRIEN (702) 938-3175 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AGRI INSURANCE EXCHANGE RRG28380 5825 LAWTON LOOP EAST DRIVE INDIANAPOLIS, IN 46216-1064

KEVIN MANDEVILLE (317) 541-1800 INPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ALLEGIANT INS CO INC A RRG11965 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3800

MARK HIRONAGA (808) 585-3526 HIPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

ALLIANCE OF NONPROFITS FOR INS RRG10023 2386 AIRPORT ROAD BARRE, VT 05641-8629

CINDY L. LYFORD (802) 371-2227 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 1100 W. TOWN & COUNTRY RD., STE. 1400, ORANGE, CA 92868

DOUGLAS JOSEPH HAUSER 714-571-1864 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ALLIED SERVICES RISK RETENTION GROUP12013 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

LEN T. LOGAN (877) 872-7475 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

AMERICAN ASSOC OF OTHODONTISTS RRG10232 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150

REBECCA J. AITCHISON (802) 371-2229 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 CROWNE PLAZA, 27 NORTH 27TH STREET, SUITE 1900, BILLINGS, MT 59101-2343

KATIE GRAY (800) 226-0793 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AMERICAN CONTRACTORS INS CO RRG12300 2600 NORTH CENTRAL EXPRESS WAY, SUITE 800, RICHARDSON, TX 75080-2064

AMANDA CHORN (800) 563-6051 TXPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

AMERICAN EXCESS INS EXCHANGE RRG10903 12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052

KATHRYN MICHENER BOUCHE (802) 863-4400 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

AMERICAN FEED INDUSTRY INS CO RRG44202 4685 MERLE HAY ROAD, SUITE 200, DES MOINES, IA 50322-1982

SUSAN P. TINGLEFF (515) 254-0400 IAPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AMERICAN FOREST CASUALTY COMPANY RRG11590 1605 MAIN STREET, SUIT 800, SARASOTA, FL 34236-5840

TERESA MARIE MATTHEWS (941) 955-0793 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

AMERICAN SAFETY RRG INC25448 100 GALLERIA PARKWAY, SE, SUITE 700, ATLANTA, GA 30339-5947

DONNA CHESTER (770) 485-4322 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 111 NORTH HIGGINS, FOURTH FLOOR, MISSOULA, MT 59802

PATRICIA LORRAINE MALONEY 406-523-3908 MTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

Third Quarter 2013 - RRG Analysis



AMERIGUARD RRG INC12171 2386 AIRPORT ROAD BARRE, VT 05641-8629

MATTHEW A. GRIFFES (802) 371-2217 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 2555 E. CAMELBACK RD., PHOENIX, AZ

LEE MILIZIA 623-427-3208 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ARCHITECTS & ENGINEERS INS CO RRG44148 2056 WESTINGS AVENUE, SUITE 20, NAPERVILLE, IL 60563-2495

MICHAEL T. IANNOTTI (800) 437-2342 DEPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ARCOA RISK RETENTION GROUP, INC.13177 1325 AIRMOTIVE WAY, SUITE 100, RENO, NV 89502-3294

MICHELLE RENEE TRIMBLE (602) 263-6755 NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 1700 EASTPOINT PARKWAY LOUISVILLE, KY 40223-4140

SUSAN LEDFORD (502) 244-1343 KYPhoneStatement Contact Primary Line of Business Boiler and Machinery Domiciled

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160

MATT WATSON (843) 853-0446 SCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

14425 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

LINDA VILLANI (941) 373-1116 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 200 INVERNESS PARKWAY, BIRMINGHAM, AL 35242-4813

MELANIE T. DIXON 205-980-0009 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ATTORNEYS INSURANCE MUTUAL RRG INC22670 150 BANK STREET, SECOND FLOOR, BURLINGTON, VT 05401-4411

KAREN M. VENNER (802) 735-0113 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 311 SOUTH WACKER DRIVE, SUITE 5700, CHICAGO, IL 60606-6629

KEITH RUSSELL CRAVEN (312) 697-6950 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ATTORNEYS LIAB PROTECTION SOC RRG32450 FLORENCE BUILDING, 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401

MARY PATRICIA NORDHAGEN (406) 728-3113 MTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448

GARRETT JAMES DAVENPORT (260) 486-0418 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401

DANIEL JOHN SEMAN (406) 523-3873 MTPhoneStatement Contact Primary Line of Business Product Liability (Occurrence) Domiciled

BAR VERMONT RISK RETENTION GROUP INC10174 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

JAMES E. SALTER (802) 264-4718 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

ALICIA M. RUBALCABA (212) 915-8498 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

ANDREW CARLTON (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 9550 SOUTH EASTERN AVENUE LAS VEGAS, NV 89123-8038

MICHAEL T. ROGERS (702) 678-6868 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

BROADLINE RISK RETENTION GROUP, INC.13788 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

AARON P. CIULLO (802) 864-2747 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




CALIFORNIA HEALTHCARE INS CO INC RRG44504 9229 SIERRA COLLEGE BOULEVARD ROSEVILLE, CA 95661-5919

JEFFREY DUECK (916) 772-5110 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CALIFORNIA MEDICAL GRP INS CO RRG12180 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295

MATTHEW D. R. TAKAMINE (808) 526-2900 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CARE RRG, INC.11825 2233 WISCONSIN AVE, N.W., SUITE 310, WASHINGTON, DC

CHARLES HALSTEAD-JOHNSO 802-479-7801 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CAREGIVERS UNITED LIAB INS CO RRG11544 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

KIM CONNELLY BLOOMER (802) 371-2251 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CARENEXT RISK RETENTION GROUP, INC.15089 2500 WESTCHESTER AVE., 4TH FLOOR, PURCHASE, NY 10577

LISA C. HARVAN 480-682-4973- MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 1850 WEST WINCHESTER ROAD, SUITE 109, LIBERTYVILLE, IL 60048-5355

CHAD CURTIS SWIGERT (847) 549-8225 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CASSATT RISK RETENTION GROUP INC10808 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

SCOTT ANDREW MAILLE (802) 264-4711 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401

DANIEL JOHN SEMAN (406) 523-3873 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

CENTRAL PA PHYSICIANS RRG INC11694 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160

MATT WATSON (843) 853-0446 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 2700 N. THIRD STREET, SUITE 3050, PHOENIX, AZ

GEMMA AGUSTIN TUANQUI 800-226-0793 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 15255 N. 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638

R&Q QUEST MANAGEMENT SE 602-952-9532- AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CHC CAS RRG11531 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

AMY L. DAIGLE (802) 864-1717 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

CHEROKEE GUARANTEE COMPANY INC., RRG14388 18835 N. THOMPSON PEAK PARKWAY, SUITE 220, SCOTTSDALE, AZ 85255

ANDREW SCOTT MARSON 480-682-4983- AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CIRCLE STAR INS CO RRG11839 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324

RENEE LAGUE (802) 479-7803 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

CLAIM PROFESSIONALS LIAB INS CO RRG12172 2386 AIRPORT ROAD BARRE, VT 05641-8629

BARBARA H. CHRIST (802) 371-2299 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

CLARIAN HLTH RRG INC11992 340 WEST 10TH STREET, SUITE 3100, INDIANAPOLIS, IN 46202-3082

TONIA A. EPPS (843) 577-1034 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

CLINIC MUTUAL INSURANCE CO RRG43770 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436

JASON L. PALMER (808) 521-0730 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CMIC RISK RETENTION GROUP13756 2386 AIRPORT ROAD BARRE, VT 05641-8629

SCOTT C. STONE (802) 371-2231 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




COLLEGE LIABILITY INS CO A RECIP RRG44598 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810

TONI KANEHIRA (808) 585-3584 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

COLLEGE RISK RETENTION GROUP, INC.13613 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JENNIFER L. PETTENGILL (802) 864-2111 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

COLUMBIA NATIONAL RRG INC10803 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JOHN H. RAYMOND (802) 864-2751 VTPhoneStatement Contact Primary Line of Business Warranty Domiciled

COMCARE PRO INS RECIPROCAL RRG11864 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

SHERRY ANN RICKER (802) 264-2086 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

COMMUNITIES OF FAITH RRG INC11807 2711 MIDDLEBURG DRIVE, SUITE 309-A, COLUMBIA, SC 29204-2475

MARY ELIZABETH GAROFALO (941) 373-1114 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

COMMUNITY BLOOD CENTERS EXCH RRG13893 7015 COLLEGE BOULEVARD, SUITE 400, OVERLAND PARK, KS 66211-1671

J. TODD ROSENBAUM (502) 882-4459 INPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MELISSA H. LAROSE (802) 864-1716 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

COMMUNITY HOSPITAL RRG11259 2547 WASHINGTON ROAD, 720 SUMMERFIELD COMMONS, UPPER SAINT CLAIR, PA 15241-2557

DONNA B. NORMAND (412) 212-3476 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 2386 AIRPORT ROAD, BARRE, VT 05641

PAULA A. FRENCH 802-371-2321 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

CONTINUING CARE RRG, INC.11798 4132 RIVER OAKS ROAD, CLOVER, SC 29710

KATIE GRAY 800-226-0793 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CONTRACTORS INS CO OF NORTH AMER RRG11603 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929

STACEY GIBBS (802) 264-4588 HIPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

CONTROLLED RISK INS CO OF VT RRG10341 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MELISSA H. LAROSE (802) 864-1716 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 333 SOUTH HOPE STREET, EIGHTH FLOOR, LOS ANGELES, CA 90071-3001

JERRID DE JESUS (213) 473-8641 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

COPIC, A RISK RETENTION GROUP14906 2386 AIRPORT ROAD BARRE, VT 05641-8629

ABIGAIL M. BERNIER (802) 371-2233 DCPhoneStatement Contact Primary Line of Business Domiciled

COVERYS RRG, INC.14160 101 ARCH STREET BOSTON, MA 02110-1129

CAROL LOUISE HICKMAN (617) 330-1755 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

CPA MUTUAL INS CO OF AMERICA RRG10164 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

DERICK A. WHITE (802) 860-1763 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

CROSSFIT RISK RETENTION GROUP, INC.13720 111 NORTH SEPULVEDA BOULEVARD, SUITE 325, MANHATTAN BEACH, CA 90266-6849

TONY JAMES SCHMIDT (808) 988-3215 MTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

CRUDEN BAY RRG INC11676 2386 AIRPORT ROAD BARRE, VT 05641-8629

PAULA A. FRENCH (802) 371-2321 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

DERICK A. WHITE (802) 860-1763 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

DELAWARE PROFESSIONAL INSURANCE CO43125 845 THIRD AVENUE, 20TH FLOOR, NEW YORK, NY 10022-6601

I. DAVID GORDON (212) 687-2525 DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

DOCTORS & SURGEONS NATIONAL RRG13018 3370 SUGARLOAF PARKWAY SUITE G-2/302, LAWRENCEVILLE, GA 30044

SARA M CARPENTER 877-614-6425-3 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

DUBOIS MEDICAL RRG11842 1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705

BRIAN S. KLINE (814) 375-6377 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

EASTERN DENTISTS INS CO RRG10115 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

KAREN L. MAHONEY (802) 383-0419 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ELITE TRANSPORTATION RRG INC10125 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150

REBECCA J. AITCHISON (802) 371-2229 AZPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 1627 CONNECTICUT AVE NW, SUITE 6, WASHINGTON, DC 20009

MELISSA ANNE HANCOCK 202-802-1439- DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 9550 S. EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123

BRIAN TROY WINCH 941-373-1105 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

EMERGENCY MEDICINE RRG INC12015 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

MANNU LUO (843) 577-1035 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

EMERGENCY PHYSICIANS INS CO RRG11714 1528 EUREKA ROAD, SUITE 102, ROSEVILLE, CA 95661-3047

PAUL SHAMPAY (916) 772-2080 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

EVERGREEN USA RRG INC38466 10 FALCON ROAD LEWISTON, ME 04240-5833

ERIC GILCRIS (802) 264-4577 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

FAIRWAY PHYSICIANS INS CO RRG11840 15255 NORTH 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638

RICHARD P. MARSHALL (602) 952-9532 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

FAITH AFFILIATED RRG INC11698 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

KELLY BOURNE (843) 614-3132 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

FIDUCIARIES RISK RETENTION GROUP, INC.14439 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

TERESA MARIE MATTHEWS (941) 955-0793 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 4421 ARAMINGO AVENUE PHILADELPHIA, PA 19124-4101

JOSEPH SCHMIDT (215) 235-5000 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

FIRST MEDICAL INS CO RRG11278 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

SHERYL L. LESLIE (802) 864-6369 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264

LEE M. MILIZIA (602) 427-3208 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

FRANKLIN CASUALTY INS CO RRG10842 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

DELISCA A. CHRISTIAN (802) 864-2110 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




FREDERICKSBURG PROFESSIONAL RISK EXC12016 2386 AIRPORT ROAD BARRE, VT 05641-8629

SCOTT C. STONE (802) 371-2231 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GABLES RISK RETENTION GROUP, INC.14032 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JEFFREY M. TUCKER (802) 864-5599 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GEISINGER INS CORP RRG12000 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

RONDA LYNN DEVINO (802) 264-4593 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GENERAL EASTERN SKI INS RRG INC10163 76 SAINT PAUL STREET BURLINGTON, VT 05401-4470

DYAN O'HERNE (802) 264-4713 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150

ANDREW SARGEANT (802) 371-2202 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GLOBAL HAWK INSURANCE COMPANY RRG11948 84 PINE STREET, SUITE 450, BURLINGTON, VT 05401

STEPHEN M BROWN 802-651-0168 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

GLOBAL INTL INS CO INC A RRG10991 607 14TH STREET, NW, SUITE 900, WASHINGTON, DC 20005-2019

STEVE BEVINS (802) 479-7802 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GOLDEN INS CO RRG11145 975 KELLY JOHNSON DRIVE, SUITE 100, LAS VEGAS, NV 89111-3732

LEN CLAPP (303) 996-5446 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

DAWN M. DINARDO (843) 614-3134 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

ANDREW CARLTON (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GRACO RRG INC11581 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441


GREEN HILLS INS CO RRG11941 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JEFFREY M. TUCKER (802) 864-5599 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GUARDIAN RRG INC11696 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

TRISHA L. DESRANLEAU (802) 264-2071 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GUTHRIE RRG12014 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

VIRGINIA ADRIHAN (843) 577-1032 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HAMDEN ASSURANCE RRG, INC.13057 30 MAIN STREET, SUITE 330, BURLINGTON, VT 05401-8427

JOSEPH BERNARD PERCY (802) 419-1218 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HEALTH CARE CAS RRG INC12236 8725 WEST HIGGINS ROAD, SUITE 810, CHICAGO, IL 60631-2734

JOSEPH ROGER HERMAN (773) 864-8280 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HEALTH NETWORK PROVIDERS MUT INS CO11813 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

KATIE GRAY (800) 226-0793 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HEALTH PROVIDERS INS RECIPROCAL RRG10080 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436





HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)

11832 201 S. MAIN STREET, SUITE 200, ANN ARBOR, MI 48104

PETER M FEENEY 734 996-2700 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

HEALTHCARE PROVIDERS INS CO RRG11683 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

GEOFFREY LEWIS SALMON (404) 835-0454 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HEARTLAND HEALTHCARE RECIP RRG11998 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

DAVID D. GUERINO (802) 264-2060 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

HERITAGE WARRANTY INS RRG INC11097 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

KIM CONNELLY BLOOMER (802) 371-2251 SCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

HOME CONSTRUCTION INS CO RRG11950 9950 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-0001

MARY ELIZABETH GAROFALO (941) 373-1114 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

HOUSING AUTHORITY RRG INC26797 189 COMMERCE COURT, P.O. BOX 189, CHESHIRE, CT 06410-0189

NICOLE JORDAN (203) 272-8220 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 11401 CENTURY OAKS TERRACE, SUITE 310, AUSTIN, TX 78758-8702

BRENDA J. STEWART (512) 404-6555 VAPhoneStatement Contact Primary Line of Business Product Liability (Occurrence) Domiciled

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 1401 H STREET, NW, SUITE 1000, WASHINGTON, DC 20005-2031

CHARLES WARREN BEHR (202) 326-5464 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

INDEMNITY INSURANCE CORPORATION, RRG12018 950 RIDGEBROOK ROAD, SUITE 1500, SPARKS, MD 21152-9390

CHRISTIAN LODOWSKI (410) 472-6000 DEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

INDIANA HEALTHCARE RECIP RRG11692 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

ALIHAN ALIHAN (802) 264-2074 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 2325 EAST CAMELBACK ROAD, SUITE 600, PHOENIX, AZ 85016-3474

WENDY RAE BROWN (602) 337-6247 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

IRONSHORE RISK RETENTION GROUP, INC.14375 1627 CONNECTICUT AVENUE, NW, SUITE SIX, WASHINGTON, DC 20009-1013

BELINDA L. FORTMAN (802) 861-3204 DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

J.M. WOODWORTH RRG, INC.12594 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022-1430

CHRISTY ANN MOULTRIE (678) 781-2445 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 201 EAST JEFFERSON STREET, SUITE 104, LOUISVILLE, KY 40202-1250

JAY E. CURTIS (802) 864-6301 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

KENTUCKY HOSPITAL INS CO RRG11939 2501 NELSON MILLER PARKWAY LOUISVILLE, KY 40223-2221

DEBORAH ROSE RILEY (502) 992-4329 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

LAKE STREET RRG INC11803 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

DANIEL S. SCOTT (802) 862-4400 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

LAMMICO RRG, INC.14444 1333 H STREET, NW, SUITE 820E, WASHINGTON, DC 20005-4781

THOMAS LANE MCCORMICK (504) 831-3756 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 9550 S. EASTERN AVENUE, SUITE 253, LAS VEGAS, NV

GEMMA AGUSTIN TUANQUI 800-226-0793 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




LENDERS PROTECTION ASSUR CO RRG11500 1212 NORTH 96TH STREET OMAHA, NE 68114-2274

CAROL S. WEEDER (402) 392-6689 NEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 5679 SOUTH REDWOOD ROAD, SUITE 25, SALT LAKE CITY, UT 84123-5464

V. J. PETITT (800) 730-6614 UTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

LIFE SERVICES NETWORK RECIP INS RRG11958 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

STEVE BEVINS (802) 479-7802 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

LINDA VILLANI (941) 373-1116 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

LVHN RRG11684 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

MANNU LUO (843) 577-1035 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 1925 LOVERING AVENUE WILMINGTON, DE 19806-2157

PATRICK GHISLAIN THERIAULT (802) 861-2630 DEPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

MARATHON FIN INS CO INC RRG11117 1710 CORPORATE CROSSING, SUITE ONE, O'FALLON, IL 62269-3741

MATHEW A. ROBINSON (802) 865-4331 DEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

MCIC VERMONT INC RRG10697 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

DIANE M. HANSON (802) 652-1571 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MD RISK RETENTION GROUP, INC.12355 805 MADISON STREET, SUITE 901, SEATTLE, WA 98104-1172

BRENDA M. OLSON (406) 282-0170 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MEDAMERICA MUTUAL RRG INC26257 3000 OAK ROAD, SUITE 600, WALNUT CREEK, CA 94597-2071

CHRISTOPHER PAUL MERTES (925) 949-0101 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MEDPRO RRG RISK RETENTION GROUP13589 1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448

GARRETT JAMES DAVENPORT (260) 486-0418 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MEDSTAR LIABILITY LTD INS CO INC RRG10124 5565 STERRETT PLACE, FIFTH FLOOR, COLUMBIA, MD 21044-2665

LISA M. KANE (802) 864-2120 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MENTAL HEALTH RISK RETENTION GROUP44237 103 EISENHOWER PARKWAY, SUITE 101, ROSELAND, NJ 07068-1029

MERISSA S. BUSHEY (802) 863-2398 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

THAO T. NGUYEN (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 360 CONCORD STREET, SUITE 106, CHARLESTON, SC 29401-6303

LAURA ROEMER RODRIGO (843) 884-5902 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MMIC RRG, INC.14062 7701 FRANCE AVENUE, SOUTH, SUITE 500, MINNEAPOLIS, MN 55435-5288

JON GARY BEHNKEN (952) 838-6766 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

ANDREW HAMME (802) 264-4592 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

MOUNTAIN LAUREL RRG INC11547 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

AMANDA R. WESCOTT (802) 864-2037 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




MOUNTAIN STATES HEALTHCARE RECIP RRG11585 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

DAVID D. GUERINO (802) 264-2060 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

KELLY BOURNE (843) 614-3132 WVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NASW RISK RETENTION GROUP, INC.14366 1404 EYE STREET, NW, SUITE 600, WASHINGTON, DC 20005

LEN CLAPP (303) 996-5446 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

NATIONAL ASSISTED LIVING RRG, INC.11806 3740 DAVINCI COURT, STE. 130, NORCROSS, GA 30092

ROSE PATRICK 770-255-4913 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

NATIONAL BUILDERS & CONTRACTORS INS12235 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

GEMMA AGUSTIN TUANQUI (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NATIONAL CATHOLIC RRG10083 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

MARY MARIO RICHARDS (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NATIONAL CONTRACTORS INS CO INC RRG12293 27 GAGE TERRACE BIGFORK, MT 59911-3544

BRENDA M. OLSON (406) 282-0170 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NATIONAL GUARDIAN RISK RETENTION GROUP36072 4075 COPPER RIDGE DRIVE, TRAVERSE CITY, MI 49684

MARK A BURNHEIMER 231-946-6200 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

NATIONAL HOME INSURANCE CO RRG44016 ONE DENVER HIGHLANDS, 10375 EAST HARVARD AVENUE, SUITE 550, DENVER, CO 80231-3966

HUGH B. MCCREERY (303) 306-0002 COPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

NICOLE S. HUBLER (802) 371-2249 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

MICHAEL JOHN COULTER (843) 614-3135 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC

CHARLES HALSTEAD-JOHNSO 802-479-7801 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NCMIC RISK RETENTION GROUP, INC.14130 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

MARY MARIO RICHARDS (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

TERESA MARIE MATTHEWS (941) 955-0793 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 10375 EAST HARVARD AVENUE, SUITE 100, DENVER, CO 80231-3966

TINA NGUYEN (720) 747-6119 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

NEW STAR RISK RETENTION GROUP, INC.12532 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

BRETT BELT (843) 577-1361 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 1001 PENNSYLVANIA AVENUE, NW, SUITE 400 SOUTH, WASHINGTON, DC 20004-2505

KATIE GRAY (800) 226-0793 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

LISA M. KANE (802) 864-2120 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




OASIS RECIPROCAL RISK RETENTION GROUP13644 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

GARY A. GRISWOLD (802) 658-9466 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 27 NORTH 27TH STREET, SUITE 1900, BILLINGS, MT 59103

STEVE BEVINS (802) 479-7802 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

OCEAN RRG INC10158 1620 PROVIDENCE ROAD TOWSON, MD 21286-1525

MARY CLAIRE GOFF (877) 587-1763 DCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

OCEANUS INS CO A RRG12189 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

LEN T. LOGAN (877) 872-7475 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

OLYMPIA RISK RETENTION GROUP, INC.13062 2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264

KIMBERLY E. WACK (602) 427-3217 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

OMS NATL INS CO RRG44121 6133 NORTH RIVER ROAD, SUITE 650, ROSEMONT, IL 60018-5173

KATHERINE ANN EHMANN (847) 384-0041 ILPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 15255 N. 40TH STREET, SUITE 109, PHOENIX, AZ 85032

RICHARD P. MARSHALL 602-952-9532- TNPhoneStatement Contact Primary Line of Business Domiciled

OOIDA RISK RETENTION GROUP INC10353 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324

STEVE BEVINS (802) 479-7802 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

OPHTHALMIC MUTUAL INS CO RRG44105 655 BEACH STREET SAN FRANCISCO, CA 94109-1336

LES J. SCACCALOSI (415) 202-4618 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295

MARY ELIZABETH GAROFALO (941) 373-1114 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ORDINARY MUTUAL A RRG CORP10171 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

MARK PIDGEON (802) 264-4574 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 4000 FABER PLACE DRIVE, SUITE 300, NORTH CHARLESTON, SC 29405-8587

THERESA MAE CARPENTER (802) 658-9466 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PACE RRG INC11575 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

GARY P. O'HARE (802) 652-1568 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PARATRANSIT INSURANCE COMPANY, RRG44130 1715 AARON BRENNER DRIVE, SUITE 512, MEMPHIS, TN 38120

ANITA M. PERKINS 802-371-2219 TNPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

PCH MUTUAL INSURANCE COMPANY, RRG11973 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236

TERESA MARIE MATTHEWS 941-955-0793 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

PEACE CHURCH RRG INC11846 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

MARY MARIO RICHARDS (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PEDIATRICANS INS RRG OF AMER11772 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

CHARLES HALSTEAD-JOHNSON (802) 479-7801 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PELICAN INS RRG11587 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

SHERRY ANN RICKER (802) 264-2086 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




PHOEBE RECIPROCAL RRG12004 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160

MATT WATSON (843) 853-0446 SCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 415 SOUTH SIXTH STREET, SUITE 200K, LAS VEGAS, NV 89101-6912

LINDA VILLANI (941) 373-1116 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 8751 WEST BROWARD BOULEVARD, SUITE 206, PLANTATION, FL 33324-2630

ERNEST WILLIAM ARTERBERRY (954) 236-2400 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

AMANDA R. WESCOTT (802) 864-2037 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

CHRISTOPHER CRAIG LEIGH (843) 577-1360 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

STACEY GIBBS (802) 264-4588 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS REIMBURSEMENT RRG10934 2386 AIRPORT ROAD BARRE, VT 05641-8629

MICHELE EMMONS (802) 371-2221 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

PHYSICIANS SPECIALTY LTD RRG11513 4535 DRESSLER ROAD, NW CANTON, OH 44718-2545

JEFFRY M. DELMAS (802) 371-2252 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401

DANIEL JOHN SEMAN (406) 523-3873 MTPhoneStatement Contact Primary Line of Business Reinsurance - Nonproportional Assumed Liability Domiciled

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 C/O WILLIS MANAGEMENT (HAWAII), 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436


PINE TREE INS RECIPROCAL RRG12348 2386 AIRPORT ROAD BARRE, VT 05641-8629

DIANE T. KING (802) 371-2223 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PINELANDS INS CO RRG INC12198 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

ANDREW CARLTON (800) 226-0793 DCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MARCY WATERFALL (802) 864-6269 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

PINNACLE RRG INC11858 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

RENEE LAGUE (802) 479-7803 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

PLICO RISK RETENTION GROUP, INC.14205 226 DEAN A. MCGEE AVENUE, SUITE 200, OKLAHOMA CITY, OK 73102-3459

BRYAN SCOTTY POTTER (405) 815-4825 OKPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PONCE DE LEON LTC RRG, INC.11809 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022

CHRISTY ANN MOULTRIE 678-781-2445 FLPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 1620 PROVIDENCE ROAD TOWSON, MD 21286-1525

MARY CLAIRE GOFF (877) 587-1763 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

PREFERRED PHYSICIANS MEDICAL RRG44083 9000 WEST 67TH STREET SHAWNEE MISSION, KS 66202-3656

TIMOTHY JAMES MCGILL (913) 262-2585 MOPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




PREFERRED PROFESSIONAL RRG14919 11605 MIRACLE HILLS DRIVE, SUITE 200, OMAHA, NE 68154-4467

KAREN ANNETTE RILEY (402) 392-1566 DCPhoneStatement Contact Primary Line of Business Domiciled

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 575 S SALIMAN ROAD, CARSON CITY, NV 89701

JESSICA CONTRERAS 775-887-2480 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PROAIR RISK RETENTION GROUP, INC.13179 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

TERESA MARIE MATTHEWS (941) 955-0793 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

PROBUILDERS SPECIALTY INS CO RRG11671 2859 PACES FERRY ROAD, SUITE 800, ATLANTA, GA 30339-5733

CRAIG BOWDEN (770) 257-1709 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929

NADINE TOMIYASU (808) 540-4312 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

PROFESSIONAL MEDICAL INS RRG INC10840 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929

STEPHEN CHONG (808) 540-4323 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

12608 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MICHAEL A. CZAPLICKE (802) 864-2109 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PROFESSIONALS RISK RETENTION GROUP, INC.13067 27 GAGE TERRACE BIGFORK, MT 59911-3544


PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MARCY WATERFALL (802) 864-6269 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

RED CLAY RISK RETENTION GROUP, INC.13078 14382 US HIGHWAY 19, SOUTH THOMASVILLE, GA 31757-4801

CORY E. BROWN (229) 226-1937 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

RED ROCK RISK RETENTION GROUP, INC.13736 2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264

LEE M. MILIZIA (602) 427-3208 AZPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

REPUBLIC RRG12019 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

ROBERT G. MEETZE (843) 573-4676 SCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

RESTORATION RISK RETENTION GROUP, INC.12209 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324

GEMMA AGUSTIN TUANQUI (800) 226-0793 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

RPX RRG14135 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929

NADINE TOMIYASU (808) 540-4312 HIPhoneStatement Contact Primary Line of Business Product Liability (Occurrence) Domiciled

SAINT LUKE'S HLTH SYSTEM RRG11712 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

ALICIA D. COLELLA (802) 371-2238 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

SAMARITAN RISK RETENTION GROUP, INC.12511 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441


SCHUYKILL CROSSING RECIPROCAL RRG11808 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

JEFFREY CALLANE (802) 264-4719 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 7251 WEST LAKE MEAD BOULEVARD, SUITE 401, LAS VEGAS, NV 89128-8370

REBECCA S. BOUDREAU (802) 864-1710 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




SECURITY AMERICA RRG INC11267 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JODI K. GUZZARDO (802) 864-6332 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

SELECT MD RRG14136 27 GAGE TERRACE BIGFORK, MT 59911-3544


SENTINEL ASSUR RRG INC12005 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810

TONI KANEHIRA (808) 585-3584 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

SIGMA RRG, INC.13557 C/O AON RISK SERVICES, INC., 1120 20TH ST., N.W., , WASHINGTON, DC 20036

EMI SWAIM 202-862-5339 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

EMI SWAIM (202) 862-5339 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

KATIE GRAY (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

SPIRIT MOUNTAIN INS CO RRG INC10754 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

CHARLES HALSTEAD-JOHNSON (802) 479-7801 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ST CHARLES INS CO RRG11114 3507 ROSEWOOD DRIVE COLUMBIA, SC 29205-3448

ED CALDWELL (602) 200-6900 SCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

ST LUKES HEALTH NETWORK INS CO RRG11688 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

MARY B. DESRANLEAU (802) 264-4710 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

KATIE GRAY (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

STATES SELF-INSURERS RRG44075 222 SOUTH NINTH STREET, SUITE 1300, MINNEAPOLIS, MN 55402-3332

SHERYL ANN SATTLER (612) 766-3000 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

STICO MUT INS CO RRG10476 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

BECKI MINOLI (802) 264-4576 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

KELLY BOURNE (843) 614-3132 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

SUNLAND RISK RETENTION GROUP, INC.14026 14362 NORTH FRANK LLOYD WRIGHT BOULEVARD, SUITE 1000, SCOTTSDALE, AZ 85260-8847

LAURA LEE DURKIN (800) 800-4324 DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

SUPERIOR INS CO RRG11669 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

PIPER H. CROCKETT (843) 573-4946 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

TERRA INS CO RRG10113 2386 AIRPORT ROAD BARRE, VT 05641-8629

ABIGAIL M. BERNIER (802) 371-2233 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

TERRAFIRMA RISK RETENTION GROUP LLC14395 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MARCY WATERFALL (802) 864-6269 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

THE HEALTHCARE UNDERWRITING CO RRG10152 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

MARCY WATERFALL (802) 864-6269 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled




TITAN INS CO INC RRG11153 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384SCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

TITLE INDUSTRY ASSURANCE CO RRG10084 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

BECKI MINOLI (802) 264-4576 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

UNITED CENTRAL PA RRG11548 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

SHERI TREMBLAY (802) 652-1554 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

UNITED CONTRACTORS INS CO INC RRG12280 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

NICOLE S. HUBLER (802) 371-2249 DEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

UNITED EDUCATORS INS RRG INC10020 TWO WISCONSIN CIRCLE, FOURTH FLOOR, CHEVY CHASE, MD 20815-9913

KAREN LEE VERDON (301) 215-6423 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

UNITED HOME INSURANCE CO A RRG10712 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

DELISCA A. CHRISTIAN (802) 864-2110 VTPhoneStatement Contact Primary Line of Business Warranty Domiciled

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

ANDREW CARLTON (800) 226-0793 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

UV INSURANCE RISK RETENTION GROUP, INC.13988 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929

CYNTHIA LANDRY (808) 540-4306 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 2007 POOLE DRIVE HUNTSVILLE, AL 35810-3891

SUSAN MARIE URIE (843) 640-3170 OKPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 27 GAGE TERRACE BIGFORK, MT 59911-3544


VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 201 SOUTH MAIN STREET, SUITE 200, ANN ARBOR, MI 48104-2153

PETER M. FEENEY (734) 996-2700 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

WARREN RRG INC11802 76 SAINT PAUL STREET BURLINGTON, VT 05401-4470

MARY B. DESRANLEAU (802) 264-4710 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

WELLSPAN RRG11682 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

JENNIFER L. PETTENGILL (802) 864-2111 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710

TRICIA LYNN ALGER (802) 922-9456 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

WESTERN INS RRG INC11978 2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264

KIMBERLY E. WACK (602) 427-3217 AZPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

WESTERN PACIFIC MUT INS CO RRG40940 9265 MADRAS COURT LITTLETON, CO 80130-4444

SHERLYN WILKINSON FARRELL (303) 263-0311 COPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

LISA H. MANLEY (802) 864-2124 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 2386 AIRPORT ROAD BARRE, VT 05641-8629

ANITA M. PERKINS (802) 371-2219 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled


®

Analysis by CompanyRisk Retention Groups

®

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COMPANYNAICCash & Invested

AssetsReinsurance Recoverables

Risk Retention Groups - Selected Statutory Balance Sheet and Schedule P Data

Other Assets Total AssetsLoss & LAE

ReservesUnearned

Premium Reserve Other Liabilities Total LiabilitiesPolicyholders'

Surplus

Prior Year-End Loss LAE Reserve Developed

(Savings)/Deficiency (000s)


12934 $1,775,137 $0 $2,967,014$1,191,877 $361,502 $109,592 $1,038,770$567,676 $1,928,244 ($78)

ADVANCED PHYSICIANS INS RRG INC12166 $1,583,068 $0 $1,791,209$208,141 $100,000 $59,442 $166,733$7,291 $1,624,476 $0

AEGIS HEALTHCARE RRG, INC.12252 $2,305,770 $0 $3,608,205$1,302,435 $1,445,111 $245,149 $2,138,630$448,370 $1,469,575 ($380)

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $4,017,313 $0 $5,460,062$1,442,749 $724,550 $97,147 $2,364,020$1,542,323 $3,096,042 $0

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $1,399,819 $0 $2,455,094$1,055,275 $1,867,745 $0 $1,912,617$44,872 $542,477 $0

AGRI INSURANCE EXCHANGE RRG28380 $15,177,199 $0 $15,202,427$25,228 $1,800,000 $222,059 $2,734,709$712,650 $12,467,718 ($297)

ALLEGIANT INS CO INC A RRG11965 $13,849,234 $2,073,960 $17,269,094$1,345,900 $8,376,708 $0 $11,653,590$3,276,882 $5,615,504 ($1)

ALLIANCE OF NONPROFITS FOR INS RRG10023 $50,593,171 $0 $64,133,262$13,540,091 $24,071,589 $10,877,711 $36,628,551$1,679,251 $27,504,711 $134

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $31,091,637 $1,081,024 $35,702,707$3,530,046 $10,656,016 $8,904,619 $21,760,972$2,200,337 $13,941,735 $1,090

ALLIED SERVICES RISK RETENTION GROUP12013 $5,649,611 $0 $6,696,086$1,046,475 $2,040,241 $759,164 $3,004,176$204,771 $3,691,910 ($1,293)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $37,552,347 $0 $39,013,452$1,461,105 $22,113,319 $3,838,783 $27,288,731$1,336,629 $11,724,721 $0

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $1,068,386 $0 $1,170,760$102,374 $99,522 $0 $381,603$282,081 $789,157 $2

AMERICAN CONTRACTORS INS CO RRG12300 $7,239,677 $0 $22,331,830$15,092,153 $0 $0 $14,723,112$14,723,112 $7,608,718 $0

AMERICAN EXCESS INS EXCHANGE RRG10903 $402,220,653 $0 $404,603,857$2,383,204 $141,103,605 $15,452,138 $164,714,477$8,158,734 $239,889,380 ($12,695)

AMERICAN FEED INDUSTRY INS CO RRG44202 $3,066,715 $0 $3,192,057$125,342 $333,743 $0 $676,239$342,496 $2,515,818 ($435)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $8,766,097 $0 $9,266,785$500,688 $3,755,519 $817,218 $5,082,742$510,005 $4,184,043 ($1,167)

AMERICAN SAFETY RRG INC25448 $13,138,382 $0 $16,156,280$3,017,898 $4,111,289 $1,877,406 $7,712,465$1,723,770 $8,443,815 $0

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $14,989,793 $0 $15,133,716$143,923 $5,797,217 $468,465 $9,471,272$3,205,590 $5,662,444 ($66)

AMERIGUARD RRG INC12171 $9,613,753 $0 $10,287,078$673,325 $2,845,208 $15,265 $3,204,718$344,245 $7,082,360 $685

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $83,543,262 $2,120 $104,761,896$21,216,514 $53,850,908 $20,483,023 $75,413,287$1,079,356 $29,348,609 $0

ARCHITECTS & ENGINEERS INS CO RRG44148 $12,180,498 $0 $21,121,795$8,941,297 $3,831,421 $2,224,061 $10,898,134$4,842,652 $10,223,661 ($537)

ARCOA RISK RETENTION GROUP, INC.13177 $8,651,398 $0 $10,687,922$2,036,524 $7,678,347 $0 $8,075,636$397,289 $2,612,285 $29

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $1,597,520 $0 $2,813,230$1,215,710 $150,000 $388,426 $716,586$178,160 $2,096,644 $0

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,787,817 $0 $1,816,745$28,928 $534,315 $0 $991,875$457,560 $824,870 $0


14425 $1,003,615 $0 $1,012,169$8,554 $0 $0 $27,303$27,303 $984,866 $0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $14,062,936 $333,094 $14,605,014$208,984 $3,821,010 $1,219,921 $7,304,259$2,263,328 $7,300,755 ($548)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $15,488,158 $0 $16,248,906$760,748 $5,051,519 $2,671,419 $8,435,916$712,978 $7,812,990 $63

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $150,781,891 $0 $183,889,827$33,107,936 $66,734,317 $6,530,318 $102,879,305$29,614,670 $81,010,522 ($132)

ATTORNEYS LIAB PROTECTION SOC RRG32450 $86,303,968 $0 $95,032,631$8,728,663 $41,670,630 $13,835,153 $60,216,968$4,711,185 $34,815,663 ($563)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,370,613 $0 $1,538,455$167,842 $11,801 $7,680 $152,483$133,002 $1,385,972 $0

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,841,212 $0 $3,147,178$1,305,966 $489,001 $1,433,276 $2,037,394$115,117 $1,109,784 $18

BAR VERMONT RISK RETENTION GROUP INC10174 $18,830,016 $0 $21,883,376$3,053,360 $4,387,652 $0 $6,564,469$2,176,817 $15,318,907 ($770)

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $29,291,083 $0 $40,938,723$11,647,640 $21,122,118 $1,813,644 $35,736,613$12,800,851 $5,202,110 ($95)

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 $0 $0 $0$0 $0 $0 $0$0 $0 $0

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $2,786,169 $0 $3,224,257$438,088 $88,877 $1,427,836 $1,931,141$414,428 $1,293,116 ($11)

BROADLINE RISK RETENTION GROUP, INC.13788 $76,834,335 $0 $106,791,712$29,957,377 $59,694,859 $14,513,946 $74,970,475$761,670 $31,821,237 ($363)

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $101,583,740 $0 $115,148,539$13,564,799 $55,436,352 $6,316,512 $68,500,990$6,748,126 $46,647,549 $376

CALIFORNIA MEDICAL GRP INS CO RRG12180 $9,718,598 $0 $12,995,222$3,276,624 $4,541,867 $2,312,300 $6,939,416$85,249 $6,055,806 ($2,017)

CARE RRG, INC.11825 $13,291,851 $762,832 $16,877,263$2,822,580 $7,914,030 $3,159,474 $12,087,356$1,013,852 $4,789,907 $100

CAREGIVERS UNITED LIAB INS CO RRG11544 $35,766,545 $81,351 $38,528,536$2,680,640 $9,722,434 $2,227,470 $12,657,779$707,875 $25,870,757 ($2,107)

CARENEXT RISK RETENTION GROUP, INC.15089 $961,508 $104,336 $1,385,149$319,305 $311,411 $117,567 $704,087$275,109 $681,102 $0

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $49,047,305 $0 $91,114,129$42,066,824 $12,080,671 $1,811,273 $54,124,372$40,232,428 $36,989,757 $0






ReservesUnearned


Surplus



CASSATT RISK RETENTION GROUP INC10808 $6,613,578 $0 $11,388,134$4,774,556 $86,977 $75,000 $7,390,169$7,228,192 $3,997,965 ($383)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,316,699 $0 $1,430,133$113,434 $23,460 $0 $112,655$89,195 $1,317,478 ($27)

CENTRAL PA PHYSICIANS RRG INC11694 $58,221,621 $0 $59,852,173$1,630,552 $29,176,889 $6,868,668 $37,257,362$1,211,805 $22,594,811 ($1,530)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $12,947,012 $0 $16,224,583$3,277,571 $4,834,219 $2,641,976 $7,391,321($84,874) $8,833,262 $431

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,219,363 $101,039 $3,415,628$95,226 $424,774 $208,968 $762,836$129,094 $2,652,792 $107

CHC CAS RRG11531 $38,657,361 $0 $41,532,830$2,875,469 $21,333,743 $1,954,244 $23,492,296$204,309 $18,040,534 ($1,258)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $3,576,358 $442,121 $9,486,440$5,467,961 $3,211,991 $3,215,842 $7,712,361$1,284,528 $1,774,080 $221

CIRCLE STAR INS CO RRG11839 $2,637,319 $0 $4,946,729$2,309,410 $733,875 $105,362 $3,360,671$2,521,434 $1,586,058 $50

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,410,942 $0 $3,507,153$1,096,211 $758,004 $322,308 $1,736,269$655,957 $1,770,884 $78

CLARIAN HLTH RRG INC11992 $3,166,618 $0 $7,491,007$4,324,389 $0 $0 $4,817,541$4,817,541 $2,673,466 $423

CLINIC MUTUAL INSURANCE CO RRG43770 $3,826,804 $0 $3,885,430$58,626 $133,031 $26,636 $220,849$61,182 $3,664,581 $5

CMIC RISK RETENTION GROUP13756 $3,578,646 $0 $3,930,728$352,082 $67,715 $227,866 $949,339$653,758 $2,981,389 $0

COLLEGE LIABILITY INS CO A RECIP RRG44598 $12,813,389 $0 $14,950,402$2,137,013 $2,837,100 $1,613,318 $4,489,636$39,218 $10,460,766 $298

COLLEGE RISK RETENTION GROUP, INC.13613 $15,623,923 $0 $19,698,590$4,074,667 $7,722,416 $4,686,504 $14,372,188$1,963,268 $5,326,402 ($151)

COLUMBIA NATIONAL RRG INC10803 $1,618,543 $0 $1,676,017$57,474 $0 $262,971 $560,112$297,141 $1,115,905 $0

COMCARE PRO INS RECIPROCAL RRG11864 $3,895,041 $0 $4,859,638$964,597 $1,158,896 $878,224 $2,074,762$37,642 $2,784,876 $9

COMMUNITIES OF FAITH RRG INC11807 $13,509,576 $0 $13,708,547$198,971 $1,015,975 $253,630 $1,349,469$79,864 $12,359,078 ($333)

COMMUNITY BLOOD CENTERS EXCH RRG13893 $19,478,342 $0 $20,790,109$1,311,767 $4,512,459 $1,259,812 $8,516,408$2,744,137 $12,273,701 ($1,702)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $110,652,255 $0 $114,488,499$3,836,244 $48,310,547 $2,845,600 $95,320,046$44,163,899 $19,168,453 $7,301

COMMUNITY HOSPITAL RRG11259 $211,954,881 $0 $225,485,499$13,530,618 $132,675,841 $10,341,178 $145,644,457$2,627,438 $79,841,042 $1,352

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,681,847 $232,028 $5,380,002$466,127 $1,682,211 $172,534 $2,114,565$259,820 $3,265,437 ($11)

CONTINUING CARE RRG, INC.11798 $1,220,248 $0 $4,042,045$2,821,797 $462,674 $244,341 $1,123,847$416,832 $2,918,198 ($70)

CONTRACTORS INS CO OF NORTH AMER RRG11603 $35,834,029 $0 $41,977,443$6,143,414 $22,029,730 $365,937 $24,853,948$2,458,281 $17,123,495 $0

CONTROLLED RISK INS CO OF VT RRG10341 $57,733,117 $0 $59,356,563$1,623,446 $17,439,253 $4,114,026 $26,573,668$5,020,389 $32,782,895 $0

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG

12042 $0 $0 $0$0 $0 $0 $0$0 $0 $0

COPIC, A RISK RETENTION GROUP14906 $560,263 $0 $596,017$35,754 $0 $0 $62,418$62,418 $533,599 $0

COVERYS RRG, INC.14160 $4,948,915 $0 $5,227,637$278,722 $19,158 $18,246 $387,270$349,866 $4,840,367 $0

CPA MUTUAL INS CO OF AMERICA RRG10164 $19,292,247 $106,759 $24,290,396$4,891,390 $8,084,163 $2,193,037 $14,131,154$3,853,954 $10,159,242 ($997)

CROSSFIT RISK RETENTION GROUP, INC.13720 $2,892,650 $0 $3,121,199$228,549 $499,689 $885,393 $1,791,258$406,176 $1,329,941 $61

CRUDEN BAY RRG INC11676 $14,591,956 $0 $15,319,964$728,008 $6,762,645 $630,137 $8,185,075$792,293 $7,134,889 $1,563

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $9,079,431 $0 $13,571,924$4,492,493 $3,318,130 $2,081,325 $9,915,537$4,516,082 $3,656,387 $0

DELAWARE PROFESSIONAL INSURANCE CO43125 $8,196,158 $0 $8,657,778$461,620 $4,509,206 $228,394 $4,898,791$161,191 $3,758,987 $0

DOCTORS & SURGEONS NATIONAL RRG13018 $9,198,009 $315,000 $11,026,101$1,513,092 $4,960,422 $2,872,272 $8,442,439$609,745 $2,583,662 $735

DUBOIS MEDICAL RRG11842 $9,047,926 $0 $9,529,743$481,817 $1,411,943 $234,651 $1,779,448$132,854 $7,750,294 ($388)

EASTERN DENTISTS INS CO RRG10115 $42,474,856 $230,559 $49,502,257$6,796,842 $19,745,000 $6,355,364 $29,356,963$3,256,599 $20,145,294 ($3,314)

ELITE TRANSPORTATION RRG INC10125 $8,901,478 $0 $11,598,221$2,696,743 $4,716,662 $870,740 $9,508,532$3,921,130 $2,089,689 $240

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,238,638 $11,481 $3,331,562$81,443 $1,172,904 $170,909 $1,447,310$103,497 $1,884,252 $0

