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® Analysis of Risk Retention Groups Year-End 2011 Demotech, Inc. Published April 19, 2012

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Demotech, Inc. understands the unique structure and opportunities that risk retention groups (RRGs) bring to the Property and Casualty industry. In our working relationship with analysts as well as other government entities and business associations, Demotech is often called upon for our expertise and perspective. Analysis of Risk Retention Groups – Year-End 2011 contains commentary provided by Douglas Powell, Karrie Hyatt, Managing Editor, Risk Retention Reporter and Robert Myers, Jr., Partner, Morris, Manning & Martin, LLP, regarding various issues and the status of risk retention groups.

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Page 1: Analysis of Risk Retention Groups - Year-End 2011

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Analysis of Risk Retention GroupsYear-End 2011

Demotech, Inc.

Published

April 19, 2012

Page 2: Analysis of Risk Retention Groups - Year-End 2011

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DRAGONFLY: 300 MILLION YEARS OLD

T-REX: EXTINCT

Nature knows size and survival are independent.Demotech, Inc. had to prove that to the insurance industry.

ISBN 978-1-936949-02-1

Published April 19, 2012

COPYRIGHT© 2012 Demotech, Inc.

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

Additional contributions provided by:

Karrie Hyatt | Managing Editor, Risk Retention Reporter

Robert Myers, Jr. | Partner, Morris, Manning & Martin, LLP

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.

Page 3: Analysis of Risk Retention Groups - Year-End 2011

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Analysis of Risk Retention Groups – Year 2011

IntroductionAnalysis of Risk Retention Groups – Year-End 2011 contains commentary provided by Karrie Hyatt, Managing Editor, Risk Retention Reporter and Robert Myers, Jr., Partner, Morris, Manning & Martin LLP as well as myself regarding varying issues and the status of risk retention groups.

The information contained in the Analysis of Risk Retention Groups – Year-End 2011 is sorted by company name in the first section and by state of domicile in the second section, so that you can easily identify RRGs domiciled within a specific jurisdiction. The information and analysis provided includes:

� RRGs currently assigned a Financial Stability Rating® (FSR) by Demotech, Inc. � NAIC number � Company name of the RRG � State of domicile � Financial statement contact (including phone number and address) � Financial information excerpted from the RRG financial statements � Financial ratios � Direct premium written by line of business – as reported at year-ends, 2011 and 2010.

Please keep in mind that even though Demotech, Inc. obtained the information from the NAIC, neither the NAIC or its authorized vendor, SNL, endorse any analysis or conclusion based upon the use of the NAIC’s data.

If you would like me to consider additional information for analysis, please let me know.

Demotech, Inc. Understands and Actively Supports Risk Retention GroupsDemotech, Inc. understands the unique structure and opportunities that risk retention groups (RRGs) bring to the Property and Casualty industry. In our working relationship with analysts as well as government entities and business associations, Demotech is often called upon for our expertise and perspective.

Today, more than any time in recent history, insureds, agents and constituents need to have independent verification of financial stability. Since Demotech’s rating methodology is based upon a review and analysis of insurance fundamentals, focused specialists, such as RRGs, are not penalized for operating under restrictions or constraints that limit product line diversification.

Thank you,

Douglas A. Powell | Senior Financial Analyst, Demotech, Inc.(614) [email protected]

Page 4: Analysis of Risk Retention Groups - Year-End 2011

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RRGs Report Continued Profitability for 2011 and Exhibited Financial Stability Douglas A Powell | Senior Financial Analyst, Demotech, Inc.

Balance Sheet MetricsIn reviewing the financial stability of risk retention groups for 2011, one should get the impression that these are a group of insurers with a great deal of financial stability. Assets and policyholders surplus have increased for the 12th consecutive year. During this time, policyholders surplus has increased more than 367 percent, going from approximately $686 million in 2000 to more than $3.2 billion in 2011.

The level of policyholders surplus becomes increasingly important in times of difficult economic conditions. The logic being that an insurer can remain solvent while facing uncertain economic conditions and also withstand greater losses.

Liquidity, as measured by liabilities to cash and invested assets, for 2011 was approximately 69 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 over 2010 as liquidity was reported at over 72 percent.

Demotech prefers companies report leverage of less than 300 percent. Leverage, as measured by total liabilities to policyholders surplus, for 2011 was approximately 136 percent. This also indicates an improvement for RRGs collectively over 2010 as leverage was reported over 146 percent.

In comparison to the $7.7 billion in total net admitted assets for 2011, policyholders surplus accounted for approximately 43 percent of that reported amount (Figure 2). Losses and loss adjustment expenses accounted for approximately 39 percent of total net admitted assets.

$0

$1

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2011201020092008200720062005200420032002200120001999199819971996

Net Admitted Assets

Liabil ities

Policyholders Surplus

Figure 1 -

RRG Balance Sheet - 1996-2011 (in billions)

Page 5: Analysis of Risk Retention Groups - Year-End 2011

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Underwriting Results and Overall ProfitabilityRRGs have continued to report net income since 1996 as well as profitable underwriting results since 2004 despite the continued difficult economic conditions (Figure 3). In fact, direct written premiums decreased from 2010 to 2011. Thomas Mason, SNL, reported in his February 21, 2012 article, Risk retention group space writing less, spawning fewer companies, that “in aggregate, RRGs recorded a 2.4 percent decline year over year for the 12 months ended September 30, 2011.” By the end of 2011, the decrease in year-over-year direct premiums written was approximately 1.9 percent.

In looking further, it appears that as revenue for RRGs has become stagnant, so have expenses and losses. The Government Accountability Office (GAO) reported in December 2011 that the combined ratio, which is calculated by adding the loss ratio and the expense ratio, for RRGs has fluctuated very little during the years 2004-2010. The GAO reported that in their analysis of NAIC data, the average combined ratio for RRGs ranged from 92.6 percent in 2005 to 88 percent in 2008. Please keep in mind that a combined ratio of less than 100 percent indicates an underwriting profit or gain. A combined ratio of more than 100 percent indicates an underwriting loss.

More historical detail is given in Figure 4.

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201120082005200219991996

Net Income (Loss)

Net Underwriting Gains (Losses)

Figure 3 -

RRG Profitability - 1996-2011 (in millions)

27%

12%

18%

43%

Unpaid Losses

Unpaid Loss Adjustment Expenses

Other Liabil ities

Surplus as Regards Policyholders

Figure 2 -

RRG Liabilities and PHS - 2011

Page 6: Analysis of Risk Retention Groups - Year-End 2011

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Cash and Invested Assets

Net Admit-ted Assets

LossReserves

LAE Reserves

Total Liabilities Surplus

Net Income (Loss)

OperatingResults

2011 6,305 7,568 2,059 931 4,361 3,207 296 1422010 6,111 7,447 2,114 865 4,424 3,023 305 1672009 5,536 6,863 2,027 813 4,148 2,715 301 1602008 4,989 6,218 2,035 716 4,022 2,195 230 1722007 4,918 6,047 1,846 657 3,907 2,139 261 1132006 4,322 5,347 1,615 581 3,505 1,842 260 1282005 3,726 4,387 1,297 469 2,911 1,476 157 722004 3,089 3,597 1,022 375 2,365 1,232 130 632003 2,391 2,912 813 298 1,942 969 81 (13)2002 1,848 2,165 649 226 1,407 758 40 (9)2001 1,672 1,982 598 208 1,244 738 22 (48)2000 1,394 1,568 458 177 881 686 58 (20)1999 1,438 1,668 474 193 959 708 3 (39)1998 1,649 1,849 508 212 1,147 702 67 (12)1997 1,346 1,529 473 171 996 532 50 (22)1996 1,299 1,472 438 151 1,005 467 46 (2)

About the AuthorDouglas Powell is a Senior Financial Analyst at Demotech, Inc. Mr. Powell works with risk retention groups, other Property and Casualty insurers and Title underwriters primarily in monitoring and assigning Financial Stability Ratings® (FSRs). Mr. Powell has contributed analysis and commentary to a variety of insurance industry publications. Email Mr. Powell with feedback or comments at [email protected].

For more information about the author, visit www.linkedin.com/in/powdoug.

Founded in 1985, Demotech is a Columbus, Ohio based financial analysis firm that provides services to Property and Casualty insurance companies, Title underwriters and specialty insurance markets. Demotech has been assigning Financial Stability Ratings® (FSRs) to these markets since 1989. FSRs of A or better are accepted by the secondary mortgage marketplace, as well as virtually all mortgage lenders, and an increasing number of umbrella insurance markets as well as writers of insurance agents errors and omissions insurance.

For more information about Demotech, Inc., visit www.demotech.com.

Figure 4 -

RRG Results - 1996-2011 (in $ millions)

Page 7: Analysis of Risk Retention Groups - Year-End 2011

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RRG Growth Trends in 2011 and 2012Karrie Hyatt | Managing Editor, Risk Retention Reporter

Looking at 2011The risk retention group marketplace ended 2011 on a positive note after several years of declining numbers. The number of operating RRGs was back to the 2007 level, with 254 operating RRGs in December 2011. However, that number was still well short of the peak number of 262 groups that was reached at the end of 2008. 2011 was also the first year since 2008 in which RRG formations surpassed retirements. While the 16 new formations are a solid increase from 2010 numbers, the 13 retirements in 2011 were only one shy of 2010’s 14 retirements. The RRG marketplace has leveled off from the declining numbers seen in the last several years, but, in terms of numbers of groups, there will likely be moderate growth in the upcoming year.

With formations and retirements running very close to each other in 2011, it was no surprise that overall gains in any given business area were minimal. The Professional Services sector was the standout of the nine business areas in 2011, gaining five RRGs and having no retirements. Healthcare added three new groups during the fourth quarter and had seven new RRGs for all of 2011, but the sector also retired six groups during the course of the year. The only other sector showing an increased number of risk retention groups was the Environmental sector, with one new RRG. The Financial, Manufacturing & Commerce, and Transportation sectors all saw declines in their numbers. Property Development, Leisure, and Government & Institutions all ended the year with the same number of RRGs with which they began.

Looking at Healthcare RRGsThe Healthcare sector has seen some turmoil during the first few months of 2012—the sector added two new risk retention groups but lost eight. In 2011, the sector netted only one new group overall, so the loss during the first quarter of 2012 leaves the sector’s RRG numbers lower than they were at the beginning of 2010. However, there are several RRGs in the pipeline to be licensed in the next few months, many of which are healthcare-related, so the Healthcare sector’s numbers should even out by year’s end.

Healthcare RRGs, which account for more than 60 percent of the RRG marketplace, may be seeing an increase, if not in number of groups, but definitely in the number of insureds and in premium. The trend in medical malpractice coverage in the last five years has seen an increase in the share of medical professional liability premium written by risk retention groups, even as the industry-wide total premium paid for that coverage has been shrinking, according to an analysis of data from the NAIC and the Risk Retention Reporter conducted in January.