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $15,767,128 $496,755 $23,686,425$7,422,542 $8,038,010 $2,988,031 $16,807,008$5,780,967 $6,879,417 ($1,145)

EMERGENCY MEDICINE RRG INC12015 $8,848,959 $0 $10,059,616$1,210,657 $4,996,045 $0 $5,710,950$714,905 $4,348,666 $1,340

EMERGENCY PHYSICIANS INS CO RRG11714 $35,936,545 $1,744,592 $40,177,063$2,495,926 $25,902,280 $3,463,724 $29,771,110$405,106 $10,405,953 $616

EVERGREEN USA RRG INC38466 $12,176,579 $0 $16,015,404$3,838,825 $6,606,144 $2,091,765 $9,637,286$939,377 $6,378,118 ($2)

FAIRWAY PHYSICIANS INS CO RRG11840 $14,374,417 $3,818,205 $25,448,424$7,255,802 $12,525,980 $6,055,912 $19,191,462$609,570 $6,256,962 $41

FAITH AFFILIATED RRG INC11698 $8,381,389 $0 $9,283,788$902,399 $3,469,832 $817,797 $4,352,308$64,679 $4,931,480 ($19)






ReservesUnearned


Surplus



FIDUCIARIES RISK RETENTION GROUP, INC.14439 $416,012 $0 $500,065$84,053 $0 $0 $0$0 $500,065 $0

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $6,871,735 $0 $14,448,657$7,576,922 $7,570,548 $3,863,691 $11,579,941$145,702 $2,868,716 $2,474

FIRST MEDICAL INS CO RRG11278 $106,290,721 $0 $118,190,898$11,900,177 $41,109,979 $8,341,833 $51,372,234$1,920,422 $66,818,664 ($45)

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,366,574 $0 $4,827,832$461,258 $1,278,405 $677,293 $2,477,886$522,188 $2,349,946 $149

FRANKLIN CASUALTY INS CO RRG10842 $3,967,952 $0 $43,315,841$39,347,889 $7,036,970 $2,541,095 $40,652,633$31,074,568 $2,663,208 $485

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,736,023 $0 $18,969,998$6,233,975 $7,557,051 $537,663 $8,240,486$145,772 $10,729,512 $86

GABLES RISK RETENTION GROUP, INC.14032 $4,065,181 $0 $5,971,564$1,906,383 $2,141,112 $886,392 $4,216,119$1,188,615 $1,755,446 $284

GEISINGER INS CORP RRG12000 $2,339,554 $0 $21,125,530$18,785,976 $550,000 $815,799 $10,018,429$8,652,630 $11,107,101 $100

GENERAL EASTERN SKI INS RRG INC10163 $841,881 $0 $1,359,612$517,731 $128,067 $0 $287,329$159,262 $1,072,283 $0

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,575,742 $0 $2,594,514$18,772 $32,462 $64,984 $440,270$342,824 $2,154,244 $0

GLOBAL HAWK INSURANCE COMPANY RRG11948 $15,518,205 $1,514,463 $21,531,611$4,498,943 $8,110,885 $8,759,243 $17,096,355$226,227 $4,435,256 $621

GLOBAL INTL INS CO INC A RRG10991 $18,578,938 $0 $19,591,590$1,012,652 $0 $0 $418,088$418,088 $19,173,502 $0

GOLDEN INS CO RRG11145 $4,751,860 $0 $6,894,816$2,142,956 $967,323 $2,887,383 $4,374,027$519,321 $2,520,789 $518

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $4,450,528 $0 $5,039,595$589,067 $1,969,740 $579,050 $2,586,352$37,562 $2,453,242 $269

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $695,512 $0 $856,800$161,288 $0 $125,230 $318,042$192,812 $538,758 $0

GRACO RRG INC11581 $559,382 $0 $1,029,637$470,255 $0 $0 $504,362$504,362 $525,275 $0

GREEN HILLS INS CO RRG11941 $23,537,575 $0 $27,239,905$3,702,330 $5,606,193 $3,392,513 $10,983,884$1,985,178 $16,256,021 ($1,135)

GUARDIAN RRG INC11696 $5,038,158 $0 $5,767,240$729,082 $2,125,110 $263,695 $2,509,179$120,374 $3,258,061 $1

GUTHRIE RRG12014 $45,092,921 $0 $51,965,718$6,872,797 $27,364,995 $5,789,523 $33,409,408$254,890 $18,556,310 $2,882

HAMDEN ASSURANCE RRG, INC.13057 $4,130,363 $0 $98,935,474$94,805,111 $0 $0 $97,346,152$97,346,152 $1,589,322 $0

HEALTH CARE CAS RRG INC12236 $17,614,231 $0 $20,314,610$2,700,379 $6,606,019 $1,341,835 $18,538,788$10,590,934 $1,775,822 ($1,128)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,627,448 $0 $7,461,829$834,381 $2,795,505 $722,998 $4,707,915$1,189,412 $2,753,914 $0

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $73,352,851 $0 $76,988,612$3,635,761 $23,354,456 $3,063,066 $26,801,560$384,038 $50,187,052 $327


11832 $24,911,193 $160,902 $42,106,068$17,033,973 $9,428,212 $1,428,500 $27,234,177$16,377,465 $14,871,891 $114

HEALTHCARE PROVIDERS INS CO RRG11683 $69,325,085 $0 $71,447,228$2,122,143 $21,720,333 $4,764,863 $31,627,918$5,142,722 $39,819,310 $0

HEARTLAND HEALTHCARE RECIP RRG11998 $15,599,826 $0 $15,832,739$232,913 $5,682,424 $703,486 $6,909,382$523,472 $8,923,357 ($80)

HERITAGE WARRANTY INS RRG INC11097 $754,530 $0 $754,530$0 $3,150 $102,100 $173,192$67,942 $581,338 ($11)

HOME CONSTRUCTION INS CO RRG11950 $6,226,330 $0 $6,268,535$42,205 $3,218,766 $0 $3,928,270$709,504 $2,340,265 $0

HOUSING AUTHORITY RRG INC26797 $300,803,763 $0 $310,441,846$9,638,083 $90,637,674 $12,447,001 $115,382,647$12,297,972 $195,059,200 ($3,883)

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,703,040 $0 $122,930,805$1,227,765 $757,497 $0 $12,591,751$11,834,254 $110,339,054 $14

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $291,770,322 $2,947,610 $313,677,187$18,959,255 $58,222,345 $11,443,576 $82,495,372$12,829,451 $231,181,815 ($7,004)

INDEMNITY INSURANCE CORPORATION, RRG12018 $0 $0 $0$0 $0 $0 $0$0 $0 $0

INDIANA HEALTHCARE RECIP RRG11692 $29,218,132 $0 $29,629,022$410,890 $11,349,281 $1,237,499 $13,275,754$688,974 $16,353,268 $29

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $3,999,504 $0 $5,200,979$1,201,475 $2,072,220 $912,513 $3,029,893$45,160 $2,171,086 $355

IRONSHORE RISK RETENTION GROUP, INC.14375 $576,480 $0 $2,524,496$1,948,016 $74,513 $47,073 $1,453,788$1,332,202 $1,070,708 $0

J.M. WOODWORTH RRG, INC.12594 $14,239,647 $1,259,078 $19,846,379$4,347,654 $12,294,049 $5,023,164 $17,613,674$296,461 $2,232,705 $2,738

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $47,617,533 $0 $53,483,471$5,865,938 $20,217,946 $2,019,878 $24,848,160$2,610,336 $28,635,311 $782

KENTUCKY HOSPITAL INS CO RRG11939 $19,070,059 $0 $20,069,378$999,319 $8,902,017 $964,249 $10,307,186$440,920 $9,762,192 ($944)

LAKE STREET RRG INC11803 $2,765,005 $0 $2,857,261$92,256 $1,187,853 $78,031 $1,320,506$54,622 $1,536,755 ($1)

LAMMICO RRG, INC.14444 $816,655 $0 $855,330$38,675 $11,061 $3,049 $95,014$80,904 $760,316 ($1)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $14,636,704 $95,829 $18,508,218$3,775,685 $7,616,733 $5,330,753 $13,812,409$864,923 $4,695,809 $1,097

LENDERS PROTECTION ASSUR CO RRG11500 $2,377,135 $0 $2,445,923$68,788 $0 $0 $55,265$55,265 $2,390,657 $0

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $0 $0 $0$0 $0 $0 $0$0 $0 $0






ReservesUnearned


Surplus



LIFE SERVICES NETWORK RECIP INS RRG11958 $7,488,101 $0 $7,807,286$319,185 $2,165,425 $301,597 $3,165,977$698,955 $4,641,309 ($307)

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $520,292 $0 $580,257$59,965 $0 $2 $79$77 $580,178 $0

LVHN RRG11684 $42,383,237 $0 $55,271,001$12,887,764 $0 $0 $50,271,001$50,271,001 $5,000,000 $4,007

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $2,543,462 $0 $3,883,615$1,340,153 $1,256,924 $716,053 $2,476,762$503,785 $1,406,853 $0

MARATHON FIN INS CO INC RRG11117 $2,758,781 $0 $9,807,843$7,049,062 $50,000 $0 $7,758,846$7,708,846 $2,048,997 $79

MCIC VERMONT INC RRG10697 $36,006,104 $0 $135,570,610$99,564,506 $20,936,121 $12,084,548 $125,135,377$92,114,708 $10,435,233 $239

MD RISK RETENTION GROUP, INC.12355 $15,159,555 $0 $15,884,620$725,065 $6,225,182 $0 $6,400,661$175,479 $9,483,959 ($823)

MEDAMERICA MUTUAL RRG INC26257 $77,178,295 $0 $83,861,284$6,682,989 $31,435,019 $4,718,789 $46,074,226$9,920,418 $37,787,058 $0

MEDPRO RRG RISK RETENTION GROUP13589 $7,672,747 $0 $18,573,876$10,901,129 $1,821,746 $894,660 $15,556,320$12,839,914 $3,017,556 ($41)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,406,623 $0 $3,596,099$189,476 $1,757,190 $245,869 $2,221,885$218,826 $1,374,214 ($1)

MENTAL HEALTH RISK RETENTION GROUP44237 $25,996,652 $0 $27,302,698$1,306,046 $10,018,613 $2,070,504 $13,955,343$1,866,226 $13,347,355 ($2,122)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,767,675 $0 $6,520,411$1,752,736 $3,791,699 $541,049 $4,908,650$575,902 $1,611,761 ($319)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,526,687 $0 $2,013,908$487,221 $397,542 $255,189 $1,126,852$474,121 $887,056 ($14)

MMIC RRG, INC.14062 $314,782 $0 $714,782$400,000 $0 $710 $18,159$17,449 $696,623 $0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $905,807 $0 $2,253,179$1,347,372 $445,377 $91,666 $819,994$282,951 $1,433,185 ($162)

MOUNTAIN LAUREL RRG INC11547 $17,673,562 $0 $23,653,357$5,979,795 $10,669,274 $4,148,413 $16,117,509$1,299,822 $7,535,848 ($1,267)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $103,393,795 $0 $104,738,676$1,344,881 $48,664,396 $6,547,804 $57,759,407$2,547,207 $46,979,269 ($3,244)

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $31,021,689 $0 $33,148,050$2,126,361 $14,180,696 $1,558,031 $16,530,289$791,562 $16,617,763 ($1,041)

NASW RISK RETENTION GROUP, INC.14366 $693,133 $73,905 $2,424,043$1,657,005 $32,938 $113,442 $1,285,196$1,138,816 $1,138,847 $28

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,572,583 $0 $7,909,491$336,908 $3,361,366 $823,375 $4,553,967$369,226 $3,355,524 ($271)

NATIONAL BUILDERS & CONTRACTORS INS12235 $3,353,338 $0 $4,421,984$1,068,646 $2,726,429 $134,778 $2,957,940$96,733 $1,464,044 $1

NATIONAL CATHOLIC RRG10083 $63,380,140 $0 $69,485,861$6,105,721 $40,408,992 $6,788,378 $51,308,865$4,111,495 $18,176,996 $1,450

NATIONAL CONTRACTORS INS CO INC RRG12293 $4,483,102 $1,758,578 $8,706,154$2,464,474 $4,173,298 $1,409,805 $6,544,454$961,351 $2,161,700 $751

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $10,023,333 $2,802,808 $16,897,995$4,071,854 $9,123,328 $698,419 $10,720,467$898,720 $6,177,528 ($153)

NATIONAL HOME INSURANCE CO RRG44016 $36,522,820 $0 $39,103,227$2,580,407 $5,322,974 $11,637,691 $25,351,573$8,390,908 $13,751,654 $410

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,283,596 $394,165 $10,081,128$4,403,367 $2,135,315 $1,199,558 $4,286,567$951,694 $5,794,561 ($215)

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $4,489,752 $300,000 $6,399,381$1,609,629 $0 $0 $3,463,913$3,463,913 $2,935,470 $0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,461,023 $88,049 $12,358,135$809,063 $2,200 $1,678,016 $1,787,002$106,786 $10,571,133 ($18)

NCMIC RISK RETENTION GROUP, INC.14130 $1,340,183 $0 $3,106,000$1,765,817 $257,231 $216,734 $1,338,594$864,629 $1,767,406 $0

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $1,664,916 $0 $1,859,620$194,704 $1,187,118 $314,438 $1,312,799($188,757) $546,821 $957

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $12,105,760 $0 $13,841,777$1,736,017 $279,526 $5,691,245 $8,359,943$2,389,172 $5,481,834 $78

NEW STAR RISK RETENTION GROUP, INC.12532 $8,493,423 $0 $10,380,243$1,886,820 $2,747,938 $1,601,045 $6,161,559$1,812,576 $4,218,684 $102

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $12,478,722 $0 $19,744,607$7,265,885 $13,275,716 $4,463,241 $15,559,579($2,179,378) $4,185,028 $0

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $13,090,030 $0 $13,799,963$709,933 $6,602,477 $1,352,478 $11,787,379$3,832,424 $2,012,584 ($1)

OASIS RECIPROCAL RISK RETENTION GROUP13644 $6,816,831 $0 $11,150,736$4,333,905 $4,041,097 $2,749,338 $9,452,797$2,662,362 $1,697,940 $3

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $928,318 $0 $1,065,551$137,233 $975,490 $0 $450,057($525,433) $615,495 $78

OCEAN RRG INC10158 $0 $0 $0$0 $0 $0 $0$0 $0 $0

OCEANUS INS CO A RRG12189 $64,777,818 $0 $74,786,387$10,008,569 $36,684,434 $14,977,369 $54,630,465$2,968,662 $20,155,922 $1,108

OLYMPIA RISK RETENTION GROUP, INC.13062 $149,275 $0 $1,072,731$923,456 $0 $0 $230,320$230,320 $842,411 $194

OMS NATL INS CO RRG44121 $353,923,841 $0 $406,107,508$52,183,667 $160,064,385 $56,121,987 $229,825,943$13,639,571 $176,281,565 $70

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $1,508,047 $0 $3,117,813$1,609,766 $115,864 $1,469,650 $1,838,175$252,661 $1,279,638 $0

OOIDA RISK RETENTION GROUP INC10353 $42,007,853 $0 $78,868,603$36,860,750 $19,548,751 $9,423,028 $58,955,466$29,983,687 $19,913,138 $46






ReservesUnearned


Surplus



OPHTHALMIC MUTUAL INS CO RRG44105 $244,650,375 $0 $256,395,427$11,745,052 $56,403,803 $25,815,814 $95,054,218$12,834,601 $161,341,209 ($8,237)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $5,530,473 $0 $6,769,793$1,239,320 $1,177,571 $190,749 $1,474,747$106,427 $5,295,046 ($523)

ORDINARY MUTUAL A RRG CORP10171 $9,928,826 $0 $10,279,639$350,813 $4,614,520 $0 $5,555,299$940,779 $4,724,340 $0

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $7,570,701 $0 $11,325,580$3,754,879 $3,739,159 $2,878,389 $7,671,722$1,054,174 $3,653,858 $1,406

PACE RRG INC11575 $6,678,285 $4,415,954 $16,267,102$5,172,863 $5,260,984 $156,284 $13,155,032$7,737,764 $3,112,070 ($29)

PARATRANSIT INSURANCE COMPANY, RRG44130 $20,241,527 $108,614 $22,237,236$1,887,095 $7,861,569 $1,585,679 $10,437,612$990,364 $11,799,624 $0

PCH MUTUAL INSURANCE COMPANY, RRG11973 $6,902,578 $1,137,667 $9,285,822$1,245,577 $2,989,926 $1,201,622 $6,151,552$1,960,004 $3,134,270 ($134)

PEACE CHURCH RRG INC11846 $21,173,198 $0 $22,201,503$1,028,305 $6,533,126 $725,211 $7,582,245$323,908 $14,619,258 $0

PEDIATRICANS INS RRG OF AMER11772 $0 $0 $0$0 $0 $0 $0$0 $0 $0

PELICAN INS RRG11587 $18,552,177 $0 $18,618,232$66,055 $2,958,035 $1,000,049 $4,366,520$408,436 $14,251,712 $1

PHOEBE RECIPROCAL RRG12004 $5,349,836 $0 $5,376,247$26,411 $1,574,791 $109,375 $1,744,029$59,863 $3,632,218 $42

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,649,912 $0 $4,051,249$2,401,337 $491,702 $954,547 $3,534,168$2,087,919 $517,081 $1

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,661,857 $0 $7,262,273$1,600,416 $3,798,597 $1,641,020 $6,465,137$1,025,520 $797,136 $978

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $4,511,445 $0 $5,741,368$1,229,923 $3,412,456 $520,168 $4,244,068$311,444 $1,497,300 ($2)

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $58,125,430 $0 $63,880,447$5,755,017 $17,813,007 $6,580,046 $42,087,699$17,694,646 $21,792,748 ($320)

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $37,741,851 $0 $40,975,260$3,233,409 $14,454,684 $7,163,860 $21,805,426$186,882 $19,169,834 $178

PHYSICIANS REIMBURSEMENT RRG10934 $26,961,851 $0 $28,088,179$1,126,328 $16,093,792 $710,301 $17,249,801$445,708 $10,838,378 ($858)

PHYSICIANS SPECIALTY LTD RRG11513 $10,083,221 $0 $10,609,343$526,122 $5,794,637 $0 $6,418,557$623,920 $4,190,786 $0

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,159,715 $0 $1,986,642$826,927 $408,484 $175,452 $697,046$113,110 $1,289,596 $116

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $10,613,857 $0 $10,713,445$99,588 $3,379,849 $972,033 $4,447,727$95,845 $6,265,718 ($27)

PINE TREE INS RECIPROCAL RRG12348 $12,422,763 $0 $13,088,964$666,201 $4,009,410 $372,209 $5,058,862$677,243 $8,030,102 $153

PINELANDS INS CO RRG INC12198 $0 $0 $0$0 $0 $0 $0$0 $0 $0

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $8,044,731 $0 $8,255,613$210,882 $2,005,654 $706,158 $3,954,948$1,243,136 $4,300,665 ($53)

PINNACLE RRG INC11858 $0 $0 $0$0 $0 $0 $0$0 $0 $0

PLICO RISK RETENTION GROUP, INC.14205 $1,619,884 $0 $1,636,172$16,288 $2,331 $1,814 $50,624$46,479 $1,585,548 $0

PONCE DE LEON LTC RRG, INC.11809 $12,441,352 $228,967 $13,396,790$726,471 $5,568,267 $1,282,391 $7,334,432$483,774 $6,062,358 $0

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $39,167,665 $19,923,998 $68,244,683$9,153,020 $24,861,008 $14,577,541 $56,888,276$17,449,727 $11,356,406 $1,707

PREFERRED PHYSICIANS MEDICAL RRG44083 $187,187,116 $0 $191,217,216$4,030,100 $63,337,307 $7,252,197 $83,145,031$12,555,527 $108,072,185 ($4,979)

PREFERRED PROFESSIONAL RRG14919 $656,314 $0 $656,314$0 $0 $0 $2,332$2,332 $653,982 $0

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $9,975,969 $761,891 $12,171,905$1,434,045 $3,757,213 $2,531,531 $8,566,153$2,277,409 $3,605,753 $989

PROAIR RISK RETENTION GROUP, INC.13179 $169,443 $0 $772,132$602,689 $54,807 $77,139 $270,623$138,677 $501,509 ($13)

PROBUILDERS SPECIALTY INS CO RRG11671 $15,179,951 $0 $46,424,742$31,244,791 $29,112,827 $0 $32,603,934$3,491,107 $13,820,808 ($1)

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $1,658,077 $0 $1,677,174$19,097 $709,978 $348,162 $1,183,898$125,758 $493,276 $0

PROFESSIONAL MEDICAL INS RRG INC10840 $302,612 $0 $335,618$33,006 $0 $0 $10,329$10,329 $325,289 $0


12608 $1,302,384 $0 $2,779,460$1,477,076 $68,120 $23,937 $600,870$508,813 $2,178,590 $10

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,925,342 $98,750 $4,355,094$1,331,002 $734,646 $913,071 $3,225,883$1,578,166 $1,129,211 $39

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,638,736 $0 $5,734,849$96,113 $1,139,016 $231,396 $1,430,978$60,566 $4,303,871 ($1)

RED CLAY RISK RETENTION GROUP, INC.13078 $4,492,988 $0 $6,120,552$1,627,564 $2,122,335 $449,139 $2,833,549$262,075 $3,287,003 ($35)

RED ROCK RISK RETENTION GROUP, INC.13736 $8,527,571 $0 $9,243,572$716,001 $3,544,859 $220,001 $4,186,005$421,145 $5,057,567 ($1)

REPUBLIC RRG12019 $0 $0 $0$0 $0 $0 $0$0 $0 $0

RESTORATION RISK RETENTION GROUP, INC.12209 $49,355,226 $0 $54,969,820$5,614,594 $24,923,547 $4,868,858 $34,420,132$4,627,727 $20,549,688 $0

RPX RRG14135 $4,568,347 $0 $5,467,861$899,514 $704,655 $1,039,644 $2,075,411$331,112 $3,392,450 ($29)






ReservesUnearned


Surplus



SAINT LUKE'S HLTH SYSTEM RRG11712 $22,170,211 $0 $25,156,334$2,986,123 $7,402,084 $2,354,759 $11,182,081$1,425,238 $13,974,253 $0

SAMARITAN RISK RETENTION GROUP, INC.12511 $22,700,923 $0 $27,409,460$4,708,537 $5,147,416 $5,546,891 $12,213,235$1,518,928 $15,196,224 $26

SCHUYKILL CROSSING RECIPROCAL RRG11808 $28,869,750 $0 $30,560,389$1,690,639 $17,151,959 $639,853 $18,014,226$222,414 $12,546,163 ($1,920)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $0 $0 $0$0 $0 $0 $0$0 $0 $0

SECURITY AMERICA RRG INC11267 $3,586,674 $0 $4,309,464$722,790 $1,159,404 $815,400 $1,669,093($305,711) $2,640,371 $186

SELECT MD RRG14136 $1,461,416 $0 $2,102,571$641,155 $498,724 $419,202 $1,255,371$337,445 $847,201 $0

SENTINEL ASSUR RRG INC12005 $14,479,910 $0 $17,054,093$2,574,183 $4,354,938 $2,052,848 $6,915,870$508,084 $10,138,223 $520

SIGMA RRG, INC.13557 $11,657,421 $0 $12,441,923$784,502 $6,326,984 $436,310 $6,858,584$95,290 $5,583,339 ($33)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $67,832,877 $0 $75,964,788$8,131,911 $46,304,845 $3,554,824 $59,481,066$9,621,397 $16,483,722 ($1,320)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $6,239,048 $0 $22,789,419$16,550,371 $3,399,912 $10,208,835 $16,996,901$3,388,154 $5,792,518 $240

SPIRIT MOUNTAIN INS CO RRG INC10754 $0 $0 $0$0 $0 $0 $0$0 $0 $0

ST CHARLES INS CO RRG11114 $12,137,114 $0 $12,418,524$281,410 $3,792,153 $14,524 $4,924,461$1,117,784 $7,494,063 $0

ST LUKES HEALTH NETWORK INS CO RRG11688 $51,016,978 $0 $53,608,806$2,591,828 $37,241,200 $2,126,288 $39,625,274$257,786 $13,983,532 $7,501

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $218,154 $0 $604,792$386,638 $0 $33,938 $74,072$40,134 $530,720 $0

STATES SELF-INSURERS RRG44075 $25,072,361 $0 $26,672,679$1,600,318 $11,514,588 $1,051,626 $17,246,563$4,680,349 $9,426,116 $592

STICO MUT INS CO RRG10476 $20,117,247 $202,690 $22,645,253$2,325,316 $4,977,459 $5,869,724 $11,501,578$654,395 $11,143,675 $121

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $660,183 $0 $674,217$14,034 $0 $0 $998,535$998,535 ($324,318) $0

SUNLAND RISK RETENTION GROUP, INC.14026 $1,887,584 $0 $4,420,539$2,532,955 $378,394 $117,944 $3,343,049$2,846,711 $1,077,490 $1

SUPERIOR INS CO RRG11669 $0 $0 $0$0 $0 $0 $0$0 $0 $0

TERRA INS CO RRG10113 $22,996,865 $0 $30,329,760$7,332,895 $2,351,392 $1,584,182 $14,000,024$10,064,450 $16,329,736 $0

TERRAFIRMA RISK RETENTION GROUP LLC14395 $4,930,173 $0 $5,030,700$100,527 $235,631 $426,517 $703,112$40,964 $4,327,588 $0

THE HEALTHCARE UNDERWRITING CO RRG10152 $48,346,121 $0 $109,654,359$61,308,238 $56,765,645 $27,893,320 $87,888,100$3,229,135 $21,766,259 $1,707

TITAN INS CO INC RRG11153 $37,364,785 $0 $39,362,537$1,997,752 $0 $7,812,515 $9,774,754$1,962,239 $29,587,783 $0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,254,749 $0 $6,507,834$1,253,085 $2,428,761 $362,172 $3,527,682$736,749 $2,980,152 $292

UNITED CENTRAL PA RRG11548 $15,059,344 $0 $16,114,463$1,055,119 $8,397,283 $1,048,324 $9,566,403$120,796 $6,548,060 $639

UNITED CONTRACTORS INS CO INC RRG12280 $0 $0 $0$0 $0 $0 $0$0 $0 $0

UNITED EDUCATORS INS RRG INC10020 $704,154,870 $0 $751,310,339$47,155,469 $375,676,847 $72,917,000 $498,110,898$49,517,051 $253,199,441 ($4,536)

UNITED HOME INSURANCE CO A RRG10712 $2,015,655 $0 $3,019,576$1,003,921 $0 $1,039,416 $1,248,781$209,365 $1,770,795 $0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $3,151,956 $0 $3,664,699$512,743 $786,038 $1,051,092 $2,099,651$262,521 $1,565,048 ($70)

UV INSURANCE RISK RETENTION GROUP, INC.13988 $263,852 $0 $964,406$700,554 $299,442 $133,333 $432,775$0 $531,631 ($58)

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,450,322 $0 $2,531,873$81,551 $0 $106,399 $127,406$21,007 $2,404,467 $0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,844,916 $0 $2,170,474$325,558 $646,390 $382,761 $1,499,951$470,800 $670,523 $1

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $3,352,871 $0 $3,365,052$12,181 $1,334,125 $0 $1,345,866$11,741 $2,019,185 $2

WARREN RRG INC11802 $0 $0 $0$0 $0 $0 $0$0 $0 $0

WELLSPAN RRG11682 $16,940,935 $0 $24,252,525$7,311,590 $15,599,268 $1,693,000 $17,344,814$52,546 $6,907,711 $0

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,777,923 $0 $6,247,695$2,469,772 $2,420,204 $1,596,446 $4,977,113$960,463 $1,270,583 $745

WESTERN INS RRG INC11978 $0 $0 $0$0 $0 $0 $0$0 $0 $0

WESTERN PACIFIC MUT INS CO RRG40940 $134,634,583 $0 $137,313,930$2,679,347 $15,474,491 $19,173,339 $35,921,704$1,273,874 $101,392,226 ($3,053)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,736,637 $0 $2,888,592$151,955 $292,325 $227,605 $564,590$44,660 $2,324,002 ($3)

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $16,585,972 $0 $18,909,629$2,323,657 $6,718,569 $973,475 $13,867,928$6,175,884 $5,041,701 $415


COMPANYNAICDirect Premium

WrittenNet Premium

Written

Risk Retention Groups - Selected Statutory Income Statement Data

Net Premium Earned

Loss & Loss Adjusted

Expenses IncurredNet Operating Gains/Losses

Net Investment Gains/Losses Net Income/Loss

Other Underwriting

Expenses


12934 $351,622 $307,376 $53,855$277,283 $18,348 $0 $52,760$205,080

ADVANCED PHYSICIANS INS RRG INC12166 $223,403 $223,403 $100,000$163,961 ($2,602) $39,405 $36,803$66,563

AEGIS HEALTHCARE RRG, INC.12252 $1,660,495 $961,121 ($341)$718,487 $413,871 $831 $274,070$304,957

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,558,504 $385,395 $224,383$288,250 ($6,210) $16,816 $10,606$70,077

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $0 $0 $0$0 ($56,411) $21,723 ($37,503)$56,411

AGRI INSURANCE EXCHANGE RRG28380 $888,115 $888,115 ($71,922)$666,056 $586,168 $369,223 $707,491$151,810

ALLEGIANT INS CO INC A RRG11965 $7,314,439 $2,245,360 $1,164,750$2,245,360 $606,142 $23,464 $620,431$474,468

ALLIANCE OF NONPROFITS FOR INS RRG10023 $23,838,994 $17,170,804 $9,281,800$13,700,345 ($38,160) $897,685 $974,044$4,456,705

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $16,540,897 $12,231,353 $5,928,157$11,487,735 $659,191 $292,634 $537,961$4,900,387

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 ($589,622)$759,164 $1,166,453 $69,793 $1,236,246$182,333

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $6,863,869 $5,693,735 $3,086,512$5,312,412 $633,543 $466,738 $754,580$1,592,358

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($77,698) $543 ($102,920)$77,698

AMERICAN CONTRACTORS INS CO RRG12300 $30,784,116 $0 $0$0 $442,361 ($25,384) $276,681($442,361)

AMERICAN EXCESS INS EXCHANGE RRG10903 $25,250,000 $23,210,000 ($3,202,875)$17,387,848 $16,961,526 $14,312,187 $31,273,959$3,629,197

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 ($433,741)$0 $236,864 $6,065 $160,333$196,877

AMERICAN FOREST CASUALTY COMPANY RRG11590 $1,643,621 $1,013,765 ($8,263)$1,038,708 $557,504 $238,252 $587,270$489,467

AMERICAN SAFETY RRG INC25448 $3,433,856 ($1,025,704) $646,673$1,071,606 ($84,884) $146,357 ($37,129)$509,817

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $1,069,428 ($379,147) $1,144,124$2,091,013 $515,026 $458,827 $815,539$431,863

AMERIGUARD RRG INC12171 $1,253,580 $1,253,580 $1,796,115$1,242,315 ($681,254) $23,709 ($427,405)$127,454

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $32,875,893 $30,401,588 $22,217,051$29,575,344 ($610,536) $2,362,503 $1,300,837$7,968,829

ARCHITECTS & ENGINEERS INS CO RRG44148 $4,320,049 $914,891 $753,296$1,369,630 $223,425 $228,947 $451,118$392,909

ARCOA RISK RETENTION GROUP, INC.13177 $6,571,884 $6,571,884 $3,142,261$6,571,884 $539,653 $188,641 $473,391$2,889,969

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $728,314 $651,755 $0$551,756 $197,809 $6,846 $203,255$353,947

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 $0$0 ($210,684) $15,542 ($204,038)$210,684


14425 $0 $0 $0$0 ($18,218) $909 ($11,424)$18,218

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $2,707,859 $1,665,082 $622,645$1,577,788 ($597,849) $118,104 ($479,745)$1,552,992

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,061,892 $3,561,892 $1,682,538$2,662,003 ($138,636) $401,113 $381,431$1,118,101

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $339,916,431 $25,902,627 $17,256,552$19,413,679 $1,806,288 $730,620 $1,849,300$350,839

ATTORNEYS LIAB PROTECTION SOC RRG32450 $33,496,173 $22,356,589 $14,071,968$20,934,769 ($318,222) $2,598,587 $1,902,589$7,181,023

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $237,709 $11,885 $7,575$8,607 ($43,373) $0 ($28,192)$44,405

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,991,670 $650,715 $215,712$534,272 ($13,787) $2,475 ($6,545)$332,347

BAR VERMONT RISK RETENTION GROUP INC10174 $0 $0 $84,951$1,512,903 $322,392 $1,713,027 $1,454,606$1,105,560

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $16,975,686 $7,229,152 $4,992,404$5,415,508 $388,812 $59,969 $293,942$34,292

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 $0 $0 $0$0 $0 $0 $0$0

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $1,139,102 $968,169 $22,583$602,182 $209,447 $4,633 $140,780$370,152

BROADLINE RISK RETENTION GROUP, INC.13788 $28,096,930 $25,515,092 $19,944,976$20,697,341 ($664,191) $2,087,360 $1,583,550$1,416,556

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $19,372,745 $11,859,955 $12,490,367$13,928,738 ($127,605) $1,864,442 $1,128,587$1,565,976

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,791,238 $3,791,238 $806,050$2,461,378 $1,119,093 $0 ($769,138)$536,235

CARE RRG, INC.11825 $5,851,144 $5,437,248 $3,346,239$4,890,541 $56,505 $93,563 $97,891$1,487,797

CAREGIVERS UNITED LIAB INS CO RRG11544 $5,315,177 $4,933,167 $1,912,419$4,234,255 $1,739,664 $929,781 $1,960,473$582,172

CARENEXT RISK RETENTION GROUP, INC.15089 $1,163,728 $467,282 $207,034$349,715 ($135,269) $0 ($135,269)$277,950

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $20,906,362 $7,245,095 $3,803,675$5,433,822 $683,053 $1,157,618 $1,840,671$947,094

CASSATT RISK RETENTION GROUP INC10808 $22,532,083 $100,000 ($382,943)$75,000 $491,630 $30,465 $350,530($33,687)



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Net Premium Earned




Other Underwriting

Expenses

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $489,084 $283,275 ($3,279)$283,275 $153,827 $1,012 $154,687$132,727

CENTRAL PA PHYSICIANS RRG INC11694 $12,702,179 $12,702,179 $6,738,197$10,301,029 $401,320 $2,134,281 $2,077,640$3,161,512

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $4,432,702 $4,763,946 $2,222,201$3,563,735 $568,814 $159,229 $545,704$772,720

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $1,106,330 $871,702 $265,107$662,733 $121,058 $84,540 $187,704$276,569

CHC CAS RRG11531 $7,857,017 $7,857,017 $3,853,619$5,902,773 $1,658,368 $261,574 $1,240,286$390,786

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $5,432,710 $5,432,710 $2,473,084$3,608,667 $543,556 $18,279 $160,293$353,661

CIRCLE STAR INS CO RRG11839 $8,191,421 $409,571 $349,444$304,209 $400,830 $0 $262,848($446,065)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,276,385 $546,458 $172,227$455,232 $28,636 $11,319 $38,348$254,369

CLARIAN HLTH RRG INC11992 $20,646,505 $0 $422,694$0 ($2,689,315) $1,139 $135,085$2,266,621

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $49,930 $121,644$41,564 ($178,463) $39,117 ($139,346)$98,383

CMIC RISK RETENTION GROUP13756 $1,145,626 $38,010 $30,752($65,878) ($21,237) ($13,542) ($34,779)($75,393)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $2,157,000 $2,157,000 $559,190$1,664,531 $678,589 $285,487 $964,101$426,752

COLLEGE RISK RETENTION GROUP, INC.13613 $6,666,757 $5,030,218 $2,071,031$3,570,929 $129,157 $177,979 $307,136$1,370,741

COLUMBIA NATIONAL RRG INC10803 $145,380 $145,380 $0$176,868 $60,527 $1,019 $40,005$116,341

COMCARE PRO INS RECIPROCAL RRG11864 $1,373,404 $1,373,404 $736,214$1,038,672 ($30,686) ($6,286) ($36,972)$333,144

COMMUNITIES OF FAITH RRG INC11807 $970,892 $970,892 $286,905$717,262 $57,682 $446,023 $536,948$372,675

COMMUNITY BLOOD CENTERS EXCH RRG13893 $2,991,010 $1,815,272 $556,111$1,941,634 $624,011 $180,819 $804,830$761,512

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $12,928,460 $11,382,402 $15,270,290$8,536,802 ($8,390,961) $6,360,833 ($2,030,430)$1,657,473

COMMUNITY HOSPITAL RRG11259 $43,061,656 $41,364,713 $24,190,978$31,023,536 $1,913,241 $7,355,502 $9,402,347$4,919,316

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $717,136 $280,188 $215,289$322,564 ($249,574) $63,960 ($119,563)$356,849

CONTINUING CARE RRG, INC.11798 $3,466,881 $3,305,407 $2,475,841$3,061,066 ($72,381) ($662) ($125,230)$657,606

CONTRACTORS INS CO OF NORTH AMER RRG11603 $3,695,892 $1,700,110 $744,278$1,741,213 $417,321 $40,160 $297,362$579,614

CONTROLLED RISK INS CO OF VT RRG10341 $117,543,622 $16,456,107 $5,625,000$12,342,081 ($104,792) ($1,018,047) ($741,074)$6,821,873

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 $0 $0 $0$0 $0 $0 $0$0

COPIC, A RISK RETENTION GROUP14906 $0 $0 $0$0 ($93,155) ($9,000) ($66,401)$93,155

COVERYS RRG, INC.14160 $561,208 $27,074 $17,877$11,036 ($51,503) $29,940 ($24,104)$44,663

CPA MUTUAL INS CO OF AMERICA RRG10164 $5,896,421 $2,173,212 $2,320,973$1,687,085 ($1,386,341) $562,823 ($503,273)$752,453

CROSSFIT RISK RETENTION GROUP, INC.13720 $1,887,292 $1,321,104 $256,882$1,036,040 $287,443 $2,074 $221,517$491,715

CRUDEN BAY RRG INC11676 $2,500,000 $2,500,000 $1,869,863$1,869,863 ($212,158) $385,685 $173,527$212,158

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,172,511 $3,531,565 $1,324,454$2,338,830 $569,056 $38,259 $606,655$445,320

DELAWARE PROFESSIONAL INSURANCE CO43125 $2,342 $2,342 $835,866$687,396 ($638,782) $188,764 ($232,375)$490,312

DOCTORS & SURGEONS NATIONAL RRG13018 $5,082,442 $3,811,654 $2,531,201$3,949,615 ($230,647) $149,402 ($34,945)$1,649,061

DUBOIS MEDICAL RRG11842 $323,818 $323,818 $17,809$814,047 $653,348 $1,088,864 $1,742,212$142,890

EASTERN DENTISTS INS CO RRG10115 $8,789,282 $7,413,041 $1,740,309$7,132,831 $1,754,625 $869,151 $2,163,878$3,525,019

ELITE TRANSPORTATION RRG INC10125 $4,189,793 $2,434,658 $2,204,886$2,425,650 ($58,182) $67,926 ($1,694)$278,946

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,199,013 $669,278 $403,954$498,369 $66,258 $468 $26,360$28,157

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $5,143,117 $4,125,747 $784,006$2,710,728 $254,579 $210,944 $222,036$1,672,143

EMERGENCY MEDICINE RRG INC12015 $14,598 $193 $1,339,558$1,233,052 ($631,776) $297,997 ($186,518)$525,270

EMERGENCY PHYSICIANS INS CO RRG11714 $7,134,390 $5,776,471 $3,631,802$5,551,600 ($520,181) $735,512 $1,935,542$2,439,979

EVERGREEN USA RRG INC38466 $4,814,796 $3,226,924 $1,851,004$2,829,728 ($499,328) $352,384 ($38,050)$1,478,052

FAIRWAY PHYSICIANS INS CO RRG11840 $10,712,083 $9,060,456 $5,790,407$7,896,229 ($1,049,446) $661,465 ($342,068)$3,155,268

FAITH AFFILIATED RRG INC11698 $1,209,035 $1,124,035 $913,083$878,051 ($307,480) $105,716 $19,292$272,448

FIDUCIARIES RISK RETENTION GROUP, INC.14439 $0 $0 $0$0 ($235,230) ($51) ($152,747)$235,230

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $6,082,769 $6,082,769 $5,569,330$5,733,993 ($1,567,334) $33,307 $109,331$1,731,997

FIRST MEDICAL INS CO RRG11278 $11,153,000 $11,153,000 $8,107,097$8,341,833 ($115,797) $2,277,208 $2,161,411$350,533



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Other Underwriting

Expenses

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $1,023,638 $1,023,638 $270,000$872,247 $290,547 $3,780 $42,863$311,700

FRANKLIN CASUALTY INS CO RRG10842 $44,391,820 $3,397,435 $1,669,551$2,569,302 ($58,953) $12,484 ($46,469)$958,704

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $2,159,650 $2,159,650 $1,445,418$1,621,987 ($9,618) $664,492 $654,874$186,187

GABLES RISK RETENTION GROUP, INC.14032 $2,407,650 $2,407,650 $1,507,031$1,772,979 $66,853 $3,261 $49,080$199,095

GEISINGER INS CORP RRG12000 $12,504,734 $1,087,734 $500,000$798,111 ($191,156) $380 ($190,776)$489,267

GENERAL EASTERN SKI INS RRG INC10163 $0 $0 $816$0 ($35,829) $23,630 ($15,744)$35,013

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $336,889 $199,341 $29,759$150,905 ($58,194) $247 ($38,853)$179,341

GLOBAL HAWK INSURANCE COMPANY RRG11948 $12,288,550 $11,574,974 $7,098,726$7,908,563 ($1,238,433) $17,988 ($1,041,084)$2,048,270

GLOBAL INTL INS CO INC A RRG10991 $466,160 $466,160 $0$466,160 $313,029 $296,458 $402,262$153,131

GOLDEN INS CO RRG11145 $2,801,297 $1,943,091 $682,857$1,108,820 ($13,214) $57,022 $32,377$439,177

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $1,927,000 $1,927,000 $1,116,445$1,347,950 $47,394 $23,843 $71,237$184,111

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $110,418 $70,119 $7,134$258,865 $9,607 $112 $23,124$242,124

GRACO RRG INC11581 $1,662,897 ($45,106) $0($45,106) ($12,801) $1,124 $6,429($32,305)

GREEN HILLS INS CO RRG11941 $4,535,778 $4,535,778 ($760,803)$3,368,325 $3,461,497 $4,427 $2,303,085$667,631

GUARDIAN RRG INC11696 $1,054,778 $1,054,778 $670,434$791,084 ($40,031) $111,109 $71,734$160,681

GUTHRIE RRG12014 $7,733,451 $7,733,451 $6,019,191$5,813,667 ($586,685) $1,930,684 $1,343,999$381,161

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $53,637 $243 $53,880($53,637)

HEALTH CARE CAS RRG INC12236 $7,048,429 $2,529,451 $1,343,175$2,083,745 ($4,297) $154,262 $116,457$744,867

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,294,704 $1,021,973 $400,945$776,202 $145,544 $72,238 $7,127$229,713

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $4,980,043 $4,431,481 $3,461,314$6,391,561 $1,310,160 $251,192 $1,561,352$1,620,087


11832 $24,597,275 $2,184,948 $2,348,073$2,758,162 $623,967 $206,616 $494,815($213,878)

HEALTHCARE PROVIDERS INS CO RRG11683 $5,686,081 $5,686,081 $3,637,318$5,595,873 ($188,958) $923,224 $833,287$2,147,513

HEARTLAND HEALTHCARE RECIP RRG11998 $2,813,946 $2,813,946 $1,305,503$2,110,460 $152,166 $299,638 $457,052$652,791

HERITAGE WARRANTY INS RRG INC11097 ($51) ($51) $50,718$92,885 ($111,384) $928 ($99,426)$153,551

HOME CONSTRUCTION INS CO RRG11950 ($38,769) ($165,499) ($14)($153,175) ($331,978) $150,536 ($71,544)$178,817

HOUSING AUTHORITY RRG INC26797 $22,228,303 $21,077,437 $15,671,918$20,974,256 ($2,607,695) $9,733,469 $2,125,774$7,910,033

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $0 $13,546$0 ($4,883,372) $763,161 ($4,281,520)$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $62,849,972 $20,723,556 $4,801,508$21,554,945 $8,112,174 $7,070,924 $10,368,379$8,641,263

INDEMNITY INSURANCE CORPORATION, RRG12018 $0 $0 $0$0 $0 $0 $0$0

INDIANA HEALTHCARE RECIP RRG11692 $4,949,995 $4,949,995 $2,498,697$3,712,496 $375,306 $537,241 $912,904$838,493

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $1,215,553 $1,215,553 $541,000$899,369 $9,665 ($87,564) ($77,899)$348,704

IRONSHORE RISK RETENTION GROUP, INC.14375 $1,947,817 $97,391 $67,774$111,677 $1,444 $459 $1,903$42,459

J.M. WOODWORTH RRG, INC.12594 $6,822,680 $5,193,724 $5,675,180$5,462,682 ($2,126,024) $46,922 ($2,078,500)$1,913,525

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $7,328,001 $7,465,338 $7,018,859$4,585,544 ($3,161,412) $1,145,887 ($2,015,525)$728,097

KENTUCKY HOSPITAL INS CO RRG11939 $5,267,255 $3,035,875 $1,640,066$2,530,557 $206,235 $244,355 $311,086$684,256

LAKE STREET RRG INC11803 $325,396 $325,396 $234,091$247,365 ($88,153) $0 ($88,153)$101,427

LAMMICO RRG, INC.14444 $110,438 $4,608 $33,121$3,358 ($31,927) ($2,209) ($34,136)$2,164

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $10,361,264 $8,187,647 $5,684,358$7,209,193 ($1,173,299) $73,235 ($661,974)$2,698,134

LENDERS PROTECTION ASSUR CO RRG11500 $349,598 $0 $0$0 ($95,246) $60,397 ($8,781)$77,112

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $0 $0 $0$0 $0 $0 $0$0

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,464,284 $802,842 $178,195$501,246 ($904) $167,877 $175,996$323,955

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $146 $2 $0$11 ($72,782) $855 ($47,616)$72,793

LVHN RRG11684 $8,781,436 $8,781,436 $4,007,891$0 ($745,571) $745,571 $0$531,104



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Other Underwriting

Expenses

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,568,481 $1,103,430 $720,188$839,396 ($55,952) $9,702 ($47,873)$175,160

MARATHON FIN INS CO INC RRG11117 $9,650,734 $9,650,734 $79,116$135,921 ($42,161) ($19) ($25,309)$98,966

MCIC VERMONT INC RRG10697 $264,610,029 $49,586,048 $18,000,000$37,501,500 ($598,666) $397,673 $8,731$20,100,166

MD RISK RETENTION GROUP, INC.12355 $2,997,167 $2,484,536 $1,064,838$2,484,536 $1,075,064 $263,875 $876,693$344,634

MEDAMERICA MUTUAL RRG INC26257 $24,577,037 $18,748,115 $11,071,914$14,158,458 $2,395,831 $1,702,290 $2,591,393$690,713

MEDPRO RRG RISK RETENTION GROUP13589 $20,002,156 $1,000,109 $744,179$927,749 $252,796 ($8,669) $158,480($69,226)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $1,043,756 $616,349 $391,703$460,827 ($141,248) $1,523 ($91,654)$210,372