Pinpointing the reasons for the changes in the medical professional liability market is complicated by many factors, including industry consolidation which is shrinking the number of customers purchasing insurance for physicians, as well as a prolonged soft market pushing total premium down. However, one new factor that may play an even greater role is the Patient Protection and Affordable Care Act of 2010. One portion of the law offers incentives for healthcare providers to become part of accountable care organizations, which in turn makes captives and RRGs an enticing alternative to traditional insurance.

Looking towards 2012The first few months of 2012 have been active with a number of RRGs forming but more RRGs retiring. As of the beginning of April, there were 246 operating RRGs. In 2012, there has been five new RRGs licensed with two more RRGs in the process of obtaining thier license. As is typically the case in the first quarter of any year, the number of RRGs declined. Many RRGs close up shop at the end of the year, and it normally takes a few weeks before the news to be released. So in a historical sense, the early part of 2012 saw the usual decline in count for risk retention groups.

Twelve groups were retired from the Risk Retention Reporter database—a number not so low as in 2011 nor so high as in 2009. An interesting aspect to the groups that have recently ceased operating is that three of the RRGs were merged into other insurers–both into captives and RRGs. All three of these involved Healthcare RRGs. Of the eight groups that are voluntarily dissolving, there are several that had not been active in recent years—not writing new business or accepting new members. Four groups merged into another captive or RRG. Rather than looking at the recent spate of retiring RRGs as a loss, it perhaps can be viewed as a pruning of weaker groups in anticipation of a new period of growth.

As the first four months indicate, 2012 is shaping up to be a very dynamic year for the risk retention marketplace. RRG premium and insureds are all projected to grow in 2011. Looking forward to 2012, steady but slow growth is likely to continue. However, with the sluggish economy and political gridlock, more robust growth is unlikely until after the presidential election in the fall.

The prevailing mood among RRG professionals is one of optimism. Coupling this positive industry sentiment with the more tangible evidence of several RRGs in the pipelines, leads to the belief that the RRG marketplace will be growing steadily by year’s end.

The Risk Retention Reporter is the leading journal for risk retention marketplace. Celebrating its 25th

anniversary this year, the Risk Retention Reporter is the go to source for risk retention group news.

For more information about the Risk RetentionReporter, and related publications, visit www.rrr.com.

Guest Commentary

Page 8: Analysis of Risk Retention Groups - Year-End 2011

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Missteps in GAO Report on RRGsRobert Myers, Jr. | Partner, Morris, Manning & Martin, LLP

Background on GAO ReportOn December 8, 2011, in response to a congressional request, the U.S. Government Accountability Office (“GAO”) issued a report to Congress entitled “Clarifications Could Facilitate States’ Implementation of the Liability Risk Retention Act” (“GAO Report”). Congress charged the GAO with examining two issues: (1) the regulatory health of the RRG industry; and (2) the extent to which non-domiciliary states were exceeding their authority under federal law. The report concluded that: (1) the industry was healthy from a regulatory and financial perspective; and (2) Congress should “clarify” the registration requirement, fee and coverage provisions of the Liability Risk Retention Act, 15 U.S.C. § 3901 et seq. (“LRRA”).

To reach its conclusion on the second issue concerning non-domiciliary state authority, the GAO found that “silence” and “ambiguity” under the LRRA on the issue requires Congress to “clarify” the provisions. Notably, this assertion appears to conflate multiple issues and is unsupported by existing federal court decisions that have directly addressed the narrow scope of non-domiciliary state authority to regulate registered RRGs. The GAO’s flawed analysis is most prominent in its examination of non-domiciliary registration requirements, fees, and non-discriminatory financial responsibility requirements.

Registration RequirementsThe GAO Report misstates that the “LRRA does not provide for a specific process for RRGs to register to conduct business in non-domiciliary states.” GAO Report at 24. In fact, the LRRA plainly states that the registration requirements in a non-domiciliary state are limited to submitting the documents specified under 15 U.S.C. § 3902(d)(2). Unless expressly excepted under 15 U.S.C. § 3902(a)(1), all other state laws are broadly preempted.

This interpretation of the LRRA is supported by the only federal court to address the issue of registration requirements under the LRRA. In National Risk Retention Association v. Brown, 927 F. Supp. 195 (M.D. La. 1996), the court expressly rejected Louisiana’s attempt to impose application requirements on a non-domiciliary RRG in excess of the items enumerated under § 3902(d)(2). Louisiana’s registration process required non-domiciliary RRGs to submit a $600 fee, policy forms and applications, articles of incorporation, bylaws, biographical affidavits and fingerprints of directors and officers, certificate of compliance from the domiciliary state, a domiciliary state certificate of authority, responses to interrogatories and a completed questionnaire from a domiciliary state regulator.

The court found the Louisiana application requirements were “broader than is allowed by the LRRA” and that § 3902(d) limits the non-domiciliary RRG registration requirements to a copy of the RRG’s plan of operation or feasibility study and an annual statement. Brown 927 F. Supp. at 201. Although the court found that the non-domiciliary regulator also may require documents necessary to demonstrate compliance with the state’s unfair claim settlement practice laws, it concluded that RRGs “are exempted from any further requirements under § 3902(a)(1).” Id.

Given the plain language of the LRRA and the application of the statute in Brown, it is difficult to discern the basis for the GAO’s conclusion that the LRRA does not provide a specific registration process for non-domiciliary RRGs.

FeesThe GAO Report similarly misstates the applicable LRRA provisions on fees by summarizing:

LRRA allows non-domiciliary states to require RRGs to pay premium and other taxes but does not explicitly state whether non-domiciliary insurance regulators can or cannot charge fees. The silence of LRRA on fees has prompted state insurance regulators and RRG representatives to interpret the law differently.

GAO Report at 27.

The LRRA is not “silent” on fees. Rather, the plain language of the LRRA broadly and expressly exempts non-domiciliary RRGs from any law other than those exempted under § 3902(a)(1), which include laws relating to premium and other taxes. Accordingly, the plain language of the LRRA contemplates and specifies permissible fees that may be levied against RRGs, and it only permits the assessment premium taxes.

Federal courts faced with the issue have unanimously concluded that premium taxes are the only fees allowed under the LRRA. The GAO Report recognizes the court findings in Brown and Attorneys’ Liability Assurance Society, Inc. v. Fitzgerald, 175 F. Supp. 2d 619 (W.D. Mich. 2001). In both cases, fees assessed by non-domiciliary regulators were barred under the LRRA.

Guest Commentary

Page 9: Analysis of Risk Retention Groups - Year-End 2011

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However, the GAO Report attempts to narrow the findings in these decisions by maintaining that the courts did not conclude that the LRRA bars “all fees” charged by non-domiciliary regulators. Nevertheless, the report concedes that the Fitzgerald decision found that the LRRA prohibits fees that are not a “tax” and are used for regulatory purposes only. See GAO Report at 29. Thereby, the GAO Report implicitly recognizes that the LRRA bars any fee that cannot be characterized as a tax.

In Fitzgerald, the court correctly reasoned:

The LRRA’s purpose would be thwarted if every state could exact a regulatory fee this large from non-resident risk retention groups, since that fee collectively affects prices for coverage, and thus affects the ability to operate. Congress could have provided an exception for non-chartering states to collect a fee sufficient to cover costs of permitted regulation, over and above allowing collection of premium taxes. But it did not, which require the conclusion that the regulatory fee was preempted.

Fitzgerald, 174 F. Supp. 2d at 636.

Thus, the provisions of the LRRA relating to fees and federal case law interpreting those provisions are far from “silent” on the issue of fees. Instead, the plain language of the statute and applicable federal court decisions unambiguously bar regulatory fees that are not “taxes.”

Non-Discriminatory Financial ResponsibilitySome non-domiciliary state regulators have relied upon and expanded the intended scope of § 3905(d), which permits states to require “acceptable means of demonstrating financial responsibility.” However, any regulation pursuant to § 3905(d) is also subject to the non-discrimination provisions of § 3902(a)(4). Consequently, any requirement imposed as a demonstration of financial responsibility must be non-discriminatory against RRGs.

The GAO Report correctly recognizes a split in federal courts’ interpretation of the LRRA’s financial responsibility and non-discrimination provisions. See GAO Report at 31-33. The Seventh and Eleventh Circuits have held that state financial responsibility requirements that did not “intentionally” discriminate against RRGs did not violate the LRRA’s non-discriminatory provision. Ophthalmic Mut. Ins. Co. v. Musser, 143 F.3d 1062 (7th Cir. 1998); Mears Transp. Group v. Dickinson, 34 F.3d 1013 (11th Cir. 1994). However, the GAO Report failed to recognize the flaws in the Ophthalmic and Mears decisions, which are in direct conflict with express Congressional intent of the LRRA.

The Ninth Circuit has acknowledged the fundamental flaws in the Seventh and Eleventh Circuit opinions. See National Warranty Ins. Co. RRG v. Greenfield, 214 F.3d 1073 (9th Cir. 2000). Based on the plain language of the LRRA and underlying policy concerns, the court correctly interpreted §§ 3905(d) and 3902(a)(4) to prohibit any categorical exclusion of all RRGs, regardless of intent. Id.; see also Charter Risk Retention Groups Ins. Co. v. Rolka, 796 F. Supp. 154 (M.D. Pa. 1992).

ConclusionAlthough the GAO accurately presented the financial and regulatory health of the RRG industry, its report and analysis of non-domiciliary state regulatory authority fell short. The GAO Report’s conclusions on the scope of non-domiciliary state regulatory authority belie the plain language of the LRRA and federal courts’ unambiguous interpretation of the LRRA, especially in reference to non-domiciliary registration requirements and fees.

About the AuthorRobert “Skip” Myers is the managing partner of the Washington, DC office of Morris, Manning & Martin, LLP. Mr. Myers has worked on risk retention group matters, and captive insurance in general, since the passage of the Liability Risk Retention Act in 1986. Email Mr. Myers with feedback or comments at [email protected].

For more information about Mr. Myers or Morris, Manning & Martin, LLP, visit www.mmmlaw.com.

The GAO’s flawed analysis is most prominent in its examination of non-domiciliary registration requirements, fees and n o n - d i s c r i m i n a t o r y financial responsibility requirements.