MENTAL HEALTH RISK RETENTION GROUP44237 $8,650,200 $3,745,541 $1,243,824$3,284,245 $1,719,265 $352,833 $1,392,242$321,156

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $1,432,834 $1,432,834 $365,384$842,132 ($196,910) $48,850 ($87,386)$673,659

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,715,113 $1,461,931 $299,525$566,116 ($12,516) $793 ($16,315)$279,107

MMIC RRG, INC.14062 $42,941 $1,241 $0$842 ($40,720) $0 ($28,784)$41,561

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $275,000 $275,000 ($7,623)$357,293 $213,147 $0 $263,794$144,706

MOUNTAIN LAUREL RRG INC11547 $54,847,993 $5,614,424 $769,386$4,146,699 $1,413,594 $551,464 $1,965,058$1,963,719

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $24,881,659 $22,901,215 $13,460,684$17,123,411 $1,792,143 $1,278,539 $3,068,584$1,870,584

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $6,505,117 $6,181,317 $2,644,392$4,623,286 $1,304,934 $431,738 $1,736,672$673,960

NASW RISK RETENTION GROUP, INC.14366 $2,715,550 $162,933 $40,636$88,254 ($461,684) $0 ($461,684)$509,303

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,202,708 $1,202,708 $651,980$1,086,634 ($140,814) $94,423 ($46,487)$575,467

NATIONAL BUILDERS & CONTRACTORS INS12235 $605,835 $380,835 $179,806$372,576 ($48,850) $11,815 $65,397$241,620

NATIONAL CATHOLIC RRG10083 $21,290,686 $9,232,913 $7,956,626$8,180,746 ($2,044,620) $1,048,983 ($976,439)$2,268,740

NATIONAL CONTRACTORS INS CO INC RRG12293 $2,192,501 $819,792 $1,634,754$766,861 ($2,635,788) $105,433 ($1,573,613)$1,767,895

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $13,954,447 $2,704,374 $1,686,019$2,022,573 $205,254 $89,078 $214,332$131,300

NATIONAL HOME INSURANCE CO RRG44016 ($11,024) ($11,024) $2,814,020$2,712,791 ($816,320) $1,568,349 $922,185$715,091

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $3,961,255 $1,825,074 $767,583$1,586,446 $97,112 $83,989 $133,194$721,751

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $225,583 $0 $0$0 ($421,082) $81,751 ($328,690)$421,082

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $708,007 $625,507 $6,240$516,152 ($111,138) $127,192 $16,054$621,050

NCMIC RISK RETENTION GROUP, INC.14130 $5,486,814 $542,622 $261,984$325,888 $302,183 ($5,216) ($25,129)($238,279)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $598,786 $1,546,021 $1,360,297$1,521,334 ($62,868) $51,842 ($2,394)$223,905

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $7,499,931 $1,838,979 $382,483$597,769 ($214,088) ($21,548) ($248,252)$429,374

NEW STAR RISK RETENTION GROUP, INC.12532 $2,163,101 $2,163,101 $799,399$1,567,682 $250,422 $1,447 $84,130$517,861

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $8,353,208 $6,319,289 $3,839,588$5,898,966 ($110,802) $226,406 $119,249$2,170,180

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $5,493,892 $3,271,477 $1,712,947$2,345,656 $75,759 $101,546 $236,047$556,950

OASIS RECIPROCAL RISK RETENTION GROUP13644 $795,472 $2,130,604 $822,126$1,103,179 ($235,990) $2,699 ($233,291)$517,043

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 ($105,295) ($75,893) $123,348$282,880 ($156,442) $4,952 ($149,293)$315,975

OCEAN RRG INC10158 $0 $0 $0$0 $0 $0 $0$0

OCEANUS INS CO A RRG12189 $26,340,002 $18,215,350 $12,693,064$18,897,317 ($2,289,187) $1,403,708 ($273,622)$8,493,440

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $0 $193,761$0 ($277,385) $219 ($277,166)$83,624

OMS NATL INS CO RRG44121 $55,642,310 $68,605,317 $44,588,008$58,705,048 ($3,112,520) $6,126,942 $2,699,153$17,229,560

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $1,690,894 $1,690,894 $115,864$221,244 ($106,250) ($24,815) ($131,065)$211,630

OOIDA RISK RETENTION GROUP INC10353 $39,102,526 $13,685,885 $7,069,045$9,814,699 $522,108 $248,184 ($108,911)$2,223,545

OPHTHALMIC MUTUAL INS CO RRG44105 $34,326,310 $29,977,422 $9,934,962$27,808,609 $9,389,861 $5,602,806 $10,423,065$8,483,786

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $966,249 $966,249 $181,876$775,500 $498,689 $191,165 $689,854$94,935

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 ($283,458) $529,756 $246,298$283,458

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $5,677,491 $4,179,283 $2,874,383$3,423,270 ($386,441) $48,243 ($228,411)$935,328

PACE RRG INC11575 $7,802,685 $321,905 $385,884$269,155 ($107,487) $22,034 $293,564($9,242)

PARATRANSIT INSURANCE COMPANY, RRG44130 $3,472,278 $2,357,105 $1,643,412$2,347,731 $68,368 $759,553 $660,325$635,951



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

PCH MUTUAL INSURANCE COMPANY, RRG11973 $2,424,902 $1,015,070 $951,035$1,011,549 ($747,371) $170,907 ($342,371)$807,885

PEACE CHURCH RRG INC11846 $3,214,232 $2,900,844 $1,414,130$2,175,633 $36,831 $297,073 $1,108,767$724,672

PEDIATRICANS INS RRG OF AMER11772 $0 $0 $0$0 $0 $0 $0$0

PELICAN INS RRG11587 $2,638,939 $2,068,959 $605,250$1,489,338 ($301,819) $467,042 $93,246$1,185,907

PHOEBE RECIPROCAL RRG12004 $437,500 $437,500 $227,019$328,125 ($27,620) $44,148 $17,206$128,726

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $2,696,667 $1,124,799 $142,302$546,333 ($62,786) $1,511 $2,866$466,817

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $2,310,317 $2,310,317 $1,317,189$1,726,257 ($466,012) $198,083 ($232,179)$875,080

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $1,147,013 $589,143 $634,453$857,364 ($142,103) $30,610 ($89,194)$365,014

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $14,601,148 $11,064,494 $3,376,857$8,401,691 $3,863,182 $1,688,802 $3,821,748$1,161,652

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $4,540,552 $4,305,427 $2,849,060$3,748,764 ($369,031) $832,735 $332,575$1,265,399

PHYSICIANS REIMBURSEMENT RRG10934 $2,795,377 $2,795,377 $1,425,001$2,085,076 ($509,929) $681,634 $192,111$1,170,004

PHYSICIANS SPECIALTY LTD RRG11513 $11,470,513 $1,077,861 $706,585$1,077,861 $98,140 $259,056 $278,677$273,136

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $222,244 $348,850$165,492 ($378,269) $2,101 ($248,523)$194,911

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $4,494,764 $3,446,889 $1,526,432$2,474,856 $527,531 $75,179 $602,110$420,893

PINE TREE INS RECIPROCAL RRG12348 $1,829,172 $1,488,842 $1,386,750$1,116,631 ($781,661) $263,756 ($471,714)$511,542

PINELANDS INS CO RRG INC12198 $0 $0 $0$0 $0 $0 $0$0

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $5,086,892 $944,131 $310,124$719,463 $29,801 $22,929 $51,828$379,538

PINNACLE RRG INC11858 $0 $0 $0$0 $0 $0 $0$0

PLICO RISK RETENTION GROUP, INC.14205 $49,768 $49,768 $2,571$3,164 ($10,506) $4,392 ($6,114)$11,099

PONCE DE LEON LTC RRG, INC.11809 $2,408,715 $2,146,965 $3,338,027$2,159,350 ($2,479,700) $179,629 ($2,300,071)$1,301,023

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $22,867,801 $19,646,451 $10,731,685$15,386,916 ($648,197) $141,209 ($467,893)$5,303,429

PREFERRED PHYSICIANS MEDICAL RRG44083 $28,396,100 $19,826,166 $10,038,059$19,187,498 $5,493,396 $4,146,829 $8,690,991$3,656,043

PREFERRED PROFESSIONAL RRG14919 $0 $0 $0$0 ($96,018) $0 ($96,018)$96,018

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $2,836,536 $2,836,536 $2,091,209$3,758,395 ($129,387) $64,377 ($42,877)$1,796,573

PROAIR RISK RETENTION GROUP, INC.13179 $265,534 $165,959 $43,164$105,708 ($19,175) ($361) ($16,695)$81,719

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 $0$0 ($500,272) $169,341 ($311,852)$473,727

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $1,945,630 $1,370,922 $715,933$1,022,760 $72,874 $438 $47,654$233,953

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $0 $0$0 ($68,271) $524 ($67,747)$68,271


12608 $494,962 $24,748 $13,083$19,266 ($11,003) $0 ($21,431)$17,186

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $3,652,283 $463,425 $270,519$224,958 ($74,210) $1,153 ($46,161)$28,649

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,635,801 $918,040 $389,250$686,644 ($76,432) $38,992 ($37,440)$373,826

RED CLAY RISK RETENTION GROUP, INC.13078 $1,806,142 $1,455,818 $35,350$930,899 $589,377 $0 $495,481$306,172

RED ROCK RISK RETENTION GROUP, INC.13736 $932,743 $932,743 $465,000$712,744 ($92,220) $37,897 $72,180$339,964

REPUBLIC RRG12019 $0 $0 $0$0 $0 $0 $0$0

RESTORATION RISK RETENTION GROUP, INC.12209 $10,812,607 $9,108,083 $4,126,986$7,920,803 $1,980,927 $660,368 $1,826,423$1,812,890

RPX RRG14135 $2,538,000 $1,269,000 $708,123$628,647 ($688,713) $0 ($688,713)$609,237

SAINT LUKE'S HLTH SYSTEM RRG11712 $4,413,316 $3,248,637 $2,294,884$2,048,413 ($1,079,378) $407,717 ($437,275)$832,907

SAMARITAN RISK RETENTION GROUP, INC.12511 $6,253,729 $6,253,729 $3,695,848$5,867,610 $1,304,147 $291,688 $957,859$867,615

SCHUYKILL CROSSING RECIPROCAL RRG11808 $3,061 $37,656 $2,050,867$4,293,666 $1,477,946 $1,109,561 $2,587,507$764,853

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $0 $0 $0$0 $0 $0 $0$0

SECURITY AMERICA RRG INC11267 $1,824,220 $1,261,730 $335,852$1,209,530 $39,862 ($10,141) $20,805$833,815

SELECT MD RRG14136 $1,681,413 $311,894 $251,844$223,382 ($163,774) $342 ($107,922)$135,312

SENTINEL ASSUR RRG INC12005 $4,091,076 $3,454,826 $2,324,404$2,674,931 ($819,103) $614,269 ($162,649)$1,169,630

SIGMA RRG, INC.13557 $0 $0 $1,461,144$1,751,653 $83,994 $101,332 $122,316$206,515



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $14,219,298 $14,219,298 $10,094,193$12,581,473 $1,536,888 $2,911,655 $2,637,365$950,392

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $17,066,918 $13,849,804 $4,641,654$7,069,793 ($1,237) $27,719 $17,478$2,429,376

SPIRIT MOUNTAIN INS CO RRG INC10754 $0 $0 $0$0 $0 $0 $0$0

ST CHARLES INS CO RRG11114 $864,388 $864,388 $0$868,787 $429,923 $113,991 $386,775$438,864

ST LUKES HEALTH NETWORK INS CO RRG11688 $1,748,843 $1,748,843 $11,429,833$8,415,321 ($4,201,842) $3,026,529 ($861,488)$1,187,330

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $77,440 $77,440 $0$57,091 ($21,216) $0 ($120,764)$78,307

STATES SELF-INSURERS RRG44075 $9,113,304 $1,522,435 $1,657,820$1,222,814 ($315,394) $387,361 $71,967($109,790)

STICO MUT INS CO RRG10476 $3,727,669 $3,283,478 $1,100,130$2,742,626 $82,962 $214,544 $226,920$1,559,534

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $1,883,867 $0 $0$0 ($138,800) $323 $69,878$138,800

SUNLAND RISK RETENTION GROUP, INC.14026 $4,674,943 $467,494 $190,687$349,551 $35,112 $0 $29,594$123,752

SUPERIOR INS CO RRG11669 $0 $0 $0$0 $0 $0 $0$0

TERRA INS CO RRG10113 $9,183,637 $6,103,283 $685,353$4,519,101 $1,178,422 $304,625 $492,073$2,655,326

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,030,699 $1,030,699 $235,631$604,182 $33,609 $2,667 $48,701$334,942

THE HEALTHCARE UNDERWRITING CO RRG10152 $41,897,374 $41,897,374 $27,661,470$25,179,949 ($4,644,247) $6,508 ($3,848,347)$2,162,726

TITAN INS CO INC RRG11153 $11,357,003 $3,657,192 $0$2,337,460 $1,979,645 $216,351 $2,435,636$357,815

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,713,466 $558,368 $821,090$518,680 $83,771 $13,494 $88,738($386,181)

UNITED CENTRAL PA RRG11548 $4,323,297 $4,323,297 $2,804,228$3,274,973 $226,164 $413,520 $639,684$244,581

UNITED CONTRACTORS INS CO INC RRG12280 $0 $0 $0$0 $0 $0 $0$0

UNITED EDUCATORS INS RRG INC10020 $116,951,056 $97,391,706 $64,619,346$85,600,417 $2,909,887 $25,379,830 $34,045,593$18,071,184

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$518,700 $415,132 $14,120 $279,014$103,568

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $1,568,276 $979,876 $271,916$652,461 $30,831 $805 ($4,501)$349,714

UV INSURANCE RISK RETENTION GROUP, INC.13988 $317,600 $317,600 $33,511$222,246 $31,230 $0 $31,230$157,505

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $56,840 $56,840 $0$118,314 ($81,134) $56,175 ($13,248)$199,448

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,531,046 $303,147 $149,446$194,130 ($66,562) $1,573 $21,201$111,246

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $2,000 $1,240 $431,916$539,895 $21,324 $6,228 $25,434$86,655

WARREN RRG INC11802 $0 $0 $0$0 $0 $0 $0$0

WELLSPAN RRG11682 $6,772,000 $6,772,000 $3,406,249$5,079,000 $1,386,751 $359,875 $1,746,626$286,000

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,315,392 $3,315,392 $1,242,126$1,658,229 ($161,558) ($11,330) ($172,888)$577,661

WESTERN INS RRG INC11978 $0 $0 $0$0 $0 $0 $0$0

WESTERN PACIFIC MUT INS CO RRG40940 $2,905,983 $2,458,754 $1,210,465$3,137,090 ($198,887) $2,884,312 $2,322,552$2,125,512

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $336,028 $336,028 $161,173$238,240 ($117,091) $4,115 ($112,976)$194,158

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $5,956,654 $3,786,803 $1,265,999$2,813,328 ($139,916) $266,020 $126,584$1,687,245


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves

Risk Retention Groups - Selected Financial Ratios

Leverage

Loss & LAE Reserves to

PHS NPW to PHSLoss & LAE

Ratio Expense DPW to PHSCombined

Ratio

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP12934 58.52 491.04 18.7553.87 15.94 19.42 66.7218.24 86.14

ADVANCED PHYSICIANS INS RRG INC12166 10.53 1,583.07 6.1610.26 13.75 60.99 29.8013.75 90.79

AEGIS HEALTHCARE RRG, INC.12252 92.75 159.56 98.34145.53 65.40 -0.05 31.73112.99 31.68

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 58.85 554.46 23.4076.36 12.45 77.84 18.1850.34 96.03

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 136.63 74.95 344.30352.57 0.00 0.00 0.000.00 0.00

AGRI INSURANCE EXCHANGE RRG28380 18.02 843.18 14.4421.93 7.12 -10.80 17.097.12 6.30

ALLEGIANT INS CO INC A RRG11965 84.15 165.33 149.17207.53 39.99 51.87 21.13130.25 73.00

ALLIANCE OF NONPROFITS FOR INS RRG10023 72.40 210.18 87.52133.17 62.43 67.75 25.9686.67 93.70

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 69.99 291.78 76.43156.09 87.73 51.60 40.06118.64 91.67

ALLIED SERVICES RISK RETENTION GROUP12013 53.17 276.91 55.2681.37 27.49 -77.67 17.9627.49 -59.70

AMERICAN ASSOC OF OTHODONTISTS RRG10232 72.67 169.82 188.60232.75 48.56 58.10 27.9758.54 86.07

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 35.72 1,073.52 12.6148.36 0.00 0.00 0.000.00 0.00

AMERICAN CONTRACTORS INS CO RRG12300 203.37 0.00 0.00193.50 0.00 0.00 0.00404.59 0.00

AMERICAN EXCESS INS EXCHANGE RRG10903 40.95 285.05 58.8268.66 9.68 -18.42 15.6410.53 -2.78

AMERICAN FEED INDUSTRY INS CO RRG44202 22.05 918.89 13.2726.88 0.00 0.00 0.000.00 0.00

AMERICAN FOREST CASUALTY COMPANY RRG11590 57.98 233.42 89.76121.48 24.23 -0.80 48.2839.28 47.49

AMERICAN SAFETY RRG INC25448 58.70 319.57 48.6991.34 -12.15 60.35 -49.7040.67 10.64

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 63.18 258.57 102.38167.26 -6.70 54.72 -113.9018.89 -59.19

AMERIGUARD RRG INC12171 33.33 337.89 40.1745.25 17.70 144.58 10.1717.70 154.75

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 90.27 155.14 183.49256.96 103.59 75.12 26.21112.02 101.33

ARCHITECTS & ENGINEERS INS CO RRG44148 89.47 317.91 37.48106.60 8.95 55.00 42.9542.26 97.95

ARCOA RISK RETENTION GROUP, INC.13177 93.34 112.67 293.93309.14 251.58 47.81 43.97251.58 91.79

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 44.86 1,065.01 7.1534.18 31.09 0.00 54.3134.74 54.31

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 55.48 334.60 64.78120.25 0.00 0.00 0.000.00 0.00

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.14425 2.72 0.00 0.002.77 0.00 0.00 0.000.00 0.00

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 51.94 368.04 52.34100.05 22.81 39.46 93.2737.09 132.73

ATTORNEYS INSURANCE MUTUAL RRG INC22670 54.47 306.60 64.66107.97 45.59 63.21 31.3964.79 94.60

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 68.23 225.94 82.38126.99 31.97 88.89 1.35419.60 90.24

ATTORNEYS LIAB PROTECTION SOC RRG32450 69.77 207.11 119.69172.96 64.21 67.22 32.1296.21 99.34

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 11.13 11,614.38 0.8511.00 0.86 88.01 373.6217.15 461.63

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 110.66 376.53 44.06183.58 58.63 40.37 51.07179.46 91.45

BAR VERMONT RISK RETENTION GROUP INC10174 34.86 429.16 28.6442.85 0.00 5.62 0.000.00 0.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 122.01 138.67 406.03686.96 138.97 92.19 0.47326.32 92.66

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 69.31 3,134.86 6.87149.34 74.87 3.75 38.2388.09 41.98

BROADLINE RISK RETENTION GROUP, INC.13788 97.57 128.71 187.59235.60 80.18 96.36 5.5588.30 101.92

CALIFORNIA HEALTHCARE INS CO INC RRG44504 67.43 183.24 118.84146.85 25.42 89.67 13.2041.53 102.88

CALIFORNIA MEDICAL GRP INS CO RRG12180 71.40 213.98 75.00114.59 62.61 32.75 14.1462.61 46.89

CARE RRG, INC.11825 90.94 167.95 165.22252.35 113.51 68.42 27.36122.16 95.79

CAREGIVERS UNITED LIAB INS CO RRG11544 35.39 367.88 37.5848.93 19.07 45.17 11.8020.55 56.97

CARENEXT RISK RETENTION GROUP, INC.15089 73.23 308.76 45.72103.37 68.61 59.20 59.48170.86 118.68

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 110.35 406.00 32.66146.32 19.59 70.00 13.0756.52 83.07

CASSATT RISK RETENTION GROUP INC10808 111.74 7,603.82 2.18184.85 2.50 -510.59 -33.69563.59 -544.28

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 8.56 5,612.53 1.788.55 21.50 -1.16 46.8537.12 45.70

CENTRAL PA PHYSICIANS RRG INC11694 63.99 199.55 129.13164.89 56.22 65.41 24.8956.22 90.30


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 57.09 267.82 54.7383.68 53.93 62.36 16.2250.18 78.58

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 23.70 757.90 16.0128.76 32.86 40.00 31.7341.70 71.73

CHC CAS RRG11531 60.77 181.20 118.25130.22 43.55 65.28 4.9743.55 70.26

CHEROKEE GUARANTEE COMPANY INC., RRG14388 215.65 111.34 181.05434.72 306.23 68.53 6.51306.23 75.04

CIRCLE STAR INS CO RRG11839 127.43 359.37 46.27211.89 25.82 114.87 -108.91516.46 5.96

CLAIM PROFESSIONALS LIAB INS CO RRG12172 72.02 318.06 42.8098.05 30.86 37.83 46.55128.55 84.38

CLARIAN HLTH RRG INC11992 152.14 0.00 0.00180.20 0.00 0.00 0.00772.27 0.00

CLINIC MUTUAL INSURANCE CO RRG43770 5.77 2,876.63 3.636.03 1.36 292.67 197.040.00 489.71

CMIC RISK RETENTION GROUP13756 26.53 5,284.86 2.2731.84 1.27 -46.68 -198.3538.43 -245.03

COLLEGE LIABILITY INS CO A RECIP RRG44598 35.04 451.64 27.1242.92 20.62 33.59 19.7820.62 53.38

COLLEGE RISK RETENTION GROUP, INC.13613 91.99 202.32 144.98269.83 94.44 58.00 27.25125.16 85.25

COLUMBIA NATIONAL RRG INC10803 34.61 0.00 0.0050.19 13.03 0.00 80.0313.03 80.03

COMCARE PRO INS RECIPROCAL RRG11864 53.27 336.10 41.6174.50 49.32 70.88 24.2649.32 95.14

COMMUNITIES OF FAITH RRG INC11807 9.99 1,329.72 8.2210.92 7.86 40.00 38.387.86 78.38

COMMUNITY BLOOD CENTERS EXCH RRG13893 43.72 431.66 36.7769.39 14.79 28.64 41.9524.37 70.59

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 86.14 229.04 252.03497.28 59.38 178.88 14.5667.45 193.44

COMMUNITY HOSPITAL RRG11259 68.71 159.75 166.17182.42 51.81 77.98 11.8953.93 89.87

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 45.17 278.32 51.5264.76 8.58 66.74 127.3621.96 194.10

CONTINUING CARE RRG, INC.11798 92.10 263.74 15.8538.51 113.27 80.88 19.89118.80 100.78

CONTRACTORS INS CO OF NORTH AMER RRG11603 69.36 162.66 128.65145.15 9.93 42.74 34.0921.58 76.84

CONTROLLED RISK INS CO OF VT RRG10341 46.03 331.05 53.2081.06 50.20 45.58 41.45358.55 87.03

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

COPIC, A RISK RETENTION GROUP14906 11.14 0.00 0.0011.70 0.00 0.00 0.000.00 0.00

COVERYS RRG, INC.14160 7.83 25,832.11 0.408.00 0.56 161.99 164.9711.59 326.95

CPA MUTUAL INS CO OF AMERICA RRG10164 73.25 238.64 79.57139.10 21.39 137.57 34.6258.04 172.20

CROSSFIT RISK RETENTION GROUP, INC.13720 61.92 578.89 37.57134.69 99.34 24.79 37.22141.91 62.01

CRUDEN BAY RRG INC11676 56.09 215.77 94.78114.72 35.04 100.00 8.4935.04 108.49

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 109.21 273.63 90.75271.18 96.59 56.63 12.61196.16 69.24

DELAWARE PROFESSIONAL INSURANCE CO43125 59.77 181.76 119.96130.32 0.06 121.60 20,935.610.06 21,057.21

DOCTORS & SURGEONS NATIONAL RRG13018 91.79 185.43 191.99326.76 147.53 64.09 43.26196.71 107.35

DUBOIS MEDICAL RRG11842 19.67 640.81 18.2222.96 4.18 2.19 44.134.18 46.31

EASTERN DENTISTS INS CO RRG10115 69.12 215.12 98.01145.73 36.80 24.40 47.5543.63 71.95

ELITE TRANSPORTATION RRG INC10125 106.82 188.72 225.71455.02 116.51 90.90 11.46200.50 102.36

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 44.69 276.12 62.2576.81 35.52 81.06 4.21169.78 85.26

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 106.60 196.16 116.84244.31 59.97 28.92 40.5374.76 69.45

EMERGENCY MEDICINE RRG INC12015 64.54 177.12 114.89131.33 0.00 108.64 272,160.620.34 272,269.26

EMERGENCY PHYSICIANS INS CO RRG11714 82.84 138.74 248.92286.10 55.51 65.42 42.2468.56 107.66

EVERGREEN USA RRG INC38466 79.15 184.32 103.58151.10 50.59 65.41 45.8075.49 111.22

FAIRWAY PHYSICIANS INS CO RRG11840 133.51 114.76 200.19306.72 144.81 73.33 34.82171.20 108.16

FAITH AFFILIATED RRG INC11698 51.93 241.55 70.3688.26 22.79 103.99 24.2424.52 128.23

FIDUCIARIES RISK RETENTION GROUP, INC.14439 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 168.52 90.77 263.90403.66 212.04 97.13 28.47212.04 125.60

FIRST MEDICAL INS CO RRG11278 48.33 258.55 61.5276.88 16.69 97.19 3.1416.69 100.33

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 56.75 341.56 54.40105.44 43.56 30.95 30.4543.56 61.40

FRANKLIN CASUALTY INS CO RRG10842 1,024.52 56.39 264.231,526.45 127.57 64.98 28.221,666.86 93.20


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

FREDERICKSBURG PROFESSIONAL RISK EXC12016 64.70 168.53 70.4376.80 20.13 89.11 8.6220.13 97.74

GABLES RISK RETENTION GROUP, INC.14032 103.71 189.86 121.97240.17 137.15 85.00 8.27137.15 93.27

GEISINGER INS CORP RRG12000 428.22 425.37 4.9590.20 9.79 62.65 44.98112.58 107.63

GENERAL EASTERN SKI INS RRG INC10163 34.13 657.38 11.9426.80 0.00 0.00 0.000.00 0.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 17.09 7,934.64 1.5120.44 9.25 19.72 89.9715.64 109.69

GLOBAL HAWK INSURANCE COMPANY RRG11948 110.17 191.33 182.87385.46 260.98 89.76 17.70277.07 107.46

GLOBAL INTL INS CO INC A RRG10991 2.25 0.00 0.002.18 2.43 0.00 32.852.43 32.85

GOLDEN INS CO RRG11145 92.05 491.24 38.37173.52 77.08 61.58 22.60111.13 84.19

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 58.11 225.94 80.29105.43 78.55 82.83 9.5578.55 92.38

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 45.73 0.00 0.0059.03 13.01 2.76 345.3020.49 348.06

GRACO RRG INC11581 90.16 0.00 0.0096.02 -8.59 0.00 71.62316.58 71.62

GREEN HILLS INS CO RRG11941 46.67 419.85 34.4967.57 27.90 -22.59 14.7227.90 -7.87

GUARDIAN RRG INC11696 49.80 237.08 65.2377.01 32.37 84.75 15.2332.37 99.98

GUTHRIE RRG12014 74.09 164.78 147.47180.04 41.68 103.54 4.9341.68 108.46

HAMDEN ASSURANCE RRG, INC.13057 2,356.84 0.00 0.006,125.01 0.00 0.00 0.000.00 0.00

HEALTH CARE CAS RRG INC12236 105.25 266.64 372.001,043.96 142.44 64.46 29.45396.91 93.91

HEALTH NETWORK PROVIDERS MUT INS CO11813 71.04 237.08 101.51170.95 37.11 51.65 22.4847.01 74.13

HEALTH PROVIDERS INS RECIPROCAL RRG10080 36.54 314.09 46.5353.40 8.83 54.15 36.569.92 90.71

HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)11832 109.33 264.22 63.40183.13 14.69 85.13 -9.79165.39 75.34

HEALTHCARE PROVIDERS INS CO RRG11683 45.62 319.17 54.5579.43 14.28 65.00 37.7714.28 102.77

HEARTLAND HEALTHCARE RECIP RRG11998 44.29 274.53 63.6877.43 31.53 61.86 23.2031.53 85.06

HERITAGE WARRANTY INS RRG INC11097 22.95 23,953.33 0.5429.79 -0.01 54.60 -301,080.39-0.01 -301,025.79

HOME CONSTRUCTION INS CO RRG11950 63.09 193.44 137.54167.86 -7.07 0.01 -108.05-1.66 -108.04

HOUSING AUTHORITY RRG INC26797 38.36 331.87 46.4759.15 10.81 74.72 37.5311.40 112.25

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 10.35 16,066.47 0.6911.41 0.00 0.00 0.000.00 0.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 28.27 501.13 25.1835.68 8.96 22.28 41.7027.19 63.97

INDEMNITY INSURANCE CORPORATION, RRG12018 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

INDIANA HEALTHCARE RECIP RRG11692 45.44 257.44 69.4081.18 30.27 67.31 16.9430.27 84.24

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 75.76 193.01 95.45139.56 55.99 60.15 28.6955.99 88.84

IRONSHORE RISK RETENTION GROUP, INC.14375 252.18 773.66 6.96135.78 9.10 60.69 43.60181.92 104.28

J.M. WOODWORTH RRG, INC.12594 123.69 115.83 550.63788.89 232.62 103.89 36.84305.58 140.73

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 52.18 235.52 70.6086.77 26.07 153.06 9.7525.59 162.82

KENTUCKY HOSPITAL INS CO RRG11939 54.05 214.22 91.19105.58 31.10 64.81 22.5453.96 87.35

LAKE STREET RRG INC11803 47.76 232.77 77.3085.93 21.17 94.63 31.1721.17 125.80

LAMMICO RRG, INC.14444 11.63 7,383.19 1.4512.50 0.61 986.33 46.9614.53 1,033.29

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 94.37 192.17 162.20294.14 174.36 78.85 32.95220.65 111.80

LENDERS PROTECTION ASSUR CO RRG11500 2.32 0.00 0.002.31 0.00 0.00 0.0014.62 0.00

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

LIFE SERVICES NETWORK RECIP INS RRG11958 42.28 345.80 46.6668.21 17.30 35.55 40.3531.55 75.90

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 0.02 0.00 0.000.01 0.00 0.00 3,639,650.000.03 3,639,650.00

LVHN RRG11684 118.61 0.00 0.001,005.42 175.63 0.00 6.05175.63 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 97.38 202.36 89.34176.05 78.43 85.80 15.87111.49 101.67

MARATHON FIN INS CO INC RRG11117 281.24 5,517.56 2.44378.67 471.00 58.21 1.03471.00 59.23

MCIC VERMONT INC RRG10697 347.54 171.98 200.631,199.16 475.18 48.00 40.542,535.74 88.53

MD RISK RETENTION GROUP, INC.12355 42.22 243.52 65.6467.49 26.20 42.86 13.8731.60 56.73


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

MEDAMERICA MUTUAL RRG INC26257 59.70 245.52 83.19121.93 49.62 78.20 3.6865.04 81.88

MEDPRO RRG RISK RETENTION GROUP13589 202.75 421.18 60.37515.53 33.14 80.21 -6.92662.86 73.29

MEDSTAR LIABILITY LTD INS CO INC RRG10124 65.22 193.87 127.87161.68 44.85 85.00 34.1375.95 119.13

MENTAL HEALTH RISK RETENTION GROUP44237 53.68 259.48 75.06104.56 28.06 37.87 8.5764.81 46.45

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 102.96 125.74 235.25304.55 88.90 43.39 47.0288.90 90.40

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 73.81 384.03 44.82127.03 164.81 52.91 19.09193.35 72.00

MMIC RRG, INC.14062 5.77 0.00 0.002.61 0.18 0.00 3,348.996.16 3,348.99

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 90.53 203.38 31.0857.21 19.19 -2.13 52.6219.19 50.49

MOUNTAIN LAUREL RRG INC11547 91.20 165.65 141.58213.88 74.50 18.55 34.98727.83 53.53

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 55.86 212.46 103.59122.95 48.75 78.61 8.1752.96 86.78

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 53.29 218.76 85.3399.47 37.20 57.20 10.9039.15 68.10

NASW RISK RETENTION GROUP, INC.14366 185.42 2,104.36 2.89112.85 14.31 46.04 312.58238.45 358.63

NATIONAL ASSISTED LIVING RRG, INC.11806 60.14 225.28 100.17135.72 35.84 60.00 47.8535.84 107.85

NATIONAL BUILDERS & CONTRACTORS INS12235 88.21 122.99 186.23202.04 26.01 48.26 63.4441.38 111.71

NATIONAL CATHOLIC RRG10083 80.95 156.85 222.31282.27 50.79 97.26 24.57117.13 121.83

NATIONAL CONTRACTORS INS CO INC RRG12293 145.98 107.42 193.06302.75 37.92 213.17 215.65101.42 428.83

NATIONAL GUARDIAN RISK RETENTION GROUP36072 106.96 109.86 147.69173.54 43.78 83.36 4.86225.89 88.22

NATIONAL HOME INSURANCE CO RRG44016 69.41 686.14 38.71184.35 -0.08 103.73 -6,486.67-0.08 -6,382.94

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 81.13 247.44 36.8573.98 31.50 48.38 39.5568.36 87.93

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 77.15 0.00 0.00118.00 0.00 0.00 0.007.68 0.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 15.59 520,955.59 0.0216.90 5.92 1.21 99.296.70 100.50

NCMIC RISK RETENTION GROUP, INC.14130 99.88 521.00 14.5575.74 30.70 80.39 -43.91310.44 36.48

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 78.85 140.25 217.09240.08 282.73 89.41 14.48109.50 103.90

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 69.06 4,330.82 5.10152.50 33.55 63.99 23.35136.81 87.33

NEW STAR RISK RETENTION GROUP, INC.12532 72.55 309.08 65.14146.05 51.27 50.99 23.9451.27 74.93

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 124.69 94.00 317.22371.79 151.00 65.09 34.34199.60 99.43

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 90.05 198.26 328.06585.68 162.55 73.03 17.02272.98 90.05

OASIS RECIPROCAL RISK RETENTION GROUP13644 138.67 168.69 238.00556.72 125.48 74.52 24.2746.85 98.79

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 48.48 95.16 158.4973.12 -12.33 43.60 -416.34-17.11 -372.74

OCEAN RRG INC10158 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

OCEANUS INS CO A RRG12189 84.34 176.58 182.00271.04 90.37 67.17 46.63130.68 113.80

OLYMPIA RISK RETENTION GROUP, INC.13062 154.29 0.00 0.0027.34 0.00 0.00 0.000.00 0.00

OMS NATL INS CO RRG44121 64.94 221.11 90.80130.37 38.92 75.95 25.1131.56 101.07

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 121.89 1,301.57 9.05143.65 132.14 52.37 12.52132.14 64.89

OOIDA RISK RETENTION GROUP INC10353 140.34 214.89 98.17296.06 68.73 72.03 16.25196.37 88.27

OPHTHALMIC MUTUAL INS CO RRG44105 38.85 433.75 34.9658.92 18.58 35.73 28.3021.28 64.03

ORANGE COUNTY MEDICAL RECIP INS RRG12183 26.67 469.65 22.2427.85 18.25 23.45 9.8318.25 33.28

ORDINARY MUTUAL A RRG CORP10171 55.95 215.16 97.68117.59 0.00 0.00 0.000.00 0.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 101.33 202.47 102.33209.96 114.38 83.97 22.38155.38 106.35

PACE RRG INC11575 196.98 126.94 169.05422.71 10.34 143.37 -2.87250.72 140.50

PARATRANSIT INSURANCE COMPANY, RRG44130 51.57 257.47 66.6388.46 19.98 70.00 26.9829.43 96.98

PCH MUTUAL INSURANCE COMPANY, RRG11973 89.12 230.86 95.39196.27 32.39 94.02 79.5977.37 173.61

PEACE CHURCH RRG INC11846 35.81 324.09 44.6951.86 19.84 65.00 24.9821.99 89.98

PEDIATRICANS INS RRG OF AMER11772 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PELICAN INS RRG11587 23.54 627.18 20.7630.64 14.52 40.64 57.3218.52 97.96


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

PHOEBE RECIPROCAL RRG12004 32.60 339.72 43.3648.02 12.04 69.19 29.4212.04 98.61

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 214.20 335.55 95.09683.48 217.53 26.05 41.50521.52 67.55

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 114.19 149.05 476.53811.05 289.83 76.30 37.88289.83 114.18

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 94.07 132.21 227.91283.45 39.35 74.00 61.9676.61 135.96

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 72.41 326.31 81.74193.13 50.77 40.19 10.5067.00 50.69

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 57.78 261.10 75.40113.75 22.46 76.00 29.3923.69 105.39

PHYSICIANS REIMBURSEMENT RRG10934 63.98 167.53 148.49159.15 25.79 68.34 41.8525.79 110.20

PHYSICIANS SPECIALTY LTD RRG11513 63.66 174.01 138.27153.16 25.72 65.55 25.34273.71 90.89

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 60.10 283.91 31.6854.05 17.23 210.80 87.700.00 298.50

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 41.90 314.03 53.9470.99 55.01 61.68 12.2171.74 73.89

PINE TREE INS RECIPROCAL RRG12348 40.72 309.84 49.9363.00 18.54 124.19 34.3622.78 158.55

PINELANDS INS CO RRG INC12198 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 49.16 401.10 46.6491.96 21.95 43.10 40.20118.28 83.30

PINNACLE RRG INC11858 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PLICO RISK RETENTION GROUP, INC.14205 3.13 69,493.09 0.153.19 3.14 81.26 22.303.14 103.56

PONCE DE LEON LTC RRG, INC.11809 58.95 223.43 91.85120.98 35.41 154.58 60.6039.73 215.18

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 145.24 157.55 218.92500.94 173.00 69.75 26.99201.36 96.74

PREFERRED PHYSICIANS MEDICAL RRG44083 44.42 295.54 58.6176.93 18.35 52.32 18.4426.28 70.76

PREFERRED PROFESSIONAL RRG14919 0.36 0.00 0.000.36 0.00 0.00 0.000.00 0.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 85.87 265.52 104.20237.57 78.67 55.64 63.3478.67 118.98

PROAIR RISK RETENTION GROUP, INC.13179 159.71 309.16 10.9353.96 33.09 40.83 49.2452.95 90.07

PROBUILDERS SPECIALTY INS CO RRG11671 214.78 52.14 210.64235.90 0.00 0.00 0.000.00 0.00

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 71.40 233.54 143.93240.01 277.92 70.00 17.07394.43 87.07

PROFESSIONAL MEDICAL INS RRG INC10840 3.41 0.00 0.003.18 0.00 0.00 0.000.00 0.00

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP12608 46.14 1,911.90 3.1327.58 1.14 67.91 69.4422.72 137.35

PROFESSIONALS RISK RETENTION GROUP, INC.13067 110.27 398.20 65.06285.68 41.04 120.25 6.18323.44 126.44

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 25.38 495.05 26.4633.25 21.33 56.69 40.7238.01 97.41

RED CLAY RISK RETENTION GROUP, INC.13078 63.07 211.70 64.5786.20 44.29 3.80 21.0354.95 24.83

RED ROCK RISK RETENTION GROUP, INC.13736 49.09 240.56 70.0982.77 18.44 65.24 36.4518.44 101.69

REPUBLIC RRG12019 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

RESTORATION RISK RETENTION GROUP, INC.12209 69.74 198.03 121.28167.50 44.32 52.10 19.9052.62 72.01

RPX RRG14135 45.43 648.31 20.7761.18 37.41 112.64 48.0174.81 160.65

SAINT LUKE'S HLTH SYSTEM RRG11712 50.44 299.51 52.9780.02 23.25 112.03 25.6431.58 137.67

SAMARITAN RISK RETENTION GROUP, INC.12511 53.80 441.02 33.8780.37 41.15 62.99 13.8741.15 76.86

SCHUYKILL CROSSING RECIPROCAL RRG11808 62.40 168.32 136.71143.58 0.30 47.76 2,031.160.02 2,078.92

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

SECURITY AMERICA RRG INC11267 46.54 309.35 43.9163.21 47.79 27.77 66.0969.09 93.85

SELECT MD RRG14136 85.90 293.03 58.87148.18 36.81 112.74 43.38198.47 156.13

SENTINEL ASSUR RRG INC12005 47.76 332.49 42.9668.22 34.08 86.90 33.8540.35 120.75

SIGMA RRG, INC.13557 58.83 184.25 113.32122.84 0.00 83.42 0.000.00 0.00

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 87.69 146.49 280.91360.85 86.26 80.23 6.6886.26 86.91

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 272.43 183.51 58.69293.43 239.10 65.65 17.54294.64 83.20

SPIRIT MOUNTAIN INS CO RRG INC10754 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

ST CHARLES INS CO RRG11114 40.57 320.06 50.6065.71 11.53 0.00 50.7711.53 50.77

ST LUKES HEALTH NETWORK INS CO RRG11688 77.67 136.99 266.32283.37 12.51 135.82 67.8912.51 203.71


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 33.95 0.00 0.0013.96 14.59 0.00 101.1214.59 101.12

STATES SELF-INSURERS RRG44075 68.79 217.74 122.16182.97 16.15 135.57 -7.2196.68 128.36

STICO MUT INS CO RRG10476 57.17 404.17 44.67103.21 29.46 40.11 47.5033.45 87.61

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 151.25 0.00 0.00-307.89 0.00 0.00 0.00-580.87 0.00

SUNLAND RISK RETENTION GROUP, INC.14026 177.11 498.84 35.12310.26 43.39 54.55 26.47433.87 81.02

SUPERIOR INS CO RRG11669 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

TERRA INS CO RRG10113 60.88 978.01 14.4085.73 37.38 15.17 43.5156.24 58.67

TERRAFIRMA RISK RETENTION GROUP LLC14395 14.26 2,092.33 5.4416.25 23.82 39.00 32.5023.82 71.50

THE HEALTHCARE UNDERWRITING CO RRG10152 181.79 85.17 260.80403.78 192.49 109.86 5.16192.49 115.02

TITAN INS CO INC RRG11153 26.16 0.00 0.0033.04 12.36 0.00 9.7838.38 9.78

TITLE INDUSTRY ASSURANCE CO RRG10084 67.13 216.36 81.50118.37 18.74 158.30 -69.16191.72 89.14

UNITED CENTRAL PA RRG11548 63.52 179.34 128.24146.10 66.02 85.63 5.6666.02 91.28

UNITED CONTRACTORS INS CO INC RRG12280 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

UNITED EDUCATORS INS RRG INC10020 70.74 187.44 148.37196.73 38.46 75.49 18.5646.19 94.04

UNITED HOME INSURANCE CO A RRG10712 61.95 0.00 0.0070.52 0.00 0.00 0.000.00 0.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 66.61 400.99 50.22134.16 62.61 41.68 35.69100.21 77.37

UV INSURANCE RISK RETENTION GROUP, INC.13988 164.02 88.11 56.3381.41 59.74 15.08 49.5959.74 64.67

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 5.20 0.00 0.005.30 2.36 0.00 350.892.36 350.89

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 81.30 285.42 96.40223.70 45.21 76.98 36.70228.34 113.68

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 40.14 251.32 66.0766.65 0.06 80.00 6,988.310.10 7,068.31

WARREN RRG INC11802 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

WELLSPAN RRG11682 102.38 108.60 225.82251.09 98.04 67.07 4.2298.04 71.29

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 131.74 156.10 190.48391.72 260.93 74.91 17.42260.93 92.33

WESTERN INS RRG INC11978 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

WESTERN PACIFIC MUT INS CO RRG40940 26.68 870.04 15.2635.43 2.42 38.59 86.452.87 125.03

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 20.63 936.16 12.5824.29 14.46 67.65 57.7814.46 125.43

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 83.61 246.87 133.26275.06 75.11 45.00 44.56118.15 89.56


®

Additional Analysis of RRGs Assigned a Financial Stability Rating®

Risk Retention Groups

®

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,472 2,860 3,329 3,288 3,608Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,222 1,371 1,148 1,200 1,470

Geographic Focus: Geography Minimum NPW Total Liabilities 1,250 1,489 2,181 2,087 2,139NAIC Ownership Structure: Risk Retention Group Net Income 164 183 -224 85 439Tax Identification Number : 20-1516551 Total Revenue 1,056 1,070 652 918 938

Direct Premiums Written 1,694 1,624 1,561 1,602 1,675Net Premiums Written 988 978 615 890 909

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 988 978 615 890 929

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,445Demotech Financial Strength Rating A 11/11/13 Affirm Loss & LAE Reserves/ NPE (%) 135.19 136.76 239.78 191.14 178.86S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.43 20.42 -26.06 -1.41 41.15Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.81 0.71 0.54 0.74 0.62Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Price Pete Poore Auditor Johnson Lambert LLPPhone : (410) 583-5458x1458 Actuary Towers Watson & Co.Fax : (443) 921-2508 CEO --Email : [email protected] CFO --

President Isabella Marie Firth

PROFITABILITY RATIOS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Net Yield on Invested Assets 4.18 5.82 2.14 1.35 0.38Net Investment Income/Earned Premiums 7.39 9.42 6.05 3.22 0.94Return on Average Equity (C&S) 15.70 14.88 -17.36 7.45 36.05Return on Avg Assets 5.06 5.43 -6.29 2.22 11.42Loss and LAE Ratio 41.70 53.42 95.23 57.30 2.52Expense Ratio 41.41 30.35 65.55 47.73 45.43Loss Ratio 35.63 34.49 83.83 51.12 -4.31Combined Ratio 83.10 83.77 160.78 105.03 47.95Operating Ratio 75.71 74.36 154.73 101.81 47.03Investment ratio 7.39 9.42 6.05 3.22 0.92

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Cash, Short-Term Investments / Liabilities 20.76 35.71 23.11 90.14 33.94Cash, Common & Liquid Bonds / Liabilities 122.99 114.16 78.45 116.10 111.80Cash & Short-Term Investments / C&S 21.24 38.77 43.91 156.79 49.39Liabilities / Liquid Assets (IRIS Ratio) 81.00 88.00 127.00 90.00 92.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 140.15 122.77 95.89 148.07 136.42Cash From Underwriting ($000) -69 500 43 133 40Net Cash From Operations ($000) 71 339 80 271 28Underwriting Cash Flow Ratio 93.69 192.45 105.08 112.58 104.90Operating Cash Flow Ratio 94.45 239.17 105.08 102.10 107.32Unassigned Funds / Total Assets 18.44 21.17 11.48 12.76 19.09

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2010Y 2011Y 2012Y

GPW to Policyholders' Surplus3 900 --- 118 136 133NPW to Policyholders' Surplus 300 --- 71 54 74Change in Net Premiums Written 33 -33 -1 -37* 45*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 75 105* 123*

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 5 9 2 2* 1 4*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

81.088.0

127.0

90.0 92.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013L3

Liquidity ($000)Total Assets Total Liabilities Liabilities / Liquid Assets (IRIS Ratio)

83.1 83.8

160.8

105.0

47.9

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L3

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 5.9 2.2* 1.4*

Loss Adjustment Expense Ratio 6.07 18.94 11.39 6.18 6.83 Gross Change in Policyholders' Surplus 50 -10 12 -16* 5Net Commission Ratio 16.01 15.33 23.89 16.95 NA Net Change in Adj Policyholders' Surplus 25 -10 12 -16* 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 88 127* 90Tax, License & Fees Ratio 4.08 4.86 7.52 5.23 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 21.31 10.16 34.15 25.55 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -7 -14Gross Premiums Written ($000)3 1,694 1,624 1,561 1,602 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -36 -46 -12Loss & Loss Adj Expense ($000) 412 522 585 510 23 Est Curr Resv Defi/Policyholders' Surplus 25 --- -38 -106 5Other Underwriting Exp Incurred ($000) 409 297 403 425 413 *Indicates an unusual value.Net Underwriting Gains ($000) 167 159 -374 -45 493 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.34 60.20 39.39 55.53 NA complements of each ratio.Effective Tax Rate 29.93 33.57 NM 22.89 30.03

Pre-Tax Operating Margin 22.19 23.44 -51.60 -1.75 53.49 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth -2.51 15.72 16.40 -1.25 -1.21

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -17.28 19.11 46.49 -4.30 -15.27

Reinsurance Recoverable ex US Aff 0 0 1 -31 NA Net Premiums Written Growth 186.88 -1.09 -37.11 44.71 43.30Retention Ratio (NPW/GPW) (%)3 58.34 60.20 39.39 55.53 NA Pre-Tax Operating Income Growth 118.50 7.00 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 NA Net Income Growth 55.98 11.39 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -20.10 26.22 28.95 -6.21 -18.47Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 123.93 -4.16 -3.88 2.64 5.55Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 8.60 3.25 -2.69 -3.47 1.66

Capital & Surplus Five-year CAGR 20.39 10.81 5.14 4.11 8.83Admitted Assets Five-year CAGR 13.53 6.48 -0.38 -1.09 4.23

ASBESTOS/ENVIRONMENTAL RESV 2009Y 2010Y 2011Y 2012Y 2013L3

One-Year Survival Ratio (%) Asbestos NA NA NA NA NA Environmental NA NA NA NA NA Combined NA NA NA NA NA

Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Asbestos NA NA NA NA NA Capital and Surplus 1,222 1,371 1,148 1,200 1,470 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,200 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 289 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA 415.96 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA 207.98 NA

Change in Loss & LAE Resv / Reserves -20.10 26.22 28.95 -6.21 -18.47 Realized Capital Gains (Losses) 0 24 0 126 1261 Yr Loss Reserve Dev / 1Y Prior C&S -16.30 -22.36 -7.10 -13.60 NA Net Unrealized Capital Gains (Losses) 54 -17 1 -37 -842 Yr Loss Reserve Dev / 2Y Prior C&S 2.96 -36.46 -46.11 -11.82 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 135.19 136.76 239.78 191.14 178.86 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -16.89 -27.93 -15.85 -17.56 NA Net Premiums Written / Avg C&S (%) 94.61 79.61 47.61 77.86 74.55IBNR/ Total Reserves 86.62 53.19 36.44 48.91 NA Liabilities / Capital & Surplus (%) 102.33 108.58 189.97 173.93 145.53Reserves/ Equity 89.80 100.97 155.51 139.54 98.34 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.09 -2.58 NA

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

208.0

0200400600800

1,0001,2001,4001,600

2008Y 2009Y 2010Y 2011Y 2012Y

Capital ($000) & Capital Ratios (%)ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))

58.3 60.2

39.4

55.5

0200400600800

1,0001,2001,4001,6001,800

2009Y 2010Y 2011Y 2012Y 2013L3

Premiums ($000) Net Premiums Written Gross Premiums Written Retention Ratio (NPW/GPW)

1 Operating Leverage = Net Premiums Written / Policyholder Surplus 2 Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.

when an inter-company pooling arrangement exists.

AEGIS Healthcare RRG Inc. (Baltimore, MD)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 0 0 442 1,458 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,694 1,624 1,561 1,602 1,675Common Stocks 1,278 1,168 1,207 0 122 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,694 1,624 1,561 1,602 1,675Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -706 -646 -946 -712 -766Occupied Properties 0 0 0 0 0 Net Premiums Written 988 978 615 890 909Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -21Properties for Sale 0 0 0 0 0 Net Premiums Earned 988 978 615 890 929

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 259 532 504 1,882 726 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,537 1,700 1,711 2,323 2,306 Net Losses Paid - Commercial 629 53 406 290 NAPremiums & Considerations Due 0 0 0 0 360 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 63 0 276 0 0 Net Losses Paid 629 53 406 290 NAAll Other Admitted Assets 871 1,160 1,343 964 942 Net LAE Paid 59 181 54 55 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,472 2,860 3,329 3,288 3,608 Change in Loss Reserves - Commercial -277 284 110 165 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1 4 16 0 NA

Unpaid Losses 1,006 1,290 1,675 1,564 1,326 Net Change in Loss and LAE Reserves -276 288 125 165 NAUnpaid Loss Adj Expenses 91 95 111 111 119 Losses and LAE Incurred 412 522 585 510 23

Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,445 Other Underwriting Expense Incurred 409 297 403 425 413Unearned Premiums 0 0 0 -127 245 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 275 313 316 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 114 104 121 105 87 Net Underwriting Gain (Loss) 167 159 -374 -45 493Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 40 0 0 120 45 Total underwriting deductions 821 819 989 934 436

Total Liabilities 1,250 1,489 2,181 2,087 2,139

Income ($000)Total Capital and Surplus Net Investment Income 73 92 37 29 9

Common Capital Stock 154 154 146 151 151 Net Realized Capital Gains (Losses) 0 24 0 126 126Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -6 0 0 0 0Unassigned Surplus 456 605 382 419 689 Income after cap gains (loss) before tax 234 275 -336 110 628Other Including Gross Contributed 612 612 620 630 630 Federal Income Tax 70 92 -112 25 189

Capital & Surplus 1,222 1,371 1,148 1,200 1,470 Net Income 164 183 -224 85 439

Total Liabilities and C&S 2,472 2,860 3,329 3,288 3,608 Pre-tax Operating Income 234 251 -336 -16 502

Memo: Total Revenue 1,056 1,094 652 1,045 1,064Memo: Affiliated Investments ($000) Memo: Paid Expenses 462 488 450 484 NA

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 0 542Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Class 5 0 0 0 0 0

Net Investment Income 73 92 37 29 9 Class 6 0 0 0 0 0R li d C it l G i 0 24 0 126 126Realized Capital Gains 0 24 0 126 126Unrealized Capital Gains 54 -17 1 -37 -84Total Cash & Investments 1,537 1,700 1,711 2,323 2,306Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 542 1,543Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,278 1,168 1,207 0 122Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA

Top 5 States by DPW - 2012Y Top Lines of Business by DPW - 2012Y SECURITIES ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0

LT BONDS & STOCKS SUMMARY ($000) Carr Value Fair Value Actual Cost Par Value Total

LT Bond 442 442 442 435 1,760Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 442 442 442 435 --

ASSET QUALITY (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 19.01 63.22Common Stocks / C&S 104.62 85.19 105.12 0.00 8.32Unaff common stock/Invested Assets 83.12 68.72 70.54 0.00 5.30

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Maryland 1,602 Cash/Invested Assets 16.88 31.28 29.46 80.99 31.482. Alaska 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 0.00 0.00 0.00 9.98

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Reinsurance recoverable/Total Assets 2.54 0.00 8.27 0.00 0.00

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 14.68 1.90 -3.79 -1.86 All other admitted assets/Total Assets 35.25 40.57 40.33 29.33 26.12National DPW ($000) 757 1,694 1,624 1,561 1,602 Invested Assets/Total Assets 62.21 59.43 51.39 70.67 63.90Adjusted Loss Ratio 30.98 20.78 20.76 33.02 28.39 Investment Income/Total Assets 2.95 3.22 1.12 0.87 0.24

5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 6 - The Securities and Bond section are held at carrying valueh i t li t i t

Investment Portfolio (%) - 2012

Bonds - 19.0% Preferred Stocks - 0.0%

Common Stocks - 0.0% Mortgage Loans - 0.0%

Other Invstmts - 81.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3

Bond Rated 3-6/Total Bond (%)

Maryland - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%


Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 18,918 22,115 24,157 31,532 35,703Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,367 9,043 11,350 13,003 13,942Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 10,551 13,072 12,808 18,529 21,761

NAIC Ownership Structure: Risk Retention Group Net Income 1,196 940 2,235 1,422 743Tax Identification Number : 86-1070645 Total Revenue 8,355 8,043 9,443 13,087 15,539

Direct Premiums Written 10,561 12,639 13,553 20,219 21,251Net Premiums Written 8,512 8,363 9,614 15,366 15,866

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 7,986 7,699 9,088 12,703 15,132

AM Best Financial Strength Rating A- 10/04/10 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 10,656Demotech Financial Strength Rating A' 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 56.51 74.64 73.02 52.59 57.04S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.64 16.21 31.77 19.64 9.86Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.02 0.92 0.85 1.18 1.14Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr & KnightFax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 2.29 1.80 1.67 1.50 1.38Net Investment Income/Earned Premiums 4.33 4.11 3.69 2.50 2.56Return on Average Equity (C&S) 14.88 11.06 21.71 11.77 5.59Return on Avg Assets 6.79 4.40 9.55 5.06 2.25Loss and LAE Ratio 23.13 37.93 20.93 34.61 50.23Expense Ratio 56.01 44.79 44.42 41.12 41.78Loss Ratio 11.96 14.29 8.37 13.83 25.30Combined Ratio 79.14 82.71 65.34 75.73 92.01Operating Ratio 74.52 78.24 61.44 72.70 89.32Investment ratio 4.62 4.47 3.90 3.02 2.69


Cash, Short-Term Investments / Liabilities 23.31 13.62 19.06 31.21 11.94Cash, Common & Liquid Bonds / Liabilities 164.12 155.39 173.70 155.06 142.88Cash & Short-Term Investments / C&S 29.39 19.69 21.51 44.47 18.64Liabilities / Liquid Assets (IRIS Ratio) 61.00 64.00 57.00 64.00 69.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 199.91 197.29 209.45 195.43 158.95Cash From Underwriting ($000) 2,506 3,351 3,428 6,857 4,577Net Cash From Operations ($000) 2,406 3,760 2,958 6,678 4,818Underwriting Cash Flow Ratio 143.44 166.82 154.01 176.49 141.62Operating Cash Flow Ratio 155.14 171.31 173.71 187.64 148.46Unassigned Funds / Total Assets 39.21 36.59 43.05 32.52 31.35


GPW to Policyholders' Surplus3 900 --- 140 119 155NPW to Policyholders' Surplus 300 --- 92 85 118Change in Net Premiums Written 33 -33 -2 15 60*Surplus Aid to Policyholders' Surplus 15 --- 3 3 3Two-Year Overall Operating Ratio 100 --- 76 69 68

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 1 8* 1 7* 1 5*

MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

61.064.0

57.064.0

69.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013L3


79.1 82.7

65.3

75.7

92.0

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 1.8* 1.7* 1.5*

Loss Adjustment Expense Ratio 11.17 23.64 12.56 20.78 24.93 Gross Change in Policyholders' Surplus 50 -10 8 26 15Net Commission Ratio 28.32 19.00 19.19 25.24 NA Net Change in Adj Policyholders' Surplus 25 -10 8 26* 15Salaries & Benefits Ratio 0.00 0.00 0.03 0.17 NA Liabilities to Liquid Assets 100 --- 64 57 64Tax, License & Fees Ratio 3.81 3.92 4.07 3.44 NA Agents' Bal to Policyholders' Surplus 40 --- 10 8 10Admin & Other Expense Ratio 23.88 21.86 21.12 12.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -10 0Gross Premiums Written ($000)3 10,561 12,639 13,553 20,219 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -12 -11Loss & Loss Adj Expense ($000) 1,847 2,920 1,902 4,397 7,600 Est Curr Resv Defi/Policyholders' Surplus 25 --- -24 -7 8Other Underwriting Exp Incurred ($000) 4,767 3,745 4,270 6,318 6,628 *Indicates an unusual value.Net Underwriting Gains ($000) 1,372 1,034 2,916 1,988 903 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 80.60 66.17 70.94 76.00 NA complements of each ratio.Effective Tax Rate 31.62 31.85 31.71 40.00 42.72

Pre-Tax Operating Margin 20.83 17.13 34.64 18.13 8.43 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth 16.37 16.90 9.24 30.53 22.21

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 15.45 23.89 -2.02 44.67 30.48

Reinsurance Recoverable ex US Aff 1,289 2,185 2,412 2,632 NA Net Premiums Written Growth 20.15 -1.75 14.96 59.82 12.64Retention Ratio (NPW/GPW) (%)3 80.60 66.17 70.94 76.00 NA Pre-Tax Operating Income Growth -3.48 -20.83 137.35 -27.47 -51.90Unauthorized Net Recov. (ex US Aff) (%) 11.48 20.32 27.07 32.48 NA Net Income Growth -3.71 -21.40 137.66 -36.38 -55.62Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 14.35 31.30 -2.42 26.17 56.13Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 7.60 19.68 7.23 49.19 13.10Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 36.53 20.21 14.38 19.05 19.62

Capital & Surplus Five-year CAGR 47.41 28.60 23.75 17.40 16.84Admitted Assets Five-year CAGR 40.74 23.24 18.24 18.35 18.49




Asbestos NA NA NA NA NA Capital and Surplus 8,367 9,043 11,350 13,003 13,942 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,367 9,043 11,350 13,003 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,976 1,588 1,780 2,789 NA

Risk Based Capital Ratio (TAC/ACL RBC) 423.45 569.34 637.62 466.27 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 211.72 284.67 318.81 233.13 NA

Change in Loss & LAE Resv / Reserves 14.35 31.30 -2.42 26.17 56.13 Realized Capital Gains (Losses) 9 2 2 -3 -121 Yr Loss Reserve Dev / 1Y Prior C&S -9.58 -2.01 -9.90 0.27 NA Net Unrealized Capital Gains (Losses) 0 0 15 62 1622 Yr Loss Reserve Dev / 2Y Prior C&S -12.90 -11.93 -11.51 -10.66 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 56.51 74.64 73.02 52.59 57.04 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.54 -2.18 -9.85 0.24 NA Net Premiums Written / Avg C&S (%) 105.82 98.35 93.38 127.19 119.41IBNR/ Total Reserves 29.49 19.97 26.09 26.15 NA Liabilities / Capital & Surplus (%) 126.10 144.55 112.85 142.49 156.09Reserves/ Equity 58.54 71.11 55.29 60.89 76.43 Total Reins Recov Excl US Aff / C&S (%) 15.41 24.16 21.25 20.24 NA


295.1

211.7

284.7318.8

233.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008Y 2009Y 2010Y 2011Y 2012Y



80.6

66.270.9

76.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L3




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 14,657 18,532 19,046 22,176 26,986 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 10,561 12,639 13,553 20,219 21,251Common Stocks 0 0 760 831 1,507 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,049 -4,276 -3,939 -4,853 -5,385Occupied Properties 0 0 0 0 0 Net Premiums Written 8,512 8,363 9,614 15,366 15,866Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 525 663 526 2,663 734Properties for Sale 0 0 0 0 0 Net Premiums Earned 7,986 7,699 9,088 12,703 15,132

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,459 1,781 2,441 5,783 2,598 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 17,116 20,313 22,247 28,790 31,092 Net Losses Paid - Commercial 537 493 728 957 NAPremiums & Considerations Due 910 877 899 1,325 1,930 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 51 41 15 0 1,081 Net Losses Paid 537 493 728 957 NAAll Other Admitted Assets 839 883 996 1,417 1,600 Net LAE Paid 695 894 1,329 1,797 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,918 22,115 24,157 31,532 35,703 Change in Loss Reserves - Commercial 418 607 32 799 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 197 926 -187 843 NA

Unpaid Losses 3,077 3,684 3,716 4,515 6,238 Net Change in Loss and LAE Reserves 615 1,533 -155 1,642 NAUnpaid Loss Adj Expenses 1,821 2,747 2,559 3,402 4,418 Losses and LAE Incurred 1,847 2,920 1,902 4,397 7,600

Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 10,656 Other Underwriting Expense Incurred 4,767 3,745 4,270 6,318 6,628Unearned Premiums 4,309 4,972 5,498 8,161 8,905 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 396 688 194 900 857 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 295 327 282 374 627 Net Underwriting Gain (Loss) 1,372 1,034 2,916 1,988 903Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 653 653 559 1,176 717 Total underwriting deductions 6,614 6,665 6,172 10,715 14,229



Common Capital Stock 600 600 600 2,400 2,400 Net Realized Capital Gains (Losses) 9 2 2 -3 -12Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 7,417 8,093 10,400 10,253 11,192 Income after cap gains (loss) before tax 1,750 1,380 3,273 2,370 1,297Other Including Gross Contributed 350 350 350 350 350 Federal Income Tax 553 440 1,038 948 554

Capital & Surplus 8,367 9,043 11,350 13,003 13,942 Net Income 1,196 940 2,235 1,422 743

Total Liabilities and C&S 18,918 22,115 24,157 31,532 35,703 Pre-tax Operating Income 1,741 1,378 3,271 2,372 1,310

Memo: Total Revenue 8,364 8,045 9,445 13,084 15,526Memo: Affiliated Investments ($000) Memo: Paid Expenses 5,463 4,640 5,601 8,122 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 12,131 13,736 17,855 17,704 19,136Cash & Short Term Investments 0 0 0 0 0 Class 2 0 1,120 677 1,343 2,979All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 369 344 354 384 407 Class 6 0 0 0 0 0R li d C it l G i 9 2 2 3 12Realized Capital Gains 9 2 2 -3 -12Unrealized Capital Gains 0 0 15 62 162Total Cash & Investments 17,116 20,313 22,247 28,790 31,092Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,857 18,532 19,046 22,176 26,986Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 760 831 1,507Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.27 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 12,031 1,045 1,370 2,179 2,907Issued Political Subdivisions ($000) 0 3,685 7,194 7,094 7,981Issued State Rev Obligations ($000) 0 9,926 9,968 9,773 10,990Issued Industrial Development ($000) 0 0 0 0 297


LT Bond 22,176 22,362 22,866 20,740 88,144Common Stock 831 831 745 -- 2,407Preferred Stock 0 0 0 -- 0Total 23,006 23,193 23,611 20,740 --


Bond Avg Asset Quality (1-6) (Actual) 1.08 1.04 1.07 1.14 1.08Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.46 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 85.63 91.23 85.61 77.03 86.80Common Stocks / C&S 0.00 0.00 6.69 6.39 10.81Unaff common stock/Invested Assets 0.00 0.00 3.41 2.89 4.85

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 3,809 1. Med Prof Liab 20,219 Cash/Invested Assets 14.37 8.77 10.97 20.09 8.362. New York 2,893 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,551 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,171 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 956 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 9,839 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 4.81 3.97 3.72 4.20 5.41


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.01 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 79.19 13.27 12.08 9.40 17.16 All other admitted assets/Total Assets 4.43 3.99 4.12 4.50 4.48National DPW ($000) 9,815 10,561 12,639 13,553 20,219 Invested Assets/Total Assets 90.47 91.85 92.09 91.30 87.08Adjusted Loss Ratio 14.55 10.03 21.88 9.27 17.56 Investment Income/Total Assets 1.95 1.56 1.47 1.22 1.14





Other Invstmts - 20.1% 0.00 0.10 0.20 0.30

2009Y2010Y

2011Y

2012Y

2013L3


California - 18.8% New York - 14.3%

Florida - 7.7% Washington - 5.8%

Texas - 4.7% All other - 48.7%

Med Prof Liab - 100.0%

Total Cmbnd A&H - 0.0%

Aircraft - 0.0%

Comm'l Auto St - 0.0%

Comm'l Multi Prl - 0.0%

All Other - 0.0%


Amer Trucking & Transportation (Missoula, MT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 12,964 13,854 14,354 15,256 15,134Fourth Floor Business Focus : Commercial Property Focus Policyholder Surplus 3,239 4,217 3,914 4,423 5,662Missoula, MT 59802-4437 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,725 9,637 10,440 10,834 9,471

NAIC Ownership Structure: Risk Retention Group Net Income 257 607 -41 401 612Tax Identification Number : 33-1019877 Total Revenue 2,814 3,403 2,842 2,507 2,533



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 5,797Demotech Financial Strength Rating A 11/21/13 Affirm Loss & LAE Reserves/ NPE (%) 274.39 225.01 256.58 278.10 251.84S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.10 25.72 -8.25 6.56 13.04Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.61 0.79 0.67 0.49 0.40Fitch Financial Strength Rating -- -- -- --


Name : Patricia Lorraine Maloney Auditor Anderson ZurMuehlen & Co. P.CPhone : (406) 523-3908 Actuary Turner Consulting Inc.Fax : (406) 523-3935 CEO Kenneth Carl CrippenEmail : [email protected] CFO --

President Kenneth Carl Crippen


Net Yield on Invested Assets 3.57 3.56 3.01 2.71 2.21Net Investment Income/Earned Premiums 15.97 12.16 13.80 17.40 14.16Return on Average Equity (C&S) 9.20 17.15 -1.03 9.20 12.24Return on Avg Assets 2.23 4.72 -0.32 2.77 4.06Loss and LAE Ratio 74.35 59.05 97.69 70.32 51.66Expense Ratio 32.06 22.92 30.42 35.15 33.45Loss Ratio 28.99 10.57 51.02 -43.27 -50.01Combined Ratio 106.41 81.98 128.11 105.48 85.12Operating Ratio 92.75 68.03 113.15 87.48 70.47Investment ratio 13.66 13.95 14.96 18.00 14.64


Cash, Short-Term Investments / Liabilities 6.36 24.45 22.12 27.11 33.72Cash, Common & Liquid Bonds / Liabilities 102.17 133.58 126.25 128.98 157.68Cash & Short-Term Investments / C&S 19.09 55.87 59.00 66.41 56.41Liabilities / Liquid Assets (IRIS Ratio) 100.00 74.00 78.00 76.00 63.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 295.39 258.99 289.41 309.53 239.24Cash From Underwriting ($000) 1,226 3,494 335 -349 982Net Cash From Operations ($000) 1,334 3,800 525 243 1,056Underwriting Cash Flow Ratio 162.28 219.65 109.52 84.17 166.91Operating Cash Flow Ratio 180.53 224.52 116.58 75.94 188.00Unassigned Funds / Total Assets 9.59 13.83 11.77 14.90 23.21


GPW to Policyholders' Surplus3 900 --- 158 152 151NPW to Policyholders' Surplus 300 --- 79 67 49Change in Net Premiums Written 33 -33 69* -21 -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 74 86 99

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 3 6 2 8* 2 7*

MSA: Missoula, MT (Metro)


100.0

74.0 78.0 76.0

63.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L3


106.4

82.0

128.1

105.5

85.1

-2.000.002.004.006.008.00

10.0012.0014.0016.0018.0020.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 3.6 2.8* 2.7*

Loss Adjustment Expense Ratio 45.36 48.48 46.67 113.60 101.67 Gross Change in Policyholders' Surplus 50 -10 30 -7 13Net Commission Ratio 3.91 1.45 -0.57 1.14 NA Net Change in Adj Policyholders' Surplus 25 -10 28* -4 15Salaries & Benefits Ratio 10.84 7.41 10.26 12.34 NA Liabilities to Liquid Assets 100 --- 74 78 76Tax, License & Fees Ratio 6.65 7.18 6.45 9.54 NA Agents' Bal to Policyholders' Surplus 40 --- 4 0 9Admin & Other Expense Ratio 10.67 6.88 14.28 12.13 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 11 8 -14Gross Premiums Written ($000)3 4,846 6,644 5,967 6,686 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -3 2 -12Loss & Loss Adj Expense ($000) 1,727 1,725 2,373 1,464 1,126 Est Curr Resv Defi/Policyholders' Surplus 25 --- 8 9 -31Other Underwriting Exp Incurred ($000) 637 768 801 757 754 *Indicates an unusual value.Net Underwriting Gains ($000) -41 428 -745 -139 299 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 41.00 50.41 44.11 32.20 NA complements of each ratio.Effective Tax Rate 36.88 31.92 NM 25.66 30.97

Pre-Tax Operating Margin 15.97 26.75 -11.66 11.42 25.73 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 7.82 -0.91 8.34 3.77 5.89

Reinsurance Recoverable ex US Aff 15,875 9,727 11,467 12,060 NA Net Premiums Written Growth -48.21 68.55 -21.41 -18.20 -22.34Retention Ratio (NPW/GPW) (%)3 41.00 50.41 44.11 32.20 NA Pre-Tax Operating Income Growth -56.69 102.61 NM NM -46.87Unauthorized Net Recov. (ex US Aff) (%) 1.88 4.84 9.51 15.97 NA Net Income Growth -60.58 136.43 NM NM -42.38Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 11.30 -4.87 -6.35 -2.63 4.52Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -24.00 37.10 -10.19 12.04 12.46Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 15.03 6.64 6.31 4.43 7.32





Asbestos NA NA NA NA NA Capital and Surplus 3,239 4,217 3,914 4,423 5,662 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,914 4,423 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 1,219 1,010 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 321.10 438.03 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 160.55 219.02 NA

Change in Loss & LAE Resv / Reserves 11.30 -4.87 -6.35 -2.63 4.52 Realized Capital Gains (Losses) -42 -19 107 253 2351 Yr Loss Reserve Dev / 1Y Prior C&S -10.19 11.45 8.42 -14.23 NA Net Unrealized Capital Gains (Losses) 636 453 -249 224 5902 Yr Loss Reserve Dev / 2Y Prior C&S 24.28 -2.52 2.25 -12.16 NA Dividends to Stockholders -250 -100 0 0 0Loss and LAE Reserves / NPE 274.39 225.01 256.58 278.10 251.84 Dividend Payout Ratio (%) 97.36 16.47 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -11.66 12.70 14.62 -26.76 NA Net Premiums Written / Avg C&S (%) 71.18 94.63 65.51 49.38 45.12IBNR/ Total Reserves 38.87 40.09 34.19 18.95 NA Liabilities / Capital & Surplus (%) 300.22 228.51 266.75 244.95 167.26Reserves/ Equity 197.58 144.36 145.68 125.52 102.38 Total Reins Recov Excl US Aff / C&S (%) 490.08 230.64 292.98 272.67 NA


160.6

219.0

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012Y



41.0

50.444.1

32.2

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L3




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 5,772 7,268 7,546 7,301 7,243 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,846 6,644 5,967 6,686 6,925Common Stocks 3,244 3,316 3,477 3,982 4,549 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,859 -3,295 -3,335 -4,533 -4,670Occupied Properties 0 0 0 0 0 Net Premiums Written 1,987 3,349 2,632 2,153 2,255Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -336 428 203 71 75Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,323 2,921 2,429 2,082 2,180

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 619 2,356 2,309 2,937 3,194 Underwriting Deductions ($000)Other Investments 0 0 0 0 4 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,634 12,941 13,333 14,220 14,990 Net Losses Paid - Commercial 295 658 1,099 243 NAPremiums & Considerations Due 2,745 169 0 390 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 169 38 214 0 Net Losses Paid 295 658 1,099 243 NAAll Other Admitted Assets 586 576 984 433 144 Net LAE Paid 782 1,378 1,660 1,371 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,964 13,854 14,354 15,256 15,134 Change in Loss Reserves - Commercial 378 -350 140 -1,143 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 272 38 -526 993 NA

Unpaid Losses 3,138 2,789 2,929 1,785 1,701 Net Change in Loss and LAE Reserves 650 -312 -387 -150 NAUnpaid Loss Adj Expenses 3,262 3,300 2,773 3,766 4,097 Losses and LAE Incurred 1,727 1,725 2,373 1,464 1,126

Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 5,797 Other Underwriting Expense Incurred 637 768 801 757 754Unearned Premiums 2,236 2,664 2,867 2,939 468 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 962 580 1,576 1,714 2,800 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 127 176 141 171 -3 Net Underwriting Gain (Loss) -41 428 -745 -139 299Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 129 155 458 409 Total underwriting deductions 2,364 2,493 3,173 2,221 1,881



Common Capital Stock 1,996 2,072 2,072 2,072 2,072 Net Realized Capital Gains (Losses) -42 -19 107 253 235Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 173 75 50 51 33Surplus Notes 0 229 152 77 77 All Other Income 0 0 0 0 0Unassigned Surplus 1,243 1,917 1,690 2,273 3,513 Income after cap gains (loss) before tax 407 892 -224 539 886Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 150 285 -183 138 275


Total Liabilities and C&S 12,964 13,854 14,354 15,256 15,134 Pre-tax Operating Income 449 910 -331 286 652


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 2,252 3,639 5,358 5,571 5,566Cash & Short Term Investments 0 0 0 0 0 Class 2 1,309 2,434 1,843 1,824 1,489All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 317 407 363 375 319 Class 6 20 0 0 0 0R li d C it l G i 42 19 107 253 235Realized Capital Gains -42 -19 107 253 235Unrealized Capital Gains 636 453 -249 224 590Total Cash & Investments 9,634 12,941 13,333 14,220 14,990Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 6,174 7,268 7,546 7,301 7,243Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,244 3,316 3,477 3,982 4,549Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 8.10 NM 2.32 1.35 NAPrivately Placed Bonds / C&S (%) 15.44 -39.26 4.47 2.22 NABonds Rated 3-6 / Total Bonds (%) 1.62 0.93 2.01 3.37 0.71Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 541 1,359 2,008 1,505Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,301 7,846 7,341 7,324 29,813Common Stock 3,982 3,982 3,580 -- 11,543Preferred Stock 0 0 0 -- 0Total 11,283 11,828 10,921 7,324 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Louisiana 2,196 1. Comm'l Auto St 6,686 Cash/Invested Assets 6.42 18.21 17.32 20.65 21.312. Washington 1,879 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,489 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 830 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 291 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.03Premiums & Cons due/Total Assets 21.17 1.22 0.00 2.55 0.00


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA -1.38 -1.01 -0.55 -0.30 All other admitted assets/Total Assets 4.52 4.16 6.85 2.84 0.95National DPW ($000) 6,376 4,846 6,644 5,967 6,686 Invested Assets/Total Assets 74.31 93.41 92.88 93.20 99.05Adjusted Loss Ratio 110.71 163.99 -65.77 169.40 4.29 Investment Income/Total Assets 2.45 2.94 2.53 2.46 2.11





Other Invstmts - 20.7% 0.00 1.00 2.00 3.00 4.00

2009Y2010Y

2011Y

2012Y

2013L3


Louisiana - 32.9% Washington - 28.1%

Montana - 22.3% Oregon - 12.4%

Ohio - 4.4% All other - 0.0%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 59,943 71,460 83,910 92,319 104,762Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 19,036 20,673 22,205 25,118 29,349Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 40,908 50,787 61,705 67,202 75,413

NAIC Ownership Structure: Risk Retention Group Net Income 1,628 933 1,240 3,732 3,044Tax Identification Number : 81-0603029 Total Revenue 25,985 27,665 32,116 33,473 37,413



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 53,851Demotech Financial Strength Rating A' 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 93.98 120.78 138.20 152.45 142.09S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.22 5.68 6.73 17.55 12.45Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.52 1.35 1.38 1.31 1.26Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk SolutionFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch




Cash, Short-Term Investments / Liabilities 10.71 10.64 10.37 10.61 15.38Cash, Common & Liquid Bonds / Liabilities 94.13 97.51 100.45 109.08 114.26Cash & Short-Term Investments / C&S 23.02 26.15 28.82 28.39 39.51Liabilities / Liquid Assets (IRIS Ratio) 99.00 98.00 99.00 81.00 80.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 115.45 114.84 113.69 128.48 112.39Cash From Underwriting ($000) 9,154 9,308 6,370 6,957 4,276Net Cash From Operations ($000) 9,878 8,880 9,124 9,201 5,425Underwriting Cash Flow Ratio 150.60 149.54 127.33 126.56 113.33Operating Cash Flow Ratio 153.64 153.41 130.13 130.40 119.43Unassigned Funds / Total Assets 10.88 5.49 2.91 1.52 2.66


GPW to Policyholders' Surplus3 900 --- 160 162 162NPW to Policyholders' Surplus 300 --- 135 138 131Change in Net Premiums Written 33 -33 -3 10 7Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 90 93 88

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 3 5 4 9 3 8

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

99.0 98.0 99.0

81.0 80.0

0

20,000

40,000

60,000

80,000

100,000

120,000

2009Y 2010Y 2011Y 2012Y 2013L3


92.2

100.7

103.9

92.9

95.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 3.5 4.9 3.8

Loss Adjustment Expense Ratio 25.78 24.98 30.96 29.03 34.10 Gross Change in Policyholders' Surplus 50 -10 9 7 13Net Commission Ratio 17.34 20.60 20.10 20.26 NA Net Change in Adj Policyholders' Surplus 25 -10 -6 -5 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 98 99 81Tax, License & Fees Ratio 1.20 1.55 1.44 1.89 NA Agents' Bal to Policyholders' Surplus 40 --- 38 41* 2Admin & Other Expense Ratio 4.86 6.71 8.06 7.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -5 -20Gross Premiums Written ($000)3 30,001 33,162 36,078 40,753 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -14 -26Loss & Loss Adj Expense ($000) 16,952 18,421 21,546 19,403 23,694 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -48 -34Other Underwriting Exp Incurred ($000) 6,752 8,064 9,075 9,707 10,407 *Indicates an unusual value.Net Underwriting Gains ($000) 926 -835 -1,622 1,465 850 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 96.18 84.26 84.99 80.82 NA complements of each ratio.Effective Tax Rate 30.23 37.99 34.46 30.88 31.33



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 33.15 24.15 21.50 8.91 9.44

Reinsurance Recoverable ex US Aff 4,827 5,937 7,039 11,898 NA Net Premiums Written Growth 46.97 -3.16 9.73 7.41 14.23Retention Ratio (NPW/GPW) (%)3 96.18 84.26 84.99 80.82 NA Pre-Tax Operating Income Growth -35.09 -48.31 26.85 191.80 42.16Unauthorized Net Recov. (ex US Aff) (%) 29.63 22.17 15.84 14.42 NA Net Income Growth 0.31 -42.69 32.92 200.95 14.17Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 25.03 30.24 26.87 6.41 10.28Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 30.37 10.53 8.79 12.96 12.02Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 41.40 35.81 27.21 20.42 19.00








Change in Loss & LAE Resv / Reserves 25.03 30.24 26.87 6.41 10.28 Realized Capital Gains (Losses) 53 325 397 1,036 1,0871 Yr Loss Reserve Dev / 1Y Prior C&S 5.16 -5.19 -5.02 -20.38 NA Net Unrealized Capital Gains (Losses) 1,020 1,999 630 1,397 8172 Yr Loss Reserve Dev / 2Y Prior C&S -0.44 0.29 -13.54 -25.73 NA Dividends to Stockholders -3,000 -3,949 -2,986 -4,769 -4,694Loss and LAE Reserves / NPE 93.98 120.78 138.20 152.45 142.09 Dividend Payout Ratio (%) 184.31 423.27 240.79 127.81 154.221 Yr Loss Reserve Development / NPE 3.46 -3.85 -3.58 -14.80 NA Net Premiums Written / Avg C&S (%) 154.62 134.55 137.92 132.49 137.48IBNR/ Total Reserves 30.26 28.93 26.68 18.99 NA Liabilities / Capital & Surplus (%) 214.90 245.67 277.89 267.54 256.96Reserves/ Equity 138.05 165.56 195.55 183.96 183.49 Total Reins Recov Excl US Aff / C&S (%) 25.36 28.72 31.70 47.37 NA


281.8255.3

217.5187.2

246.5

0

5,000

10,000

15,000

20,000

25,000

30,000

2008Y 2009Y 2010Y 2011Y 2012Y



96.2

84.3 85.0

80.8

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2009Y 2010Y 2011Y 2012Y 2013L3




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,147 -5,218 -5,416 -7,817 -6,831Occupied Properties 0 0 0 0 0 Net Premiums Written 28,855 27,943 30,663 32,936 36,941Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 4,224 2,293 1,664 2,361 2,024Properties for Sale 0 0 0 0 0 Net Premiums Earned 24,630 25,651 28,999 30,575 34,917

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,382 5,406 6,400 7,131 11,595 Underwriting Deductions ($000)Other Investments 26 9 -23 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 40,912 51,316 61,990 72,723 83,543 Net Losses Paid - Commercial 7,357 5,014 5,376 8,702 NAPremiums & Considerations Due 8,062 7,907 9,011 8,705 9,066 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 163 286 248 2 Net Losses Paid 7,357 5,014 5,376 8,702 NAAll Other Admitted Assets 10,970 12,073 12,624 10,643 12,151 Net LAE Paid 4,334 5,461 6,972 7,916 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 59,943 71,460 83,910 92,319 104,762 Change in Loss Reserves - Commercial 3,245 7,000 7,192 1,824 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 2,016 946 2,006 960 NA

Unpaid Losses 21,018 28,018 35,210 37,034 41,794 Net Change in Loss and LAE Reserves 5,261 7,946 9,198 2,784 NAUnpaid Loss Adj Expenses 5,260 6,207 8,212 9,172 12,057 Losses and LAE Incurred 16,952 18,421 21,546 19,403 23,694

Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 53,851 Other Underwriting Expense Incurred 6,752 8,064 9,075 9,707 10,407Unearned Premiums 13,339 15,632 17,296 19,657 20,483 Other Underwriting Deductions 0 0 0 0 -34Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 677 590 444 543 589 Net Underwriting Gain (Loss) 926 -835 -1,622 1,465 850Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 613 341 543 796 491 Total underwriting deductions 23,705 26,486 30,621 29,110 34,067


Income ($000)Total Capital and Surplus Net Investment Income 876 1,586 2,711 2,552 2,144

Common Capital Stock 16,262 19,071 21,566 24,925 27,707 Net Realized Capital Gains (Losses) 53 325 397 1,036 1,087Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 478 428 343 288 293Surplus Notes 0 0 0 0 0 All Other Income 0 0 63 58 58Unassigned Surplus 6,523 3,920 2,446 1,408 2,783 Income after cap gains (loss) before tax 2,333 1,504 1,892 5,399 4,432Other Including Gross Contributed -3,750 -2,318 -1,806 -1,215 -1,141 Federal Income Tax 705 571 652 1,667 1,389

Capital & Surplus 19,036 20,673 22,205 25,118 29,349 Net Income 1,628 933 1,240 3,732 3,044

Total Liabilities and C&S 59,943 71,460 83,910 92,319 104,762 Pre-tax Operating Income 2,280 1,179 1,495 4,363 3,346


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 19,438 27,985 35,318 40,925 41,515Cash & Short Term Investments 0 0 0 0 0 Class 2 1,785 1,792 3,694 4,988 7,360All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 320 0 0 0 0Class 4 2,636 2,380 3,815 4,227 4,321


Net Investment Income 876 1,586 2,711 2,552 2,144 Class 6 4 0 0 0 0R li d C it l G i 53 325 397 1 036 1 087Realized Capital Gains 53 325 397 1,036 1,087Unrealized Capital Gains 1,020 1,999 630 1,397 817Total Cash & Investments 40,912 51,316 61,990 72,723 83,543Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 32,158 42,826 50,141 53,195 59,972Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 4,346 5,102 9,672 17,297 19,316Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 5,352 2,679 2,036

Municipal SecuritiesIssued States & Territories ($000) 9,217 12,151 1,004 1,460 1,710Issued Political Subdivisions ($000) 0 0 2,410 2,001 1,121Issued State Rev Obligations ($000) 0 0 9,728 11,572 12,630Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 16,401 1. Med Prof Liab 40,753 Cash/Invested Assets 10.71 10.54 10.32 9.81 13.882. Florida 5,775 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 3,789 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Connecticut 3,057 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 2,721 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 9,010 All Other 0 Other Investments/Invested Assets 0.06 0.02 -0.04 0.00 0.00Premiums & Cons due/Total Assets 13.45 11.07 10.74 9.43 8.65







Other Invstmts - 9.8% 0.00 2.00 4.00 6.00 8.00 10.00

2009Y2010Y

2011Y

2012Y

2013L3


New York - 40.2% Florida - 14.2%

Arizona - 9.3% Connecticut - 7.5%

Texas - 6.7% All other - 22.1%



Aircraft - 0.0%



All Other - 0.0%


Attorneys Ins Mutual RRG Inc. (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

150 Bank Street NAIC Company Code : 22670 Total Assets 26,147 20,220 17,923 14,774 16,249Second Floor Business Focus : Commercial General Liability Focus Policyholder Surplus 7,849 8,221 8,034 7,540 7,813Burlington, VT 05401-4411 Geographic Focus: Regional - Western Quadrant Total Liabilities 18,299 11,999 9,890 7,235 8,436

NAIC Ownership Structure: Risk Retention Group Net Income 273 318 -288 334 552Tax Identification Number : 99-0296119 Total Revenue 3,434 3,751 3,888 4,015 4,151



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 16,153 9,697 8,111 4,732 5,052Demotech Financial Strength Rating -- -- -- -- Loss & LAE Reserves/ NPE (%) 707.09 425.68 261.29 181.92 135.91S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.69 3.46 -5.57 3.33 5.78Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.35 0.38 0.41 0.47 0.30Fitch Financial Strength Rating -- -- -- --


Name : Karen M. Venner Auditor Johnson Lambert LLPPhone : (802) 735-0113 Actuary Practical Actuarial SolutionsFax : (866) 390-1216 CEO --Email : [email protected] CFO Stuart S. Soldate

President Donald E. Bradley


Net Yield on Invested Assets 3.38 3.36 3.38 3.23 3.04Net Investment Income/Earned Premiums 31.12 22.81 18.03 13.75 18.13Return on Average Equity (C&S) 3.49 3.97 -3.43 4.15 7.12Return on Avg Assets 1.01 1.41 -1.54 2.13 3.78Loss and LAE Ratio 88.00 77.09 94.45 68.49 62.49Expense Ratio 43.47 39.08 41.12 39.86 62.80Loss Ratio 81.91 53.61 47.69 37.65 14.65Combined Ratio 131.47 116.17 135.57 108.36 125.28Operating Ratio 96.47 92.12 117.04 94.06 113.70Investment ratio 35.01 24.05 18.53 14.30 11.59


Cash, Short-Term Investments / Liabilities 16.40 19.29 30.00 50.52 53.38Cash, Common & Liquid Bonds / Liabilities 141.30 157.71 177.68 191.60 183.60Cash & Short-Term Investments / C&S 38.23 28.15 36.93 48.48 57.63Liabilities / Liquid Assets (IRIS Ratio) 74.00 63.00 56.00 52.00 54.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 198.00 275.12 257.44 360.83 200.55Cash From Underwriting ($000) -4,519 -6,763 -2,139 -4,172 -201Net Cash From Operations ($000) -2,981 -5,970 -1,042 -3,441 453Underwriting Cash Flow Ratio 38.06 31.40 60.48 44.16 94.97Operating Cash Flow Ratio 30.84 32.06 55.33 44.16 94.97Unassigned Funds / Total Assets 17.41 24.27 26.11 29.69 28.68


GPW to Policyholders' Surplus3 900 --- 56 59 67NPW to Policyholders' Surplus 300 --- 38 41 47Change in Net Premiums Written 33 -33 11 6 8Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 91 102* 102*

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 3 3 3 3 3 1

MSA: Burlington-South Burlington, VT (Metro)


74.0

63.056.0

52.0 54.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2009Y 2010Y 2011Y 2012Y 2013L3


131.5116.2

135.6

108.4

125.3

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 3.3 3.3 3.1

Loss Adjustment Expense Ratio 6.09 23.48 46.76 30.84 47.83 Gross Change in Policyholders' Surplus 50 -10 5 -2 -6Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 5 -3 -4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 63 56 52Tax, License & Fees Ratio 2.37 4.10 5.09 3.67 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 3Admin & Other Expense Ratio 41.11 34.98 36.03 36.19 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 5 20* 8Gross Premiums Written ($000)3 4,277 4,596 4,774 5,043 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 5 14 12Loss & Loss Adj Expense ($000) 2,173 2,264 3,008 2,335 2,255 Est Curr Resv Defi/Policyholders' Surplus 25 --- 116* 114* 82*Other Underwriting Exp Incurred ($000) 1,207 1,210 1,346 1,412 1,448 *Indicates an unusual value.Net Underwriting Gains ($000) -911 -537 -1,169 -338 -94 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 64.93 67.36 68.58 70.26 NA complements of each ratio.Effective Tax Rate -228.59 -15.34 NM 0.00 0.00

Pre-Tax Operating Margin 1.56 7.39 -12.01 6.67 10.80 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth -11.22 -22.67 -11.36 -17.57 0.66

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -16.31 -34.43 -17.58 -26.84 7.56

Reinsurance Recoverable ex US Aff 10,145 11,977 7,745 9,606 NA Net Premiums Written Growth 28.54 11.48 5.74 8.22 -51.95Retention Ratio (NPW/GPW) (%)3 64.93 67.36 68.58 70.26 NA Pre-Tax Operating Income Growth -90.58 415.95 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -45.15 16.59 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -19.20 -39.97 -16.35 -41.65 -3.37Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 16.85 7.46 3.87 5.63 10.56Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 2.61 -12.46 -13.62 -20.20 -18.12

Capital & Surplus Five-year CAGR 5.24 9.79 5.66 0.69 2.02Admitted Assets Five-year CAGR 3.36 -6.63 -7.64 -13.00 -11.54







Change in Loss & LAE Resv / Reserves -19.20 -39.97 -16.35 -41.65 -3.37 Realized Capital Gains (Losses) 29 -1 175 66 1041 Yr Loss Reserve Dev / 1Y Prior C&S 12.24 4.74 20.22 7.78 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 -192 Yr Loss Reserve Dev / 2Y Prior C&S -11.88 5.02 13.85 12.41 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 707.09 425.68 261.29 181.92 135.91 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 37.63 12.67 52.18 18.34 NA Net Premiums Written / Avg C&S (%) 35.51 38.63 39.03 44.10 29.74IBNR/ Total Reserves 28.13 38.70 24.14 19.22 NA Liabilities / Capital & Surplus (%) 233.15 145.95 123.10 95.96 107.97Reserves/ Equity 205.81 117.95 100.96 62.77 64.66 Total Reins Recov Excl US Aff / C&S (%) 129.26 145.69 96.41 127.41 NA


125.3143.6

207.4234.6 232.8

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012Y



64.9

67.4

68.6

70.3

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L3




Attorneys Ins Mutual RRG Inc. (Burlington, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 21,587 16,644 14,383 10,207 9,972 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,277 4,596 4,774 5,043 5,306Common Stocks 0 0 0 0 1,014 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,500 -1,500 -1,500 -1,500 -3,000Occupied Properties 0 0 0 0 0 Net Premiums Written 2,777 3,096 3,274 3,543 2,306Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 308 159 89 135 -1,303Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,469 2,937 3,185 3,409 3,609

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,001 2,315 2,967 3,655 4,503 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 24,588 18,959 17,349 13,862 15,488 Net Losses Paid - Commercial 3,406 6,538 2,314 2,907 NAPremiums & Considerations Due 0 0 0 244 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 566 492 0 334 134 Net Losses Paid 3,406 6,538 2,314 2,907 NAAll Other Admitted Assets 993 769 574 335 627 Net LAE Paid 2,605 2,183 2,280 2,806 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 26,147 20,220 17,923 14,774 16,249 Change in Loss Reserves - Commercial -1,384 -4,964 -795 -1,623 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -2,455 -1,493 -791 -1,755 NA