Page 10: Analysis of Risk Retention Groups - Year-End 2011

NAIC COMPANY FSR

Financial Stability Ratings (FSRs) - Risk Retention Groups®

as of 4/18/2012

12252 AEGIS Healthcare RRG, Inc. A

11710 Allied Professionals Insurance Company, RRG A'

12631 American Builders Insurance Company RRG, Inc. A

11534 American Trucking and Transportation Insurance Company, RRG A

11598 Applied Medico-Legal Solutions RRG, Inc. A'

11825 CARE RRG, Inc. A

11976 Centurion Medical Liability Protective RRG, Inc. A

12167 Charitable Service Providers Reciprocal RRG A

11065 Chattahoochee RRG Captive Insurance Company A

11798 Continuing Care RRG, Inc. A

13018 Doctors & Surgeons National RRG A

14163 Emergency Capital Management, LLC, RRG A

12003 Emergency Medicine Professional Assurance Company RRG (EMPAC) A

11948 Global Hawk Insurance Company RRG A

11832 Healthcare Industry Liability Reciprocal Insurance Company, RRG (HEALTHCAP RRG) A

11824 Intermodal Insurance Company, RRG A

12594 J.M. Woodworth RRG, Inc. A

12159 Joliet Area RRG Captive Insurance Company A

11806 National Assisted Living RRG, Inc. A

10234 National Service Contract Insurance Company (RRG) A

12275 New York Healthcare Insurance Company, Inc., RRG A

44130 Paratransit Insurance Company, RRG A'

11973 PCH Mutual Insurance Company, RRG A

11809 Ponce De Leon LTC RRG, Inc. A

13078 Red Clay Risk Retention Group, Inc. A

13557 Sigma RRG, Inc. A

The most current FSRs must be verified by visiting www.demotech.com.

Page 11: Analysis of Risk Retention Groups - Year-End 2011

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Analysis by CompanyRisk Retention Groups

Page 12: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 1250 BROADWAY, SUITE 3401, NEW YORK, NY 10001-3713 CLAIRE VERONICA OYELAJA (646) 808-0596 VT

ACBG RISK RETENTION GROUP, LLC12557 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LINDA B. ELLIOTT (802) 864-2750 VT

ADVANCED PHYSICIANS INS RRG INC12166 2700 NORTH THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-4620 ED CALDWELL (602) 200-6900 AZ

AEGIS HEALTHCARE RRG, INC.12252 555 FAIRMOUNT AVENUE, BALTIMORE, MD 21286 BARBARA LABUSKES 410-339-7263-120 DC

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JAY E. CURTIS (802) 864-6301 VT

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 NV

AGRI INSURANCE EXCHANGE RRG28380 5825 LAWTON LOOP EAST DRIVE INDIANAPOLIS, IN 46216-1064 P. DEAN DENHART (317) 541-1800 IN

ALLEGIANT INS CO INC A RRG11965 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3800 MARK HIRONAGA (808) 585-3526 HI

ALLIANCE OF NONPROFITS FOR INS RRG10023 2386 AIRPORT ROAD BARRE, VT 05641-8629 CINDY L. LYFORD (802) 371-2227 VT

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 1100 W. TOWN & COUNTRY RD., STE. 1400, ORANGE, CA 92868 DOUGLAS JOSEPH HAUSER 714-571-1864 AZ

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

LEN T. LOGAN (877) 872-7475 SC

AMERICAN ASSOC OF OTHODONTISTS RRG10232 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 REBECCA J. AITCHISON (802) 371-2229 AZ

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 27 NORTH 27TH STREET, SUITE 1900, CROWNE PLAZA, BILLINGS, MT 59101 KATIE GRAY 800-226-0793 MT

AMERICAN CONTRACTORS INS CO RRG12300 12222 MERIT DRIVE, SUITE 1660, DALLAS, TX 75251-3212 SUZANNE WALSH (800) 563-6051 TX

AMERICAN EXCESS INS EXCHANGE RRG10903 12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052 KATHRYN MICHENER BOUCHE (802) 863-4400 VT

AMERICAN FEED INDUSTRY INS CO RRG44202 4685 MERLE HAY ROAD, SUITE 200, DES MOINES, IA 50322-1982 SUSAN P. TINGLEFF (515) 254-0400 IA

AMERICAN FOREST CASUALTY COMPANY RRG11590 1800 SECOND STREET, SUITE 909, SARASOTA, FL 34236-5998 TERESA MARIE MATTHEWS (941) 955-0793 SC

AMERICAN INTER FIDELITY EXCH RRG40088 8400 LOUISIANA STREET MERRILLVILLE, IN 46410-6385 LEX VENDITTI (219) 755-4567 IN

AMERICAN SAFETY RRG INC25448 100 GALLERIA PARKWAY, SE, SUITE 700, ATLANTA, GA 30339-5947 MATTHEW ROBERT POLLAK (770) 485-4423 VT

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 111 NORTH HIGGINS, FOURTH FLOOR, MISSOULA, MT 59802 PATRICIA LORRAINE MALONEY 406-523-3908 MT

AMERIGUARD RRG INC12171 2386 AIRPORT ROAD BARRE, VT 05641-8629 SCOTT C. STONE (802) 371-2231 VT

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 1850 N. CENTRAL AVE., SUITE 1700, PHOENIX, AZ 85004 LEE MILIZIA 623-427-3208 AZ

ARCHITECTS & ENGINEERS INS CO RRG44148 2056 WESTINGS AVENUE, SUITE 20, NAPERVILLE, IL 60563-2495 MICHAEL T. IANNOTTI (800) 437-2342x1 DE

ARCOA RISK RETENTION GROUP, INC.13177 1325 AIRMOTIVE WAY, SUITE 100, RENO, NV 89502-3294 MICHELLE RENEE TRIMBLE (602) 263-6755x4 NV

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 1700 EASTPOINT PARKWAY LOUISVILLE, KY 40223-4140 JAMES R. MUELLER (502) 244-1343 KY

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC

14005 ORG CORPORATION, P.O. BOX 510, BIGFORK, MT 59911-0510 JOHN S. MALONEY (718) 937-2010 MT

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160 VIRGINIA ADRIHAN (843) 853-0446x2 SC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 13: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 200 INVERNESS PARKWAY BIRMINGHAM, AL 35242-4813 MELANIE T. DIXON (205) 980-0009 DC

ATTORNEYS INSURANCE MUTUAL RRG INC22670 140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710 KAREN M. VENNER (802) 651-3377 HI

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 311 SOUTH WACKER DRIVE, SUITE 5700, CHICAGO, IL 60606-6629 KEITH RUSSELL CRAVEN (312) 697-6950 VT

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

MARY PATRICIA NORDHAGEN (406) 728-3113 MT

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448 GARRETT JAMES DAVENPORT (260) 486-0418 DC

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 BJORN K. HUBBARD (800) 226-0793x3 NV

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 DANIEL JOHN SEMAN (406) 523-3873 MT

BAR VERMONT RISK RETENTION GROUP INC10174 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 JEREMIAH MAHANEY (802) 264-4715 VT

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 MEGAN HULETTE (802) 264-2086 VT

BEST CARE INSURANCE COMPANY RRG14169 1605 MAIN STREET, EIGHTH FLOOR, SARASOTA, FL 34236-5840 ANDREW CARLTON (800) 226-0793 NV

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 MICHAEL T. ROGERS (702) 678-6868 NV

BROADLINE RISK RETENTION GROUP, INC.13788 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MELISSA H. LAROSE (802) 864-1716 VT

CALIFORNIA HEALTHCARE INS CO INC RRG44504 9229 SIERRA COLLEGE BOULEVARD ROSEVILLE, CA 95661-5919 JEFFREY DUECK (916) 772-5110 HI

CALIFORNIA MEDICAL GRP INS CO RRG12180 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295 BRYAN ALAN JONES (303) 388-5688 AZ

CARE RRG, INC.11825 2233 WISCONSIN AVE, N.W., SUITE 310, WASHINGTON, DC 20007 CHARLES HALSTEAD-JOHNSO 802-223-2200 DC

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

KIM CONNELLY BLOOMER (802) 371-2251 SC

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 1850 WEST WINCHESTER ROAD, SUITE 109, LIBERTYVILLE, IL 60048-5355 CHAD CURTIS SWIGERT (847) 549-8225 DC

CASSATT RISK RETENTION GROUP INC10808 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 SCOTT ANDREW MAILLE (802) 264-4711 VT

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 DANIEL JOHN SEMAN (406) 523-3873 MT

CENTRAL PA PHYSICIANS RRG INC11694 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160 VIRGINIA ADRIHAN (843) 853-0446x2 SC

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 2700 N. THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-1229 GEMMA AGUSTIN TUANQUI 800-226-0793 AZ

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 15255 N. 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638 R&Q QUEST MANAGEMENT SE 602-952-9532- AZ

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757 CORY E BROWN 229-226-1937-106 GA

CHC CAS RRG11531 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMY L. DAIGLE (802) 864-1717 VT

CIMARRON INSURANCE EXCHANGE RRG12308 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 PAULA A. FRENCH (802) 371-2321 VT

CIRCLE STAR INS CO RRG11839 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 RENEE LAGUE (802) 223-2200 VT

CLAIM PROFESSIONALS LIAB INS CO RRG12172 17742 IRVINE BOULEVARD, SUITE 102, TUSTIN, CA 92780-3255 RAMON ROBERT RAMOS V (802) 371-2275 VT

CLARIAN HLTH RRG INC11992 340 WEST TENTH STREET, SUITE 3100, INDIANAPOLIS, IN 46202-3082 TONIA EPPS (843) 577-1034 SC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 14: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

CLINIC MUTUAL INSURANCE CO RRG43770 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436 JASON L. PALMER (808) 521-0730 HI

CMIC RISK RETENTION GROUP13756 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 SCOTT C. STONE (802) 371-2231 DC

COASTAL INS RRG INC11668 509 OLIVER ROAD MONTGOMERY, AL 36117-2207 JOHN MARK KILLINGSWORTH (334) 271-5515 AL

COLLEGE LIABILITY INS CO A RECIP RRG44598 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810 SCOT STERENBERG (808) 585-3591 HI

COLLEGE RISK RETENTION GROUP, INC.13613 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JENNIFER L. PETTENGILL (802) 864-2111 VT

COLUMBIA NATIONAL RRG INC10803 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JOHN H. RAYMOND (802) 864-2751 VT

COMCARE PRO INS RECIPROCAL RRG11864 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JONATHAN J. MCKENZIE (802) 264-2073 VT

COMMUNITIES OF FAITH RRG INC11807 2711 MIDDLEBURG DRIVE, SUITE 309-A, COLUMBIA, SC 29204-2475 BJORN K. HUBBARD (800) 226-0793x3 SC

COMMUNITY BLOOD CENTERS EXCH RRG13893 7015 COLLEGE BOULEVARD, SUITE 400, OVERLAND PARK, KS 66211-1671 J. TODD ROSENBAUM (502) 882-4459 IN

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JONATHAN J. MCKENZIE (802) 264-2073 VT