Unpaid Losses 9,117 4,153 3,358 1,735 2,107 Net Change in Loss and LAE Reserves -3,839 -6,457 -1,586 -3,378 NAUnpaid Loss Adj Expenses 7,037 5,544 4,753 2,998 2,945 Losses and LAE Incurred 2,173 2,264 3,008 2,335 2,255

Loss & Loss Adj Exp Reserves 16,153 9,697 8,111 4,732 5,052 Other Underwriting Expense Incurred 1,207 1,210 1,346 1,412 1,448Unearned Premiums 1,389 1,548 1,637 1,772 2,671 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 76 73 109 97 81 Net Underwriting Gain (Loss) -911 -537 -1,169 -338 -94Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 680 680 33 634 632 Total underwriting deductions 3,380 3,474 4,355 3,747 3,703



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 29 -1 175 66 104Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 101 108 112 119 124Unassigned Surplus 4,551 4,907 4,679 4,387 4,660 Income after cap gains (loss) before tax 83 276 -292 334 552Other Including Gross Contributed 3,297 3,314 3,354 3,152 3,152 Federal Income Tax -190 -42 -5 0 0


Total Liabilities and C&S 26,147 20,220 17,923 14,774 16,249 Pre-tax Operating Income 54 277 -467 268 448


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 18,637 22,050 15,854 14,102 9,449Cash & Short Term Investments 0 0 0 0 0 Class 2 1,802 806 754 503 758All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 864 706 590 487 418 Class 6 0 32 36 0 0R li d C it l G i 29 1 175 66 104Realized Capital Gains 29 -1 175 66 104Unrealized Capital Gains 0 0 0 0 -19Total Cash & Investments 24,588 18,959 17,349 13,862 15,488Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 22,887 16,644 14,632 10,207 9,972Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 1,014Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,151 1,063 729 4,527 2,785Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 4,219 6,137 2,321 513 511Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 10,207 11,126 10,376 9,924 41,632Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 10,207 11,126 10,376 9,924 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 5,043 1. Oth, Prod Liab Cmbnd 5,043 Cash/Invested Assets 12.20 12.21 17.10 26.37 29.072. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -25.30 -26.24 -9.62 -2.13 -0.01 All other admitted assets/Total Assets 3.80 3.80 3.20 2.27 3.86National DPW ($000) 3,661 4,277 4,596 4,774 5,043 Invested Assets/Total Assets 94.04 93.77 96.80 93.82 95.32Adjusted Loss Ratio 9.00 84.03 56.97 1.83 47.03 Investment Income/Total Assets 3.31 3.49 3.29 3.30 2.57





Other Invstmts - 26.4% 0.00 0.05 0.10 0.15 0.20 0.25

2009Y2010Y

2011Y

2012Y

2013L3


California - 100.0% Alaska - 0.0%



Oth, Prod Liab Cmbnd - 100.0%


Aircraft - 0.0%



All Other - 0.0%


CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 35,604 33,340 11,784 13,631 16,877Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,154 4,307 4,802 4,678 4,790Washington, DC 20007-4104 Geographic Focus: Regional - Southern Quadrant Total Liabilities 31,451 29,033 6,981 8,952 12,087

NAIC Ownership Structure: Risk Retention Group Net Income 346 155 535 87 123Tax Identification Number : 52-2395338 Total Revenue 1,626 1,356 1,249 3,094 6,109

Direct Premiums Written 6,928 6,124 4,802 6,186 7,471Net Premiums Written 1,386 1,225 960 5,084 6,747


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 7,914Demotech Financial Strength Rating A 11/18/13 Affirm Loss & LAE Reserves/ NPE (%) 1,629.34 1,892.51 631.45 159.94 105.64S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.32 6.80 16.70 2.72 3.67Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.33 0.28 0.20 1.09 1.41Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor Shores Tagman Butler & Co P.A.Phone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Daniel L. Hafendorfer




Cash, Short-Term Investments / Liabilities 23.52 26.08 35.26 37.90 52.98Cash, Common & Liquid Bonds / Liabilities 39.08 38.41 138.48 127.48 118.03Cash & Short-Term Investments / C&S 178.11 175.78 51.26 72.53 133.69Liabilities / Liquid Assets (IRIS Ratio) 310.00 306.00 72.00 78.00 91.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 112.22 116.30 598.23 314.63 120.03Cash From Underwriting ($000) 600 -416 252 2,132 1,819Net Cash From Operations ($000) 948 -574 285 1,923 1,874Underwriting Cash Flow Ratio 172.78 66.91 126.15 201.70 137.80Operating Cash Flow Ratio 143.44 90.37 138.45 218.69 139.75Unassigned Funds / Total Assets 4.90 5.69 20.30 16.64 14.10


GPW to Policyholders' Surplus3 900 --- 142 100 132NPW to Policyholders' Surplus 300 --- 28 20 109Change in Net Premiums Written 33 -33 -12 -22 429*Surplus Aid to Policyholders' Surplus 15 --- 12 12 6Two-Year Overall Operating Ratio 100 --- 74 59 70


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

310.0 306.0

72.0 78.091.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013L3


76.584.1

46.1

87.695.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 23.42 20.54 24.91 39.46 21.12 Gross Change in Policyholders' Surplus 50 -10 4 12 -3Net Commission Ratio -32.12 -21.60 -73.45 1.38 NA Net Change in Adj Policyholders' Surplus 25 -10 4 12 -3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 306* 72 78Tax, License & Fees Ratio 2.55 1.88 2.92 0.42 NA Agents' Bal to Policyholders' Surplus 40 --- 15 8 10Admin & Other Expense Ratio 67.95 47.05 86.65 15.80 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -18 -9Gross Premiums Written ($000)3 6,928 6,124 4,802 6,186 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -31 -26Loss & Loss Adj Expense ($000) 582 731 337 2,070 4,002 Est Curr Resv Defi/Policyholders' Surplus 25 --- -154 296* 546*Other Underwriting Exp Incurred ($000) 532 335 155 894 1,935 *Indicates an unusual value.Net Underwriting Gains ($000) 412 221 630 -9 33 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 20.00 20.00 82.18 NA complements of each ratio.Effective Tax Rate 32.32 46.51 29.57 30.96 34.96


Admitted Assets Growth -5.17 -6.36 -64.66 15.67 30.93

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -5.38 -7.69 -75.95 28.23 46.73

Reinsurance Recoverable ex US Aff 21,443 21,894 19,091 14,334 NA Net Premiums Written Growth -24.54 -11.60 -21.59 429.34 68.78Retention Ratio (NPW/GPW) (%)3 20.00 20.00 20.00 82.18 NA Pre-Tax Operating Income Growth 470.01 -43.38 161.30 -82.83 -49.28Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 484.54 -55.25 244.90 -83.82 -45.34Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -4.76 -3.41 -81.80 28.84 55.48Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -24.54 -11.60 -21.59 28.82 31.36Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 67.73 47.06 -25.42 -23.83 -18.55

Capital & Surplus Five-year CAGR 32.26 13.50 5.81 1.97 1.58Admitted Assets Five-year CAGR 60.00 38.65 -19.04 -19.03 -15.05




Asbestos NA NA NA NA NA Capital and Surplus 4,154 4,307 4,802 4,678 4,790 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,154 4,307 4,802 4,678 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,326 1,296 1,089 933 NA



Change in Loss & LAE Resv / Reserves -4.76 -3.41 -81.80 28.84 55.48 Realized Capital Gains (Losses) 0 0 2 -5 161 Yr Loss Reserve Dev / 1Y Prior C&S -8.71 -2.29 -18.27 -9.02 NA Net Unrealized Capital Gains (Losses) 4 -2 -39 89 152 Yr Loss Reserve Dev / 2Y Prior C&S -2.22 -11.20 -30.96 -25.58 NA Dividends to Stockholders 0 0 0 -300 0Loss and LAE Reserves / NPE 1,629.34 1,892.51 631.45 159.94 105.64 Dividend Payout Ratio (%) 0.00 0.00 0.00 346.76 0.001 Yr Loss Reserve Development / NPE -24.57 -7.38 -70.20 -14.65 NA Net Premiums Written / Avg C&S (%) 33.36 28.76 21.18 106.17 143.81IBNR/ Total Reserves 7.13 6.85 29.78 37.86 NA Liabilities / Capital & Surplus (%) 757.19 674.08 145.38 191.37 252.35Reserves/ Equity 591.95 551.40 90.02 119.07 165.22 Total Reins Recov Excl US Aff / C&S (%) 516.25 508.34 397.54 306.41 NA


146.9 156.6 166.1

220.6250.7

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012Y



20.0 20.0 20.0

82.2

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L3




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 2,717 1,905 6,259 6,459 4,885 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,928 6,124 4,802 6,186 7,471Common Stocks 0 0 947 1,560 2,004 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,542 -4,899 -3,841 -1,102 -723Occupied Properties 0 0 0 0 0 Net Premiums Written 1,386 1,225 960 5,084 6,747Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -141 -62 -161 2,129 777Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,526 1,287 1,121 2,955 5,971

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,398 7,571 2,462 3,393 6,403 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 10,115 9,475 9,667 11,412 13,292 Net Losses Paid - Commercial 482 443 287 449 NAPremiums & Considerations Due 1,121 637 371 454 736 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 20,502 19,462 850 490 763 Net Losses Paid 482 443 287 449 NAAll Other Admitted Assets 3,866 3,764 895 1,274 2,087 Net LAE Paid 442 439 470 374 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 35,604 33,340 11,784 13,631 16,877 Change in Loss Reserves - Commercial -257 24 -229 455 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -84 -174 -191 792 NA

Unpaid Losses 15,943 15,987 2,965 3,419 5,360 Net Change in Loss and LAE Reserves -341 -151 -420 1,247 NAUnpaid Loss Adj Expenses 8,644 7,762 1,359 2,151 2,554 Losses and LAE Incurred 582 731 337 2,070 4,002

Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 7,914 Other Underwriting Expense Incurred 532 335 155 894 1,935Unearned Premiums 3,535 3,223 484 2,613 3,159 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,888 1,021 1,010 238 440 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 748 520 619 531 574 Net Underwriting Gain (Loss) 412 221 630 -9 33Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 692 519 546 0 0 Total underwriting deductions 1,114 1,066 491 2,964 5,937



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains (Losses) 0 0 2 -5 16Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 1,743 1,896 2,392 2,268 2,379 Income after cap gains (loss) before tax 512 290 759 125 188Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal Income Tax 165 135 224 39 66

Capital & Surplus 4,154 4,307 4,802 4,678 4,790 Net Income 346 155 535 87 123

Total Liabilities and C&S 35,604 33,340 11,784 13,631 16,877 Pre-tax Operating Income 512 290 757 130 172

Memo: Total Revenue 1,626 1,356 1,250 3,090 6,126Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,155 1,166 87 1,125 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 205 4,892 3,580 6,259 6,459Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 100 69 128 139 139 Class 6 0 0 0 0 0R li d C it l G i 0 0 2 5 16Realized Capital Gains 0 0 2 -5 16Unrealized Capital Gains 4 -2 -39 89 15Total Cash & Investments 10,115 9,475 9,667 11,412 13,292Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,892 3,580 6,259 6,459 5,860Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 947 1,560 2,004Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 1,803 1,360






Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 1,297 1. Med Prof Liab 6,186 Cash/Invested Assets 73.14 79.90 25.46 29.73 48.182. New York 1,276 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. California 1,032 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 553 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 480 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 0.49 -13.99 -22.20 -16.27 All other admitted assets/Total Assets 10.86 11.29 7.60 9.35 12.36National DPW ($000) 9,181 6,928 6,124 4,802 6,186 Invested Assets/Total Assets 28.41 28.42 82.04 83.73 78.76Adjusted Loss Ratio 44.92 18.28 35.09 4.82 -17.54 Investment Income/Total Assets 0.28 0.21 1.08 1.02 0.82





Other Invstmts - 29.7% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Florida - 21.0% New York - 20.6%

California - 16.7% Texas - 8.9%

Kentucky - 7.8% All other - 25.0%



Aircraft - 0.0%



All Other - 0.0%


CareNext RRG Inc. (Purchase, NY)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2500 Westchester Avenue NAIC Company Code : 15089 Total Assets NA NA NA NA 1,385Fourth Floor Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 681Purchase, NY 10577-2540 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 704

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA NA NATax Identification Number : 46-2358912 Total Revenue NA NA NA NA NA

Direct Premiums Written NA NA NA NA NANet Premiums Written NA NA NA NA NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 311Demotech Financial Strength Rating A 11/19/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA NA NAFitch Financial Strength Rating -- -- -- --


Name : Lisa C. Harvan Auditor --Phone : (480) 682-4973 Actuary --Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Richard Kaplan


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA NAReturn on Average Equity (C&S) NA NA NA NA NAReturn on Avg Assets NA NA NA NA NALoss and LAE Ratio NA NA NA NA NAExpense Ratio NA NA NA NA NALoss Ratio NA NA NA NA NACombined Ratio NA NA NA NA NAOperating Ratio NA NA NA NA NAInvestment ratio NA NA NA NA NA

Policyholder Dividend Ratio NA NA NA NA NA CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Cash, Short-Term Investments / Liabilities NA NA NA NA 136.56Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 136.56Cash & Short-Term Investments / C&S NA NA NA NA 141.17Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 73.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 224.14Cash From Underwriting ($000) NA NA NA NA NANet Cash From Operations ($000) NA NA NA NA NAUnderwriting Cash Flow Ratio NA NA NA NA NAOperating Cash Flow Ratio NA NA NA NA NAUnassigned Funds / Total Assets NA NA NA NA -9.77


GPW to Policyholders' Surplus3 900 --- NA NA NANPW to Policyholders' Surplus 300 --- NA NA NAChange in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 0

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 NA NA NA

MSA: New York-Newark-Jersey City, NY-NJ-PA (Metro)

Distribution Channel: --

73.0

0

200

400

600

800

1,000

1,200

1,400

1,600

2009Y 2010Y 2011Y 2012Y 2013L3


0.000.100.200.300.400.500.600.700.800.901.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA NA Gross Change in Policyholders' Surplus 50 -10 NA NA NANet Commission Ratio NA NA NA NA NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NASalaries & Benefits Ratio NA NA NA NA NA Liabilities to Liquid Assets 100 --- NA NA NATax, License & Fees Ratio NA NA NA NA NA Agents' Bal to Policyholders' Surplus 40 --- NA NA NAAdmin & Other Expense Ratio NA NA NA NA NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA NA Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA NA *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA NA complements of each ratio.Effective Tax Rate NA NA NA NA NA

Pre-Tax Operating Margin NA NA NA NA NA GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA NA Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 681 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA NA NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA NA NA

Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA NA1 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA NA2 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA NA Dividends to Stockholders NA NA NA NA NALoss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA NA1 Yr Loss Reserve Development / NPE NA NA NA NA NA Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA NA Liabilities / Capital & Surplus (%) NA NA NA NA 103.37Reserves/ Equity NA NA NA NA 45.72 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA NA


00000111111

2008Y 2009Y 2010Y 2011Y 2012Y



00000111111

2009Y 2010Y 2011Y 2012Y 2013L3




CareNext RRG Inc. (Purchase, NY)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds NA NA NA NA 0 Personal P&C Direct Premiums NA NA NA NA NAPreferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA NACommon Stocks NA NA NA NA 0 Accident & Health Direct Premiums NA NA NA NA NA

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA NAReal Estate Loans Less First Liens NA NA NA NA 0

Total Mortgage Loans NA NA NA NA 0 Net Reinsurance Premiums5 NA NA NA NA NAOccupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA NAIncome Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA NAProperties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA NA

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 962 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA NASubtotals, Cash & Invested Assets NA NA NA NA 962 Net Losses Paid - Commercial NA NA NA NA NAPremiums & Considerations Due NA NA NA NA 161 Net Losses Paid - A&H NA NA NA NA NAReinsurance Recoverable NA NA NA NA 104 Net Losses Paid NA NA NA NA NAAll Other Admitted Assets NA NA NA NA 159 Net LAE Paid NA NA NA NA NASeparate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA NATotal Net Admitted Assets NA NA NA NA 1,385 Change in Loss Reserves - Commercial NA NA NA NA NA

Change in Loss Reserves - A&H NA NA NA NA NALiabilities Change in LAE Reserves NA NA NA NA NA

Unpaid Losses NA NA NA NA 311 Net Change in Loss and LAE Reserves NA NA NA NA NAUnpaid Loss Adj Expenses NA NA NA NA 0 Losses and LAE Incurred NA NA NA NA NA

Loss & Loss Adj Exp Reserves NA NA NA NA 311 Other Underwriting Expense Incurred NA NA NA NA NAUnearned Premiums NA NA NA NA 118 Other Underwriting Deductions NA NA NA NA NATotal Reinsurance Liabilities NA NA NA NA 231 Net Income Protected Cells NA NA NA NA NACommissions, Other Exp & Taxes NA NA NA NA 44 Net Underwriting Gain (Loss) NA NA NA NA NAPayable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA NAOther Liabilities NA NA NA NA 0 Total underwriting deductions NA NA NA NA NA

Total Liabilities NA NA NA NA 704

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA NA

Common Capital Stock NA NA NA NA 116 Net Realized Capital Gains (Losses) NA NA NA NA NAPreferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA NASurplus Notes NA NA NA NA 600 All Other Income NA NA NA NA NAUnassigned Surplus NA NA NA NA -135 Income after cap gains (loss) before tax NA NA NA NA NAOther Including Gross Contributed NA NA NA NA 100 Federal Income Tax NA NA NA NA NA

Capital & Surplus NA NA NA NA 681 Net Income NA NA NA NA NA

Total Liabilities and C&S NA NA NA NA 1,385 Pre-tax Operating Income NA NA NA NA NA

Memo: Total Revenue NA NA NA NA NAMemo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA NA

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA NACash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA NAAll Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA NAClass 4 NA NA NA NA NA

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Class 5 NA NA NA NA NA

Net Investment Income NA NA NA NA NA Class 6 NA NA NA NA NAR li d C it l G i NA NA NA NA NARealized Capital Gains NA NA NA NA NAUnrealized Capital Gains NA NA NA NA NATotal Cash & Investments NA NA NA NA 962Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 0Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 0Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA NA

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA NA

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA NAIssued Political Subdivisions ($000) NA NA NA NA NAIssued State Rev Obligations ($000) NA NA NA NA NAIssued Industrial Development ($000) NA NA NA NA NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 0.00Common Stocks / C&S NA NA NA NA 0.00Unaff common stock/Invested Assets NA NA NA NA 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.00Cash/Invested Assets NA NA NA NA 100.00Mortgage & Real Estate / C&S NA NA NA NA 0.00Mortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets NA NA NA NA 0.00Real Estate/Invested Assets NA NA NA NA 0.00

All Other All Other Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 11.59

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Reinsurance recoverable/Total Assets NA NA NA NA 7.53

Market Share Ratio NA NA NA NA NA Rec from parent,sub or aff./Total Assets NA NA NA NA 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA NA 11.46National DPW ($000) NA NA NA NA NA Invested Assets/Total Assets NA NA NA NA 69.42Adjusted Loss Ratio NA NA NA NA NA Investment Income/Total Assets NA NA NA NA NA



0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3



Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2700 North Third Street NAIC Company Code : 11976 Total Assets 10,547 12,979 14,707 15,755 16,225Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,973 5,653 6,096 8,402 8,833Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,574 7,325 8,611 7,353 7,391

NAIC Ownership Structure: Stock Company Net Income 1,420 505 816 2,924 2,857Tax Identification Number : 20-1145017 Total Revenue 3,816 4,311 4,055 4,043 4,665



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,834Demotech Financial Strength Rating A 11/19/13 Affirm Loss & LAE Reserves/ NPE (%) 107.01 106.54 162.36 176.20 116.65S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 57.29 12.10 19.58 58.82 46.52Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.75 0.77 0.58 0.43 0.61Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Cas Actuarial Consultants Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Vicente M. Juan


Net Yield on Invested Assets 3.14 2.58 2.56 2.07 1.75Net Investment Income/Earned Premiums 5.85 5.27 7.81 7.19 4.12Return on Average Equity (C&S) 36.99 9.27 13.83 44.01 34.38Return on Avg Assets 14.89 4.34 5.84 18.96 18.32Loss and LAE Ratio 23.96 69.50 53.23 -18.79 -4.51Expense Ratio 20.32 18.77 25.12 23.27 18.49Loss Ratio 23.50 52.26 42.52 -26.22 -6.09Combined Ratio 44.28 88.27 78.35 4.48 13.98Operating Ratio 38.26 82.67 71.04 -2.43 8.97Investment ratio 6.03 5.60 7.32 6.92 5.01


Cash, Short-Term Investments / Liabilities 28.46 19.31 18.56 71.68 16.14Cash, Common & Liquid Bonds / Liabilities 144.07 134.53 136.06 246.26 181.31Cash & Short-Term Investments / C&S 31.89 25.02 26.22 62.73 13.51Liabilities / Liquid Assets (IRIS Ratio) 69.00 74.00 73.00 56.00 57.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 162.02 138.27 148.69 219.82 173.18Cash From Underwriting ($000) 2,176 2,358 2,201 1,637 1,440Net Cash From Operations ($000) 2,068 1,453 2,232 1,713 447Underwriting Cash Flow Ratio 243.87 238.61 216.78 181.16 142.73Operating Cash Flow Ratio 265.76 305.93 228.98 192.35 180.59Unassigned Funds / Total Assets 22.50 23.53 23.77 36.83 38.42


GPW to Policyholders' Surplus3 900 --- 78 67 45NPW to Policyholders' Surplus 300 --- 77 58 43Change in Net Premiums Written 33 -33 17 -18 3Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 62 77 34




69.074.0 73.0

56.0 57.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L3


44.3

88.378.4

4.514.0

0.005.00

10.0015.0020.0025.0030.0035.0040.0045.0050.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 0.46 17.24 10.72 7.43 1.58 Gross Change in Policyholders' Surplus 50 -10 14 8 38Net Commission Ratio 9.21 9.21 11.51 10.35 NA Net Change in Adj Policyholders' Surplus 25 -10 14 8 38*Salaries & Benefits Ratio 3.64 3.20 4.65 5.12 NA Liabilities to Liquid Assets 100 --- 74 73 56Tax, License & Fees Ratio 1.82 1.58 2.17 1.46 NA Agents' Bal to Policyholders' Surplus 40 --- 4 3 1Admin & Other Expense Ratio 5.65 4.77 6.78 6.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -19 -11 -40Gross Premiums Written ($000)3 3,825 4,399 4,099 3,751 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -35 -42Loss & Loss Adj Expense ($000) 862 2,837 2,011 -710 -200 Est Curr Resv Defi/Policyholders' Surplus 25 --- -50 -55 -15Other Underwriting Exp Incurred ($000) 754 814 889 846 1,000 *Indicates an unusual value.Net Underwriting Gains ($000) 1,982 431 878 3,646 3,643 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 97.04 98.59 86.32 96.95 NA complements of each ratio.Effective Tax Rate 33.80 27.10 31.41 30.21 30.00



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 10.20 31.43 17.55 -14.61 -20.94

Reinsurance Recoverable ex US Aff 200 293 332 402 NA Net Premiums Written Growth 22.18 16.85 -18.42 2.78 43.52Retention Ratio (NPW/GPW) (%)3 97.04 98.59 86.32 96.95 NA Pre-Tax Operating Income Growth 164.34 -70.01 75.07 238.43 231.48Unauthorized Net Recov. (ex US Aff) (%) 25.00 24.91 25.60 25.37 NA Net Income Growth 871.34 -64.42 61.44 258.49 226.38Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 5.80 55.58 19.40 -27.60 -34.08Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 20.58 15.01 -6.83 -8.49 32.26Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 85.77 29.87 18.91 11.58 7.56





Asbestos NA NA NA NA NA Capital and Surplus 4,973 5,653 6,096 8,402 8,833 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,973 5,653 6,096 8,402 NA Combined NA NA NA NA NA ACL Risk Based Capital 394 689 653 457 NA

Risk Based Capital Ratio (TAC/ACL RBC) 1,262.29 821.04 933.09 1,839.90 NA


Change in Loss & LAE Resv / Reserves 5.80 55.58 19.40 -27.60 -34.08 Realized Capital Gains (Losses) -54 33 35 282 2161 Yr Loss Reserve Dev / 1Y Prior C&S -39.16 -18.58 -11.18 -40.44 NA Net Unrealized Capital Gains (Losses) 118 175 47 -127 -3812 Yr Loss Reserve Dev / 2Y Prior C&S -40.91 -53.01 -34.94 -41.82 NA Dividends to Stockholders 0 0 -420 -490 0Loss and LAE Reserves / NPE 107.01 106.54 162.36 176.20 116.65 Dividend Payout Ratio (%) 0.00 0.00 51.49 16.76 0.001 Yr Loss Reserve Development / NPE -37.37 -22.64 -16.73 -65.18 NA Net Premiums Written / Avg C&S (%) 96.69 79.58 60.01 54.74 65.10IBNR/ Total Reserves 27.09 22.54 25.24 31.19 NA Liabilities / Capital & Surplus (%) 112.08 129.57 141.27 87.51 83.68Reserves/ Equity 70.52 96.52 106.89 56.14 54.73 Total Reins Recov Excl US Aff / C&S (%) 4.02 5.18 5.45 4.78 NA


469.0

631.1

410.5466.5

919.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012Y



97.098.6

86.3

96.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L3




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 5,407 6,415 7,997 7,866 10,791 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,825 4,399 4,099 3,751 5,096Common Stocks 1,036 1,949 2,120 0 963 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -113 -62 -561 -115 313Occupied Properties 0 0 0 0 0 Net Premiums Written 3,712 4,337 3,538 3,636 5,409Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 113 255 -240 -145 966Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,599 4,082 3,778 3,782 4,442

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,586 1,414 1,598 5,271 1,193 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 8,030 9,779 11,716 13,136 12,947 Net Losses Paid - Commercial 232 370 396 487 NAPremiums & Considerations Due 105 228 183 84 222 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 232 370 396 487 NAAll Other Admitted Assets 2,412 2,972 2,808 2,534 3,056 Net LAE Paid 438 517 556 601 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 10,547 12,979 14,707 15,755 16,225 Change in Loss Reserves - Commercial 614 1,763 1,210 -1,478 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -422 186 -151 -320 NA

Unpaid Losses 2,370 4,133 5,343 3,865 4,045 Net Change in Loss and LAE Reserves 192 1,949 1,059 -1,798 NAUnpaid Loss Adj Expenses 1,137 1,323 1,172 852 789 Losses and LAE Incurred 862 2,837 2,011 -710 -200

Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,834 Other Underwriting Expense Incurred 754 814 889 846 1,000Unearned Premiums 1,572 1,827 1,587 1,442 2,642 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -93 -245 259 154 -342 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 157 250 214 165 257 Net Underwriting Gain (Loss) 1,982 431 878 3,646 3,643Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 430 37 35 875 0 Total underwriting deductions 1,617 3,651 2,900 136 800



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) -54 33 35 282 216Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 2,373 3,053 3,496 5,802 6,233 Income after cap gains (loss) before tax 2,145 693 1,189 4,190 4,081Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal Income Tax 725 188 374 1,266 1,224

Capital & Surplus 4,973 5,653 6,096 8,402 8,833 Net Income 1,420 505 816 2,924 2,857

Total Liabilities and C&S 10,547 12,979 14,707 15,755 16,225 Pre-tax Operating Income 2,199 660 1,155 3,908 3,865


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 4,093 5,407 6,492 7,997 12,837Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 217 228 276 262 223 Class 6 0 0 0 0 0R li d C it l G i 54 33 35 282 216Realized Capital Gains -54 33 35 282 216Unrealized Capital Gains 118 175 47 -127 -381Total Cash & Investments 8,030 9,779 11,716 13,136 12,947Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,407 6,492 7,997 12,837 11,245Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,036 1,949 2,120 0 963Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,919 0 0 0 783Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,537 2,424 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 1,972 1. Med Prof Liab 3,751 Cash/Invested Assets 19.75 14.46 13.64 40.12 9.222. Arizona 1,661 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 119 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 76.29 18.13 10.26 10.60 All other admitted assets/Total Assets 22.87 22.90 19.09 16.09 18.84National DPW ($000) 3,172 3,825 4,399 4,099 3,751 Invested Assets/Total Assets 76.13 75.34 79.66 83.38 79.80Adjusted Loss Ratio 27.99 22.23 50.76 48.23 -25.22 Investment Income/Total Assets 2.06 1.76 1.88 1.66 1.37





Other Invstmts - 40.1% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Texas - 52.6% Arizona - 44.3% Michigan - 3.2%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Charitable Svc Prvdrs Recpl (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

15255 North 40th Street NAIC Company Code : 12167 Total Assets 2,458 3,257 3,521 3,779 3,416Suite 109 Business Focus : P&C Minimum NPW Policyholder Surplus 2,117 2,899 3,244 3,430 2,653Phoenix, AZ 85032-4638 Geographic Focus: Geography Minimum NPW Total Liabilities 342 358 277 349 763

NAIC Ownership Structure: Risk Retention Group Net Income 714 683 579 573 400Tax Identification Number : 20-8095873 Total Revenue 1,124 1,116 985 958 940

Direct Premiums Written 1,349 1,327 1,338 1,088 1,106Net Premiums Written 1,093 1,048 916 898 872

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,093 1,048 916 898 885

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 314 325 206 210 425Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 23.27 32.07 46.71 26.78 32.65S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 37.50 26.87 18.55 16.34 12.00Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.52 0.36 0.28 0.26 0.33Fitch Financial Strength Rating -- -- -- --


Name : Richard P. Marshall Auditor Brown Smith Wallace LLCPhone : (602) 952-9532 Actuary Milliman Inc.Fax : (602) 952-8789 CEO --Email : [email protected] CFO Matthew Luger

President David Barger Ellis




Cash, Short-Term Investments / Liabilities 55.38 41.13 69.80 49.44 18.23Cash, Common & Liquid Bonds / Liabilities 664.46 836.86 NM 990.34 422.03Cash & Short-Term Investments / C&S 8.93 5.08 5.95 5.03 5.24Liabilities / Liquid Assets (IRIS Ratio) 15.00 12.00 8.00 10.00 24.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 764.50 958.58 1,714.21 1,696.73 507.99Cash From Underwriting ($000) 572 559 538 245 525Net Cash From Operations ($000) 632 648 651 333 600Underwriting Cash Flow Ratio 262.09 228.17 196.59 155.89 223.06Operating Cash Flow Ratio 254.38 228.17 196.59 160.25 231.86Unassigned Funds / Total Assets 72.72 78.90 82.80 82.06 68.03


GPW to Policyholders' Surplus3 900 --- 46 41 32NPW to Policyholders' Surplus 300 --- 36 28 26Change in Net Premiums Written 33 -33 -4 -13 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 36 39 41



Distribution Channel: Independent Agency

15.0

12.0

8.010.0

24.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013L3


38.842.5

49.0 47.6

67.1

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 0.38 4.22 5.81 2.69 9.22 Gross Change in Policyholders' Surplus 50 -10 37 12 6Net Commission Ratio 0.00 0.00 0.00 -0.13 NA Net Change in Adj Policyholders' Surplus 25 -10 37* 12 6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 12 8 10Tax, License & Fees Ratio 1.70 5.35 1.72 1.57 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 27.41 31.94 32.27 42.14 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -1 -6Gross Premiums Written ($000)3 1,349 1,327 1,338 1,088 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -4 -2Loss & Loss Adj Expense ($000) 106 54 138 36 223 Est Curr Resv Defi/Policyholders' Surplus 25 --- -7 1 -2Other Underwriting Exp Incurred ($000) 318 391 311 391 365 *Indicates an unusual value.Net Underwriting Gains ($000) 669 603 467 470 297 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 81.00 78.98 68.49 82.50 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 3.38 -0.93


Admitted Assets Growth 26.22 32.46 8.11 7.35 -12.64

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 2.99 4.81 -22.73 26.18 31.67

Reinsurance Recoverable ex US Aff 132 120 148 107 NA Net Premiums Written Growth 41.28 -4.04 -12.59 -2.05 -4.85Retention Ratio (NPW/GPW) (%)3 81.00 78.98 68.49 82.50 NA Pre-Tax Operating Income Growth 88.34 -4.28 -20.01 -1.01 -47.18Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 160.41 -4.24 -15.34 -0.89 -43.47Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 24.81 3.48 -36.70 2.07 62.44Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.14 -1.59 0.80 -18.69 1.69Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -23.30 -6.28 1.14 -0.37 4.76






Risk Based Capital Ratio (TAC/ACL RBC) 1,917.71 1,878.52 2,485.35 2,069.33 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 958.85 939.26 1,242.68 1,034.66 NA

Change in Loss & LAE Resv / Reserves 24.81 3.48 -36.70 2.07 62.44 Realized Capital Gains (Losses) 13 13 42 63 451 Yr Loss Reserve Dev / 1Y Prior C&S -12.68 -6.76 -0.93 -5.52 NA Net Unrealized Capital Gains (Losses) 44 98 57 48 -382 Yr Loss Reserve Dev / 2Y Prior C&S -12.03 -12.68 -3.87 -2.13 NA Dividends to Stockholders 0 0 -290 -324 -959Loss and LAE Reserves / NPE 23.27 32.07 46.71 26.78 32.65 Dividend Payout Ratio (%) 0.00 0.00 50.10 56.57 239.631 Yr Loss Reserve Development / NPE -18.76 -13.64 -2.95 -19.94 NA Net Premiums Written / Avg C&S (%) 58.49 42.02 31.70 27.62 29.76IBNR/ Total Reserves 40.38 43.17 65.78 57.89 NA Liabilities / Capital & Surplus (%) 16.13 12.35 8.53 10.17 28.76Reserves/ Equity 14.84 11.21 6.34 6.12 16.01 Total Reins Recov Excl US Aff / C&S (%) 6.24 4.14 4.56 3.12 NA


592.9

958.9 939.3

1,242.7

1,034.7

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



81.0 79.068.5

82.5

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013L3




Charitable Svc Prvdrs Recpl (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 1,737 2,386 2,512 2,605 2,313 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,349 1,327 1,338 1,088 1,106Common Stocks 344 462 674 679 768 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -256 -279 -422 -190 -235Occupied Properties 0 0 0 0 0 Net Premiums Written 1,093 1,048 916 898 872Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -13Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,093 1,048 916 898 885

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 189 147 193 173 139 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,269 2,996 3,379 3,456 3,219 Net Losses Paid - Commercial 12 1 195 1 NAPremiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 162 215 56 250 101 Net Losses Paid 12 1 195 1 NAAll Other Admitted Assets 27 46 86 73 95 Net LAE Paid 31 43 62 31 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,458 3,257 3,521 3,779 3,416 Change in Loss Reserves - Commercial 89 9 -111 11 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -27 1 -8 -7 NA

Unpaid Losses 237 246 135 147 326 Net Change in Loss and LAE Reserves 62 11 -119 4 NAUnpaid Loss Adj Expenses 77 79 70 63 99 Losses and LAE Incurred 106 54 138 36 223

Loss & Loss Adj Exp Reserves 314 325 206 210 425 Other Underwriting Expense Incurred 318 391 311 391 365Unearned Premiums 0 0 0 0 209 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 25 23 53 19 13 Net Underwriting Gain (Loss) 669 603 467 470 297Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 2 10 17 120 116 Total underwriting deductions 424 445 449 428 588

Total Liabilities 342 358 277 349 763


Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 13 13 42 63 45Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 125 125 125 125 125 All Other Income 0 0 0 0 0Unassigned Surplus 1,788 2,570 2,915 3,101 2,324 Income after cap gains (loss) before tax 714 683 579 593 396Other Including Gross Contributed 204 204 204 204 204 Federal Income Tax 0 0 0 20 -4



Memo: Total Revenue 1,137 1,129 1,028 1,021 985Memo: Affiliated Investments ($000) Memo: Paid Expenses 343 436 343 458 NA

Bonds 0 0 0 0 0





Net Investment Income 32 67 69 61 55 Class 6 0 0 0 0 0R li d C it l G i 13 13 42 63 45Realized Capital Gains 13 13 42 63 45Unrealized Capital Gains 44 98 57 48 -38Total Cash & Investments 2,269 2,996 3,379 3,456 3,219Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,737 2,386 2,512 2,605 2,313Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 344 462 674 679 768Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 707 1. Med Prof Liab 1,088 Cash/Invested Assets 8.33 4.91 5.71 4.99 4.322. Colorado 381 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 0.68 174.09 0.45 -4.65 All other admitted assets/Total Assets 1.10 1.41 2.43 1.93 2.79National DPW ($000) 1,334 1,349 1,327 1,338 1,088 Invested Assets/Total Assets 92.31 91.99 95.98 91.45 94.25Adjusted Loss Ratio 18.95 6.04 0.13 14.49 0.45 Investment Income/Total Assets 1.29 2.07 1.96 1.61 1.60





Other Invstmts - 5.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Arizona - 65.0% Colorado - 35.0%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA NA NA 4,775 9,486Suite 220 Business Focus : Commercial Lines Focus Policyholder Surplus NA NA NA 1,512 1,774Scottsdale, AZ 85255-6255 Geographic Focus: National Total Liabilities NA NA NA 3,263 7,712

NAIC Ownership Structure: Stock Company Net Income NA NA NA -133 213Tax Identification Number : 45-5591447 Total Revenue NA NA NA 937 4,315

Direct Premiums Written NA NA NA 3,964 5,456Net Premiums Written NA NA NA 2,806 5,437

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 937 4,312

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 710 3,212Demotech Financial Strength Rating A 11/22/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 35.56S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA 38.55Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 1.86 3.06Fitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor Saslow Lufkin & Buggy LLPPhone : (480) 682-4983 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA NA NA 0.11Net Investment Income/Earned Premiums NA NA NA 0.02 0.05Return on Average Equity (C&S) NA NA NA NA 13.67Return on Avg Assets NA NA NA NA 3.82Loss and LAE Ratio NA NA NA 75.91 70.08Expense Ratio NA NA NA 7.66 12.76Loss Ratio NA NA NA 37.12 31.50Combined Ratio NA NA NA 83.57 82.84Operating Ratio NA NA NA 83.52 82.77Investment ratio NA NA NA 0.06 0.06

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Cash, Short-Term Investments / Liabilities NA NA NA 34.18 18.09Cash, Common & Liquid Bonds / Liabilities NA NA NA 79.93 66.81Cash & Short-Term Investments / C&S NA NA NA 73.78 78.66Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 172.00 215.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 86.76 55.64Cash From Underwriting ($000) NA NA NA 691 1,193Net Cash From Operations ($000) NA NA NA 540 785Underwriting Cash Flow Ratio NA NA NA 880.13 208.12Operating Cash Flow Ratio NA NA NA 1,049.38 245.85Unassigned Funds / Total Assets NA NA NA 0.25 2.89


GPW to Policyholders' Surplus3 900 --- NA NA 262NPW to Policyholders' Surplus 300 --- NA NA 186Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA




172.0

215.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2009Y 2010Y 2011Y 2012Y 2013L3


83.6

82.8

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio NA NA NA 38.79 38.57 Gross Change in Policyholders' Surplus 50 -10 NA NA 999*Net Commission Ratio NA NA NA 0.83 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA 999*Salaries & Benefits Ratio NA NA NA 0.00 NA Liabilities to Liquid Assets 100 --- NA NA 172*Tax, License & Fees Ratio NA NA NA 1.87 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 171*Admin & Other Expense Ratio NA NA NA 4.96 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Gross Premiums Written ($000)3 NA NA NA 3,964 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA 711 3,022 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 215 455 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 11 596 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 70.78 NA complements of each ratio.Effective Tax Rate NA NA NA NM 65.50

Pre-Tax Operating Margin NA NA NA 1.19 13.89 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth NA NA NA NA 42.36

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth NA NA NA NA 48.69

Reinsurance Recoverable ex US Aff NA NA NA 345 NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA 70.78 NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA 1,876.61Reinsurance Payable on Losses, LAE NA NA NA 0 NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA 0 NA Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,512 1,774 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,512 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 157 NA



Change in Loss & LAE Resv / Reserves NA NA NA NA 1,876.61 Realized Capital Gains (Losses) NA NA NA 0 171 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA 0 62 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 35.56 Dividend Payout Ratio (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA 349.75IBNR/ Total Reserves NA NA NA 36.24 NA Liabilities / Capital & Surplus (%) NA NA NA 215.83 434.72Reserves/ Equity NA NA NA 46.96 181.05 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 22.82 NA


482.3

0200400600800

1,0001,2001,4001,600

2008Y 2009Y 2010Y 2011Y 2012Y



70.8

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L3




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds NA NA NA 411 1,313 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,964 5,456Common Stocks NA NA NA 366 868 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,964 5,456Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -1,158 -19Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 2,806 5,437Income Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 1,869 1,125Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 937 4,312

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,115 1,395 Underwriting Deductions ($000)Other Investments NA NA NA 0 0 Net Losses Paid - Personal NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 1,893 3,576 Net Losses Paid - Commercial NA NA NA 0 NAPremiums & Considerations Due NA NA NA 2,582 4,815 Net Losses Paid - A&H NA NA NA 0 NAReinsurance Recoverable NA NA NA 0 442 Net Losses Paid NA NA NA 0 NAAll Other Admitted Assets NA NA NA 300 653 Net LAE Paid NA NA NA 363 NASeparate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 NATotal Net Admitted Assets NA NA NA 4,775 9,486 Change in Loss Reserves - Commercial NA NA NA 348 NA

Change in Loss Reserves - A&H NA NA NA 0 NALiabilities Change in LAE Reserves NA NA NA 0 NA

Unpaid Losses NA NA NA 348 1,592 Net Change in Loss and LAE Reserves NA NA NA 348 NAUnpaid Loss Adj Expenses NA NA NA 362 1,620 Losses and LAE Incurred NA NA NA 711 3,022

Loss & Loss Adj Exp Reserves NA NA NA 710 3,212 Other Underwriting Expense Incurred NA NA NA 215 455Unearned Premiums NA NA NA 1,869 3,216 Other Underwriting Deductions NA NA NA 0 238Total Reinsurance Liabilities NA NA NA 557 901 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 128 135 Net Underwriting Gain (Loss) NA NA NA 11 596Payable to Parent, Subs & Affiliates NA NA NA 0 0 Policyholder Dividends (PHD) NA NA NA 0 0Other Liabilities NA NA NA 0 249 Total underwriting deductions NA NA NA 926 3,715

Total Liabilities NA NA NA 3,263 7,712

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 1 3

Common Capital Stock NA NA NA 1,500 1,500 Net Realized Capital Gains (Losses) NA NA NA 0 17Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA 12 274 Income after cap gains (loss) before tax NA NA NA 11 616Other Including Gross Contributed NA NA NA 0 0 Federal Income Tax NA NA NA 144 404

Capital & Surplus NA NA NA 1,512 1,774 Net Income NA NA NA -133 213

Total Liabilities and C&S NA NA NA 4,775 9,486 Pre-tax Operating Income NA NA NA 11 599

Memo: Total Revenue NA NA NA 937 4,332Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 578 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 1,127Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Class 5 NA NA NA NA 0

Net Investment Income NA NA NA 1 3 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA 0 17Realized Capital Gains NA NA NA 0 17Unrealized Capital Gains NA NA NA 0 6Total Cash & Investments NA NA NA 1,893 3,576Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,127 2,889Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 366 868Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) NA NA NA 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0


LT Bond 411 411 413 400 1,636Common Stock 366 366 365 -- 1,097Preferred Stock 0 0 0 -- 0Total 777 777 778 400 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 21.74 36.71Common Stocks / C&S NA NA NA 24.19 48.94Unaff common stock/Invested Assets NA NA NA 19.33 24.28

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Tennessee 478 1. Med Prof Liab 3,964 Cash/Invested Assets NA NA NA 58.94 39.022. New Jersey 398 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Pennsylvania 350 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 329 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. New Mexico 304 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 2,106 All Other 0 Other Investments/Invested Assets NA NA NA 0.00 0.00Premiums & Cons due/Total Assets NA NA NA 54.08 50.76

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Reinsurance recoverable/Total Assets NA NA NA 0.00 4.66

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 6.28 6.88National DPW ($000) NA NA NA NA 3,964 Invested Assets/Total Assets NA NA NA 39.63 37.70Adjusted Loss Ratio NA NA NA NA 31.39 Investment Income/Total Assets NA NA NA 0.01 0.03





Other Invstmts - 58.9% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Tennessee - 12.0% New Jersey - 10.1%

Pennsylvania - 8.8% Texas - 8.3%

New Mexico - 7.7% All other - 53.1%



Aircraft - 0.0%



All Other - 0.0%


Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2386 Airport Road NAIC Company Code : 10075 Total Assets 6,772 6,252 5,674 5,365 5,380Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,643 3,589 3,405 3,373 3,265

Geographic Focus: Geography Minimum NPW Total Liabilities 3,129 2,664 2,269 1,992 2,115NAIC Ownership Structure: Risk Retention Group Net Income -187 13 -64 15 -3Tax Identification Number : 03-0310577 Total Revenue 831 821 685 547 493

Direct Premiums Written 1,522 1,326 1,166 944 1,116Net Premiums Written 640 616 561 405 438

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 677 679 602 496 432

AM Best Financial Strength Rating B 04/03/12 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,682Demotech Financial Strength Rating A 11/21/13 Affirm Loss & LAE Reserves/ NPE (%) 380.31 368.61 347.05 360.71 388.70S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -5.39 -1.39 -7.21 -3.90 -3.44Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.17 0.16 0.12 0.13Fitch Financial Strength Rating -- -- -- --


Name : Paula A. French Auditor Johnson Lambert LLPPhone : (802) 371-2321 Actuary Financial Risk Analysts LLCFax : (802) 229-6280 CEO --Email : [email protected] CFO --

President D. Christopher Cathcart


Net Yield on Invested Assets 2.54 2.34 1.49 1.09 1.28Net Investment Income/Earned Premiums 24.05 23.09 14.80 12.53 13.81Return on Average Equity (C&S) -5.31 0.36 -1.84 0.44 -0.08Return on Avg Assets -2.74 0.19 -1.05 0.27 -0.05Loss and LAE Ratio 74.84 45.50 60.07 29.08 24.80Expense Ratio 80.27 91.28 102.30 131.91 114.18Loss Ratio -3.61 17.09 -50.18 22.51 47.54Combined Ratio 155.11 136.78 162.37 160.99 138.98Operating Ratio 132.36 115.83 148.58 150.78 124.98Investment ratio 22.75 20.95 13.79 10.22 14.00


Cash, Short-Term Investments / Liabilities 47.92 53.40 67.35 66.76 81.44Cash, Common & Liquid Bonds / Liabilities 227.85 261.92 277.99 272.92 280.40Cash & Short-Term Investments / C&S 41.15 39.64 44.87 39.43 52.73Liabilities / Liquid Assets (IRIS Ratio) 53.00 46.00 45.00 45.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 499.24 344.04 364.60 377.08 252.43Cash From Underwriting ($000) -960 -418 -833 -780 -122Net Cash From Operations ($000) -648 -143 -696 -697 -36Underwriting Cash Flow Ratio 41.25 60.06 41.83 34.91 77.80Operating Cash Flow Ratio 32.05 50.04 41.83 34.91 78.72Unassigned Funds / Total Assets 44.44 48.96 52.93 55.90 54.00


GPW to Policyholders' Surplus3 900 --- 37 34 28NPW to Policyholders' Surplus 300 --- 17 16 12Change in Net Premiums Written 33 -33 -4 -9 -28Surplus Aid to Policyholders' Surplus 15 --- 1 2 2Two-Year Overall Operating Ratio 100 --- 124* 131* 149*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

53.0

46.045.0 45.0 45.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009Y 2010Y 2011Y 2012Y 2013L3


155.1

136.8

162.4 161.0

139.0

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 78.44 28.41 110.25 6.58 -22.74 Gross Change in Policyholders' Surplus 50 -10 -2 -5 -1Net Commission Ratio 8.38 18.07 18.16 20.15 NA Net Change in Adj Policyholders' Surplus 25 -10 1 -2 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 46 45 45Tax, License & Fees Ratio 3.84 4.09 14.18 10.65 NA Agents' Bal to Policyholders' Surplus 40 --- 3 2 2Admin & Other Expense Ratio 68.05 69.12 69.96 101.11 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -12 -5Gross Premiums Written ($000)3 1,522 1,326 1,166 944 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -19 -10Loss & Loss Adj Expense ($000) 506 309 362 144 107 Est Curr Resv Defi/Policyholders' Surplus 25 --- -6 -9 -10Other Underwriting Exp Incurred ($000) 514 562 574 534 500 *Indicates an unusual value.Net Underwriting Gains ($000) -344 -192 -334 -182 -175 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 42.06 46.41 48.13 42.87 NA complements of each ratio.Effective Tax Rate NM 58.78 NM -3.79 NM

Pre-Tax Operating Margin -22.83 -6.09 -36.59 -23.99 -23.24 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth -3.07 -7.68 -9.25 -5.45 -4.17

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -8.15 -14.87 -14.83 -12.19 -7.57

Reinsurance Recoverable ex US Aff 8,357 2,565 2,734 2,604 NA Net Premiums Written Growth -32.84 -3.83 -8.86 -27.89 -0.27Retention Ratio (NPW/GPW) (%)3 42.06 46.41 48.13 42.87 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -9.83 -15.70 -11.86 -9.87 -6.79Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -27.22 -12.84 -12.11 -19.05 17.54Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 3.61 -1.38 -6.24 -8.93 -9.61

Capital & Surplus Five-year CAGR -1.52 -0.98 -2.83 -3.81 -3.26Admitted Assets Five-year CAGR 0.65 -1.15 -4.28 -5.91 -6.07







Change in Loss & LAE Resv / Reserves -9.83 -15.70 -11.86 -9.87 -6.79 Realized Capital Gains (Losses) -134 81 119 146 1041 Yr Loss Reserve Dev / 1Y Prior C&S -9.44 -11.25 -11.93 -4.79 NA Net Unrealized Capital Gains (Losses) 297 25 6 -42 -462 Yr Loss Reserve Dev / 2Y Prior C&S -9.90 -7.15 -18.99 -10.14 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 380.31 368.61 347.05 360.71 388.70 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -49.95 -60.43 -71.11 -32.86 NA Net Premiums Written / Avg C&S (%) 18.19 17.18 16.13 12.02 13.15IBNR/ Total Reserves 40.62 45.30 19.52 23.29 NA Liabilities / Capital & Surplus (%) 85.88 74.23 66.62 59.07 64.76Reserves/ Equity 67.25 57.55 53.46 48.65 51.52 Total Reins Recov Excl US Aff / C&S (%) 229.38 71.48 80.29 77.21 NA


430.4

319.8

456.1 438.7464.3

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



42.1

46.4

48.1

42.9

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013L3




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 2,888 3,218 2,608 2,497 2,312 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,522 1,326 1,166 944 1,116Common Stocks 1,535 1,095 884 567 647 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,522 1,326 1,166 944 1,116Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -882 -711 -605 -539 -677Occupied Properties 0 0 0 0 0 Net Premiums Written 640 616 561 405 438Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -37 -63 -41 -92 6Properties for Sale 0 0 0 0 0 Net Premiums Earned 677 679 602 496 432

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,499 1,422 1,528 1,330 1,722 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,922 5,735 5,020 4,393 4,682 Net Losses Paid - Commercial 373 343 255 260 NAPremiums & Considerations Due 108 100 76 51 62 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 401 171 299 646 232 Net Losses Paid 373 343 255 260 NAAll Other Admitted Assets 340 247 278 275 404 Net LAE Paid 537 351 352 64 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,772 6,252 5,674 5,365 5,380 Change in Loss Reserves - Commercial -398 -227 -557 -148 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -7 -158 312 -31 NA

Unpaid Losses 1,339 1,112 555 407 481 Net Change in Loss and LAE Reserves -404 -385 -245 -180 NAUnpaid Loss Adj Expenses 1,111 953 1,265 1,234 1,201 Losses and LAE Incurred 506 309 362 144 107

Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,682 Other Underwriting Expense Incurred 514 562 574 534 500Unearned Premiums 410 347 306 215 173 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 17 22 36 25 31 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 252 229 106 111 228 Net Underwriting Gain (Loss) -344 -192 -334 -182 -175Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,020 871 936 678 607



Common Capital Stock 41 39 38 36 36 Net Realized Capital Gains (Losses) -134 81 119 146 104Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,010 3,061 3,003 2,999 2,905 Income after cap gains (loss) before tax -324 31 -132 14 -10Other Including Gross Contributed 592 489 364 338 325 Federal Income Tax -137 18 -68 -1 -8

Capital & Surplus 3,643 3,589 3,405 3,373 3,265 Net Income -187 13 -64 15 -3

Total Liabilities and C&S 6,772 6,252 5,674 5,365 5,380 Pre-tax Operating Income -190 -50 -251 -131 -115

Memo: Total Revenue 696 902 804 692 597Memo: Affiliated Investments ($000) Memo: Paid Expenses 865 948 1,063 603 NA

Bonds 0 0 0 0 0





Net Investment Income 154 142 83 51 61 Class 6 0 0 0 0 0R li d C it l G i 134 81 119 146 104Realized Capital Gains -134 81 119 146 104Unrealized Capital Gains 297 25 6 -42 -46Total Cash & Investments 5,922 5,735 5,020 4,393 4,682Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,095 4,459 3,894 3,541 3,560Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,535 1,095 884 567 647Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Colorado 272 1. Oth, Prod Liab Cmbnd 944 Cash/Invested Assets 25.32 24.80 30.44 30.27 36.782. Wisconsin 161 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Illinois 108 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Louisiana 70 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 66 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 3.99 -5.18 -7.86 -14.45 -17.25 All other admitted assets/Total Assets 5.03 3.95 4.91 5.12 7.50National DPW ($000) 2,091 1,522 1,326 1,166 944 Invested Assets/Total Assets 87.45 91.73 88.48 81.89 87.02Adjusted Loss Ratio 43.10 299.57 3.04 -53.59 -103.26 Investment Income/Total Assets 2.27 2.27 1.46 0.94 1.13





Other Invstmts - 30.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Colorado - 28.8% Wisconsin - 17.0%

Illinois - 11.4% Louisiana - 7.4%

California - 7.0% All other - 28.4%



Aircraft - 0.0%



All Other - 0.0%


Continuing Care RRG Inc. (Clover, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

4132 River Oaks Road NAIC Company Code : 11798 Total Assets 6,166 3,635 4,595 3,695 4,042Clover, SC 29710-8051 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,804 2,561 3,365 2,937 2,918

Geographic Focus: Regional - Western Quadrant Total Liabilities 2,362 1,074 1,230 758 1,124NAIC Ownership Structure: Risk Retention Group Net Income -394 -1,329 787 -451 -129Tax Identification Number : 20-0221911 Total Revenue 4,898 5,218 3,890 2,733 3,446



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 412 535 98 463Demotech Financial Strength Rating A 11/19/13 Affirm Loss & LAE Reserves/ NPE (%) 22.06 32.21 39.99 37.20 21.93S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -14.29 -49.34 23.31 -18.47 -2.65Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.28 2.04 1.16 0.93 1.12Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 1.23 0.01 0.03 -0.08 -0.09Net Investment Income/Earned Premiums 0.52 0.00 0.02 -0.05 -0.02Return on Average Equity (C&S) -9.54 -43.40 26.80 -14.71 -4.32Return on Avg Assets -5.37 -19.31 14.20 -8.78 -2.56Loss and LAE Ratio 68.40 89.41 39.25 55.43 61.46Expense Ratio 44.33 39.61 43.19 65.35 42.96Loss Ratio 39.50 69.06 21.20 45.78 37.54Combined Ratio 112.73 129.02 82.44 120.77 104.42Operating Ratio 112.21 129.02 82.42 120.83 104.44Investment ratio 0.52 0.00 0.02 -0.05 -0.02


Cash, Short-Term Investments / Liabilities 46.05 187.57 205.07 68.20 108.58Cash, Common & Liquid Bonds / Liabilities 46.05 187.57 205.07 68.20 108.58Cash & Short-Term Investments / C&S 28.59 78.66 74.96 17.60 41.82Liabilities / Liquid Assets (IRIS Ratio) 217.00 53.00 49.00 147.00 92.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA 508.10 468.43 536.75 172.59Cash From Underwriting ($000) -1,204 838 489 -2,178 166Net Cash From Operations ($000) -1,170 840 491 -2,177 167Underwriting Cash Flow Ratio 77.71 113.00 115.57 55.68 106.65Operating Cash Flow Ratio 77.71 113.00 115.57 55.68 106.65Unassigned Funds / Total Assets -16.45 -64.49 -33.87 -58.36 -56.45


GPW to Policyholders' Surplus3 900 --- 227 127 109NPW to Policyholders' Surplus 300 --- 204 116 93Change in Net Premiums Written 33 -33 7 -25 -30Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 121* 109* 98


MSA: Charlotte-Concord-Gastonia, NC-SC (Metro)

Distribution Channel: Broker

217.0

53.0 49.0

147.0

92.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L3


112.7

129.0

82.4

120.8

104.4

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 28.90 20.35 18.06 9.64 23.91 Gross Change in Policyholders' Surplus 50 -10 -33* 31 -13*Net Commission Ratio 8.83 9.08 9.24 9.78 NA Net Change in Adj Policyholders' Surplus 25 -10 -35* 31* -18*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 53 49 147*Tax, License & Fees Ratio 4.69 4.74 4.51 5.25 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 30.81 25.79 29.44 50.31 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 3 -12Gross Premiums Written ($000)3 5,453 5,820 4,276 3,209 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 -12Loss & Loss Adj Expense ($000) 3,330 4,663 1,526 1,514 2,117 Est Curr Resv Defi/Policyholders' Surplus 25 --- -16 -10 -1Other Underwriting Exp Incurred ($000) 2,158 2,066 1,679 1,785 1,408 *Indicates an unusual value.Net Underwriting Gains ($000) -620 -1,514 683 -568 -80 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 89.27 89.62 90.92 85.13 NA complements of each ratio.Effective Tax Rate NM NM -14.96 NM NM

Pre-Tax Operating Margin -12.05 -28.96 17.61 -20.72 -2.30 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth 9.14 -41.05 26.43 -19.59 -8.53

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 40.49 -54.54 14.55 -38.36 -24.65

Reinsurance Recoverable ex US Aff -817 79 -15 10 NA Net Premiums Written Growth 8.35 7.14 -25.47 -29.72 13.68Retention Ratio (NPW/GPW) (%)3 89.27 89.62 90.92 85.13 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NM NM 29.93 -81.66 -43.02Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 0.22 6.72 -26.53 -24.94 1.77Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -3.43 -19.75 -12.10 -21.07 -17.07

Capital & Surplus Five-year CAGR 23.49 -5.27 -1.70 -6.79 -5.51Admitted Assets Five-year CAGR 8.31 -11.20 -5.23 -11.08 -9.72







Change in Loss & LAE Resv / Reserves NM NM 29.93 -81.66 -43.02 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -0.25 0.00 3.44 -12.15 NA Net Unrealized Capital Gains (Losses) 2 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -4.91 -0.25 0.00 -11.87 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 22.06 32.21 39.99 37.20 21.93 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -0.21 0.00 2.26 -14.97 NA Net Premiums Written / Avg C&S (%) 117.87 170.27 132.28 89.11 109.60IBNR/ Total Reserves NA 48.27 40.21 23.13 NA Liabilities / Capital & Surplus (%) 62.09 41.93 36.55 25.81 38.51Reserves/ Equity 0.00 16.09 15.91 3.34 15.85 Total Reins Recov Excl US Aff / C&S (%) -21.48 3.08 -0.45 0.34 NA


310.8

253.6

185.2

288.9

213.4

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2008Y 2009Y 2010Y 2011Y 2012Y



89.3 89.6

90.9

85.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L3




Continuing Care RRG Inc. (Clover, SC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,453 5,820 4,276 3,209 3,434Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -585 -604 -388 -477 -157Occupied Properties 0 0 0 0 0 Net Premiums Written 4,868 5,216 3,887 2,732 3,277Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -168Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,868 5,216 3,887 2,732 3,445

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,088 2,014 2,523 517 1,220 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,088 2,014 2,523 517 1,220 Net Losses Paid - Commercial 1,932 3,248 892 1,447 NAPremiums & Considerations Due 0 9 0 -18 548 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 216 0 0 0 0 Net Losses Paid 1,932 3,248 892 1,447 NAAll Other Admitted Assets 4,863 1,611 2,073 3,196 2,274 Net LAE Paid 1,408 1,003 510 516 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,166 3,635 4,595 3,695 4,042 Change in Loss Reserves - Commercial -9 354 -68 -197 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -1 58 192 -252 NA

Unpaid Losses 0 354 285 89 55 Net Change in Loss and LAE Reserves -10 412 123 -449 NAUnpaid Loss Adj Expenses 0 58 250 9 408 Losses and LAE Incurred 3,330 4,663 1,526 1,514 2,117

Loss & Loss Adj Exp Reserves 0 412 535 98 463 Other Underwriting Expense Incurred 2,158 2,066 1,679 1,785 1,408Unearned Premiums 0 0 0 0 244 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,033 -79 15 -10 -61 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 1,299 695 680 658 478 Net Underwriting Gain (Loss) -620 -1,514 683 -568 -80Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 30 46 0 12 0 Total underwriting deductions 5,488 6,729 3,205 3,300 3,525

Total Liabilities 2,362 1,074 1,230 758 1,124

Income ($000)Total Capital and Surplus Net Investment Income 25 0 1 -1 -1

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 4 2 1 3 2Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,015 -2,344 -1,557 -2,157 -2,282 Income after cap gains (loss) before tax -590 -1,511 685 -566 -79Other Including Gross Contributed 4,819 4,905 4,922 5,094 5,200 Federal Income Tax -196 -182 -102 -115 50

Capital & Surplus 3,804 2,561 3,365 2,937 2,918 Net Income -394 -1,329 787 -451 -129

Total Liabilities and C&S 6,166 3,635 4,595 3,695 4,042 Pre-tax Operating Income -590 -1,511 685 -566 -79


Bonds 0 0 0 0 0





Net Investment Income 25 0 1 -1 -1 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 2 0 0 0 0Total Cash & Investments 1,088 2,014 2,523 517 1,220Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 1,745 1. Med Prof Liab 2,407 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 810 2. Oth, Prod Liab Cmbnd 802 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 275 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Indiana 101 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kansas 74 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 204 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 0.26 0.00 -0.48 13.56


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 149.26 26.52 7.91 -3.19 -10.35 All other admitted assets/Total Assets 78.86 44.32 45.11 86.49 56.25National DPW ($000) 5,441 5,453 5,820 4,276 3,209 Invested Assets/Total Assets 17.64 55.42 54.89 13.99 30.19Adjusted Loss Ratio 41.02 35.26 61.89 19.27 38.98 Investment Income/Total Assets 0.41 0.00 0.02 -0.04 -0.02





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


California - 54.4% Arizona - 25.3%

North Carolina - 8.6% Indiana - 3.1%

Kansas - 2.3% All other - 6.4%




Aircraft - 0.0%


All Other - 0.0%


Doctors & Surgeons Natl RRG (Lawrenceville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

3370 Sugarloaf Parkway NAIC Company Code : 13018 Total Assets 2,918 4,828 7,583 9,956 11,026Suite G-2/302 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,276 2,033 2,209 2,589 2,584Lawrenceville, GA 30044-5486 Geographic Focus: National Total Liabilities 1,642 2,795 5,375 7,367 8,442

NAIC Ownership Structure: Risk Retention Group Net Income 6 168 76 279 -143Tax Identification Number : 68-0656137 Total Revenue 1,014 2,360 3,157 4,013 5,134

Direct Premiums Written 1,294 3,928 5,146 6,538 7,097Net Premiums Written 798 2,549 4,008 4,896 5,400

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 958 2,283 3,007 3,839 4,965

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,960Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 46.46 53.41 72.14 82.29 78.54S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.75 17.10 7.48 17.34 -8.99Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 1.25 1.81 1.89 2.09Fitch Financial Strength Rating -- -- -- --


Name : Sara Mary Carpenter Auditor Munninghoff Lange & CompanyPhone : (706) 232-9591x12 Actuary Merlinos & Associates Inc.Fax : (706) 232-0195 CEO --Email : [email protected] CFO --

President William Peter Graper


Net Yield on Invested Assets 1.98 1.63 2.46 2.59 2.08Net Investment Income/Earned Premiums 6.23 2.10 3.00 3.56 3.13Return on Average Equity (C&S) 0.51 11.35 3.49 11.33 -5.47Return on Avg Assets 0.21 3.93 1.22 3.19 -1.37Loss and LAE Ratio 63.87 52.70 51.33 53.09 67.14Expense Ratio 49.30 35.45 36.22 31.60 37.69Loss Ratio 45.36 36.15 20.45 31.65 45.58Combined Ratio 113.17 88.16 87.55 84.69 104.83Operating Ratio 107.99 85.81 83.55 80.16 101.42Investment ratio 5.19 2.35 4.00 4.54 3.41


Cash, Short-Term Investments / Liabilities 135.53 30.91 8.55 8.13 17.31Cash, Common & Liquid Bonds / Liabilities 253.53 131.47 104.97 97.85 107.95Cash & Short-Term Investments / C&S 174.46 42.50 20.80 23.13 56.56Liabilities / Liquid Assets (IRIS Ratio) 62.00 75.00 95.00 102.00 91.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 193.53 164.43 124.92 121.10 117.43Cash From Underwriting ($000) 614 837 1,997 1,956 1,387Net Cash From Operations ($000) 651 769 2,083 2,170 1,584Underwriting Cash Flow Ratio 514.74 174.99 225.74 168.42 135.40Operating Cash Flow Ratio 514.74 189.20 231.20 168.42 135.40Unassigned Funds / Total Assets 4.74 6.35 5.14 6.72 5.59


GPW to Policyholders' Surplus3 900 --- 193 233 253NPW to Policyholders' Surplus 300 --- 125 181 189Change in Net Premiums Written 33 -33 219* 57* 22Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 91 84 81


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)


62.0

75.0

95.0102.0

91.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L3


113.2

88.2 87.6 84.7

104.8

-8.00-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 18.52 16.55 30.88 21.44 21.56 Gross Change in Policyholders' Surplus 50 -10 59* 9 17Net Commission Ratio 18.33 12.81 14.67 16.05 NA Net Change in Adj Policyholders' Surplus 25 -10 13 4 13Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 75 95 102*Tax, License & Fees Ratio 1.25 0.82 0.61 0.66 NA Agents' Bal to Policyholders' Surplus 40 --- 31 54* 60*Admin & Other Expense Ratio 29.71 21.82 20.95 14.89 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 28* 0 -2Gross Premiums Written ($000)3 1,294 3,928 5,146 6,538 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 16 20* -1Loss & Loss Adj Expense ($000) 612 1,203 1,544 2,038 3,333 Est Curr Resv Defi/Policyholders' Surplus 25 --- 22 -8 -3Other Underwriting Exp Incurred ($000) 393 904 1,452 1,547 2,035 *Indicates an unusual value.Net Underwriting Gains ($000) -47 176 12 254 -404 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 61.70 64.90 77.88 74.88 NA complements of each ratio.Effective Tax Rate 34.00 33.87 53.42 33.99 NM

Pre-Tax Operating Margin 0.87 10.74 5.13 10.66 -4.57 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3



Reinsurance Recoverable ex US Aff 199 776 472 537 NA Net Premiums Written Growth -31.40 219.39 57.21 22.16 15.53Retention Ratio (NPW/GPW) (%)3 61.70 64.90 77.88 74.88 NA Pre-Tax Operating Income Growth -95.65 NM -36.13 164.26 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 48.58 0.00 0.00 NA Net Income Growth -91.84 NM -55.07 269.67 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 1,920.03 129.36 67.74 15.13 48.24Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -9.55 203.64 31.02 27.04 16.52Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NM 368.52 266.41 49.39

Capital & Surplus Five-year CAGR NA 26.35 21.67 20.77 17.49Admitted Assets Five-year CAGR NA 67.96 65.17 57.76 36.96







Change in Loss & LAE Resv / Reserves 1,920.03 129.36 67.74 15.13 48.24 Realized Capital Gains (Losses) 0 1 0 -4 161 Yr Loss Reserve Dev / 1Y Prior C&S 0.41 27.98 0.10 -2.13 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 -182 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 16.32 20.15 -0.79 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 46.46 53.41 72.14 82.29 78.54 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.52 15.64 0.07 -1.22 NA Net Premiums Written / Avg C&S (%) 67.11 171.98 185.26 198.40 206.80IBNR/ Total Reserves 40.47 28.27 23.35 37.78 NA Liabilities / Capital & Surplus (%) 128.72 137.48 243.37 284.54 326.76Reserves/ Equity 59.92 86.24 133.16 130.77 191.99 Total Reins Recov Excl US Aff / C&S (%) 15.60 38.17 21.37 20.74 NA


1,248.7

365.9240.3

167.9 161.00

500

1,000

1,500

2,000

2,500

3,000

2008Y 2009Y 2010Y 2011Y 2012Y



61.7 64.9

77.9 74.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L3




Doctors & Surgeons Natl RRG (Lawrenceville, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 351 2,787 5,145 6,327 7,660 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,294 3,928 5,146 6,538 7,097Common Stocks 33 24 38 283 77 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -495 -1,379 -1,139 -1,642 -1,698Occupied Properties 0 0 0 0 0 Net Premiums Written 798 2,549 4,008 4,896 5,400Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -160 266 1,000 1,057 435Properties for Sale 0 0 0 0 0 Net Premiums Earned 958 2,283 3,007 3,839 4,965

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,226 864 459 599 1,461 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,610 3,674 5,642 7,209 9,198 Net Losses Paid - Commercial -145 233 60 803 NAPremiums & Considerations Due 36 632 1,192 1,547 432 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 30 29 0 0 315 Net Losses Paid -145 233 60 803 NAAll Other Admitted Assets 242 493 749 1,014 888 Net LAE Paid 31 105 172 791 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,918 4,828 7,583 9,956 11,026 Change in Loss Reserves - Commercial 580 592 555 412 NA


Unpaid Losses 589 1,182 1,737 2,149 3,058 Net Change in Loss and LAE Reserves 727 865 1,312 445 NAUnpaid Loss Adj Expenses 175 572 1,204 1,237 1,902 Losses and LAE Incurred 612 1,203 1,544 2,038 3,333

Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,960 Other Underwriting Expense Incurred 393 904 1,452 1,547 2,035Unearned Premiums 687 953 1,953 3,010 2,872 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 109 349 263 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 87 88 308 590 364 Net Underwriting Gain (Loss) -47 176 12 254 -404Payable to Parent, Subs & Affiliates 20 0 63 -36 -17 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 84 0 0 68 0 Total underwriting deductions 1,006 2,107 2,995 3,585 5,369



Common Capital Stock 500 500 500 500 500 Net Realized Capital Gains (Losses) 0 1 0 -4 16Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 6 24 30 0 0Unassigned Surplus 138 307 390 669 616 Income after cap gains (loss) before tax 9 254 162 423 -219Other Including Gross Contributed 638 1,226 1,319 1,420 1,468 Federal Income Tax 3 86 87 144 -76

Capital & Surplus 1,276 2,033 2,209 2,589 2,584 Net Income 6 168 76 279 -143

Total Liabilities and C&S 2,918 4,828 7,583 9,956 11,026 Pre-tax Operating Income 9 253 162 428 -235

Memo: Total Revenue 1,015 2,361 3,158 4,008 5,150Memo: Affiliated Investments ($000) Memo: Paid Expenses 340 1,056 1,517 1,925 NA

Bonds 0 0 0 0 0





Net Investment Income 50 54 120 174 169 Class 6 0 0 0 0 0R li d C it l G i 0 1 0 4 16Realized Capital Gains 0 1 0 -4 16Unrealized Capital Gains 0 0 0 0 -18Total Cash & Investments 2,610 3,674 5,642 7,209 9,198Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,904 2,787 5,145 6,327 7,660Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 33 24 38 283 77Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 2,342 1. Med Prof Liab 6,538 Cash/Invested Assets 85.27 23.51 8.14 8.31 15.892. Michigan 1,364 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 853 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Illinois 410 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 202 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 1.87 1.75DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 8.29 10.21 9.88 10.19 8.06National DPW ($000) 1,430 1,294 3,928 5,146 6,538 Invested Assets/Total Assets 89.45 76.11 74.40 72.40 83.42Adjusted Loss Ratio 3.30 29.77 25.30 14.79 23.47 Investment Income/Total Assets 1.70 1.11 1.59 1.75 1.53





Other Invstmts - 8.3% 0.00 0.50 1.00 1.50

2009Y2010Y

2011Y

2012Y

2013L3


New York - 35.8% Michigan - 20.9%

Florida - 13.0% Illinois - 6.3%




Aircraft - 0.0%



All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA NA NA 2,743 3,332Suite Six Business Focus : Commercial Lines Focus Policyholder Surplus NA NA NA 1,802 1,884Washington, DC 20009-1013 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities NA NA NA 941 1,447

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA -11 47Tax Identification Number : 45-4057491 Total Revenue NA NA NA 1,012 1,017

Direct Premiums Written NA NA NA 3,023 3,199Net Premiums Written NA NA NA 1,004 1,009

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 1,004 1,007

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 769 1,173Demotech Financial Strength Rating A 11/19/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 86.25S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA 9.49Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.56 0.54Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : -- CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA NA NA 0.30Net Investment Income/Earned Premiums NA NA NA 0.81 0.99Return on Average Equity (C&S) NA NA NA NA 2.54Return on Avg Assets NA NA NA NA 1.32Loss and LAE Ratio NA NA NA 76.57 79.96Expense Ratio NA NA NA 18.88 3.63Loss Ratio NA NA NA 38.77 23.09Combined Ratio NA NA NA 95.45 83.59Operating Ratio NA NA NA 94.63 82.60Investment ratio NA NA NA 0.81 1.00

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Cash, Short-Term Investments / Liabilities NA NA NA 114.64 103.42Cash, Common & Liquid Bonds / Liabilities NA NA NA 250.64 237.69Cash & Short-Term Investments / C&S NA NA NA 59.88 79.43Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 40.00 45.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 526.49 241.00Cash From Underwriting ($000) NA NA NA 632 -404Net Cash From Operations ($000) NA NA NA 596 -397Underwriting Cash Flow Ratio NA NA NA 2,034.89 -254.06Operating Cash Flow Ratio NA NA NA 2,237.00 -213.77Unassigned Funds / Total Assets NA NA NA 0.97 3.28


GPW to Policyholders' Surplus3 900 --- NA NA 168NPW to Policyholders' Surplus 300 --- NA NA 56Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA




40.0

45.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013L3


95.4

83.6

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio NA NA NA 37.79 56.87 Gross Change in Policyholders' Surplus 50 -10 NA NA 3Net Commission Ratio NA NA NA -13.29 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA 2Salaries & Benefits Ratio NA NA NA 0.00 NA Liabilities to Liquid Assets 100 --- NA NA 40Tax, License & Fees Ratio NA NA NA 9.57 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 0Admin & Other Expense Ratio NA NA NA 22.61 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Gross Premiums Written ($000)3 NA NA NA 3,023 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA 769 806 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 190 37 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 46 165 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 33.22 NA complements of each ratio.Effective Tax Rate NA NA NA 118.29 73.07

Pre-Tax Operating Margin NA NA NA 5.32 17.23 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth NA NA NA NA -12.00

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth NA NA NA NA -28.83

Reinsurance Recoverable ex US Aff NA NA NA 1,689 NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA 33.22 NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA 219.27Reinsurance Payable on Losses, LAE NA NA NA 0 NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA 0 NA Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,802 1,884 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,802 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 377 NA



Change in Loss & LAE Resv / Reserves NA NA NA NA 219.27 Realized Capital Gains (Losses) NA NA NA 6 -11 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA 9 122 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 86.25 Dividend Payout Ratio (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA 54.64IBNR/ Total Reserves NA NA NA 44.14 NA Liabilities / Capital & Surplus (%) NA NA NA 52.23 76.81Reserves/ Equity NA NA NA 42.68 62.25 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 93.75 NA


239.0

0200400600800

1,0001,2001,4001,6001,8002,000

2008Y 2009Y 2010Y 2011Y 2012Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))33.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013L3




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds NA NA NA 1,050 1,409 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,023 3,199Common Stocks NA NA NA 229 333 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,023 3,199Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -2,019 -2,190Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 1,004 1,009Income Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 0 2Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 1,004 1,007

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,079 1,497 Underwriting Deductions ($000)Other Investments NA NA NA 1 1 Net Losses Paid - Personal NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 2,359 3,239 Net Losses Paid - Commercial NA NA NA 0 NAPremiums & Considerations Due NA NA NA 0 0 Net Losses Paid - A&H NA NA NA 0 NAReinsurance Recoverable NA NA NA 350 11 Net Losses Paid NA NA NA 0 NAAll Other Admitted Assets NA NA NA 33 81 Net LAE Paid NA NA NA 0 NASeparate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 NATotal Net Admitted Assets NA NA NA 2,743 3,332 Change in Loss Reserves - Commercial NA NA NA 389 NA

Change in Loss Reserves - A&H NA NA NA 0 NALiabilities Change in LAE Reserves NA NA NA 380 NA

Unpaid Losses NA NA NA 389 597 Net Change in Loss and LAE Reserves NA NA NA 769 NAUnpaid Loss Adj Expenses NA NA NA 380 576 Losses and LAE Incurred NA NA NA 769 806

Loss & Loss Adj Exp Reserves NA NA NA 769 1,173 Other Underwriting Expense Incurred NA NA NA 190 37Unearned Premiums NA NA NA 0 171 Other Underwriting Deductions NA NA NA 0 0Total Reinsurance Liabilities NA NA NA 0 0 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 167 102 Net Underwriting Gain (Loss) NA NA NA 46 165Payable to Parent, Subs & Affiliates NA NA NA 2 2 Policyholder Dividends (PHD) NA NA NA 0 0Other Liabilities NA NA NA 3 0 Total underwriting deductions NA NA NA 959 842

Total Liabilities NA NA NA 941 1,447

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 8 10

Common Capital Stock NA NA NA 0 0 Net Realized Capital Gains (Losses) NA NA NA 6 -1Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA 27 109 Income after cap gains (loss) before tax NA NA NA 60 175Other Including Gross Contributed NA NA NA 1,775 1,775 Federal Income Tax NA NA NA 70 128

Capital & Surplus NA NA NA 1,802 1,884 Net Income NA NA NA -11 47

Total Liabilities and C&S NA NA NA 2,743 3,332 Pre-tax Operating Income NA NA NA 54 175

Memo: Total Revenue NA NA NA 1,018 1,017Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 64 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 1,050Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Class 5 NA NA NA NA 0

Net Investment Income NA NA NA 8 10 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA 6 1Realized Capital Gains NA NA NA 6 -1Unrealized Capital Gains NA NA NA 9 12Total Cash & Investments NA NA NA 2,359 3,239Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,050 1,611Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 229 333Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) NA NA NA 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 44.52 43.50Common Stocks / C&S NA NA NA 12.73 17.65Unaff common stock/Invested Assets NA NA NA 9.72 10.27

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Illinois 1,062 1. Med Prof Liab 3,023 Cash/Invested Assets NA NA NA 45.72 46.222. Ohio 572 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Indiana 551 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 356 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Delaware 238 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 245 All Other 0 Other Investments/Invested Assets NA NA NA 0.04 0.02Premiums & Cons due/Total Assets NA NA NA 0.00 0.00

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Reinsurance recoverable/Total Assets NA NA NA 12.75 0.34

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 1.22 2.44National DPW ($000) NA NA NA NA 3,023 Invested Assets/Total Assets NA NA NA 86.03 97.21Adjusted Loss Ratio NA NA NA NA 46.59 Investment Income/Total Assets NA NA NA 0.30 0.30





Other Invstmts - 45.8% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Illinois - 35.1% Ohio - 18.9%

Indiana - 18.2% Michigan - 11.8%

Delaware - 7.9% All other - 8.1%



Aircraft - 0.0%



All Other - 0.0%


Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 12,525 13,729 22,902 21,100 23,686Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,649 4,823 6,324 6,002 6,879Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 8,877 8,906 16,578 15,098 16,807

NAIC Ownership Structure: Risk Retention Group Net Income -392 400 635 -301 19Tax Identification Number : 20-1141933 Total Revenue 4,163 6,042 6,147 4,273 3,850



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 8,038Demotech Financial Strength Rating A 11/19/13 Affirm Loss & LAE Reserves/ NPE (%) 147.87 109.18 121.30 198.92 219.83S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -4.84 4.84 12.51 -11.54 -3.99Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.17 1.14 1.01 0.62 0.61Fitch Financial Strength Rating -- -- -- --


Name : Brian Troy Winch Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1105 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.45 2.63 2.14 1.62 1.92Net Investment Income/Earned Premiums 4.63 4.47 3.54 6.12 5.70Return on Average Equity (C&S) -11.01 9.44 11.42 -4.74 0.31Return on Avg Assets -3.14 2.85 3.80 -1.32 0.09Loss and LAE Ratio 56.74 50.83 45.01 56.42 48.06Expense Ratio 48.85 52.77 43.57 52.50 48.15Loss Ratio 44.83 29.78 16.66 21.08 2.85Combined Ratio 105.60 103.60 88.58 128.33 105.43Operating Ratio 100.62 99.37 84.76 122.74 98.77Investment ratio 4.98 4.22 3.82 5.59 6.66


Cash, Short-Term Investments / Liabilities 28.63 7.00 24.09 22.29 42.89Cash, Common & Liquid Bonds / Liabilities 103.03 95.60 70.02 74.08 91.67Cash & Short-Term Investments / C&S 69.66 12.93 63.15 56.06 104.79Liabilities / Liquid Assets (IRIS Ratio) 96.00 104.00 142.00 130.00 106.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.54 179.02 181.35 156.62 143.00Cash From Underwriting ($000) 1,296 -19 1,961 -2,119 -653Net Cash From Operations ($000) 1,535 256 2,226 -2,533 -692Underwriting Cash Flow Ratio 152.44 99.64 141.26 62.97 86.54Operating Cash Flow Ratio 146.49 99.64 141.26 55.92 80.99Unassigned Funds / Total Assets -9.02 -4.42 2.24 1.13 1.95


GPW to Policyholders' Surplus3 900 --- 160 138 74NPW to Policyholders' Surplus 300 --- 114 101 62Change in Net Premiums Written 33 -33 28 17 -42*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 100 92 100


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


96.0104.0

142.0130.0

106.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L3


105.6 103.6

88.6

128.3

105.4

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 11.91 21.04 28.35 35.33 45.21 Gross Change in Policyholders' Surplus 50 -10 32 31 -5Net Commission Ratio 12.62 11.48 9.82 9.57 NA Net Change in Adj Policyholders' Surplus 25 -10 14 23 -4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 104* 142* 130*Tax, License & Fees Ratio 4.28 3.66 5.55 5.66 NA Agents' Bal to Policyholders' Surplus 40 --- 12 6 5Admin & Other Expense Ratio 31.95 37.63 28.20 37.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 25* -10 -9Gross Premiums Written ($000)3 7,303 7,715 8,724 4,452 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -31 12 -22Loss & Loss Adj Expense ($000) 2,250 2,947 2,665 2,283 1,735 Est Curr Resv Defi/Policyholders' Surplus 25 --- 38* 6 -56Other Underwriting Exp Incurred ($000) 2,085 2,891 2,787 1,938 2,032 *Indicates an unusual value.Net Underwriting Gains ($000) -369 -40 469 -174 -158 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.43 71.00 73.32 82.93 NA complements of each ratio.Effective Tax Rate NM -27.06 32.10 NM NM

Pre-Tax Operating Margin -4.13 3.39 11.31 -17.17 -6.49 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth 7.08 9.61 66.82 -7.87 3.30

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 11.31 0.33 86.15 -8.93 1.01

Reinsurance Recoverable ex US Aff 5,426 5,779 5,980 2,988 NA Net Premiums Written Growth 13.79 28.35 16.77 -42.28 -8.02Retention Ratio (NPW/GPW) (%)3 58.43 71.00 73.32 82.93 NA Pre-Tax Operating Income Growth NM NM 239.05 NM NMUnauthorized Net Recov. (ex US Aff) (%) 72.82 69.44 78.08 55.02 NA Net Income Growth NM NM 58.69 NM -85.94Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 3.44 0.47 NA Loss & Loss Adj Exp Reserves Growth 23.24 2.96 18.98 -0.40 -0.98Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 3.76 5.64 9.18 -47.40 20.29Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 36.22 12.57 22.89 16.53 19.50








Change in Loss & LAE Resv / Reserves 23.24 2.96 18.98 -0.40 -0.98 Realized Capital Gains (Losses) -316 110 240 120 1011 Yr Loss Reserve Dev / 1Y Prior C&S -8.68 25.46 -9.56 -9.44 NA Net Unrealized Capital Gains (Losses) 642 123 -67 26 -862 Yr Loss Reserve Dev / 2Y Prior C&S -13.87 -31.35 12.11 -22.22 NA Dividends to Stockholders 24 0 0 0 0Loss and LAE Reserves / NPE 147.87 109.18 121.30 198.92 219.83 Dividend Payout Ratio (%) NM 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.14 16.02 -7.79 -14.75 NA Net Premiums Written / Avg C&S (%) 119.98 129.21 115.09 58.08 67.43IBNR/ Total Reserves 8.98 13.40 21.62 25.86 NA Liabilities / Capital & Surplus (%) 243.28 184.67 262.16 251.55 244.31Reserves/ Equity 173.84 135.42 122.88 128.95 116.84 Total Reins Recov Excl US Aff / C&S (%) 148.71 119.83 94.57 49.78 NA


176.2 168.5 165.7

211.6

258.8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012Y



58.4

71.0 73.382.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2009Y 2010Y 2011Y 2012Y 2013L3




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,036 -2,238 -2,028 -739 -1,537Occupied Properties 0 0 0 0 0 Net Premiums Written 4,268 5,478 6,396 3,692 4,221Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 302 -320 475 -356 611Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,966 5,797 5,921 4,047 3,610

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,542 623 3,993 3,365 7,209 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,145 8,514 11,609 11,597 15,767 Net Losses Paid - Commercial 362 1,817 560 1,308 NAPremiums & Considerations Due 493 558 357 322 120 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 82 260 754 611 497 Net Losses Paid 362 1,817 560 1,308 NAAll Other Admitted Assets 2,805 4,397 10,182 8,571 7,302 Net LAE Paid 692 942 866 1,006 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,525 13,729 22,902 21,100 23,686 Change in Loss Reserves - Commercial 1,416 -90 427 -455 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -220 278 812 424 NA

Unpaid Losses 4,655 4,564 4,991 4,536 4,013 Net Change in Loss and LAE Reserves 1,196 188 1,239 -31 NAUnpaid Loss Adj Expenses 1,688 1,967 2,779 3,203 4,025 Losses and LAE Incurred 2,250 2,947 2,665 2,283 1,735

Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 8,038 Other Underwriting Expense Incurred 2,085 2,891 2,787 1,938 2,032Unearned Premiums 1,773 1,453 1,929 1,573 2,988 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 374 84 27 2,670 1,506 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 350 838 943 170 121 Net Underwriting Gain (Loss) -369 -40 469 -174 -158Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 786 333Other Liabilities 37 0 5,910 2,945 4,154 Total underwriting deductions 4,335 5,837 5,452 4,221 3,767



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -316 110 240 120 101Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,130 -607 514 239 462 Income after cap gains (loss) before tax -488 315 935 -613 -149Other Including Gross Contributed 4,778 5,429 5,810 5,763 6,418 Federal Income Tax -97 -85 300 -312 -168

Capital & Surplus 3,649 4,823 6,324 6,002 6,879 Net Income -392 400 635 -301 19

Total Liabilities and C&S 12,525 13,729 22,902 21,100 23,686 Pre-tax Operating Income -172 205 695 -734 -250


Bonds 0 0 0 0 0





Net Investment Income 197 245 226 226 240 Class 6 0 0 0 0 0R li d C it l G i 316 110 240 120 101Realized Capital Gains -316 110 240 120 101Unrealized Capital Gains 642 123 -67 26 -86Total Cash & Investments 9,145 8,514 11,609 11,597 15,767Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,617 4,631 6,106 4,711 4,986Total Preferred Stock (incl Nonadmitted) 0 0 0 412 395Total Common Stock (incl Nonadmitted) 1,987 3,260 1,510 3,109 3,212Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 3,414 3,386 2,264 3,574 2,598Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 4,711 4,711 4,643 4,310 18,375Common Stock 3,109 3,109 2,894 -- 9,112Preferred Stock 412 412 407 -- 1,231Total 8,232 8,232 7,944 4,310 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 6.87 5.741. Ohio 895 1. Med Prof Liab 4,431 Cash/Invested Assets 27.79 7.32 34.40 29.01 45.722. Indiana 872 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 820 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 606 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Oklahoma 392 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 28.52 12.35 4.79 -9.05 All other admitted assets/Total Assets 22.39 32.03 44.46 40.62 30.83National DPW ($000) 7,039 7,303 7,715 8,424 4,431 Invested Assets/Total Assets 73.02 62.02 50.69 54.96 66.57Adjusted Loss Ratio 50.86 50.96 36.14 12.12 28.24 Investment Income/Total Assets 1.58 1.78 0.99 1.07 1.01





Other Invstmts - 29.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Ohio - 20.2% Indiana - 19.7%

Florida - 18.5% Kentucky - 13.7%

Oklahoma - 8.9% All other - 19.1%



Aircraft - 0.0%



All Other - 0.0%


Global Hawk Insurance Co. RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

84 Pine Street NAIC Company Code : 11948 Total Assets 5,914 7,474 9,768 14,224 21,532Suite 450 Business Focus : Commercial Property Focus Policyholder Surplus 3,117 4,171 4,348 4,671 4,435Burlington, VT 05401-4467 Geographic Focus: Regional - Western Quadrant Total Liabilities 2,797 3,303 5,419 9,553 17,096

NAIC Ownership Structure: Risk Retention Group Net Income -28 1,387 221 294 -1,175Tax Identification Number : 20-0073152 Total Revenue 671 2,734 4,047 6,218 9,823



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 8,111Demotech Financial Strength Rating A 12/24/13 Affirm Loss & LAE Reserves/ NPE (%) 240.71 55.46 48.39 44.36 53.95S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.99 40.45 5.74 6.29 -28.50Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.60 0.87 1.15 1.75 3.17Fitch Financial Strength Rating -- -- -- --


Name : Stephen M. Brown Auditor Saslow Lufkin & Buggy LLPPhone : (802) 651-0168 Actuary CapRisk Consulting GroupFax : (802) 651-0175 CEO --Email : [email protected] CFO --

President Jasbir S. Thandi


Net Yield on Invested Assets 0.64 0.41 0.61 0.25 0.18Net Investment Income/Earned Premiums 1.28 0.55 0.82 0.27 0.16Return on Average Equity (C&S) -0.99 40.45 5.74 6.29 -24.73Return on Avg Assets -0.57 20.82 2.66 2.54 -6.96Loss and LAE Ratio 48.06 13.14 62.88 64.25 87.96Expense Ratio 20.74 27.42 26.16 23.76 18.17Loss Ratio -37.90 1.06 47.92 47.66 73.62Combined Ratio 68.79 40.57 89.04 88.01 106.14Operating Ratio 65.08 39.83 88.01 87.65 105.91Investment ratio 3.71 0.74 1.03 0.36 0.23


Cash, Short-Term Investments / Liabilities 36.03 190.17 138.55 113.06 90.77Cash, Common & Liquid Bonds / Liabilities 133.04 190.17 138.55 113.06 90.77Cash & Short-Term Investments / C&S 32.33 150.63 172.67 231.24 349.88Liabilities / Liquid Assets (IRIS Ratio) 52.00 53.00 72.00 88.00 110.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 146.65 190.43 142.24 115.35 91.99Cash From Underwriting ($000) -677 2,870 1,809 3,211 5,706Net Cash From Operations ($000) -643 2,882 1,834 3,218 5,709Underwriting Cash Flow Ratio 52.04 297.26 158.08 182.07 190.49Operating Cash Flow Ratio 51.33 297.26 158.62 182.59 190.81Unassigned Funds / Total Assets -29.82 -10.44 -7.45 -3.05 -6.85


GPW to Policyholders' Surplus3 900 --- 87 124 188NPW to Policyholders' Surplus 300 --- 87 115 175Change in Net Premiums Written 33 -33 93* 38* 64*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 44 69 88


MSA: Burlington-South Burlington, VT (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

52.0 53.0

72.0

88.0

110.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L3


68.8

40.6

89.0 88.0

106.1

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 85.95 12.08 14.96 16.59 14.34 Gross Change in Policyholders' Surplus 50 -10 34 4 7Net Commission Ratio 6.14 11.22 14.14 16.66 NA Net Change in Adj Policyholders' Surplus 25 -10 32* 1 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 53 72 88Tax, License & Fees Ratio 1.10 2.19 2.41 2.22 NA Agents' Bal to Policyholders' Surplus 40 --- 14 25 30Admin & Other Expense Ratio 13.50 14.01 9.61 4.89 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 6 -4Gross Premiums Written ($000)3 2,081 3,637 5,403 8,790 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -24 1 11Loss & Loss Adj Expense ($000) 311 357 2,519 3,981 8,621 Est Curr Resv Defi/Policyholders' Surplus 25 --- 44* 83* -11Other Underwriting Exp Incurred ($000) 388 990 1,307 1,943 2,556 *Indicates an unusual value.Net Underwriting Gains ($000) -52 1,367 180 272 -1,376 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.00 99.27 92.44 93.03 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 NM

Pre-Tax Operating Margin -4.19 50.73 5.47 4.73 -13.79 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3



Reinsurance Recoverable ex US Aff 167 287 -129 -272 NA Net Premiums Written Growth 149.60 92.75 38.34 63.72 96.47Retention Ratio (NPW/GPW) (%)3 90.00 99.27 92.44 93.03 NA Pre-Tax Operating Income Growth NM NM -84.04 32.89 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM -84.04 32.89 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -34.71 -6.89 56.43 94.34 140.92Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NM 74.75 48.56 62.69 94.30Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 254.44 4.36 -2.35 4.47 29.55






Risk Based Capital Ratio (TAC/ACL RBC) 1,279.96 1,446.27 1,157.14 509.49 NA


Change in Loss & LAE Resv / Reserves -34.71 -6.89 56.43 94.34 140.92 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -3.02 -13.83 6.43 -3.70 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 13.32 -23.87 1.05 11.21 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 240.71 55.46 48.39 44.36 53.95 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.09 -15.89 6.70 -2.60 NA Net Premiums Written / Avg C&S (%) 66.20 105.30 129.52 174.96 295.97IBNR/ Total Reserves 67.41 27.30 26.70 13.40 NA Liabilities / Capital & Surplus (%) 89.73 79.21 124.63 204.53 385.46Reserves/ Equity 45.74 31.83 47.75 86.39 182.87 Total Reins Recov Excl US Aff / C&S (%) 5.36 6.88 -2.97 -5.82 NA