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

RICHARD E. RADI (412) 212-3476 VT

CONSORTIUM RRG11528 150 BANK STREET, SUITE 201, BURLINGTON, VT 05401-4411 TARA JEAN SMITH (802) 735-1679 VT

CONSUMER SPECIALTIES INS CO RRG10075 2386 AIRPORT ROAD-BERLIN BARRE, VT 05641-8629 PAULA A. FRENCH (802) 371-2321 VT

CONTINUING CARE RRG, INC.11798 223-B HEATLEY STREET, MONCKS CORNER, SC 29461 KATIE GRAY 800-226-0793 SC

CONTRACTORS INS CO OF NORTH AMER RRG11603 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 STACEY GIBBS (802) 264-4588 HI

CONTROLLED RISK INS CO OF VT RRG10341 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MELISSA H. LAROSE (802) 864-1716 VT

CPA MUTUAL INS CO OF AMERICA RRG10164 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DAVID D. GUERINO (802) 264-2060 VT

CROSSFIT RISK RETENTION GROUP, INC.13720 111 NORTH SEPULVEDA BOULEVARD, SUITE 243, MANHATTAN BEACH, CA 90266-6849

TONY JAMES SCHMIDT (808) 988-3215 MT

CRUDEN BAY RRG INC11676 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 ABIGAIL M. BERNIER (802) 371-2233 VT

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JOHN H. RAYMOND (802) 864-2751 VT

DELAWARE PROFESSIONAL INSURANCE CO43125 845 THIRD AVENUE, 20TH FLOOR, NEW YORK, NY 10022-6601 I. DAVID GORDON (212) 687-2525 DE

DOCTORS & SURGEONS NATIONAL RRG13018 3370 SUGARLOAF PARKWAY, SUITE G-2/302, LAWRENCEVILLE, GA 30044-5486

SARA MARY CARPENTER (706) 232-9591x12

KY

DUBOIS MEDICAL RRG11842 1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705 BRIAN S. KLINE (814) 375-6377 DC

EASTERN DENTISTS INS CO RRG10115 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 STEPHEN M. BROWN (802) 861-2930 VT

ELITE TRANSPORTATION RRG INC10125 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 LAURA LEE DURKIN (800) 872-7475 AZ

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 5430 W. SAHARA, LAS VEGAS, NV 89146 BJORN K. HUBBARD 941-373-1129 NV

EMERGENCY MEDICINE RRG INC12015 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 MANNU LUO (843) 577-1035 SC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 15: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

EMERGENCY PHYSICIANS INS CO RRG11714 1528 EUREKA ROAD, SUITE 102, ROSEVILLE, CA 95661-3047 PAUL SHAMPAY (916) 772-2080 NV

EVERGREEN USA RRG INC38466 10 FALCON ROAD LEWISTON, ME 04240-5833 ERIC GILCRIS (802) 264-4577 VT

FAIRWAY PHYSICIANS INS CO RRG11840 15255 NORTH 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638 RICHARD P. MARSHALL (602) 952-9532 DC

FAITH AFFILIATED RRG INC11698 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 KELLY BOURNE (843) 614-3132 SC

FIRST AUTOMOTIVE INS RRG INC10619 2400 LOUISIANA BOULEVARD, NE ALBUQUERQUE, NM 87110-4303 LARRY K. HINSON (505) 881-2244 HI

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 4421 ARAMINGO AVENUE PHILADELPHIA, PA 19124-4101 JOSEPH SCHMIDT (215) 235-5000 SC

FIRST MEDICAL INS CO RRG11278 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JODI K. GUZZARDO (802) 864-6332 VT

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574 LEE M. MILIZIA (602) 427-3208 AZ

FRANKLIN CASUALTY INS CO RRG10842 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 DELISCA A. CHRISTIAN (802) 864-2110 VT

FREDERICKSBURG PROFESSIONAL RISK EXC12016 2386 AIRPORT ROAD BARRE, VT 05641-8629 SCOTT C. STONE (802) 371-2231 VT

GABLES RRG14032 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JEFFREY M. TUCKER (802) 864-5599 VT

GEISINGER INS CORP RRG12000 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 RONDA LYNN DEVINO (802) 264-4593 VT

GENERAL EASTERN SKI INS RRG INC10163 76 SAINT PAUL STREET BURLINGTON, VT 05401-4470 DYAN O'HERNE (802) 264-4713 VT

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 SCOTT S. BRAUER (800) 872-7475 HI

GLOBAL HAWK INSURANCE COMPANY RRG11948 148 COLLEGE ST., SUITE 204, BURLINGTON, VT 5401 STEPHEN M BROWN 802-861-2930 x10 VT

GLOBAL INTL INS CO INC A RRG10991 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 STEVE BEVINS (802) 223-2200 DC

GOLDEN INS CO RRG11145 9121 WEST RUSSELL ROAD, SUITE 113, LAS VEGAS, NV 89148-1238 LEN CLAPP (303) 388-5688x1 NV

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 DAWN M. DINARDO (843) 614-3134 SC

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

GRACO RRG INC11581 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 DAWN M. DINARDO (843) 614-3134 SC

GREEN HILLS INS CO RRG11941 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JEFFREY M. TUCKER (802) 864-5599 VT

GUARDIAN RRG INC11696 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JOCELYN M. LYMAN (843) 694-9698 MT

GUTHRIE RRG12014 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 JASON MCMILLAN (843) 577-1032 SC

HAMDEN ASSURANCE RRG, INC.13057 30 MAIN STREET, SUITE 330, BURLINGTON, VT 05401-8427 JOSEPH BERNARD PERCY (802) 419-1218 VT

HEALTH CARE CAS RRG INC12236 8725 WEST HIGGINS ROAD, SUITE 810, CHICAGO, IL 60631-2734 JOSEPH ROGER HERMAN (773) 864-8280 DC

HEALTH NETWORK PROVIDERS MUT INS CO11813 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 KATIE GRAY (800) 226-0793x3 DC

HEALTH PROVIDERS INS RECIPROCAL RRG10080 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436 JASON L. PALMER (808) 521-0730 HI

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 DC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 16: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

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

GEOFFREY LEWIS SALMON (404) 835-0454 SC

HEARTLAND HEALTHCARE RECIP RRG11998 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DAVID D. GUERINO (802) 264-2060 VT

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

KIM CONNELLY BLOOMER (802) 371-2251 SC

HOME CONSTRUCTION INS CO RRG11950 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 KATIE GRAY (800) 226-0793x3 NV

HOUSING AUTHORITY RRG INC26797 189 COMMERCE COURT, P.O. BOX 189, CHESHIRE, CT 06410-0189 PAULETTE ACHILLI (203) 272-8220x4 VT

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 11401 CENTURY OAKS TERRACE, SUITE 310, AUSTIN, TX 78758-8702 BRENDA J. STEWART (512) 404-6555 VA

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 1401 H STREET, NW, SUITE 1000, WASHINGTON, DC 20005-2031 CHARLES WARREN BEHR (202) 326-5464 VT

INDEMNITY INSURANCE CORPORATION, RRG12018 950 RIDGEBROOK ROAD, SUITE 1500, SPARKS, MD 21152-9390 JEFFREY BRIAN COHEN (410) 472-6000 DE

INDIANA HEALTHCARE RECIP RRG11692 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 ALIHAN ALIHAN (802) 264-2074 VT

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 2325 EAST CAMELBACK ROAD, SUITE 600, PHOENIX, AZ 85016-3474 WENDY RAE BROWN (602) 337-6247 AZ

INTERMODAL INSURANCE COMPANY, RRG11824 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236 TERESA MATTHEWS 941-373-1162 DC

J.M. WOODWORTH RRG, INC.12594 UUMC 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022 DONNA K. DALTON 678-781-2444 NV

JAMESTOWN INS CO RRG11589 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

JEFFRY M. DELMAS (802) 371-2252 SC

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757 CORY E BROWN 229-226-1937-106 GA

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 201 EAST JEFFERSON STREET, SUITE 104, LOUISVILLE, KY 40202-1250 JAY E. CURTIS (802) 864-6301 KY

KENTUCKY HOSPITAL INS CO RRG11939 2501 NELSON MILLER PARKWAY LOUISVILLE, KY 40223-2221 DEBORAH ROSE RILEY (502) 992-4329 KY

LAKE STREET RRG INC11803 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 THERESA MAE CARPENTER (802) 862-4400 VT

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 GEMMA AGUSTIN-TUANQUI (800) 226-0793 NV

LENDERS PROTECTION ASSUR CO RRG11500 1212 NORTH 96TH STREET OMAHA, NE 68114-2274 RONALD LEE WHEELER (402) 399-3325 NE

LEWIS & CLARK LTC RRG, INC11947 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022 DONNA K. DALTON 678-781-2400 NV

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 5679 SOUTH REDWOOD ROAD, SUITE 26, SALT LAKE CITY, UT 84123-5464 V. J. PETIT (801) 262-3525 UT

LIFE SERVICES NETWORK RECIP INS RRG11958 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 TERESA MARIE MATTHEWS (941) 955-0793 DC

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 LINDA VILLANI (800) 226-0793x3 NV

LVHN RRG11684 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 MANNU LUO (843) 577-1035 SC

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 NEMOURS BUILDING, 1007 NORTH ORANGE STREET, SUITE 1410, WILMINGTON, DE 19801-1242

PATRICK GHISLAIN THERIAULT (802) 861-2630 DE

MARATHON FIN INS CO INC RRG11117 1710 CORPORATE CROSSING, SUITE ONE, O'FALLON, IL 62269-3741 STEPHEN D. KANTNER (302) 651-8354 DE

MCIC VERMONT INC RRG10697 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 DIANE M. HANSON (802) 652-1571 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 17: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

MD RISK RETENTION GROUP, INC.12355 805 MADISON STREET, SUITE 901, SEATTLE, WA 98104-1172 BRENDA M. OLSON (406) 282-0170 MT

MEDAMERICA MUTUAL RRG INC26257 3000 OAK ROAD, SUITE 600, WALNUT CREEK, CA 94597-2071 CHRISTOPHER PAUL MERTES (925) 949-0101 HI

MEDICAL INSURANCE UNDERWRITERS RISK RETENTION GROUP12576 2325 E CAMELBACK ROAD, SUITE 600, PHOENIX, AZ 85016-3474 WENDY RAE BROWN (602) 337-6247 AZ

MEDPRO RRG RISK RETENTION GROUP13589 1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448 GARRETT JAMES DAVENPORT (260) 486-0418 DC

MEDSTAR LIABILITY LTD INS CO INC RRG10124 5565 STERRETT PLACE, FIFTH FLOOR, COLUMBIA, MD 21044-2665 MARCY WATERFALL (802) 864-6269 DC

MENTAL HEALTH RISK RETENTION GROUP44237 103 EISENHOWER PARKWAY, SUITE 101, ROSELAND, NJ 07068-1029 MERISSA S. BUSHEY (802) 863-2398 VT

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 THAO T. NGUYEN (802) 861-2930x1 VT

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 11201 NORTH TATUM BOULEVARD, SUITE 300, PHOENIX, AZ 85028-6039 JASON L. PALMER (808) 521-0730 AZ