134.3

640.0723.1

578.6

254.7

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012Y



90.0

99.3

92.4 93.0

02,0004,0006,0008,000

10,00012,00014,00016,000

2009Y 2010Y 2011Y 2012Y 2013L3




Global Hawk Insurance Co. RRG (Burlington, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,081 3,637 5,403 8,790 14,966Common Stocks 2,713 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -208 -26 -408 -613 -901Occupied Properties 0 0 0 0 0 Net Premiums Written 1,873 3,610 4,995 8,177 14,065Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 1,226 897 989 1,981 4,264Properties for Sale 0 0 0 0 0 Net Premiums Earned 647 2,714 4,006 6,196 9,801

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,008 6,282 7,508 10,801 15,518 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,721 6,282 7,508 10,801 15,518 Net Losses Paid - Commercial 715 227 1,321 1,662 NAPremiums & Considerations Due 1,571 601 1,087 1,412 2,521 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 871 1,514 Net Losses Paid 715 227 1,321 1,662 NAAll Other Admitted Assets 622 591 1,150 1,139 1,978 Net LAE Paid 268 314 449 360 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 5,914 7,474 9,768 14,224 21,532 Change in Loss Reserves - Commercial -960 -198 599 1,291 NA


Unpaid Losses 1,197 998 1,597 2,888 6,726 Net Change in Loss and LAE Reserves -672 -184 749 1,959 NAUnpaid Loss Adj Expenses 229 329 480 1,147 1,385 Losses and LAE Incurred 311 357 2,519 3,981 8,621

Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 8,111 Other Underwriting Expense Incurred 388 990 1,307 1,943 2,556Unearned Premiums 1,226 2,122 3,111 5,093 8,759 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -30 -286 129 272 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 149 139 100 153 226 Net Underwriting Gain (Loss) -52 1,367 180 272 -1,376Payable to Parent, Subs & Affiliates 0 1 2 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 27 0 0 0 0 Total underwriting deductions 700 1,347 3,825 5,924 11,177



Common Capital Stock 1,142 1,212 1,337 1,567 2,372 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 302 202 202 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,764 -781 -728 -434 -1,475 Income after cap gains (loss) before tax -28 1,387 221 294 -1,354Other Including Gross Contributed 3,438 3,538 3,538 3,538 3,538 Federal Income Tax 0 0 0 0 -179

Capital & Surplus 3,117 4,171 4,348 4,671 4,435 Net Income -28 1,387 221 294 -1,175

Total Liabilities and C&S 5,914 7,474 9,768 14,224 21,532 Pre-tax Operating Income -28 1,387 221 294 -1,354

Memo: Total Revenue 671 2,734 4,047 6,218 9,823Memo: Affiliated Investments ($000) Memo: Paid Expenses 615 1,314 1,794 2,251 NA

Bonds 0 0 0 0 0





Net Investment Income 24 20 41 22 22 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 3,721 6,282 7,508 10,801 15,518Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,713 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 87.05 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 72.92 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 5,915 1. Comm'l Auto St 8,790 Cash/Invested Assets 27.08 100.00 100.00 100.00 100.002. Texas 2,875 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.23 0.00 0.00DPW 5 Yr CAGR NA NA 1.21 0.27 8.13 All other admitted assets/Total Assets 10.51 7.90 11.78 8.01 9.18National DPW ($000) -1,150 2,081 3,637 5,403 8,790 Invested Assets/Total Assets 62.92 84.05 76.87 75.93 72.07Adjusted Loss Ratio 37.55 -34.24 1.00 43.49 43.38 Investment Income/Total Assets 0.41 0.27 0.42 0.16 0.10





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


California - 67.3% Texas - 32.7%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

201 South Main Street NAIC Company Code : 11832 Total Assets 136,164 154,307 158,899 42,070 42,106Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,226 7,484 8,688 9,127 14,872Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 129,939 146,823 150,211 32,944 27,234

NAIC Ownership Structure: Risk Retention Group Net Income 744 1,147 1,162 375 414Tax Identification Number : 43-2032415 Total Revenue 2,861 3,436 4,153 4,016 4,030



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,428Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 3,135.50 3,133.13 2,843.53 574.35 248.45S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.51 23.43 22.01 5.12 5.57Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.48 0.43 0.41 0.24Fitch Financial Strength Rating -- -- -- --


Name : Peter M. Feeney Auditor BDO USA LLPPhone : (734) 996-2700 Actuary Demotech Inc.Fax : (734) 996-1261 CEO --Email : [email protected] CFO --

President Peter M. Feeney


Net Yield on Invested Assets 0.20 1.77 2.54 1.90 1.38Net Investment Income/Earned Premiums 0.85 7.48 11.90 9.50 9.01Return on Average Equity (C&S) 12.58 16.55 14.30 4.11 3.27Return on Avg Assets 0.58 0.81 0.76 0.73 1.02Loss and LAE Ratio 73.08 75.00 79.79 110.12 97.51Expense Ratio -16.28 -15.81 -15.93 -12.84 -8.50Loss Ratio 57.59 52.50 57.91 69.13 60.42Combined Ratio 56.80 59.19 63.86 97.28 89.01Operating Ratio 55.91 50.78 51.87 87.56 80.51Investment ratio 0.89 8.41 11.99 9.72 8.50


Cash, Short-Term Investments / Liabilities 7.52 2.07 2.09 10.38 7.79Cash, Common & Liquid Bonds / Liabilities 10.93 11.15 12.47 59.53 91.68Cash & Short-Term Investments / C&S 157.00 40.66 36.17 37.48 14.27Liabilities / Liquid Assets (IRIS Ratio) 832.00 805.00 721.00 101.00 63.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 94.59 96.15 96.57 1,084.97 229.45Cash From Underwriting ($000) 3,389 2,297 2,537 824 1,146Net Cash From Operations ($000) 2,843 2,275 2,373 1,101 837Underwriting Cash Flow Ratio -629.00 2,056.51 959.49 132.15 183.28Operating Cash Flow Ratio -758.05 2,439.75 1,213.55 138.00 192.37Unassigned Funds / Total Assets 3.76 4.14 4.78 19.08 19.65


GPW to Policyholders' Surplus3 900 --- 545 490 469NPW to Policyholders' Surplus 300 --- 48 43 41Change in Net Premiums Written 33 -33 20 5 0Surplus Aid to Policyholders' Surplus 15 --- 74* 76* 75*Two-Year Overall Operating Ratio 100 --- 53 51 70


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

832.0 805.0

721.0

101.063.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2009Y 2010Y 2011Y 2012Y 2013L3


56.8 59.2 63.9

97.389.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 15.49 22.50 21.88 40.99 37.09 Gross Change in Policyholders' Surplus 50 -10 20 16 5Net Commission Ratio -23.04 -19.54 -19.70 -17.24 NA Net Change in Adj Policyholders' Surplus 25 -10 20 16 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 805* 721* 101*Tax, License & Fees Ratio 1.01 0.38 0.52 0.76 NA Agents' Bal to Policyholders' Surplus 40 --- 47* 21 34Admin & Other Expense Ratio 5.75 3.35 3.26 3.64 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 4 10Gross Premiums Written ($000)3 35,305 40,767 42,568 42,796 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 3 3 12Loss & Loss Adj Expense ($000) 2,072 2,377 2,959 4,031 3,622 Est Curr Resv Defi/Policyholders' Surplus 25 --- -144 177* 1,146*Other Underwriting Exp Incurred ($000) -483 -564 -595 -481 -298 *Indicates an unusual value.Net Underwriting Gains ($000) 1,246 1,356 1,345 110 390 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.40 8.75 8.78 8.75 NA complements of each ratio.Effective Tax Rate 41.51 29.98 37.77 16.16 34.77


Admitted Assets Growth 10.30 13.32 2.98 -73.52 20.69

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 10.18 12.99 2.31 -78.07 6.17

Reinsurance Recoverable ex US Aff 92,840 103,693 106,689 101,581 NA Net Premiums Written Growth -0.06 20.16 4.78 0.25 -2.73Retention Ratio (NPW/GPW) (%)3 8.40 8.75 8.78 8.75 NA Pre-Tax Operating Income Growth -25.35 27.61 10.25 -73.93 -24.83Unauthorized Net Recov. (ex US Aff) (%) 88.93 85.68 87.88 86.02 NA Net Income Growth -34.21 54.13 1.34 -67.76 -42.46Nonaffiliated Reins Assumed / GPW (%) 0.00 0.97 1.02 1.03 NA Loss & Loss Adj Exp Reserves Growth 15.97 7.50 4.65 -91.48 5.61Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.37 14.35 4.38 0.52 -1.92Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 21.50 19.75 13.07 -20.95 -24.18

Capital & Surplus Five-year CAGR 29.77 27.80 21.81 15.78 22.75Admitted Assets Five-year CAGR 21.83 20.08 13.46 -17.65 -18.07




Asbestos NA NA NA NA NA Capital and Surplus 6,226 7,484 8,688 9,127 14,872 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 9,127 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 6,017 NA



Change in Loss & LAE Resv / Reserves 15.97 7.50 4.65 -91.48 5.61 Realized Capital Gains (Losses) 0 15 78 -20 -711 Yr Loss Reserve Dev / 1Y Prior C&S 3.59 -1.93 3.98 10.34 NA Net Unrealized Capital Gains (Losses) -36 112 42 64 -2792 Yr Loss Reserve Dev / 2Y Prior C&S 7.82 3.00 2.70 12.50 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 3,135.50 3,133.13 2,843.53 574.35 248.45 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.98 -3.79 8.04 24.53 NA Net Premiums Written / Avg C&S (%) 50.18 51.47 45.97 41.09 27.62IBNR/ Total Reserves 3.44 3.17 3.16 40.37 NA Liabilities / Capital & Surplus (%) 2,087.09 1,961.85 1,728.88 360.97 183.13Reserves/ Equity 1,540.89 1,378.01 1,242.17 100.78 63.40 Total Reins Recov Excl US Aff / C&S (%) NM NM NM NM NA


75.8

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012Y



8.4

8.7 8.8 8.8

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2009Y 2010Y 2011Y 2012Y 2013L3




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -32,338 -36,804 -38,400 -38,609 -36,365Occupied Properties 0 0 0 0 0 Net Premiums Written 2,967 3,565 3,736 3,745 3,502Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 132 396 28 85 -213Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,836 3,170 3,708 3,660 3,714

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 9,775 3,043 3,142 3,421 2,122 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,149 16,511 18,965 19,931 24,911 Net Losses Paid - Commercial 322 803 1,458 2,436 NAPremiums & Considerations Due 13,050 16,618 14,501 15,756 12,505 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 89,072 95,384 99,623 289 161 Net Losses Paid 322 803 1,458 2,436 NAAll Other Admitted Assets 19,893 25,794 25,810 6,094 4,529 Net LAE Paid 423 414 1,264 1,625 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 136,164 154,307 158,899 42,070 42,106 Change in Loss Reserves - Commercial 1,311 861 689 95 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 16 299 -453 -124 NA

Unpaid Losses 71,996 81,585 84,019 7,084 7,214 Net Change in Loss and LAE Reserves 1,326 1,160 237 -30 NAUnpaid Loss Adj Expenses 23,937 21,544 23,904 2,114 2,214 Losses and LAE Incurred 2,072 2,377 2,959 4,031 3,622

Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,428 Other Underwriting Expense Incurred -483 -564 -595 -481 -298Unearned Premiums 17,171 21,884 22,197 2,002 1,429 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 11,910 15,218 13,217 14,367 11,388 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 4,180 5,605 5,948 6,410 4,303 Net Underwriting Gain (Loss) 1,246 1,356 1,345 110 390Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 745 987 926 967 686 Total underwriting deductions 1,589 1,813 2,364 3,550 3,324



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 15 78 -20 -71Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 5,126 6,384 7,588 8,027 8,272 Income after cap gains (loss) before tax 1,272 1,638 1,867 447 635Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal Income Tax 528 491 705 72 221

Capital & Surplus 6,226 7,484 8,688 9,127 14,872 Net Income 744 1,147 1,162 375 414

Total Liabilities and C&S 136,164 154,307 158,899 42,070 42,106 Pre-tax Operating Income 1,272 1,623 1,789 466 706

Memo: Total Revenue 2,861 3,451 4,231 3,997 3,959Memo: Affiliated Investments ($000) Memo: Paid Expenses 32 -1,370 175 714 NA

Bonds 0 0 0 0 0





Net Investment Income 25 267 445 356 316 Class 6 0 0 0 0 0R li d C it l G i 0 15 78 20 71Realized Capital Gains 0 15 78 -20 -71Unrealized Capital Gains -36 112 42 64 -279Total Cash & Investments 14,149 16,511 18,965 19,931 24,911Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,430 13,327 15,594 16,191 22,847Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 121 4,486 2,000 1,043


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 2,709 3,836Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 1,533Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 7,708 Cash/Invested Assets 69.08 18.43 16.57 17.16 8.522. Illinois 4,411 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 3,231 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Tennessee 2,467 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. North Carolina 1,838 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 22,699 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 9.58 10.77 9.13 37.45 29.70


Market Share Ratio 0.01 0.01 0.01 0.01 0.01 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA 5.73 3.59 2.14 All other admitted assets/Total Assets 14.61 16.72 16.24 14.48 10.76National DPW ($000) 34,828 35,305 40,369 42,136 42,354 Invested Assets/Total Assets 10.39 10.70 11.93 47.38 59.16Adjusted Loss Ratio 51.99 53.63 52.50 50.04 63.50 Investment Income/Total Assets 0.02 0.17 0.28 0.85 0.75





Other Invstmts - 17.2% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Michigan - 18.2% Illinois - 10.4%

Ohio - 7.6% Tennessee - 5.8%

North Carolina - 4.3% All other - 53.6%


Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 6,273 7,994 12,880 16,579 18,508Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,058 2,006 2,774 3,728 4,696Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,214 5,987 10,106 12,851 13,812

NAIC Ownership Structure: Risk Retention Group Net Income 221 337 86 -451 -853Tax Identification Number : 26-1479165 Total Revenue 1,833 4,983 6,278 9,217 10,187



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,617Demotech Financial Strength Rating A 12/23/13 Affirm Loss & LAE Reserves/ NPE (%) 24.02 29.97 48.25 60.49 71.24S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 47.55 32.01 5.36 -20.84 -31.75Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 4.60 2.69 2.33 2.45 2.34Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Alan Joseph Iezzi


Net Yield on Invested Assets 0.36 1.45 0.49 0.85 0.94Net Investment Income/Earned Premiums 0.13 1.18 0.48 0.86 1.07Return on Average Equity (C&S) 32.12 21.09 3.46 -13.88 -20.92Return on Avg Assets 7.05 4.94 0.88 -3.31 -4.98Loss and LAE Ratio 41.34 54.46 58.89 74.58 79.09Expense Ratio 15.39 33.16 38.72 34.96 32.94Loss Ratio 22.42 35.76 21.49 22.12 36.51Combined Ratio 56.74 87.63 97.61 109.54 112.03Operating Ratio 56.40 86.32 97.11 108.67 110.84Investment ratio 0.33 1.30 0.50 0.87 1.19


Cash, Short-Term Investments / Liabilities 70.03 78.94 75.73 81.33 94.36Cash, Common & Liquid Bonds / Liabilities 70.03 78.94 78.96 89.00 104.52Cash & Short-Term Investments / C&S 345.02 235.57 275.91 280.35 277.57Liabilities / Liquid Assets (IRIS Ratio) 143.00 127.00 132.00 118.00 101.00Affiliated Investments / Capital & Surplus 0.00 0.00 11.77 14.93 16.96Reserve coverage2 95.50 116.15 124.07 129.25 113.05Cash From Underwriting ($000) 2,721 362 2,842 1,768 2,150Net Cash From Operations ($000) 2,713 257 2,563 2,173 2,409Underwriting Cash Flow Ratio 279.96 112.03 168.73 124.81 119.66Operating Cash Flow Ratio 280.85 117.63 177.80 122.38 119.66Unassigned Funds / Total Assets 2.99 6.56 4.88 1.99 -0.81


GPW to Policyholders' Surplus3 900 --- 289 318 304NPW to Policyholders' Surplus 300 --- 269 233 245Change in Net Premiums Written 33 -33 11 20 41*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 75 92 103*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)

Distribution Channel: Broker, Direct Response

143.0

127.0 132.0118.0

101.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013L3


56.7

87.697.6

109.5 112.0

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 18.92 18.71 37.39 52.46 42.58 Gross Change in Policyholders' Surplus 50 -10 90* 38 34Net Commission Ratio 4.55 10.39 16.04 10.55 NA Net Change in Adj Policyholders' Surplus 25 -10 32* 5 -11*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 127* 132* 118*Tax, License & Fees Ratio 0.69 1.49 0.83 0.24 NA Agents' Bal to Policyholders' Surplus 40 --- 88* 102* 82*Admin & Other Expense Ratio 10.16 21.28 21.85 24.17 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 22* 9 40*Gross Premiums Written ($000)3 5,499 5,805 8,826 11,327 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -22 7 39*Loss & Loss Adj Expense ($000) 755 2,679 3,640 6,697 7,857 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -40 -17Other Underwriting Exp Incurred ($000) 750 1,793 2,504 3,197 3,625 *Indicates an unusual value.Net Underwriting Gains ($000) 322 447 37 -914 -1,548 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 88.60 93.11 73.27 80.73 NA complements of each ratio.Effective Tax Rate 32.45 34.10 35.43 NM NM

Pre-Tax Operating Margin 17.88 10.26 2.12 -7.35 -12.71 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3



Reinsurance Recoverable ex US Aff 392 2,261 2,250 3,061 NA Net Premiums Written Growth 653.26 10.94 19.63 41.40 42.17Retention Ratio (NPW/GPW) (%)3 88.60 93.11 73.27 80.73 NA Pre-Tax Operating Income Growth NM 55.96 -73.94 NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM 52.14 -74.46 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 591.14 158.31 91.98 73.01 18.77Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 750.13 5.57 52.03 28.34 27.67Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA 143.70 107.12 100.88

Capital & Surplus Five-year CAGR NA NA 75.71 64.32 55.25Admitted Assets Five-year CAGR NA NA 120.00 92.41 81.38




Asbestos NA NA NA NA NA Capital and Surplus 1,058 2,006 2,774 3,728 4,696 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,058 2,006 2,774 3,728 NA Combined NA NA NA NA NA ACL Risk Based Capital 314 798 1,199 1,566 NA



Change in Loss & LAE Resv / Reserves 591.14 158.31 91.98 73.01 18.77 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -19.95 22.02 9.27 39.61 NA Net Unrealized Capital Gains (Losses) 0 0 17 153 2962 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -22.49 7.18 39.24 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 24.02 29.97 48.25 60.49 71.24 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -5.58 4.74 3.01 12.24 NA Net Premiums Written / Avg C&S (%) 706.83 338.50 260.24 281.36 269.84IBNR/ Total Reserves 45.03 47.86 28.04 32.94 NA Liabilities / Capital & Surplus (%) 492.71 298.40 364.33 344.70 294.14Reserves/ Equity 77.31 105.33 146.27 188.29 162.20 Total Reins Recov Excl US Aff / C&S (%) 37.04 112.68 81.11 82.11 NA


306.3

168.5125.7 115.7 119.0

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



88.6 93.1

73.380.7

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L3




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 0 0 0 72 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,499 5,805 8,826 11,327 13,865Common Stocks 0 0 326 985 1,331 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -627 -400 -2,359 -2,183 -2,861Occupied Properties 0 0 0 0 0 Net Premiums Written 4,873 5,406 6,467 9,145 11,004Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 3,045 487 285 165 1,070Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,827 4,919 6,182 8,980 9,934

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,651 4,727 7,653 10,452 13,034 Underwriting Deductions ($000)Other Investments 0 0 0 200 200 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,651 4,727 7,980 11,637 14,637 Net Losses Paid - Commercial 5 1,001 483 869 NAPremiums & Considerations Due 1,334 1,756 2,834 3,048 1,677 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 96 Net Losses Paid 5 1,001 483 869 NAAll Other Admitted Assets 1,287 1,511 2,066 1,894 2,098 Net LAE Paid 51 383 1,214 2,866 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,273 7,994 12,880 16,579 18,508 Change in Loss Reserves - Commercial 405 758 846 1,117 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 295 537 1,098 1,845 NA

Unpaid Losses 493 1,252 2,098 3,215 3,355 Net Change in Loss and LAE Reserves 700 1,295 1,944 2,962 NAUnpaid Loss Adj Expenses 325 862 1,960 3,804 4,262 Losses and LAE Incurred 755 2,679 3,640 6,697 7,857

Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,617 Other Underwriting Expense Incurred 750 1,793 2,504 3,197 3,625Unearned Premiums 3,416 3,903 4,188 4,352 5,331 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 131 -1,447 -35 -127 -302 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 343 647 1,046 894 440 Net Underwriting Gain (Loss) 322 447 37 -914 -1,548Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 506 771 851 712 727 Total underwriting deductions 1,505 4,471 6,144 9,894 11,482



Common Capital Stock 298 29 27 28 30 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 65 159 135Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 188 524 628 330 -150 Income after cap gains (loss) before tax 328 511 133 -677 -1,295Other Including Gross Contributed 497 1,378 2,044 3,295 4,740 Federal Income Tax 106 174 47 -226 -441

Capital & Surplus 1,058 2,006 2,774 3,728 4,696 Net Income 221 337 86 -451 -853

Total Liabilities and C&S 6,273 7,994 12,880 16,579 18,508 Pre-tax Operating Income 328 511 133 -677 -1,295


Bonds 0 0 0 0 0





Net Investment Income 6 64 31 78 118 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 17 153 296Total Cash & Investments 3,651 4,727 7,980 11,637 14,637Affiliated Cash & Investments 0 0 326 557 796Total Bonds (incl Short-Term) 0 0 0 0 72Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 326 985 1,331Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 985 985 726 -- 2,696Preferred Stock 0 0 0 -- 0Total 985 985 726 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.49Common Stocks / C&S 0.00 0.00 11.77 26.42 28.35Unaff common stock/Invested Assets 0.00 0.00 0.00 3.68 3.65

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 5,816 1. Med Prof Liab 11,327 Cash/Invested Assets 100.00 100.00 95.91 89.82 89.052. California 2,442 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 1,501 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 366 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 323 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 20.52 18.90 16.04 11.42 11.34National DPW ($000) 647 5,499 5,805 8,826 11,327 Invested Assets/Total Assets 58.21 59.13 61.96 70.19 79.08Adjusted Loss Ratio 32.10 23.50 36.90 22.13 26.35 Investment Income/Total Assets 0.10 0.80 0.24 0.47 0.64





Other Invstmts - 96.1% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Florida - 51.3% California - 21.6%

Michigan - 13.2% Georgia - 3.2%

Kentucky - 2.9% All other - 7.8%



Aircraft - 0.0%



All Other - 0.0%


National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,323 6,958 6,955 7,604 7,909Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,978 2,981 3,088 3,493 3,356Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,345 3,978 3,868 4,111 4,554






Name : Rose Patrick Auditor Porter Keadle Moore LLCPhone : (770) 255-4913 Actuary Merlinos & Associates Inc.Fax : (770) 246-8536 CEO --Email : [email protected] CFO --

President Guy Stephen Pierce




Cash, Short-Term Investments / Liabilities 159.60 23.91 12.99 13.12 9.06Cash, Common & Liquid Bonds / Liabilities 174.55 170.33 174.08 177.80 166.29Cash & Short-Term Investments / C&S 179.25 31.91 16.27 15.44 12.30Liabilities / Liquid Assets (IRIS Ratio) 57.00 61.00 59.00 56.00 60.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 182.20 187.15 193.10 201.72 180.96Cash From Underwriting ($000) 225 526 -48 344 463Net Cash From Operations ($000) 142 579 -4 457 531Underwriting Cash Flow Ratio 113.80 135.70 96.90 130.52 140.77Operating Cash Flow Ratio 120.83 138.98 104.13 135.80 146.10Unassigned Funds / Total Assets 9.79 13.07 15.27 19.37 16.55


GPW to Policyholders' Surplus3 900 --- 63 50 42NPW to Policyholders' Surplus 300 --- 63 50 42Change in Net Premiums Written 33 -33 -6 -18 -5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 92 86



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

57.0

61.0

59.0

56.0

60.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013L3


77.7

96.7 99.191.1 90.5

0.001.002.003.004.005.006.007.008.009.00

10.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 21.60 15.77 20.80 15.77 18.31 Gross Change in Policyholders' Surplus 50 -10 0 4 13Net Commission Ratio 8.80 10.01 10.90 9.76 NA Net Change in Adj Policyholders' Surplus 25 -10 -3 2 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 61 59 56Tax, License & Fees Ratio 5.02 6.16 6.74 6.20 NA Agents' Bal to Policyholders' Surplus 40 --- 3 3 2Admin & Other Expense Ratio 27.24 30.88 36.78 31.15 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -15 -12Gross Premiums Written ($000)3 2,001 1,873 1,540 1,462 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -39 -26 -21Loss & Loss Adj Expense ($000) 670 967 782 633 636 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 -34 -35Other Underwriting Exp Incurred ($000) 822 881 838 689 736 *Indicates an unusual value.Net Underwriting Gains ($000) 335 99 130 118 73 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 28.45 36.38 22.45 15.94 21.33


Admitted Assets Growth 4.36 10.05 -0.04 9.33 3.10

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -4.22 18.92 -2.76 6.28 6.16

Reinsurance Recoverable ex US Aff 0 0 0 0 NA Net Premiums Written Growth 12.05 -6.41 -17.80 -5.03 19.16Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 21.38 -40.84 16.43 19.72 -24.08Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth -30.16 7.41 55.98 10.20 -21.86Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -8.90 16.17 4.79 7.16 7.58Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 12.05 -6.41 -17.80 -5.03 19.16Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 28.38 18.85 13.70 6.96 5.33








Change in Loss & LAE Resv / Reserves -8.90 16.17 4.79 7.16 7.58 Realized Capital Gains (Losses) -139 53 93 50 241 Yr Loss Reserve Dev / 1Y Prior C&S -28.01 -12.86 -15.37 -12.24 NA Net Unrealized Capital Gains (Losses) 326 83 -161 195 -1882 Yr Loss Reserve Dev / 2Y Prior C&S -42.69 -39.11 -26.02 -20.69 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 137.02 126.31 158.53 203.92 215.50 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -39.34 -19.67 -26.17 -26.24 NA Net Premiums Written / Avg C&S (%) 78.97 68.95 52.49 44.48 46.11IBNR/ Total Reserves 62.27 69.38 68.54 74.87 NA Liabilities / Capital & Surplus (%) 112.31 133.44 125.27 117.67 135.72Reserves/ Equity 75.06 87.11 88.13 83.47 100.17 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


158.2

375.0

202.5 187.9 195.0

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013L3




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 500 1,401 1,015 899 1,395 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,001 1,873 1,540 1,462 1,582Common Stocks 0 4,183 5,061 5,870 5,764 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,001 1,873 1,540 1,462 1,582Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 174 -74 -210 22 137Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,828 1,947 1,750 1,440 1,445

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,338 951 502 539 413 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,838 6,536 6,578 7,309 7,573 Net Losses Paid - Commercial 518 336 367 248 NAPremiums & Considerations Due 169 76 90 76 50 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 518 336 367 248 NAAll Other Admitted Assets 315 347 288 219 287 Net LAE Paid 370 270 291 190 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,323 6,958 6,955 7,604 7,909 Change in Loss Reserves - Commercial -243 324 51 158 NA


Unpaid Losses 1,710 2,034 2,085 2,243 2,551 Net Change in Loss and LAE Reserves -218 361 124 195 NAUnpaid Loss Adj Expenses 526 563 636 673 810 Losses and LAE Incurred 670 967 782 633 636

Loss & Loss Adj Exp Reserves 2,235 2,597 2,721 2,916 3,361 Other Underwriting Expense Incurred 822 881 838 689 736Unearned Premiums 969 895 685 707 823 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 119 118 120 106 Net Underwriting Gain (Loss) 335 99 130 118 73Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 34 367 343 368 263 Total underwriting deductions 1,492 1,848 1,620 1,322 1,372



Common Capital Stock 2,329 2,420 2,454 2,502 2,528 Net Realized Capital Gains (Losses) -139 53 93 50 24Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income -8 0 -35 0 0Unassigned Surplus 619 909 1,062 1,473 1,309 Income after cap gains (loss) before tax 220 265 339 345 228Other Including Gross Contributed 0 -378 -458 -511 -511 Federal Income Tax 62 97 76 55 49



Memo: Total Revenue 1,712 2,113 1,959 1,667 1,600Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,228 1,247 1,254 986 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 499 500 1,641 1,170 899Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 31 114 152 177 131 Class 6 0 0 0 0 0R li d C it l G i 139 53 93 50 24Realized Capital Gains -139 53 93 50 24Unrealized Capital Gains 326 83 -161 195 -188Total Cash & Investments 5,838 6,536 6,578 7,309 7,573Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 500 1,641 1,170 899 1,395Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 4,183 5,061 5,870 5,764Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0







LT Bond 899 899 876 812 3,487Common Stock 5,870 5,870 5,793 -- 17,534Preferred Stock 0 0 0 -- 0Total 6,770 6,770 6,670 812 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. North Carolina 732 1. Oth, Prod Liab Cmbnd 1,462 Cash/Invested Assets 91.44 14.55 7.64 7.38 5.452. Florida 578 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 58 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 46 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 45 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 44.41 15.86 6.54 -0.75 -4.75 All other admitted assets/Total Assets 4.99 4.99 4.14 2.88 3.63National DPW ($000) 1,786 2,001 1,873 1,540 1,462 Invested Assets/Total Assets 92.33 93.92 94.57 96.12 95.74Adjusted Loss Ratio 26.40 15.07 33.91 23.88 28.18 Investment Income/Total Assets 0.49 1.63 2.19 2.33 1.66





Other Invstmts - 7.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


North Carolina - 50.0% Florida - 39.5%

Georgia - 3.9% South Carolina - 3.2%

Virginia - 3.1% All other - 0.2%



Aircraft - 0.0%



All Other - 0.0%


National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 15,912 16,442 15,823 16,314 16,898Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,662 4,626 5,529 5,980 6,178

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 12,250 11,816 10,294 10,334 10,720NAIC Ownership Structure: Risk Retention Group Net Income 127 889 890 516 708Tax Identification Number : 38-2848487 Total Revenue 716 2,607 2,672 2,744 2,882

Direct Premiums Written 11,335 11,953 12,140 13,150 13,825Net Premiums Written 676 2,102 2,555 2,507 2,676


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 9,123Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 2,104.56 437.85 392.75 348.77 327.27S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.93 29.95 24.30 12.87 17.03Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.45 0.46 0.42 0.43Fitch Financial Strength Rating -- -- -- --


Name : Mark A. Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik K. KingEmail : [email protected] CFO --

President Mark A. Burnheimer


Net Yield on Invested Assets 1.03 1.89 1.21 1.39 1.22Net Investment Income/Earned Premiums 19.79 10.52 5.66 6.33 4.95Return on Average Equity (C&S) 3.59 22.94 18.12 9.24 11.90Return on Avg Assets 0.65 5.22 5.25 3.04 4.13Loss and LAE Ratio 32.59 44.67 43.48 70.82 62.11Expense Ratio 46.78 18.12 14.82 7.74 6.06Loss Ratio -25.89 12.16 14.60 34.88 31.43Combined Ratio 79.37 62.79 58.30 78.56 68.16Operating Ratio 56.42 53.53 52.58 72.42 63.34Investment ratio 22.95 9.27 5.72 6.14 4.82


Cash, Short-Term Investments / Liabilities 10.25 34.94 29.18 39.07 19.25Cash, Common & Liquid Bonds / Liabilities 101.27 123.12 130.90 141.86 19.25Cash & Short-Term Investments / C&S 34.27 89.24 54.33 67.51 33.41Liabilities / Liquid Assets (IRIS Ratio) 94.00 86.00 85.00 70.00 84.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 113.56 126.29 125.34 139.84 102.05Cash From Underwriting ($000) -2,114 450 -1,282 652 -1,035Net Cash From Operations ($000) -1,891 834 -1,638 737 -874Underwriting Cash Flow Ratio 48.29 158.53 63.12 157.87 59.16Operating Cash Flow Ratio 52.56 139.65 82.17 180.52 63.99Unassigned Funds / Total Assets 13.59 19.01 25.46 27.46 27.68


GPW to Policyholders' Surplus3 900 --- 265 223 222NPW to Policyholders' Surplus 300 --- 45 46 42Change in Net Premiums Written 33 -33 211* 22 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 55 53 63


MSA: Traverse City, MI (Micro)


94.086.0 85.0

70.0

84.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L3


79.4

62.858.3

78.6

68.2

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 58.48 32.51 28.88 35.94 30.68 Gross Change in Policyholders' Surplus 50 -10 26 20 8Net Commission Ratio -140.19 -26.30 -21.06 -35.49 NA Net Change in Adj Policyholders' Surplus 25 -10 26* 20 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 86 85 70Tax, License & Fees Ratio 44.36 15.58 12.54 13.28 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 142.61 28.85 23.35 29.94 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -47 -26 -7Gross Premiums Written ($000)3 12,197 12,259 12,348 13,259 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -112 -71 -30Loss & Loss Adj Expense ($000) 190 1,066 1,099 1,831 1,708 Est Curr Resv Defi/Policyholders' Surplus 25 --- 228* 223* 6Other Underwriting Exp Incurred ($000) 316 381 379 194 162 *Indicates an unusual value.Net Underwriting Gains ($000) 77 939 1,050 560 880 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 5.54 17.15 20.69 18.91 NA complements of each ratio.Effective Tax Rate 54.08 32.55 30.35 27.93 30.12


Admitted Assets Growth -12.72 3.33 -3.76 3.10 -1.45

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -16.93 -3.54 -12.88 0.38 -7.76

Reinsurance Recoverable ex US Aff -351 -868 -142 -125 NA Net Premiums Written Growth -83.00 211.20 21.55 -1.88 -0.73Retention Ratio (NPW/GPW) (%)3 5.54 17.15 20.69 18.91 NA Pre-Tax Operating Income Growth -46.10 451.56 2.91 -39.79 72.72Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -72.92 597.90 0.17 -42.04 85.20Nonaffiliated Reins Assumed / GPW (%) 7.07 2.49 1.69 0.82 NA Loss & Loss Adj Exp Reserves Growth -20.14 -4.21 -6.86 -5.11 -1.12Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -0.16 5.45 1.56 8.32 4.49Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 7.87 2.62 -3.29 -5.57 -7.80

Capital & Surplus Five-year CAGR 5.62 9.23 12.18 14.39 16.92Admitted Assets Five-year CAGR 7.32 4.25 0.70 -0.60 -2.23







Change in Loss & LAE Resv / Reserves -20.14 -4.21 -6.86 -5.11 -1.12 Realized Capital Gains (Losses) 67 158 84 -3 01 Yr Loss Reserve Dev / 1Y Prior C&S -65.05 -46.91 -25.94 -6.89 NA Net Unrealized Capital Gains (Losses) 18 13 13 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -89.60 -111.60 -70.70 -30.30 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 2,104.56 437.85 392.75 348.77 327.27 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -388.99 -72.00 -47.48 -14.74 NA Net Premiums Written / Avg C&S (%) 19.05 54.25 51.98 44.89 45.01IBNR/ Total Reserves 42.88 40.29 39.65 38.22 NA Liabilities / Capital & Surplus (%) 334.52 255.43 186.19 172.80 173.54Reserves/ Equity 284.50 215.73 168.12 147.49 147.69 Total Reins Recov Excl US Aff / C&S (%) -9.58 -18.76 -2.57 -2.09 NA


82.2

123.7

168.1

210.2236.5

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012Y



5.5

17.1

20.718.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013L3




National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -10,660 -9,851 -9,584 -10,643 -11,149Occupied Properties 0 0 0 0 0 Net Premiums Written 676 2,102 2,555 2,507 2,676Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 93 -284 28 -78 -74Properties for Sale 0 0 0 0 0 Net Premiums Earned 583 2,386 2,527 2,585 2,750

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,255 4,128 3,004 4,037 2,064 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 12,562 13,535 11,891 12,459 10,023 Net Losses Paid - Commercial 1,440 523 903 1,175 NAPremiums & Considerations Due 361 76 83 1,535 3,420 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 2,027 2,075 3,109 1,661 2,803 Net Losses Paid 1,440 523 903 1,175 NAAll Other Admitted Assets 963 756 741 660 651 Net LAE Paid 1,377 982 880 1,131 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,912 16,442 15,823 16,314 16,898 Change in Loss Reserves - Commercial -1,591 -233 -534 -273 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -1,037 -206 -150 -202 NA

Unpaid Losses 6,665 6,433 5,899 5,625 5,763 Net Change in Loss and LAE Reserves -2,627 -439 -684 -475 NAUnpaid Loss Adj Expenses 3,753 3,547 3,396 3,195 3,360 Losses and LAE Incurred 190 1,066 1,099 1,831 1,708

Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 9,123 Other Underwriting Expense Incurred 316 381 379 194 162Unearned Premiums 334 50 78 0 698 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 880 868 142 125 156 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 192 204 232 184 232 Net Underwriting Gain (Loss) 77 939 1,050 560 880Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 425 715 548 1,204 510 Total underwriting deductions 506 1,447 1,478 2,025 1,870



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) 67 158 84 -3 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 500 500 All Other Income 0 0 0 0 0Unassigned Surplus 2,162 3,126 4,029 4,480 4,678 Income after cap gains (loss) before tax 277 1,318 1,278 716 1,013Other Including Gross Contributed 400 400 400 400 400 Federal Income Tax 150 429 388 200 305


Total Liabilities and C&S 15,912 16,442 15,823 16,314 16,898 Pre-tax Operating Income 210 1,160 1,194 719 1,013

Memo: Total Revenue 783 2,765 2,756 2,741 2,882Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,648 1,408 1,287 1,420 NA

Bonds 0 0 0 0 0





Net Investment Income 134 221 145 159 133 Class 6 60 0 0 0 0R li d C it l G i 67 158 84 3 0Realized Capital Gains 67 158 84 -3 0Unrealized Capital Gains 18 13 13 0 0Total Cash & Investments 12,562 13,535 11,891 12,459 10,023Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 11,222 10,441 10,471 10,622 0Total Preferred Stock (incl Nonadmitted) 117 137 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.63 0.20 0.00 0.00 NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA



RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 1,065 895

Municipal SecuritiesIssued States & Territories ($000) 0 292 288 304 279Issued Political Subdivisions ($000) 0 106 216 664 2,428Issued State Rev Obligations ($000) 0 0 21 271 518Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) 1.05 1.05 1.00 1.00 NABonds Rated 3-6 / C&S 1.92 0.46 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 89.08 68.49 74.74 67.59 79.41Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 3.19 2.95 0.00 0.00 0.001. Illinois 3,307 1. Med Prof Liab 13,150 Cash/Invested Assets 9.99 30.50 25.26 32.41 20.592. Missouri 2,008 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 1,978 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 1,675 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Delaware 1,009 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 6.76 0.77 -2.25 -4.52 -0.30 All other admitted assets/Total Assets 6.05 4.60 4.68 4.04 3.86National DPW ($000) 11,354 11,335 11,953 12,140 13,150 Invested Assets/Total Assets 78.95 82.32 75.15 76.37 59.32Adjusted Loss Ratio 33.67 46.38 30.29 23.36 36.87 Investment Income/Total Assets 0.84 1.34 0.91 0.97 0.78





Other Invstmts - 32.4% 0.00 0.20 0.40 0.60 0.80

2009Y2010Y

2011Y

2012Y

2013L3


Illinois - 25.1% Missouri - 15.3% Virginia - 15.0%

Ohio - 12.7% Delaware - 7.7% All other - 24.1%



Aircraft - 0.0%



All Other - 0.0%


Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 15,317 14,503 9,363 12,554 12,358Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 13,945 12,444 7,654 10,807 10,571Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 1,372 2,059 1,709 1,747 1,787

NAIC Ownership Structure: Risk Retention Group Net Income -197 77 28 28 223Tax Identification Number : 99-0319305 Total Revenue 1,455 -134 1,016 816 868

Direct Premiums Written 748 622 501 953 940Net Premiums Written 629 505 390 843 830

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,321 -422 841 696 726

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 320 25 20 20 2Demotech Financial Strength Rating A 11/21/13 Affirm Loss & LAE Reserves/ NPE (%) 33.17 NM 2.60 2.87 1.83S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -2.57 2.33 -1.33 -0.40 1.96Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.05 0.04 0.05 0.08 0.08Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor PricewaterhouseCoopers LLPPhone : (802) 479-7801 Actuary GPW Actuarial Services Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Mark H. Mishler


Net Yield on Invested Assets 0.92 2.02 1.48 1.17 1.21Net Investment Income/Earned Premiums 21.37 56.97 44.85 14.20 17.13Return on Average Equity (C&S) -1.40 0.56 0.29 0.32 2.09Return on Avg Assets -1.24 0.51 0.23 0.26 1.79Loss and LAE Ratio 77.22 NM 29.30 13.03 3.00Expense Ratio 126.62 -159.72 230.06 90.21 76.73Loss Ratio 77.22 NM 29.30 13.03 3.00Combined Ratio 203.84 NM 259.37 103.24 79.73Operating Ratio 193.66 NM 238.58 86.03 60.17Investment ratio 10.18 NA 20.79 17.20 19.56


Cash, Short-Term Investments / Liabilities 729.52 322.65 389.41 392.82 379.12Cash, Common & Liquid Bonds / Liabilities NM 680.42 538.25 686.31 641.35Cash & Short-Term Investments / C&S 71.78 53.38 86.96 63.50 64.09Liabilities / Liquid Assets (IRIS Ratio) 10.00 15.00 19.00 15.00 16.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 1,121.70 738.18 635.96 753.87 682.12Cash From Underwriting ($000) -1,527 790 -603 -118 -346Net Cash From Operations ($000) -269 1,156 -346 -4 -176Underwriting Cash Flow Ratio 24.93 -262.80 43.85 87.49 70.55Operating Cash Flow Ratio 24.73 -204.19 41.76 87.49 70.55Unassigned Funds / Total Assets 63.93 57.17 37.39 28.82 27.37


GPW to Policyholders' Surplus3 900 --- 5 7 9NPW to Policyholders' Surplus 300 --- 4 5 8Change in Net Premiums Written 33 -33 -20 -23 116*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 104* 42 137*




10.0

15.0

19.0

15.016.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L3


203.8

0.0

259.4

103.279.7

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -11* -38* 41Net Commission Ratio 13.00 10.04 4.93 0.77 NA Net Change in Adj Policyholders' Surplus 25 -10 -11* -38* 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 15 19 15Tax, License & Fees Ratio 7.23 8.73 11.72 6.51 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 106.38 -178.49 213.41 82.92 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 0 0Gross Premiums Written ($000)3 739 615 500 953 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 -2 0Loss & Loss Adj Expense ($000) 1,020 349 246 91 22 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 797 716 864 761 637 *Indicates an unusual value.Net Underwriting Gains ($000) -496 35 -302 -155 68 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 85.12 82.10 77.99 88.46 NA complements of each ratio.Effective Tax Rate NM 56.28 0.00 0.00 0.00

Pre-Tax Operating Margin -24.82 NM -12.54 -4.35 24.19 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth -7.21 -5.31 -35.44 34.08 -0.67

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -40.19 50.05 -16.98 2.21 -2.60

Reinsurance Recoverable ex US Aff 0 0 -32 -13 NA Net Premiums Written Growth 22.68 -19.79 -22.76 116.39 15.36Retention Ratio (NPW/GPW) (%)3 85.12 82.10 77.99 88.46 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 NA Net Income Growth NM NM -64.06 0.56 NMNonaffiliated Reins Assumed / GPW (%) -1.26 -1.15 -0.20 0.00 NA Loss & Loss Adj Exp Reserves Growth -39.79 -92.18 -20.00 0.00 -89.00Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 17.37 -16.94 -19.45 90.39 13.31Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -25.13 -19.65 -22.41 -16.43 -8.38

Capital & Surplus Five-year CAGR 5.50 -0.16 -10.45 -4.90 -5.56Admitted Assets Five-year CAGR -1.48 -4.95 -13.53 -7.14 -6.00






RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 1,889.12 1,838.43 944.04 1,688.12 NA

Change in Loss & LAE Resv / Reserves -39.79 -92.18 -20.00 0.00 -89.00 Realized Capital Gains (Losses) -12 -146 155 63 131 Yr Loss Reserve Dev / 1Y Prior C&S -2.22 -2.29 -0.04 0.00 NA Net Unrealized Capital Gains (Losses) -51 111 214 51 -2602 Yr Loss Reserve Dev / 2Y Prior C&S -3.86 -3.73 -2.29 -0.04 NA Dividends to Stockholders 0 0 -5,000 0 0Loss and LAE Reserves / NPE 33.17 NM 2.60 2.87 1.83 Dividend Payout Ratio (%) 0.00 0.00 NM 0.00 0.001 Yr Loss Reserve Development / NPE -23.92 NM -0.59 0.00 NA Net Premiums Written / Avg C&S (%) 4.47 3.65 4.08 9.60 7.75IBNR/ Total Reserves 100.00 100.00 100.00 100.00 NA Liabilities / Capital & Surplus (%) 9.84 16.54 22.33 16.17 16.90Reserves/ Equity 2.29 0.20 0.26 0.19 0.02 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 -0.42 -0.12 NA


1,457.3

1,889.1 1,838.4

944.0

1,688.1

02,0004,0006,0008,000

10,00012,00014,00016,000

2008Y 2009Y 2010Y 2011Y 2012Y



85.1

82.1

78.0

88.5

0

200

400

600

800

1,000

1,200

2009Y 2010Y 2011Y 2012Y 2013L3




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 3,612 6,705 2,318 4,944 4,495 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 748 622 501 953 940Common Stocks 580 661 226 183 191 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 748 622 501 953 940Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -119 -117 -111 -110 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 629 505 390 843 830Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -692 926 -451 147 103Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,321 -422 841 696 726

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 10,010 6,643 6,656 6,862 6,775 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,201 14,008 9,200 11,989 11,461 Net Losses Paid - Commercial 1,231 643 251 91 NAPremiums & Considerations Due 116 49 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 87 87 88 88 88 Net Losses Paid 1,231 643 251 91 NAAll Other Admitted Assets 405 282 40 45 85 Net LAE Paid 0 0 0 0 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,317 14,503 9,363 12,554 12,358 Change in Loss Reserves - Commercial -211 -295 -5 0 NA


Unpaid Losses 320 25 20 20 2 Net Change in Loss and LAE Reserves -211 -295 -5 0 NAUnpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 1,020 349 246 91 22

Loss & Loss Adj Exp Reserves 320 25 20 20 2 Other Underwriting Expense Incurred 797 716 864 761 637Unearned Premiums 946 1,873 1,422 1,569 1,678 Other Underwriting Deductions 0 -1,522 32 0 0Total Reinsurance Liabilities 0 0 33 13 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 161 235 146 107 Net Underwriting Gain (Loss) -496 35 -302 -155 68Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,817 -457 1,143 851 658



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains (Losses) -12 -146 155 63 13Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 9,792 8,292 3,501 3,618 3,382 Income after cap gains (loss) before tax -373 177 28 28 223Other Including Gross Contributed 4,122 4,122 4,122 7,159 7,159 Federal Income Tax -176 100 0 0 0

Capital & Surplus 13,945 12,444 7,654 10,807 10,571 Net Income -197 77 28 28 223

Total Liabilities and C&S 15,317 14,503 9,363 12,554 12,358 Pre-tax Operating Income -361 323 -127 -35 210

Memo: Total Revenue 1,444 -280 1,171 879 882Memo: Affiliated Investments ($000) Memo: Paid Expenses 803 660 819 874 NA