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 ANDREW HAMME (802) 264-4592 VT

MOUNTAIN LAUREL RRG INC11547 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMANDA R. WESCOTT (802) 864-2037 VT

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DANIEL THANH NGUYEN (802) 264-2072 MT

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 KELLY BOURNE (843) 614-3132 WV

NATIONAL ASSISTED LIVING RRG, INC.11806 3740 DAVINCI COURT, STE. 130, NORCROSS, GA 30092 ROSE PATRICK 770-255-4913 DC

NATIONAL BUILDERS & CONTRACTORS INS12235 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 GEMMA AGUSTIN-TUANQUI (800) 226-0793 NV

NATIONAL CATHOLIC RRG10083 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 MARY MARIO RICHARDS (802) 861-2930x1 VT

NATIONAL CONTRACTORS INS CO INC RRG12293 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

NATIONAL GUARDIAN RRG INC36072 4075 COPPER RIDGE DRIVE TRAVERSE CITY, MI 49684-7059 MARK A. BURNHEIMER (231) 946-6200 HI

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

HUGH B. MCCREERY (303) 306-0002 CO

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

NICOLE S. HUBLER (802) 371-2249 SC

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

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007 CHARLES HALSTEAD-JOHNSO 802-223-2200 DC

NCMIC RISK RETENTION GROUP, INC.14130 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 STEPHEN M. BROWN (802) 861-2930 VT

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 TERESA MARIE MATTHEWS (941) 955-0793 NV

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 10375 EAST HARVARD AVENUE, SUITE 100, DENVER, CO 80231-3966 BJORN K. HUBBARD (800) 226-0793x329

DC

NEW STAR RISK RETENTION GROUP, INC.12532 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

PIPER H. CROCKETT (843) 573-4946 SC

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 1001 PENNSYLVANIA AVE., N.W., SUITE 400 SOUTH, WASHINGTON, DC 20004

KATIE GRAY 800-226-0793 DC

NJ CAR RISK RETENTION GROUP12581 1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705 ROBERT MYERS (609) 883-5056 DC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 18: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LISA M. KANE (802) 864-2120 VT

NOVUS INS CO RRG10752 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

ELIZABETH J. FORNEY (843) 573-4834 SC

OASIS RECIPROCAL RISK RETENTION GROUP13644 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 GARY A. GRISWOLD (802) 658-9466 VT

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 27 NORTH 27TH STREET, SUITE 1900, BILLINGS, MT BJORN K. HUBBARD (800) 226-0793x329

MT

OCEAN RRG INC10158 837 KEARNY AVENUE KEARNY, NJ 07032-3241 MARY CLAIRE GOFF (877) 587-1763 DC

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

LEN T. LOGAN (877) 872-7475 SC

OLYMPIA RISK RETENTION GROUP, INC.13062 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574 KIMBERLY E. WACK (602) 427-3217 AZ

OMS NATL INS CO RRG44121 6133 NORTH RIVER ROAD, SUITE 650, ROSEMONT, IL 60018-5173 KATHERINE ANN EHMANN (847) 384-0041 IL

OOIDA RISK RETENTION GROUP INC10353 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 STEVE BEVINS (802) 223-2200 VT

OPHTHALMIC MUTUAL INS CO RRG44105 655 BEACH STREET SAN FRANCISCO, CA 94109-1336 LES J. SCACCALOSI (415) 202-4618 VT

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295 TERESA MARIE MATTHEWS (941) 955-0793 AZ

ORDINARY MUTUAL A RRG CORP10171 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 TRISHA L. DESRANLEAU (802) 652-1556 VT

PACE RRG INC11575 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 GARY P. O'HARE (802) 652-1568 VT

PARATRANSIT INSURANCE COMPANY, RRG44130 1000 RIDGEWAY LOOP ROAD MEMPHIS, TN 38120-4045 ANITA M. PERKINS (802) 371-2219 TN

PCH MUTUAL INSURANCE COMPANY, RRG11973 1605 MAIN STREET, 8TH FLOOR, SARASOTA, FL 34236 TERESA MARIE MATTHEWS 941-955-0793 DC

PEACE CHURCH RRG INC11846 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 MARY MARIO RICHARDS (802) 861-2930x1 VT

PEDIATRICANS INS RRG OF AMER11772 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 BJORN K. HUBBARD (800) 226-0793x3 DC

PELICAN INS RRG11587 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JONATHAN J. MCKENZIE (802) 264-2073 VT

PHOEBE RECIPROCAL RRG12004 177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160 VIRGINIA ADRIHAN (843) 853-0446x2 SC

PHP RISK RETENTION GROUP, LIMITED12995 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 SUSAN MUSCAT (802) 658-9466 AZ

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 JAMES SHOOK (802) 371-2273 NV

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 832 WILLOW STREET RENO, NV 89502-1304 MAURICIO FERNANDEZ (305) 662-7839 NV

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 BUILDING G, 7890 PETERS ROAD, SUITE 106, PLANTATION, FL 33324-4028 ANCA VAGUE (954) 236-2400 NV

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMANDA R. WESCOTT (802) 864-2037 VT

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 CHRISTOPHER CRAIG LEIGH (843) 577-1360 SC

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 STACEY GIBBS (802) 264-4588 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 19: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

PHYSICIANS REIMBURSEMENT RRG10934 2386 AIRPORT ROAD BARRE, VT 05641-8629 ALICIA RUBALCABA (802) 371-2216 VT

PHYSICIANS RISK RETENTION GROUP LLC13046 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

PHYSICIANS SPECIALTY LTD RRG11513 4535 DRESSLER ROAD, NW CANTON, OH 44718-2545 JEFFRY M. DELMAS (802) 371-2252 SC

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 DANIEL JOHN SEMAN (406) 523-3873 MT

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 C/O WILLIS MANAGEMENT (HAWAII), 1003 BISHOP STREET, HONOLULU, HI 96813-6400

JASON L. PALMER (808) 521-0730 HI

PINE TREE INS RECIPROCAL RRG12348 2386 AIRPORT ROAD BARRE, VT 05641-8629 ALICIA RUBALCABA (802) 371-2216 VT

PINELANDS INS CO RRG INC12198 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 ANDREW CARLTON (800) 223-0793 DC

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

PINNACLE RRG INC11858 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 RENEE LAGUE (802) 223-2200 DC

PONCE DE LEON LTC RRG, INC.11809 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022 DONNA K. DALTON 678-781-2444 FL

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 3250 GREY HAWK COURT, UNIT Z, CARLSBAD, CA 92010-6651 MARY CLAIRE GOFF (877) 587-1763 MT

PREFERRED PHYSICIANS MEDICAL RRG44083 9000 WEST 67TH STREET SHAWNEE MISSION, KS 66202-3656 BRUCE WILLIAM ANDERSON (913) 262-2585 MO

PREMIER INSURANCE EXCHANGE RRG10101 12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052 KATHRYN MICHENER BOUCHE (802) 863-4400 VT

PREMIER PHYSICIANS INSURANCE COMPANY, RRG12613 575 SOUTH SALIMAN ROAD CARSON CITY, NV 89701-5000 JESSICA CONTRERAS (775) 887-2480 NV

PROAIR RISK RETENTION GROUP, INC.13179 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 TERESA MARIE MATTHEWS (941) 955-0793 NV

PROBUILDERS SPECIALTY INS CO RRG11671 2859 PACES FERRY ROAD, SUITE 800, ATLANTA, GA 30339-5733 CRAIG BOWDEN (770) 257-1709 DC

PROFESSIONAL MEDICAL INS RRG INC10840 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 CHRISTINA KAMAKA (808) 540-4305 HI

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 VT

PROFESSIONALS RISK RETENTION GROUP, INC.13067 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

RED CLAY RISK RETENTION GROUP, INC.13078 14382 US HIGHWAY 19, SOUTH THOMASVILLE, GA 31757-4801 CORY E. BROWN (229) 226-1937x1 SC

RED ROCK RISK RETENTION GROUP, INC.13736 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574 LEE M. MILIZIA (602) 427-3208 AZ

REGIONAL HEALTH INS CO RRG12010 1333 H STREET, NW, SUITE 820, WASHINGTON, DC 20005-4707 DEBORAH ANN CANECO (802) 861-6802 DC

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

ROBERT G. MEETZE (843) 573-4676 SC

RESIDENTIAL INS CO INC A RRG10691 1123 11TH AVENUE, SUITE 403A, HONOLULU, HI 96816-2433 HUGH B. MCCREERY (303) 306-0002 HI

RESTORATION RISK RETENTION GROUP, INC.12209 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295 GEMMA AGUSTIN-TUANQUI (800) 226-0793 AZ

RPX RRG14135 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 NADINE TOMIYASU (808) 540-4312 HI

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 20: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

SAINT LUKE'S HLTH SYSTEM RRG11712 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 ALICIA D. COLELLA (802) 371-2238 SC

SAMARITAN RISK RETENTION GROUP, INC.12511 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 DAWN M. DINARDO (843) 614-3134 SC

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.

12524 STERLING PLAZA, 5949 SHERRY LANE, SUITE 1175, DALLAS, TX 75225-8075 MARY CLAIRE GOFF (877) 587-1763 DC

SCHUYKILL CROSSING RECIPROCAL RRG11808 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 BILL MOURELATOS (802) 652-1558 VT

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 NV

SECURITY AMERICA RRG INC11267 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JODI K. GUZZARDO (802) 864-6332 VT

SELECT MD RRG14136 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

SHAMUS ROFF (802) 371-2253 DC

SENTINEL ASSUR RRG INC12005 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810 SCOT STERENBERG (808) 585-3591 HI

SIGMA RRG, INC.13557 C/O AON INSURANCE MANAGERS, 1 POSTON ROAD, SUITE 1, CHARLESTON, SC 29407

EMI SWAIM 843-614-3136 DC

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 KELLY BOURNE (843) 614-3132 SC

SPIRIT MOUNTAIN INS CO RRG INC10754 607 14TH STREET, NW, SUITE 900, WASHINGTON, DC 20005-2019 CHARLES HALSTEAD-JOHNSO (802) 223-2200 DC

ST CHARLES INS CO RRG11114 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

LEN T. LOGAN (877) 872-7475 SC

ST LUKES HEALTH NETWORK INS CO RRG11688 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 MARY DESRANLEAU (802) 264-4710 VT

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 KATIE GRAY (800) 226-0793x3 NV

STATES SELF-INSURERS RRG44075 222 SOUTH NINTH STREET, SUITE 1300, MINNEAPOLIS, MN 55402-3332 SHERYL ANN SATTLER (612) 766-3000 VT

STICO MUT INS CO RRG10476 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 BECKI MINOLI (802) 264-4576 VT

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 KELLY BOURNE (843) 614-3132 SC

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

LAURA LEE DURKIN (800) 872-7475 DE

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

ROBERT G. MEETZE (843) 573-4676 SC

TERRA INS CO RRG10113 2386 AIRPORT ROAD BARRE, VT 05641-8629 ABIGAIL M. BERNIER (802) 371-2233 VT

THE HEALTHCARE UNDERWRITING CO RRG10152 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

TITAN INS CO INC RRG11153 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

SHAMUS ROFF (802) 371-2253 SC

TITLE INDUSTRY ASSURANCE CO RRG10084 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 TRISHA L. DESRANLEAU (802) 652-1556 VT

UNITED CENTRAL PA RRG11548 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 SHERI TREMBLAY (802) 652-1554 VT

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

NICOLE S. HUBLER (802) 371-2249 DE

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 21: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by Company Name

UNITED EDUCATORS INS RRG INC10020 TWO WISCONSIN CIRCLE, FOURTH FLOOR, CHEVY CHASE, MD 20815-9913 KAREN LEE VERDON (301) 215-6423 VT

UNITED HOME INSURANCE CO A RRG10712 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 DELISCA A. CHRISTIAN (802) 864-2110 VT

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

UV INSURANCE RISK RETENTION GROUP, INC.13988 201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 CHRISTINA KAMAKA (808) 540-4305 HI

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 2007 POOLE DRIVE HUNTSVILLE, AL 35810-3891 SUSAN MARIE URIE (843) 640-3170 OK

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 201 SOUTH MAIN STREET, SUITE 200, ANN ARBOR, MI 48104-2153 PETER M. FEENEY (734) 996-2700 DC

WARREN RRG INC11802 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JAY E. CURTIS (802) 864-6301 VT

WELLSPAN RRG11682 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JENNIFER L. PETTENGILL (802) 864-2111 VT

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

WESTERN INS RRG INC11978 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574 KIMBERLY E. WACK (602) 427-3217 AZ

WESTERN PACIFIC MUT INS CO RRG40940 9265 MADRAS COURT LITTLETON, CO 80130-4444 SHERLYN WILKINSON FARRELL (303) 263-0311 CO

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LISA H. MANLEY (802) 864-2124 VT

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 ANITA M. PERKINS (802) 371-2219 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 22: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 $2,886,961 $68,513 $3,754,448$798,974

ACBG RISK RETENTION GROUP, LLC12557 $1,485,284 $48,427 $1,964,868$431,157

AEGIS HEALTHCARE RRG, INC.12252 $1,711,083 $275,500 $3,329,338$1,342,755

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $3,291,474 $537,347 $3,836,082$7,261

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $1,008,838 $0 $1,513,892$505,054

AGRI INSURANCE EXCHANGE RRG28380 $12,585,776 $0 $12,630,742$44,966

ALLEGIANT INS CO INC A RRG11965 $8,535,722 $1,955,491 $10,776,541$285,328

ALLIANCE OF NONPROFITS FOR INS RRG10023 $42,670,007 $1,632,629 $51,293,384$6,990,748

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $22,247,263 $15,280 $24,157,460$1,894,917

ALLIED SERVICES RISK RETENTION GROUP12013 $5,580,568 $0 $5,605,718$25,150

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $32,903,278 $0 $34,424,422$1,521,144

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $105,046 $17,247 $1,129,926$1,007,633

AMERICAN CONTRACTORS INS CO RRG12300 $6,843,579 $0 $16,935,708$10,092,129

AMERICAN EXCESS INS EXCHANGE RRG10903 $396,395,469 $0 $399,329,748$2,934,279

AMERICAN FEED INDUSTRY INS CO RRG44202 $5,388,493 $0 $5,511,594$123,101

AMERICAN FOREST CASUALTY COMPANY RRG11590 $7,840,155 $0 $8,787,850$947,695

AMERICAN INTER FIDELITY EXCH RRG40088 $22,155,351 $0 $23,753,118$1,597,767

AMERICAN SAFETY RRG INC25448 $10,614,972 $599,504 $15,818,987$4,604,511

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $13,332,512 $37,902 $14,354,104$983,690

AMERIGUARD RRG INC12171 $11,643,103 $0 $12,091,521$448,418

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $61,989,689 $285,936 $83,909,738$21,634,113

ARCHITECTS & ENGINEERS INS CO RRG44148 $10,372,506 $915,241 $20,825,286$9,537,539

ARCOA RISK RETENTION GROUP, INC.13177 $9,246,420 $0 $10,309,783$1,063,363

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $1,143,891 $0 $2,384,334$1,240,443

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC14005 $621,180 $0 $684,045$62,865

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $2,102,316 $0 $2,125,397$23,081

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $14,452,383 $960,286 $15,723,825$311,156

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $17,349,301 $0 $17,923,102$573,801

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $127,764,578 $5,747,084 $137,142,023$3,630,361

ATTORNEYS LIAB PROTECTION SOC RRG32450 $82,932,815 $1,028,765 $92,605,463$8,643,883

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,439,584 $21,650 $1,522,337$61,103

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $20,534,806 $0 $22,389,321$1,854,515

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,693,795 $0 $2,000,149$306,354

BAR VERMONT RISK RETENTION GROUP INC10174 $19,339,251 $662,543 $21,015,380$1,013,586

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $19,562,344 $879,809 $25,150,016$4,707,863

BEST CARE INSURANCE COMPANY RRG14169 $510,214 $0 $510,214$0

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $1,802,921 $0 $2,214,383$411,462

BROADLINE RISK RETENTION GROUP, INC.13788 $57,063,150 $0 $81,185,610$24,122,460

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $95,943,397 $0 $114,756,199$18,812,802

CARE RRG, INC.11825 $9,667,473 $849,657 $11,783,694$1,266,564

CAREGIVERS UNITED LIAB INS CO RRG11544 $30,826,252 $0 $32,650,637$1,824,385

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $40,629,764 $1,585,879 $72,962,520$30,746,877

CASSATT RISK RETENTION GROUP INC10808 $5,474,122 $0 $6,480,468$1,006,346

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $816,638 $0 $880,060$63,422

CENTRAL PA PHYSICIANS RRG INC11694 $57,811,554 $0 $60,625,731$2,814,177

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $11,715,744 $0 $14,706,642$2,990,898

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,378,987 $55,940 $3,520,598$85,671

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 $5,614,496 $0 $5,715,572$101,076

CHC CAS RRG11531 $34,554,285 $0 $34,983,400$429,115

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 23: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets

CIMARRON INSURANCE EXCHANGE RRG12308 $4,122,697 $0 $6,221,012$2,098,315

CIRCLE STAR INS CO RRG11839 $1,978,640 $0 $2,272,357$293,717

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,566,946 $0 $2,779,363$1,212,417

CLARIAN HLTH RRG INC11992 $1,414,988 $0 $8,939,582$7,524,594

CLINIC MUTUAL INSURANCE CO RRG43770 $4,361,235 $124,999 $4,524,578$38,344

CMIC RISK RETENTION GROUP13756 $3,206,630 $2,375 $3,470,507$261,502

COASTAL INS RRG INC11668 $46,833,932 $901,378 $49,861,820$2,126,510

COLLEGE LIABILITY INS CO A RECIP RRG44598 $10,321,887 $0 $12,385,583$2,063,696

COLLEGE RISK RETENTION GROUP, INC.13613 $12,012,831 $325,175 $12,460,969$122,963

COLUMBIA NATIONAL RRG INC10803 $1,746,280 $0 $1,780,207$33,927

COMCARE PRO INS RECIPROCAL RRG11864 $3,268,977 $0 $3,826,469$557,492

COMMUNITIES OF FAITH RRG INC11807 $12,906,694 $0 $13,046,473$139,779

COMMUNITY BLOOD CENTERS EXCH RRG13893 $22,713,800 $0 $23,756,769$1,042,969

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $119,967,943 $0 $121,045,747$1,077,804

COMMUNITY HOSPITAL RRG11259 $184,800,119 $0 $188,607,508$3,807,389

CONSORTIUM RRG11528 $7,314,544 $0 $7,314,544$0

CONSUMER SPECIALTIES INS CO RRG10075 $5,020,349 $299,043 $5,673,875$354,483

CONTINUING CARE RRG, INC.11798 $2,522,510 $0 $4,595,406$2,072,896

CONTRACTORS INS CO OF NORTH AMER RRG11603 $36,923,819 $3,998,382 $44,976,016$4,053,815

CONTROLLED RISK INS CO OF VT RRG10341 $50,449,590 $0 $51,599,216$1,149,626

CPA MUTUAL INS CO OF AMERICA RRG10164 $17,353,082 $831,379 $22,207,026$4,022,565

CROSSFIT RISK RETENTION GROUP, INC.13720 $1,045,247 $0 $1,433,022$387,775

CRUDEN BAY RRG INC11676 $11,691,410 $0 $11,771,637$80,227

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $5,362,500 $0 $6,488,798$1,126,298

DELAWARE PROFESSIONAL INSURANCE CO43125 $10,352,376 $0 $10,606,734$254,358

DOCTORS & SURGEONS NATIONAL RRG13018 $5,642,041 $0 $7,583,402$1,941,361

DUBOIS MEDICAL RRG11842 $7,333,308 $0 $7,367,908$34,600

EASTERN DENTISTS INS CO RRG10115 $38,987,468 $306,928 $44,351,025$5,056,629

ELITE TRANSPORTATION RRG INC10125 $10,363,800 $118,589 $12,533,312$2,050,923

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $17,113,998 $754,080 $22,901,978$5,033,900

EMERGENCY MEDICINE RRG INC12015 $9,620,245 $0 $13,700,152$4,079,907

EMERGENCY PHYSICIANS INS CO RRG11714 $35,732,072 $100,112 $40,255,410$4,423,226

EVERGREEN USA RRG INC38466 $11,110,458 $272,657 $14,890,075$3,506,960

FAIRWAY PHYSICIANS INS CO RRG11840 $17,300,891 $3,573,997 $28,007,152$7,132,264

FAITH AFFILIATED RRG INC11698 $7,252,155 $0 $7,477,691$225,536

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $10,892,082 $926,625 $20,986,348$9,167,641

FIRST MEDICAL INS CO RRG11278 $112,207,260 $0 $113,182,072$974,812

FRANKLIN CASUALTY INS CO RRG10842 $1,764,094 $3,383,871 $30,371,799$25,223,834

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $13,004,140 $0 $19,044,430$6,040,290

GABLES RRG14032 $0 $0 $1,750,000$1,750,000

GEISINGER INS CORP RRG12000 $1,820,041 $555,000 $16,412,811$14,037,770

GENERAL EASTERN SKI INS RRG INC10163 $977,694 $0 $2,704,457$1,726,763

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $1,007,327 $0 $1,011,863$4,536

GLOBAL HAWK INSURANCE COMPANY RRG11948 $7,508,458 $0 $9,767,631$2,259,173

GLOBAL INTL INS CO INC A RRG10991 $18,052,858 $0 $19,078,145$1,025,287

GOLDEN INS CO RRG11145 $3,592,804 $0 $4,732,282$1,139,478

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $4,024,504 $0 $4,090,390$65,886