Bonds 0 0 0 0 0





Net Investment Income 134 287 175 120 142 Class 6 0 0 0 0 0R li d C it l G i 12 146 155 63 13Realized Capital Gains -12 -146 155 63 13Unrealized Capital Gains -51 111 214 51 -260Total Cash & Investments 14,201 14,008 9,200 11,989 11,461Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,612 6,705 2,318 4,944 4,495Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 580 661 226 183 191Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 5,164 2,435 0 1,802 2,946Issued Political Subdivisions ($000) 0 0 5,341 67 1,163Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 633 0 448 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 190 1. Oth, Prod Liab Cmbnd 953 Cash/Invested Assets 70.48 47.42 72.35 57.24 59.112. Arizona 99 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 47 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Illinois 46 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. North Carolina 42 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 3.31 0.53 0.38 3.44 5.86DPW 5 Yr CAGR -23.15 -22.95 -13.34 -18.68 -9.75 All other admitted assets/Total Assets 2.65 1.94 0.43 0.36 0.69National DPW ($000) 638 748 622 501 953 Invested Assets/Total Assets 92.72 96.59 98.26 95.50 92.74Adjusted Loss Ratio -0.41 -33.46 NM 0.00 0.00 Investment Income/Total Assets 0.88 1.98 1.87 0.95 1.15





Other Invstmts - 57.2% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Texas - 19.9% Arizona - 10.4%

Virginia - 5.0% Illinois - 4.8%

North Carolina - 4.4% All other - 55.5%



Aircraft - 0.0%



All Other - 0.0%


Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 21,244 22,091 23,250 23,274 22,237Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 8,003 8,552 9,170 10,580 11,800Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 13,240 13,539 14,080 12,694 10,438

NAIC Ownership Structure: Risk Retention Group Net Income 233 442 604 1,093 1,519Tax Identification Number : 36-3584321 Total Revenue 3,309 3,404 3,546 3,498 3,400



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,862Demotech Financial Strength Rating A' 11/21/13 Affirm Loss & LAE Reserves/ NPE (%) 391.87 389.52 366.83 344.52 277.30S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.67 4.36 8.44 13.97 13.36Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.34 0.32 0.33 0.28 0.28Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe III


Net Yield on Invested Assets 3.68 3.41 3.02 2.68 1.73Net Investment Income/Earned Premiums 24.19 24.12 20.37 19.18 11.31Return on Average Equity (C&S) 3.31 5.51 6.80 11.06 13.90Return on Avg Assets 1.17 2.08 2.70 4.69 6.53Loss and LAE Ratio 49.27 45.90 22.09 -17.37 -21.27Expense Ratio 39.09 28.99 29.73 29.62 25.83Loss Ratio 41.62 42.28 17.46 -22.75 -37.38Combined Ratio 110.97 111.30 94.58 71.92 61.91Operating Ratio 85.98 87.27 73.48 52.56 49.86Investment ratio 24.99 24.03 21.10 19.37 12.04


Cash, Short-Term Investments / Liabilities 8.00 15.69 15.22 12.16 20.85Cash, Common & Liquid Bonds / Liabilities 144.48 153.21 153.19 171.35 200.50Cash & Short-Term Investments / C&S 13.23 24.84 23.37 14.58 18.44Liabilities / Liquid Assets (IRIS Ratio) 62.00 59.00 58.00 52.00 43.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.56 211.37 223.87 294.09 214.26Cash From Underwriting ($000) 202 1,003 983 650 313Net Cash From Operations ($000) 252 1,074 390 -357 -1,217Underwriting Cash Flow Ratio 106.85 162.28 164.39 124.31 110.72Operating Cash Flow Ratio 90.59 120.76 111.33 95.52 74.59Unassigned Funds / Total Assets 19.28 20.38 21.39 26.75 32.89


GPW to Policyholders' Surplus3 900 --- 49 50 44NPW to Policyholders' Surplus 300 --- 32 33 28Change in Net Premiums Written 33 -33 0 11 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 80 63

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 I t t Yi ld 6 5 3 3 4 3 0 2 7*

MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, Independent Agency

62.059.0 58.0

52.0

43.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L3


111.0 111.3

94.6

71.961.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2009Y 2010Y 2011Y 2012Y 2013L3



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Investment Yield 6.5 3 3.4 3.0 2.7*

Loss Adjustment Expense Ratio 7.65 3.62 4.63 5.38 16.11 Gross Change in Policyholders' Surplus 50 -10 7 7 15Net Commission Ratio 1.46 1.67 1.77 1.72 NA Net Change in Adj Policyholders' Surplus 25 -10 5 6 14Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 59 58 52Tax, License & Fees Ratio 6.30 4.73 6.30 6.03 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 31.34 22.59 21.65 21.87 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -22 -36Gross Premiums Written ($000)3 4,304 4,162 4,570 4,665 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -41 -40 -61Loss & Loss Adj Expense ($000) 1,308 1,261 646 -509 -649 Est Curr Resv Defi/Policyholders' Surplus 25 --- -21 -20 -18Other Underwriting Exp Incurred ($000) 1,072 793 900 877 839 *Indicates an unusual value.Net Underwriting Gains ($000) 274 693 1,377 2,565 2,862 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 63.73 65.74 66.26 63.47 NA complements of each ratio.Effective Tax Rate 32.43 19.08 29.77 30.93 27.20



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 1.77 2.26 3.99 -9.85 -18.77

Reinsurance Recoverable ex US Aff 5,877 4,465 5,444 7,453 NA Net Premiums Written Growth -3.24 -0.25 10.69 -2.24 5.41Retention Ratio (NPW/GPW) (%)3 63.73 65.74 66.26 63.47 NA Pre-Tax Operating Income Growth -53.21 6.43 114.14 84.09 123.15Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 82.63 89.81 36.59 80.85 210.29Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -1.49 -0.73 0.00 -20.59 -27.14Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 2.55 -3.31 9.82 2.06 11.12Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 2.19 1.80 1.33 -1.35 -4.21








Change in Loss & LAE Resv / Reserves -1.49 -0.73 0.00 -20.59 -27.14 Realized Capital Gains (Losses) 16 197 111 202 6271 Yr Loss Reserve Dev / 1Y Prior C&S -24.51 -17.96 -21.54 -35.76 NA Net Unrealized Capital Gains (Losses) 455 145 -32 151 262 Yr Loss Reserve Dev / 2Y Prior C&S -37.70 -40.58 -39.77 -60.60 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 391.87 389.52 366.83 344.52 277.30 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -59.78 -52.32 -63.01 -111.81 NA Net Premiums Written / Avg C&S (%) 38.89 34.08 34.09 29.97 29.72IBNR/ Total Reserves 67.89 65.20 63.56 56.41 NA Liabilities / Capital & Surplus (%) 165.43 158.32 153.54 119.98 88.46Reserves/ Equity 128.38 119.27 111.23 76.56 66.63 Total Reins Recov Excl US Aff / C&S (%) 73.43 52.21 59.37 70.44 NA


452.6525.1

643.5 629.9

761.2

0

2,000

4,000

6,000

8,000

10,000

12,000

2008Y 2009Y 2010Y 2011Y 2012Y



63.7

65.766.3

63.5

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2009Y 2010Y 2011Y 2012Y 2013L3




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,561 -1,426 -1,542 -1,704 -1,878Occupied Properties 0 0 0 0 0 Net Premiums Written 2,743 2,736 3,028 2,961 3,248Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 88 -11 105 28 196Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,655 2,747 2,923 2,933 3,052

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,059 2,125 2,143 1,543 2,176 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 18,702 20,146 20,857 21,004 20,242 Net Losses Paid - Commercial 1,237 1,143 550 1,335 NAPremiums & Considerations Due 1,586 1,548 1,871 1,699 1,733 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 508 0 19 238 109 Net Losses Paid 1,237 1,143 550 1,335 NAAll Other Admitted Assets 447 398 504 333 154 Net LAE Paid 226 192 96 256 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 21,244 22,091 23,250 23,274 22,237 Change in Loss Reserves - Commercial -132 18 -40 -2,002 NA


Unpaid Losses 10,011 10,028 9,989 7,987 7,640 Net Change in Loss and LAE Reserves -155 -75 0 -2,100 NAUnpaid Loss Adj Expenses 265 172 211 113 221 Losses and LAE Incurred 1,308 1,261 646 -509 -649

Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,862 Other Underwriting Expense Incurred 1,072 793 900 877 839Unearned Premiums 1,454 1,443 1,548 1,576 1,586 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 448 336 319 456 72 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 164 174 213 227 232 Net Underwriting Gain (Loss) 274 693 1,377 2,565 2,862Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 600 1,000 1,250 1,750 1,750Other Liabilities 898 1,385 1,800 2,334 686 Total underwriting deductions 2,380 2,054 1,546 368 190



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 16 197 111 202 627Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -9 -3 6 -3 -20Unassigned Surplus 4,095 4,502 4,974 6,226 7,315 Income after cap gains (loss) before tax 345 547 860 1,582 2,087Other Including Gross Contributed 3,908 4,050 4,196 4,354 4,485 Federal Income Tax 112 104 256 489 568

Capital & Surplus 8,003 8,552 9,170 10,580 11,800 Net Income 233 442 604 1,093 1,519

Total Liabilities and C&S 21,244 22,091 23,250 23,274 22,237 Pre-tax Operating Income 329 350 750 1,380 1,460


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 13,797 14,888 15,193 14,903 14,565Cash & Short Term Investments 0 0 0 0 0 Class 2 102 0 0 670 1,119All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 663 660 617 568 367 Class 6 0 0 0 0 0R li d C it l G i 16 197 111 202 627Realized Capital Gains 16 197 111 202 627Unrealized Capital Gains 455 145 -32 151 26Total Cash & Investments 18,702 20,146 20,857 21,004 20,242Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,888 15,193 15,573 15,685 13,997Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,183 3,427 3,853 4,523 4,755Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 1,247 472







Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Virginia 657 1. Comm'l Auto St 4,665 Cash/Invested Assets 5.66 10.55 10.27 7.35 10.752. Utah 527 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Kentucky 453 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Missouri 383 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 346 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 7.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Virginia - 14.1% Utah - 11.3% Kentucky - 9.7%

Missouri - 8.2% Nebraska - 7.4% All other - 49.3%



Aircraft - 0.0%



All Other - 0.0%


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

1605 Main Street NAIC Company Code : 11973 Total Assets 11,225 10,373 8,566 8,169 9,286Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,720 2,520 2,538 3,383 3,134Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 9,505 7,853 6,028 4,786 6,152

NAIC Ownership Structure: Risk Retention Group Net Income -1,667 537 32 609 -517Tax Identification Number : 20-1065673 Total Revenue 4,466 3,102 2,360 2,676 1,304

Direct Premiums Written 4,834 3,561 3,009 3,167 3,043Net Premiums Written 4,510 2,447 2,280 2,505 923


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,990Demotech Financial Strength Rating A 11/18/13 Affirm Loss & LAE Reserves/ NPE (%) 118.56 231.21 215.71 145.72 269.55S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -98.51 42.83 -1.15 29.41 -25.94Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.62 0.97 0.90 0.74 0.29Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 955-0793 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 1.08 0.89 0.67 0.94 0.92Net Investment Income/Earned Premiums 1.79 2.92 2.28 2.78 7.39Return on Average Equity (C&S) -65.61 28.15 1.26 20.28 -15.17Return on Avg Assets -15.70 4.92 0.36 7.35 -6.00Loss and LAE Ratio 120.52 41.77 57.27 12.75 67.28Expense Ratio 35.14 41.00 46.82 45.54 119.58Loss Ratio 79.39 22.45 42.97 22.39 120.33Combined Ratio 157.90 83.29 104.10 70.57 215.04Operating Ratio 156.07 80.94 101.85 67.90 209.03Investment ratio 1.84 2.35 2.25 2.67 6.00


Cash, Short-Term Investments / Liabilities 41.17 69.17 32.49 24.61 14.12Cash, Common & Liquid Bonds / Liabilities 122.18 130.39 137.38 167.53 120.99Cash & Short-Term Investments / C&S 227.59 215.59 77.17 34.81 27.71Liabilities / Liquid Assets (IRIS Ratio) 119.00 94.00 81.00 64.00 89.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 102.29 128.91 155.75 212.74 164.68Cash From Underwriting ($000) 693 -663 -862 -211 -475Net Cash From Operations ($000) 487 202 -903 -295 -784Underwriting Cash Flow Ratio 123.83 82.42 76.14 90.38 85.94Operating Cash Flow Ratio 125.85 60.85 78.85 98.05 94.28Unassigned Funds / Total Assets -4.98 0.98 0.77 10.22 5.58


GPW to Policyholders' Surplus3 900 --- 141 119 94NPW to Policyholders' Surplus 300 --- 97 90 74Change in Net Premiums Written 33 -33 -46* -7 10Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 125* 90 84


MSA: North Port-Bradenton-Sarasota, FL (Metro)


119.0

94.0

81.0

64.0

89.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L3


157.9

83.3104.1

70.6

215.0

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 41.13 19.32 14.30 -9.64 -53.05 Gross Change in Policyholders' Surplus 50 -10 47 1 33Net Commission Ratio 15.93 26.51 20.34 19.02 NA Net Change in Adj Policyholders' Surplus 25 -10 38* -1 30*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 94 81 64Tax, License & Fees Ratio 2.34 5.44 4.56 4.44 NA Agents' Bal to Policyholders' Surplus 40 --- 6 7 6Admin & Other Expense Ratio 16.86 9.05 21.92 22.08 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -49 -7 -53Gross Premiums Written ($000)3 4,834 3,561 3,009 3,167 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 72* -53 -46Loss & Loss Adj Expense ($000) 5,285 1,266 1,322 332 764 Est Curr Resv Defi/Policyholders' Surplus 25 --- -67 -12 18Other Underwriting Exp Incurred ($000) 1,445 1,143 1,067 1,141 1,103 *Indicates an unusual value.Net Underwriting Gains ($000) -2,485 761 -81 1,134 -732 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 93.30 68.70 75.77 79.07 NA complements of each ratio.Effective Tax Rate NM 33.99 -715.67 31.85 NM

Pre-Tax Operating Margin -56.04 26.34 -1.24 33.00 -67.77 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth 14.46 -7.59 -17.42 -4.63 13.89

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 40.17 -17.38 -23.24 -20.61 33.09

Reinsurance Recoverable ex US Aff 1,688 1,640 1,121 1,744 NA Net Premiums Written Growth 21.54 -45.76 -6.82 9.86 -68.33Retention Ratio (NPW/GPW) (%)3 93.30 68.70 75.77 79.07 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 19.96 20.00 20.61 16.34 NA Net Income Growth NM NM -94.03 1,799.28 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 94.12 -13.19 -31.57 -25.43 -12.30Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 2.99 -26.33 -15.51 5.27 -3.61Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 76.40 56.52 15.94 -2.84 -2.03

Capital & Surplus Five-year CAGR 24.36 24.94 13.67 6.06 -0.04Admitted Assets Five-year CAGR 58.15 44.20 15.24 0.30 -1.39




Asbestos NA NA NA NA NA Capital and Surplus 1,720 2,520 2,538 3,383 3,134 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,720 2,520 2,538 3,383 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,056 899 776 710 NA



Change in Loss & LAE Resv / Reserves 94.12 -13.19 -31.57 -25.43 -12.30 Realized Capital Gains (Losses) -1 -4 33 10 1281 Yr Loss Reserve Dev / 1Y Prior C&S 73.52 -48.97 -6.79 -52.74 NA Net Unrealized Capital Gains (Losses) 125 124 -67 160 302 Yr Loss Reserve Dev / 2Y Prior C&S 68.80 72.06 -53.11 -46.39 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 118.56 231.21 215.71 145.72 269.55 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 50.71 -27.79 -7.41 -51.35 NA Net Premiums Written / Avg C&S (%) 177.54 128.27 89.46 83.41 27.09IBNR/ Total Reserves 23.16 21.52 25.96 47.76 NA Liabilities / Capital & Surplus (%) 552.76 311.69 237.51 141.45 196.27Reserves/ Equity 409.90 242.85 164.99 92.30 95.39 Total Reins Recov Excl US Aff / C&S (%) 98.16 65.09 44.17 51.55 NA


148.9

81.4

140.1163.5

238.1

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))93.3

68.775.8 79.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L3




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -324 -1,115 -729 -663 -2,120Occupied Properties 0 0 0 0 0 Net Premiums Written 4,510 2,447 2,280 2,505 923Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 125 -584 -28 -102 -213Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,385 3,030 2,308 2,607 1,136

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,914 5,432 1,958 1,178 869 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,970 8,351 7,425 7,448 6,903 Net Losses Paid - Commercial 858 2,102 1,768 857 NAPremiums & Considerations Due 409 147 181 208 316 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 583 1,112 326 0 1,138 Net Losses Paid 858 2,102 1,768 857 NAAll Other Admitted Assets 2,262 763 634 513 929 Net LAE Paid 524 546 450 540 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 11,225 10,373 8,566 8,169 9,286 Change in Loss Reserves - Commercial 2,623 -1,422 -776 -273 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,280 39 -120 -792 NA

Unpaid Losses 4,968 3,938 2,409 2,136 2,237 Net Change in Loss and LAE Reserves 3,903 -1,382 -896 -1,065 NAUnpaid Loss Adj Expenses 2,081 2,181 1,778 986 753 Losses and LAE Incurred 5,285 1,266 1,322 332 764

Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,990 Other Underwriting Expense Incurred 1,445 1,143 1,067 1,141 1,103Unearned Premiums 2,393 1,632 1,300 1,198 1,202 Other Underwriting Deductions 140 -140 0 0 0Total Reinsurance Liabilities -624 -226 278 -17 1,339 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 547 319 263 270 241 Net Underwriting Gain (Loss) -2,485 761 -81 1,134 -732Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 98 16 0 320 320Other Liabilities 140 9 0 212 380 Total underwriting deductions 6,870 2,269 2,389 1,473 1,868



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -1 -4 33 10 128Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 100Unassigned Surplus -559 101 66 835 519 Income after cap gains (loss) before tax -2,504 813 4 894 -756Other Including Gross Contributed 2,279 2,418 2,472 2,548 2,616 Federal Income Tax -837 276 -28 285 -239

Capital & Surplus 1,720 2,520 2,538 3,383 3,134 Net Income -1,667 537 32 609 -517

Total Liabilities and C&S 11,225 10,373 8,566 8,169 9,286 Pre-tax Operating Income -2,503 817 -29 883 -884


Bonds 0 0 0 0 0





Net Investment Income 81 71 52 70 68 Class 6 0 0 0 0 0R li d C it l G i 1 4 33 10 128Realized Capital Gains -1 -4 33 10 128Unrealized Capital Gains 125 124 -67 160 30Total Cash & Investments 7,970 8,351 7,425 7,448 6,903Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,642 2,911 4,531 4,420 4,052Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,058 1,897 1,792 2,420 2,522Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 409 407 396 316Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 1,489 508 3,160 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 785 1. Oth, Prod Liab Cmbnd 3,167 Cash/Invested Assets 49.10 65.04 26.37 15.81 12.582. Pennsylvania 551 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 269 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 260 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 179 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 40.64 9.79 -0.22 -9.08 All other admitted assets/Total Assets 20.15 7.36 7.40 6.27 10.01National DPW ($000) 4,694 4,834 3,561 3,009 3,167 Invested Assets/Total Assets 71.01 80.51 86.69 91.17 74.33Adjusted Loss Ratio 28.33 62.30 27.51 42.41 30.97 Investment Income/Total Assets 0.72 0.69 0.61 0.85 0.73





Other Invstmts - 15.8% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Washington - 24.8% Pennsylvania - 17.4%

Michigan - 8.5% Georgia - 8.2%

Maryland - 5.6% All other - 35.5%



Aircraft - 0.0%



All Other - 0.0%


Ponce De Leon LTC RRG Inc. (Alpharetta, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

3655 Brookside Parkway NAIC Company Code : 11809 Total Assets 18,528 18,727 16,789 14,352 13,397Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 9,165 8,622 8,194 7,831 6,062Alpharetta, GA 30022-1429 Geographic Focus: Regional - Southern Quadrant Total Liabilities 9,363 10,104 8,595 6,521 7,334

NAIC Ownership Structure: Risk Retention Group Net Income 140 -523 -527 -471 -2,712Tax Identification Number : 02-0650614 Total Revenue 5,385 5,246 5,249 3,841 3,363



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 5,568Demotech Financial Strength Rating A 11/20/13 Affirm Loss & LAE Reserves/ NPE (%) 125.57 113.56 118.50 144.64 159.16S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.43 -8.79 -11.41 -6.32 -35.83Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.51 0.63 0.51 0.32 0.44Fitch Financial Strength Rating -- -- -- --


Name : Chrisy Ann Moultrie Auditor Johnson Lambert LLPPhone : (678) 781-2445 Actuary Milliman Inc.Fax : (678) 781-2450 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.97 2.20 2.14 1.77 1.74Net Investment Income/Earned Premiums 10.41 6.62 7.85 10.05 8.62Return on Average Equity (C&S) 1.71 -5.99 -6.50 -5.77 -35.36Return on Avg Assets 0.80 -2.95 -3.04 -3.05 -18.92Loss and LAE Ratio 41.24 79.38 83.17 74.83 136.34Expense Ratio 51.26 39.91 50.03 70.15 71.92Loss Ratio 13.60 43.80 38.13 30.30 71.07Combined Ratio 92.50 119.29 133.20 144.98 208.26Operating Ratio 82.30 111.94 126.55 137.88 200.76Investment ratio 10.20 7.35 6.64 7.10 7.49


Cash, Short-Term Investments / Liabilities 26.39 12.96 6.17 19.28 12.80Cash, Common & Liquid Bonds / Liabilities 181.95 160.80 167.06 203.17 169.63Cash & Short-Term Investments / C&S 26.96 15.19 6.47 16.05 15.48Liabilities / Liquid Assets (IRIS Ratio) 55.00 62.00 59.00 49.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.58 179.76 190.35 219.09 181.61Cash From Underwriting ($000) -418 -886 -2,352 -2,031 -2,436Net Cash From Operations ($000) -98 -723 -1,746 -1,198 -1,614Underwriting Cash Flow Ratio 90.81 84.81 65.82 58.28 53.78Operating Cash Flow Ratio 98.80 88.87 62.55 49.31 45.49Unassigned Funds / Total Assets 8.03 7.32 5.12 5.80 -7.07


GPW to Policyholders' Surplus3 900 --- 65 55 35NPW to Policyholders' Surplus 300 --- 63 51 32Change in Net Premiums Written 33 -33 15 -23 -41*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 95 118* 129*



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

55.0

62.059.0

49.0

59.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013L3


92.5

119.3133.2

145.0

208.3

-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 27.64 35.59 45.04 44.53 65.27 Gross Change in Policyholders' Surplus 50 -10 -6 -5 -4Net Commission Ratio 11.59 5.55 5.69 3.63 NA Net Change in Adj Policyholders' Surplus 25 -10 -1 -6 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 62 59 49Tax, License & Fees Ratio 3.68 2.37 2.68 2.84 NA Agents' Bal to Policyholders' Surplus 40 --- 13 10 1Admin & Other Expense Ratio 36.00 31.99 41.67 63.68 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 12 2 -4Gross Premiums Written ($000)3 5,191 5,597 4,524 2,754 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -8 17 -4Loss & Loss Adj Expense ($000) 1,969 3,859 4,091 2,621 4,190 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 18 -13Other Underwriting Exp Incurred ($000) 2,398 2,154 2,084 1,737 1,921 *Indicates an unusual value.Net Underwriting Gains ($000) 407 -1,152 -1,256 -855 -3,038 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.11 96.46 92.07 89.89 NA complements of each ratio.Effective Tax Rate 75.66 NM NM 0.00 0.00

Pre-Tax Operating Margin 18.91 -14.63 -17.63 -13.43 -81.76 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3

Admitted Assets Growth 0.94 1.07 -10.35 -14.51 -10.44

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth -11.22 7.92 -14.94 -24.13 6.21

Reinsurance Recoverable ex US Aff -144 -83 50 105 NA Net Premiums Written Growth -10.89 15.42 -22.86 -40.55 -18.34Retention Ratio (NPW/GPW) (%)3 90.11 96.46 92.07 89.89 NA Pre-Tax Operating Income Growth -8.19 NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -75.20 NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -12.12 7.15 -11.31 -8.54 13.10Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -7.42 7.83 -19.18 -39.11 -17.94Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 14.51 4.91 -3.57 -10.43 -6.08

Capital & Surplus Five-year CAGR 4.74 2.88 1.27 -0.24 -5.23Admitted Assets Five-year CAGR 9.03 3.95 -1.39 -5.69 -5.70







Change in Loss & LAE Resv / Reserves -12.12 7.15 -11.31 -8.54 13.10 Realized Capital Gains (Losses) -442 -59 171 45 371 Yr Loss Reserve Dev / 1Y Prior C&S -14.91 11.96 2.37 -3.78 NA Net Unrealized Capital Gains (Losses) 305 394 4 150 3232 Yr Loss Reserve Dev / 2Y Prior C&S -19.86 -7.85 17.16 -3.70 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 125.57 113.56 118.50 144.64 159.16 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -24.38 22.55 4.16 -8.84 NA Net Premiums Written / Avg C&S (%) 57.06 61.84 51.37 30.30 34.82IBNR/ Total Reserves 37.31 54.33 53.56 54.82 NA Liabilities / Capital & Surplus (%) 102.16 117.19 104.90 83.27 120.98Reserves/ Equity 60.27 68.64 64.06 61.31 91.85 Total Reins Recov Excl US Aff / C&S (%) -1.57 -0.96 0.61 1.34 NA


443.4

467.2

476.0

453.2

481.4

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012Y



90.1

96.5

92.1

89.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L3




Ponce De Leon LTC RRG Inc. (Alpharetta, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -513 -198 -359 -278 -272Occupied Properties 0 0 0 0 0 Net Premiums Written 4,677 5,399 4,165 2,476 2,671Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -96 538 -753 -1,026 -402Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,773 4,861 4,918 3,502 3,074

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,471 1,310 530 1,257 938 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 17,036 16,248 14,359 13,249 12,441 Net Losses Paid - Commercial 1,261 1,648 2,652 1,507 NAPremiums & Considerations Due 691 1,127 782 105 28 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 462 606 537 316 229 Net Losses Paid 1,261 1,648 2,652 1,507 NAAll Other Admitted Assets 339 747 1,111 682 699 Net LAE Paid 1,469 1,816 2,108 1,562 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,528 18,727 16,789 14,352 13,397 Change in Loss Reserves - Commercial -612 481 -776 -445 NA


Unpaid Losses 4,737 5,217 4,441 3,996 4,693 Net Change in Loss and LAE Reserves -761 395 -669 -448 NAUnpaid Loss Adj Expenses 787 701 808 805 875 Losses and LAE Incurred 1,969 3,859 4,091 2,621 4,190

Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 5,568 Other Underwriting Expense Incurred 2,398 2,154 2,084 1,737 1,921Unearned Premiums 2,536 3,074 2,321 1,295 1,282 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 312 296 317 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 887 816 708 426 484 Net Underwriting Gain (Loss) 407 -1,152 -1,256 -855 -3,038Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 105 0 0 0 0 Total underwriting deductions 4,366 6,013 6,174 4,358 6,112



Common Capital Stock 18 19 20 20 20 Net Realized Capital Gains (Losses) -442 -59 171 45 37Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,806 5,358 5,350 4,980 4,976 All Other Income 124 27 4 91 59Unassigned Surplus 1,487 1,372 859 832 -947 Income after cap gains (loss) before tax 577 -827 -754 -471 -2,712Other Including Gross Contributed 1,853 1,874 1,965 1,999 2,013 Federal Income Tax 437 -303 -227 0 0

Capital & Surplus 9,165 8,622 8,194 7,831 6,062 Net Income 140 -523 -527 -471 -2,712

Total Liabilities and C&S 18,528 18,727 16,789 14,352 13,397 Pre-tax Operating Income 1,019 -768 -925 -516 -2,749


Bonds 0 0 0 0 0





Net Investment Income 487 357 327 249 230 Class 6 0 0 0 0 0R li d C it l G i 442 59 171 45 37Realized Capital Gains -442 -59 171 45 37Unrealized Capital Gains 305 394 4 150 323Total Cash & Investments 17,036 16,248 14,359 13,249 12,441Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 12,828 12,815 11,668 9,579 8,675Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,737 2,123 2,161 2,413 2,828Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 1,384


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 2,412 1,941 1,787Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 2,754 1. Med Prof Liab 1,928 Cash/Invested Assets 14.50 8.06 3.69 9.49 7.542. Alaska 0 2. Oth, Prod Liab Cmbnd 826 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 17.10 2.72 0.08 -7.23 -15.50 All other admitted assets/Total Assets 1.83 3.99 6.61 4.75 5.22National DPW ($000) 5,607 5,191 5,597 4,524 2,754 Invested Assets/Total Assets 91.95 86.76 85.53 92.32 92.87Adjusted Loss Ratio 16.48 12.25 45.72 38.57 23.12 Investment Income/Total Assets 2.63 1.91 1.95 1.73 1.72





Other Invstmts - 9.5% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%




Aircraft - 0.0%


All Other - 0.0%


Premier Physicians Ins Co. (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

575 South Saliman Road NAIC Company Code : 12613 Total Assets 10,008 11,467 12,457 14,318 12,172Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,340 2,802 3,056 3,533 3,606

Geographic Focus: Regional - Western Quadrant Total Liabilities 6,667 8,665 9,401 10,785 8,566NAIC Ownership Structure: Risk Retention Group Net Income 399 -131 238 393 320Tax Identification Number : 20-3831358 Total Revenue 5,957 4,272 5,663 4,631 4,608



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 3,757Demotech Financial Strength Rating A 11/20/13 Affirm Loss & LAE Reserves/ NPE (%) 47.66 87.53 64.23 89.45 86.16S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 19.40 -3.84 14.26 18.24 12.76Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.93 1.46 1.99 1.39 0.95Fitch Financial Strength Rating -- -- -- --


Name : Jessica Contreras Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (775) 887-2481 CEO K. Warren VolkerEmail : [email protected] CFO --

President --


Net Yield on Invested Assets 1.32 1.11 1.02 0.96 1.07Net Investment Income/Earned Premiums 1.41 2.20 1.46 1.98 3.25Return on Average Equity (C&S) 12.44 -4.12 8.75 12.17 9.10Return on Avg Assets 4.19 -1.24 2.08 3.06 2.40Loss and LAE Ratio 41.82 51.71 53.10 36.45 39.90Expense Ratio 44.63 54.47 38.14 48.75 68.73Loss Ratio 26.33 19.85 15.09 1.67 14.44Combined Ratio 86.45 106.18 91.24 85.20 108.63Operating Ratio 84.89 104.02 89.64 83.06 106.14Investment ratio 1.55 2.16 1.59 2.14 2.49


Cash, Short-Term Investments / Liabilities 115.72 24.32 25.83 39.26 51.56Cash, Common & Liquid Bonds / Liabilities 115.72 38.56 101.51 101.77 132.16Cash & Short-Term Investments / C&S 230.99 75.20 79.45 119.88 122.48Liabilities / Liquid Assets (IRIS Ratio) 86.00 100.00 98.00 98.00 86.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 122.82 103.24 105.74 111.15 158.63Cash From Underwriting ($000) 990 2,155 477 1,626 -31Net Cash From Operations ($000) 781 2,113 670 1,538 246Underwriting Cash Flow Ratio 118.58 150.91 111.19 135.08 99.32Operating Cash Flow Ratio 124.30 154.91 111.31 140.83 98.26Unassigned Funds / Total Assets 6.44 0.73 2.19 5.18 6.45


GPW to Policyholders' Surplus3 900 --- 225 236 196NPW to Policyholders' Surplus 300 --- 146 199 139Change in Net Premiums Written 33 -33 -37* 48* -19Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 95 87


MSA: Carson City, NV (Metro)


86.0

100.098.0 98.0

86.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013L3


86.4

106.2

91.285.2

108.6

-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 15.48 31.86 38.01 34.78 25.46 Gross Change in Policyholders' Surplus 50 -10 -16* 9 16Net Commission Ratio 3.90 7.38 6.73 7.76 NA Net Change in Adj Policyholders' Surplus 25 -10 -19* 4 10Salaries & Benefits Ratio 9.48 19.04 13.45 16.26 NA Liabilities to Liquid Assets 100 --- 100 98 98Tax, License & Fees Ratio 0.58 1.13 0.86 1.02 NA Agents' Bal to Policyholders' Surplus 40 --- 0 1 1Admin & Other Expense Ratio 30.67 26.92 17.09 23.71 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -17 -41Gross Premiums Written ($000)3 6,459 6,297 7,217 6,929 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -43 -9Loss & Loss Adj Expense ($000) 2,453 2,162 2,960 1,652 1,794 Est Curr Resv Defi/Policyholders' Surplus 25 --- -53 -52 -29Other Underwriting Exp Incurred ($000) 2,883 2,232 2,315 2,389 2,365 *Indicates an unusual value.Net Underwriting Gains ($000) 531 -212 300 492 337 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 65.06 84.10 70.73 NA complements of each ratio.Effective Tax Rate 35.91 NM 40.93 34.03 28.31

Pre-Tax Operating Margin 10.44 -2.86 6.86 12.72 9.74 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L3


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 Total Liabilities Growth 5.10 29.96 8.50 14.73 -8.10

Reinsurance Recoverable ex US Aff -177 -2,433 -1,589 -2,628 NA Net Premiums Written Growth 11.51 -36.57 48.14 -19.25 -37.89Retention Ratio (NPW/GPW) (%)3 100.00 65.06 84.10 70.73 NA Pre-Tax Operating Income Growth NM NM NM 51.63 -31.39Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM 64.92 -23.06Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 6.95 -1.52 34.70 -9.58 -12.08Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 11.51 -2.50 14.60 -3.99 -18.22Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 43.71 40.14 33.15 21.44 4.11





Asbestos NA NA NA NA NA Capital and Surplus 3,340 2,802 3,056 3,533 3,606 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,056 3,533 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 925 1,016 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 330.45 347.52 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 165.22 173.76 NA

Change in Loss & LAE Resv / Reserves 6.95 -1.52 34.70 -9.58 -12.08 Realized Capital Gains (Losses) 0 -37 15 7 -21 Yr Loss Reserve Dev / 1Y Prior C&S 11.98 -42.75 -16.70 -40.87 NA Net Unrealized Capital Gains (Losses) 0 116 -49 76 732 Yr Loss Reserve Dev / 2Y Prior C&S 5.43 -12.49 -43.14 -8.74 NA Dividends to Stockholders -188 0 0 0 0Loss and LAE Reserves / NPE 47.66 87.53 64.23 89.45 86.16 Dividend Payout Ratio (%) 47.27 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.51 -34.15 -8.40 -27.55 NA Net Premiums Written / Avg C&S (%) 201.51 128.75 222.81 151.84 97.83IBNR/ Total Reserves 0.00 0.00 0.00 0.00 NA Liabilities / Capital & Surplus (%) 199.61 309.24 307.61 305.31 237.57Reserves/ Equity 89.20 104.72 129.33 101.16 104.20 Total Reins Recov Excl US Aff / C&S (%) -5.30 -86.83 -51.99 -74.39 NA


165.2

173.8

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



100.0

65.1

84.170.7

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L3




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 5,295 5,924 5,030 3,685 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,459 6,297 7,217 6,929 5,469Common Stocks 0 1,234 1,190 1,711 1,874 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 -2,200 -1,148 -2,028 -2,028Occupied Properties 0 0 0 0 0 Net Premiums Written 6,459 4,097 6,069 4,901 3,441Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 592 -84 495 367 -1,055Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,866 4,181 5,574 4,533 4,496

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,716 2,107 2,428 4,235 4,416 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,716 8,636 9,542 10,976 9,976 Net Losses Paid - Commercial 1,384 616 77 238 NAPremiums & Considerations Due 47 4 30 21 499 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 349 65 463 1,550 762 Net Losses Paid 1,384 616 77 238 NAAll Other Admitted Assets 1,896 2,762 2,421 1,770 935 Net LAE Paid 876 1,592 1,864 1,793 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 10,008 11,467 12,457 14,318 12,172 Change in Loss Reserves - Commercial 161 214 764 -163 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 32 -260 254 -216 NA

Unpaid Losses 1,782 1,997 2,761 2,598 2,810 Net Change in Loss and LAE Reserves 194 -45 1,018 -379 NAUnpaid Loss Adj Expenses 1,197 937 1,192 976 947 Losses and LAE Incurred 2,453 2,162 2,960 1,652 1,794

Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 3,757 Other Underwriting Expense Incurred 2,883 2,232 2,315 2,389 2,365Unearned Premiums 3,158 3,074 3,569 3,937 2,532 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 257 2,433 1,589 2,912 2,138 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 117 39 37 106 36 Net Underwriting Gain (Loss) 531 -212 300 492 337Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 156 185 252 257 104 Total underwriting deductions 5,336 4,394 5,274 4,042 4,159



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 -37 15 7 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 645 84 273 741 785 Income after cap gains (loss) before tax 622 -159 403 596 447Other Including Gross Contributed 2,695 2,718 2,783 2,791 2,821 Federal Income Tax 223 -28 165 203 126

Capital & Surplus 3,340 2,802 3,056 3,533 3,606 Net Income 399 -131 238 393 320

Total Liabilities and C&S 10,008 11,467 12,457 14,318 12,172 Pre-tax Operating Income 622 -122 388 589 449


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 5,924 5,030Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 91 90 89 97 112 Class 6 0 0 0 0 0R li d C it l G i 0 37 15 7 2Realized Capital Gains 0 -37 15 7 -2Unrealized Capital Gains 0 116 -49 76 73Total Cash & Investments 7,716 8,636 9,542 10,976 9,976Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 5,924 5,030 5,030Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 1,234 1,190 1,711 1,874Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 114 392Issued State Rev Obligations ($000) 0 0 0 1,266 968Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 61.31 62.09 45.83 36.94Common Stocks / C&S 0.00 44.04 38.93 48.44 51.98Unaff common stock/Invested Assets 0.00 14.29 12.47 15.59 18.79

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Nevada 6,687 1. Med Prof Liab 6,929 Cash/Invested Assets 100.00 24.40 25.44 38.58 44.272. California 216 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 26 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA 17.24 6.66 All other admitted assets/Total Assets 18.95 24.09 19.44 12.36 7.68National DPW ($000) 5,792 6,459 6,297 7,217 6,929 Invested Assets/Total Assets 77.10 75.31 76.60 76.66 81.96Adjusted Loss Ratio 37.35 48.15 26.16 11.99 7.38 Investment Income/Total Assets 0.91 0.79 0.71 0.68 0.92





Other Invstmts - 38.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Nevada - 96.5% California - 3.1% Arizona - 0.4%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Sigma RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 7,304 9,824 10,992 13,162 12,4421120 20th Street, NW, Suite 600 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,898 3,532 4,592 5,461 5,583Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 5,406 6,292 6,400 7,701 6,859






Name : Emi Swaim Auditor Saslow Lufkin & Buggy LLPPhone : (202) 862-5339 Actuary Aon Global Risk ConsultingFax : (847) 953-3462 CEO Richard A. Graciano Jr.Email : [email protected] CFO --

President Ross J. Nese


Net Yield on Invested Assets 0.41 0.85 -0.12 0.91 1.00Net Investment Income/Earned Premiums 0.89 1.65 -0.37 3.69 4.65Return on Average Equity (C&S) 5.33 22.77 17.07 10.80 9.02Return on Avg Assets 1.44 7.25 6.90 4.75 3.90Loss and LAE Ratio 65.98 50.14 48.61 58.93 61.27Expense Ratio 14.35 9.53 11.88 10.88 11.63Loss Ratio -72.00 43.54 37.58 37.05 32.79Combined Ratio 80.33 59.67 60.49 69.81 72.90Operating Ratio 78.86 57.43 60.84 66.13 68.25Investment ratio 1.46 2.25 -0.35 3.68 4.65


Cash, Short-Term Investments / Liabilities 86.41 103.29 119.35 123.75 155.85Cash, Common & Liquid Bonds / Liabilities 86.41 112.11 131.81 135.23 169.97Cash & Short-Term Investments / C&S 246.08 183.99 166.33 174.50 191.45Liabilities / Liquid Assets (IRIS Ratio) 116.00 89.00 76.00 74.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 95.38 121.01 134.89 140.58 172.36Cash From Underwriting ($000) 664 1,299 1,628 1,691 1,454Net Cash From Operations ($000) 376 1,287 1,044 1,592 1,233Underwriting Cash Flow Ratio 260.32 265.07 281.02 438.11 312.67Operating Cash Flow Ratio 333.95 271.68 345.13 462.10 348.51Unassigned Funds / Total Assets 1.35 6.41 11.69 13.80 15.58


GPW to Policyholders' Surplus3 900 --- 81 51 43NPW to Policyholders' Surplus 300 --- 81 51 43Change in Net Premiums Written 33 -33 61* -17 0Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 65 59 63




116.0

89.0

76.0 74.0

59.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013L3


80.3

59.7 60.5

69.8 72.9

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L3




Loss Adjustment Expense Ratio 137.98 6.60 11.03 21.88 28.48 Gross Change in Policyholders' Surplus 50 -10 86* 30 19Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 28* 19 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 89 76 74Tax, License & Fees Ratio 2.43 2.21 2.90 2.69 NA Agents' Bal to Policyholders' Surplus 40 --- 67* 48* 43*Admin & Other Expense Ratio 11.92 7.32 8.98 8.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -24 -23 -13Gross Premiums Written ($000)3 2,120 2,849 2,351 2,344 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -78 -6 -38Loss & Loss Adj Expense ($000) 713 1,051 1,234 1,384 1,435 Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 18 -45Other Underwriting Exp Incurred ($000) 254 272 279 255 272 *Indicates an unusual value.Net Underwriting Gains ($000) 114 774 1,025 709 635 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 83.49 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 42.05 33.70 35.30 33.68 34.00




Reinsurance Recoverable ex US Aff -23 0 0 0 NA Net Premiums Written Growth -49.65 60.99 -17.49 -0.28 -0.27Retention Ratio (NPW/GPW) (%)3 83.49 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 562.42 534.04 23.74 -21.65 -44.69Unauthorized Net Recov. (ex US Aff) (%) 0.00 NA NA NA NA Net Income Growth 221.69 608.30 23.21 -18.87 -44.30Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 25.30 18.16 17.72 28.51 19.22Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -45.34 34.41 -17.49 -0.28 -0.27Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA 13.32 15.03 20.28

Capital & Surplus Five-year CAGR NA NA 51.40 42.53 41.97Admitted Assets Five-year CAGR NA NA 24.32 23.15 27.89







Change in Loss & LAE Resv / Reserves 25.30 18.16 17.72 28.51 19.22 Realized Capital Gains (Losses) 0 -19 -4 5 11 Yr Loss Reserve Dev / 1Y Prior C&S -56.15 -24.28 -23.21 -13.37 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -77.53 -6.47 -38.27 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 247.74 166.42 161.72 205.51 242.66 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -68.76 -21.99 -32.31 -26.14 NA Net Premiums Written / Avg C&S (%) 125.62 122.06 61.30 47.64 42.97IBNR/ Total Reserves 51.62 59.28 52.16 48.49 NA Liabilities / Capital & Surplus (%) 284.76 178.12 139.37 141.01 122.84Reserves/ Equity 153.82 97.68 88.45 95.58 113.32 Total Reins Recov Excl US Aff / C&S (%) -1.21 0.00 0.00 0.00 NA


0.1

232.1

355.9389.8

360.1

0

100,000

200,000

300,000

400,000

500,000

600,000

2008Y 2009Y 2010Y 2011Y 2012Y



83.5

100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013L3




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L3 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L3

Assets RevenueBonds 0 555 283 133 125 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,120 2,849 2,351 2,344 2,342Common Stocks 0 0 514 751 843 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -350 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 1,770 2,849 2,351 2,344 2,342Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 689 752 -187 -4 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,081 2,097 2,538 2,349 2,342

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,671 6,499 7,638 9,530 10,689 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 4,671 7,054 8,436 10,414 11,657 Net Losses Paid - Commercial 0 215 343 50 NAPremiums & Considerations Due 1,955 2,369 2,192 2,345 436 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 215 343 50 NAAll Other Admitted Assets 678 402 364 403 348 Net LAE Paid 123 306 279 176 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 7,304 9,824 10,992 13,162 12,442 Change in Loss Reserves - Commercial -778 698 611 820 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,368 -168 1 338 NA

Unpaid Losses 1,552 2,250 2,861 3,681 4,446 Net Change in Loss and LAE Reserves 590 530 611 1,158 NAUnpaid Loss Adj Expenses 1,368 1,200 1,201 1,538 1,881 Losses and LAE Incurred 713 1,051 1,234 1,384 1,435

Loss & Loss Adj Exp Reserves 2,920 3,450 4,062 5,220 6,327 Other Underwriting Expense Incurred 254 272 279 255 272Unearned Premiums 1,953 2,379 2,192 2,188 436 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 350 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 129 135 137 118 90 Net Underwriting Gain (Loss) 114 774 1,025 709 635Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 53 327 9 175 6 Total underwriting deductions 967 1,323 1,513 1,639 1,707


Income ($000)Total Capital and Surplus Net Investment Income 16 47 -9 87 109

Common Capital Stock 1,800 2,903 3,308 3,645 3,645 Net Realized Capital Gains (Losses) 0 -19 -4 5 1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 98 630 1,285 1,816 1,938 Income after cap gains (loss) before tax 129 802 1,012 801 744Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 54 270 357 270 253


Total Liabilities and C&S 7,304 9,824 10,992 13,162 12,442 Pre-tax Operating Income 129 821 1,016 796 744

Memo: Total Revenue 1,096 2,125 2,525 2,440 2,452Memo: Affiliated Investments ($000) Memo: Paid Expenses 380 581 565 579 NA

Bonds 0 0 0 0 0





Net Investment Income 16 47 -9 87 109 Class 6 0 0 0 0 0R li d C it l G i 0 19 4 5 1Realized Capital Gains 0 -19 -4 5 1Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 4,671 7,054 8,436 10,414 11,657Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 555 283 133 125Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 514 751 843Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 133 133 126 125 517Common Stock 751 751 708 -- 2,209Preferred Stock 0 0 0 -- 0Total 884 884 833 125 --


Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 7.87 3.35 1.28 1.08Common Stocks / C&S 0.00 0.00 11.20 13.75 15.09Unaff common stock/Invested Assets 0.00 0.00 6.10 7.21 7.23

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Pennsylvania 2,344 1. Oth, Prod Liab Cmbnd 2,344 Cash/Invested Assets 100.00 92.13 90.55 91.51 91.692. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 9.28 4.09 3.31 3.06 2.80National DPW ($000) 3,878 2,120 2,849 2,351 2,344 Invested Assets/Total Assets 63.95 71.80 76.74 79.12 93.69Adjusted Loss Ratio 89.56 -53.94 44.79 37.58 37.05 Investment Income/Total Assets 0.22 0.48 -0.08 0.66 0.88





Other Invstmts - 91.5% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L3


Pennsylvania - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


®

®

Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

Solutions as Unique as Your OrganizationDemotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution.

Contact Douglas Powell at [email protected] to discuss any needs or problems your organization is experiencing.

First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.First to issue FSRs for Title underwriters.First to have Property and Casualty insurance company rating process formally reviewed and accepted by HUD.Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs.Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed.FSRs added to SNL Financial website, www.snl.com.

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Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

analysis of risk retention groups – third quarter 2013

Documents

financial informationzap

financial analysisw

rrgs report

additional analysis

senior financial analyst

financial stability

courtesy of snl financial

risk retention reporter