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $662,402 $0 $1,048,150$385,748

GRACO RRG INC11581 $561,691 $0 $648,254$86,563

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 24: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets

GREEN HILLS INS CO RRG11941 $20,164,258 $0 $22,560,214$2,395,956

GUARDIAN RRG INC11696 $4,766,155 $0 $5,388,278$622,123

GUTHRIE RRG12014 $47,573,565 $0 $52,830,502$5,256,937

HAMDEN ASSURANCE RRG, INC.13057 $2,610,369 $0 $79,442,369$76,832,000

HEALTH CARE CAS RRG INC12236 $14,544,161 $33,434 $16,241,919$1,664,324

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,717,280 $0 $7,335,098$617,818

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $71,110,923 $87,605 $77,421,268$6,222,740

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

11832 $18,964,517 $99,623,334 $158,899,152$40,311,301

HEALTHCARE PROVIDERS INS CO RRG11683 $63,762,668 $0 $65,559,073$1,796,405

HEARTLAND HEALTHCARE RECIP RRG11998 $12,941,788 $0 $13,485,328$543,540

HERITAGE WARRANTY INS RRG INC11097 $1,373,313 $0 $1,373,313$0

HOME CONSTRUCTION INS CO RRG11950 $5,851,226 $0 $6,205,164$353,938

HOUSING AUTHORITY RRG INC26797 $296,638,523 $300,000 $307,105,524$10,167,001

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,225,862 $110,957 $123,503,283$2,166,464

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $282,896,259 $2,645,240 $303,678,545$18,137,046

INDEMNITY INSURANCE CORPORATION, RRG12018 $5,935,115 $983,277 $42,893,722$35,975,330

INDIANA HEALTHCARE RECIP RRG11692 $24,610,907 $0 $25,149,799$538,892

INTERMODAL INSURANCE COMPANY, RRG11824 $188,799 $7,857,312 $8,374,193$328,082

J.M. WOODWORTH RRG, INC.12594 $11,684,463 $1,135,650 $16,583,728$3,763,615

JAMESTOWN INS CO RRG11589 $3,500,069 $33,155 $6,773,862$3,240,638

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $8,287,938 $0 $8,506,940$219,002

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $46,147,232 $0 $49,374,709$3,227,477

KENTUCKY HOSPITAL INS CO RRG11939 $18,829,740 $409 $19,752,135$921,986

LAKE STREET RRG INC11803 $1,973,735 $0 $1,973,735$0

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $7,979,884 $0 $12,879,839$4,899,955

LENDERS PROTECTION ASSUR CO RRG11500 $2,374,134 $0 $2,481,429$107,295

LEWIS & CLARK LTC RRG, INC11947 $13,514,557 $3,039,002 $21,840,572$5,287,013

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $3,446,364 $263,072 $7,952,446$4,243,010

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,175,200 $0 $7,347,890$172,690

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $502,765 $0 $502,765$0

LVHN RRG11684 $36,256,589 $0 $43,804,597$7,548,008

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,963,252 $0 $3,446,834$1,483,582

MARATHON FIN INS CO INC RRG11117 $3,359,477 $0 $12,267,129$8,907,652

MCIC VERMONT INC RRG10697 $29,529,157 $1,525,398 $37,335,736$6,281,181

MD RISK RETENTION GROUP, INC.12355 $13,328,019 $22,805 $13,825,767$474,943

MEDAMERICA MUTUAL RRG INC26257 $65,240,078 $0 $67,142,949$1,902,871

MEDPRO RRG RISK RETENTION GROUP13589 $3,494,900 $11,562,663 $28,553,558$13,495,995

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,605,036 $1,782,487 $5,483,521$95,998

MENTAL HEALTH RISK RETENTION GROUP44237 $21,690,070 $214,079 $22,383,380$479,231

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $5,441,971 $255,287 $8,824,759$3,127,501

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $307,536 $0 $1,675,736$1,368,200

MOUNTAIN LAUREL RRG INC11547 $12,772,814 $0 $15,012,386$2,239,572

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $91,400,472 $0 $92,808,546$1,408,074

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $20,612,962 $0 $22,734,498$2,121,536

NATIONAL ASSISTED LIVING RRG, INC.11806 $6,577,696 $0 $6,955,481$377,785

NATIONAL BUILDERS & CONTRACTORS INS12235 $4,474,206 $9,744 $5,131,993$648,043

NATIONAL CATHOLIC RRG10083 $54,076,902 $4,337,315 $60,794,144$2,379,927

NATIONAL GUARDIAN RRG INC36072 $11,890,616 $3,109,062 $15,823,437$823,759

NATIONAL HOME INSURANCE CO RRG44016 $48,664,604 $3,093,612 $52,509,690$751,474

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 25: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $4,686,763 $362,657 $8,368,763$3,319,343

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $3,868,649 $160,447 $6,865,158$2,836,062

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $9,199,575 $87,511 $9,362,832$75,746

NCMIC RISK RETENTION GROUP, INC.14130 $1,968,418 $0 $1,968,434$16

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $2,765,081 $0 $2,882,912$117,831

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $8,494,873 $9,079 $9,994,426$1,490,474

NEW STAR RISK RETENTION GROUP, INC.12532 $6,900,728 $0 $8,199,765$1,299,037

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $9,044,324 $29,253 $14,178,259$5,104,682

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $7,278,022 $0 $7,291,075$13,053

NOVUS INS CO RRG10752 $4,991,724 $707,470 $5,956,493$257,299

OASIS RECIPROCAL RISK RETENTION GROUP13644 $3,960,570 $0 $7,304,252$3,343,682

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $2,505,603 $0 $3,568,829$1,063,226

OCEAN RRG INC10158 $4,973,520 $0 $10,353,812$5,380,292

OCEANUS INS CO A RRG12189 $54,691,312 $2,941,945 $64,772,047$7,138,790

OMS NATL INS CO RRG44121 $307,454,268 $20,536,016 $357,299,562$29,309,278

OOIDA RISK RETENTION GROUP INC10353 $40,069,213 $0 $57,403,772$17,334,559

OPHTHALMIC MUTUAL INS CO RRG44105 $219,333,932 $1,701,699 $232,983,213$11,947,582

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $4,210,354 $0 $5,242,392$1,032,038

ORDINARY MUTUAL A RRG CORP10171 $22,854,654 $0 $24,253,006$1,398,352

PACE RRG INC11575 $4,787,577 $6,805,447 $14,843,477$3,250,453

PARATRANSIT INSURANCE COMPANY, RRG44130 $20,856,906 $19,184 $23,250,253$2,374,163

PCH MUTUAL INSURANCE COMPANY, RRG11973 $7,425,493 $325,641 $8,565,645$814,511

PEACE CHURCH RRG INC11846 $18,325,950 $0 $18,590,172$264,222

PEDIATRICANS INS RRG OF AMER11772 $726,468 $41,198 $848,309$80,643

PELICAN INS RRG11587 $16,207,716 $0 $16,439,192$231,476

PHOEBE RECIPROCAL RRG12004 $4,527,153 $0 $4,554,388$27,235

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 $604,030 $0 $629,171$25,141

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,011,056 $0 $1,566,183$555,127

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $6,041,789 $524,922 $6,820,711$254,000

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $3,915,314 $0 $4,621,335$706,021

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $37,291,597 $159,586 $47,776,651$10,325,468

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $39,510,957 $302,006 $42,574,230$2,761,267

PHYSICIANS REIMBURSEMENT RRG10934 $25,337,806 $0 $25,858,064$520,258

PHYSICIANS SPECIALTY LTD RRG11513 $11,969,358 $554,834 $12,579,718$55,526

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $1,097,139 $0 $1,632,101$534,962

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,873,143 $0 $5,884,234$11,091

PINE TREE INS RECIPROCAL RRG12348 $14,575,009 $0 $14,797,133$222,124

PINELANDS INS CO RRG INC12198 $354,610 $168,989 $3,724,442$3,200,843

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,228,997 $0 $6,388,333$159,336

PINNACLE RRG INC11858 $2,560,843 $0 $2,564,104$3,261

PONCE DE LEON LTC RRG, INC.11809 $14,358,995 $536,831 $16,788,868$1,893,042

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $24,740,435 $14,568,869 $46,426,235$7,116,931

PREFERRED PHYSICIANS MEDICAL RRG44083 $178,212,146 $78,267 $183,233,427$4,943,014

PREMIER INSURANCE EXCHANGE RRG10101 $3,320,725 $0 $8,351,763$5,031,038

PROAIR RISK RETENTION GROUP, INC.13179 $54,812 $0 $634,373$579,561

PROBUILDERS SPECIALTY INS CO RRG11671 $15,991,206 $93,080,379 $147,706,100$38,634,515

PROFESSIONAL MEDICAL INS RRG INC10840 $321,244 $0 $341,550$20,306

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,737,256 $269,452 $3,187,004$180,296

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $4,882,607 $81,897 $5,013,530$49,026

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 26: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets

RED CLAY RISK RETENTION GROUP, INC.13078 $3,035,761 $0 $4,559,568$1,523,807

RED ROCK RISK RETENTION GROUP, INC.13736 $12,460,538 $0 $13,229,461$768,923

REGIONAL HEALTH INS CO RRG12010 $627,162 $1,024,595 $1,687,263$35,506

REPUBLIC RRG12019 $1,335,248 $0 $1,837,338$502,090

RESIDENTIAL INS CO INC A RRG10691 $2,420,502 $104,196 $2,632,113$107,415

RESTORATION RISK RETENTION GROUP, INC.12209 $40,313,934 $0 $44,536,277$4,222,343

RPX RRG14135 $4,100,000 $0 $4,125,277$25,277

SAINT LUKE'S HLTH SYSTEM RRG11712 $21,862,036 $1,536,784 $23,956,044$557,224

SAMARITAN RISK RETENTION GROUP, INC.12511 $18,463,423 $0 $21,550,327$3,086,904

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 $458,459 $3,825,805 $5,143,768$859,504

SCHUYKILL CROSSING RECIPROCAL RRG11808 $24,289,775 $0 $30,950,597$6,660,822

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $7,404,994 $113,579 $8,274,954$756,381

SECURITY AMERICA RRG INC11267 $3,503,296 $0 $4,123,545$620,249

SELECT MD RRG14136 $991,324 $0 $994,699$3,375

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 $1,629,195 $0 $2,701,165$1,071,970

SENTINEL ASSUR RRG INC12005 $16,319,193 $0 $16,479,896$160,703

SIGMA RRG, INC.13557 $8,435,788 $0 $10,992,223$2,556,435

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $43,954,457 $0 $47,159,635$3,205,178

SPIRIT MOUNTAIN INS CO RRG INC10754 $5,788,992 $0 $6,200,132$411,140

ST CHARLES INS CO RRG11114 $10,183,933 $0 $10,521,831$337,898

ST LUKES HEALTH NETWORK INS CO RRG11688 $44,307,969 $0 $52,953,914$8,645,945

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $241,158 $0 $471,888$230,730

STATES SELF-INSURERS RRG44075 $20,404,255 $156,082 $20,688,387$128,050

STICO MUT INS CO RRG10476 $17,699,098 $315,014 $19,902,798$1,888,686

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $723,083 $0 $729,834$6,751

SUNLAND RISK RETENTION GROUP, INC.14026 $563,251 $0 $1,934,237$1,370,986

SUPERIOR INS CO RRG11669 $9,422,356 $395,764 $21,366,338$11,548,218

TERRA INS CO RRG10113 $25,353,394 $234,864 $27,001,100$1,412,842

THE HEALTHCARE UNDERWRITING CO RRG10152 $17,775,552 $0 $63,150,213$45,374,661

TITAN INS CO INC RRG11153 $29,495,529 $0 $30,812,685$1,317,156

TITLE INDUSTRY ASSURANCE CO RRG10084 $4,336,183 $1,679,586 $6,808,663$792,894

UNITED CENTRAL PA RRG11548 $19,450,780 $0 $20,177,483$726,703

UNITED CONTRACTORS INS CO INC RRG12280 $18,850,796 $84,809 $23,538,881$4,603,276

UNITED EDUCATORS INS RRG INC10020 $642,165,574 $862,861 $674,475,222$31,446,787

UNITED HOME INSURANCE CO A RRG10712 $3,104,356 $0 $4,310,043$1,205,687

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,571,933 $0 $2,748,870$176,937

UV INSURANCE RISK RETENTION GROUP, INC.13988 $165,434 $0 $667,010$501,576

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,687,606 $0 $2,694,381$6,775

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,982,589 $3,621 $2,019,211$33,001

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $2,828,557 $380,504 $3,631,181$422,120

WARREN RRG INC11802 $6,962,025 $0 $7,200,316$238,291

WELLSPAN RRG11682 $16,289,247 $0 $22,476,069$6,186,822

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $2,039,185 $0 $3,030,518$991,333

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,629,369 $0 $2,702,091$72,722

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $15,872,834 $168,661 $16,319,243$277,748

$6,161,947,776 $331,620,423 $7,413,064,655TOTAL - ALL RRGs $919,496,456

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 27: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 $573,176 $2,275,498 $213 $0$366,004 $1,336,318 $1,478,947

ACBG RISK RETENTION GROUP, LLC12557 $0 $401,160 ($8) ($202)$13,400 $387,760 $1,563,708

ADVANCED PHYSICIANS INS RRG INC12166 $0 $19,671$0 $19,671 $1,370,296

AEGIS HEALTHCARE RRG, INC.12252 $0 $2,181,158 ($97) ($563)$1,785,481 $395,677 $1,148,180

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

13677 $0 $875,209 $1 $0$490,557 $384,652 $2,960,873

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 $0 $863,881 $0 ($300)$849,386 $14,495 $650,011

AGRI INSURANCE EXCHANGE RRG28380 $0 $2,115,643 ($242) ($336)$1,874,185 $241,458 $10,515,099

ALLEGIANT INS CO INC A RRG11965 $0 $7,982,961 $1,543 $1,490$6,712,541 $1,270,420 $2,793,580

ALLIANCE OF NONPROFITS FOR INS RRG10023 $6,388,181 $25,340,509 ($301) ($1,745)$17,894,461 $1,057,867 $25,952,875

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $5,498,171 $12,807,717 ($895) ($964)$6,275,413 $1,034,133 $11,349,743

ALLIED SERVICES RISK RETENTION GROUP12013 $504,726 $3,135,979 $189 $870$2,444,452 $186,801 $2,469,739

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $3,560,259 $24,959,314 ($4,633) ($5,798)$18,927,464 $2,471,591 $9,465,108

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $15,381 $431,798 ($1) ($50)$116,984 $299,433 $698,128

AMERICAN CONTRACTORS INS CO RRG12300 $0 $10,160,435 $0 $0$0 $10,160,435 $6,775,273

AMERICAN EXCESS INS EXCHANGE RRG10903 $11,222,251 $187,421,065 ($16,983) ($47,752)$158,782,995 $17,415,819 $211,908,683

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $1,715,750 ($889) ($1,719)$1,622,130 $93,620 $3,795,844

AMERICAN FOREST CASUALTY COMPANY RRG11590 $698,315 $5,639,091 ($410) ($1,907)$4,961,112 ($20,336) $3,148,759

AMERICAN INTER FIDELITY EXCH RRG40088 $610,654 $9,079,594 ($47) ($770)$7,089,050 $1,379,890 $14,673,524

AMERICAN SAFETY RRG INC25448 $457,635 $7,226,888 ($2,424) ($444)$3,715,419 $3,053,834 $8,592,099

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $2,867,290 $10,440,221 $355 $73$5,701,734 $1,871,197 $3,913,883

AMERIGUARD RRG INC12171 $5,357 $5,107,519 ($1,896) ($3,115)$3,280,172 $1,821,990 $6,984,002

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $17,295,823 $61,704,864 ($1,038) ($2,579)$43,422,100 $986,941 $22,204,874

ARCHITECTS & ENGINEERS INS CO RRG44148 $3,231,391 $11,613,374 ($136) $53$3,426,496 $4,955,487 $9,211,912

ARCOA RISK RETENTION GROUP, INC.13177 $0 $7,840,445 $1,108 $2,540$7,462,521 $377,924 $2,469,338

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $310,891 $660,911 ($75) ($25)$125,000 $225,020 $1,723,423

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 28: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC

14005 $106,968 $177,840 $0 $0$44,518 $26,354 $506,205

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $981,258 $127 $717$612,887 $368,371 $1,144,139

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $1,100,438 $7,417,881 ($1,881) ($3,230)$4,847,000 $1,470,443 $8,305,944

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $1,637,029 $9,889,564 $1,662 $1,087$8,110,757 $141,778 $8,033,538

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $103,244 $80,466,319 ($1,017) ($1,464)$50,141,680 $30,221,395 $56,675,704

ATTORNEYS LIAB PROTECTION SOC RRG32450 $11,503,442 $61,881,330 ($1,543) ($7,956)$46,502,389 $3,875,499 $30,724,133

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $23,273 $74,581 $0 $0$22,790 $28,518 $1,447,756

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $11,898,056 $13,707,900 $0 $0$0 $1,809,844 $8,681,421

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $346,055 $1,018,035 $71 $0$161,689 $510,291 $982,114

BAR VERMONT RISK RETENTION GROUP INC10174 $1,649,842 $8,139,104 ($845) ($1,459)$4,486,757 $2,002,505 $12,876,276

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $0 $20,786,838 ($1,096) ($815)$14,264,702 $6,522,136 $4,363,178

BEST CARE INSURANCE COMPANY RRG14169 $0 $32 $0 $0$0 $32 $510,182

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $977,138 $1,164,850 $0 $0$44,307 $143,405 $1,049,533

BROADLINE RISK RETENTION GROUP, INC.13788 $8,822,903 $59,972,696 ($3,839) $0$50,750,000 $399,793 $21,212,914

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $8,714,715 $71,816,623 ($6,639) ($15,472)$54,015,064 $9,086,844 $42,939,576

CALIFORNIA MEDICAL GRP INS CO RRG12180 $1,085,015 $6,480,759$5,433,849 ($38,105) $5,401,748

CARE RRG, INC.11825 $484,021 $6,981,374 ($787) ($1,286)$4,323,264 $2,174,089 $4,802,320

CAREGIVERS UNITED LIAB INS CO RRG11544 $1,601,684 $13,909,548 ($2,361) ($4,384)$11,617,475 $690,389 $18,741,088

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

12373 $0 $41,772,241 ($238) ($781)$7,267,920 $34,504,321 $31,190,278

CASSATT RISK RETENTION GROUP INC10808 $50,000 $2,788,723 ($1) ($436)$448,956 $2,289,767 $3,691,745

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

13784 $0 $122,357 ($6) $0$55,655 $66,702 $757,703

CENTRAL PA PHYSICIANS RRG INC11694 $4,823,721 $41,307,280 $5,749 ($1,256)$31,619,135 $4,864,424 $19,318,451

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $1,587,195 $8,611,006 ($632) ($1,738)$6,515,528 $508,283 $6,095,636

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $0 $276,589 ($27) ($82)$205,750 $70,839 $3,244,008

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 $0 $3,323,853 ($225) ($541)$2,700,919 $622,934 $2,391,719

CHC CAS RRG11531 $0 $24,522,525 ($2,096) ($1,709)$23,645,666 $876,859 $10,460,875

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 29: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

CIMARRON INSURANCE EXCHANGE RRG12308 $0 $4,407,822 $387 $526$3,105,879 $1,301,943 $1,813,191

CIRCLE STAR INS CO RRG11839 $0 $770,161 $0 $0$234,639 $535,522 $1,502,196

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $168,046 $1,345,133 ($86) ($73)$757,942 $419,145 $1,434,230

CLARIAN HLTH RRG INC11992 $0 $6,587,099 $0 $0$0 $6,587,099 $2,352,483

CLINIC MUTUAL INSURANCE CO RRG43770 $23,140 $170,219 ($187) ($336)$76,949 $70,130 $4,354,359

CMIC RISK RETENTION GROUP13756 $241,517 $360,490 $0 $0$13,504 $105,469 $3,110,017

COASTAL INS RRG INC11668 $741,278 $27,010,629 ($3,319) ($5,336)$19,366,981 $6,902,370 $22,851,191

COLLEGE LIABILITY INS CO A RECIP RRG44598 $1,163,010 $3,925,155 ($886) ($535)$2,715,435 $46,710 $8,460,427

COLLEGE RISK RETENTION GROUP, INC.13613 $3,137,031 $8,528,510 ($518) ($335)$5,246,095 $145,384 $3,932,459

COLUMBIA NATIONAL RRG INC10803 $428,292 $666,496 $0 $0$0 $238,204 $1,113,711

COMCARE PRO INS RECIPROCAL RRG11864 $569,094 $1,372,239 $306 ($99)$611,473 $191,672 $2,454,230

COMMUNITIES OF FAITH RRG INC11807 $0 $1,423,749 ($482) ($297)$1,265,054 $158,695 $11,622,724

COMMUNITY BLOOD CENTERS EXCH RRG13893 $1,630,215 $11,068,981 ($2,002) ($3,403)$6,234,062 $3,204,704 $12,687,788

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $0 $106,218,897 ($332) $8,655$58,916,430 $47,302,467 $14,826,850

COMMUNITY HOSPITAL RRG11259 $0 $121,340,532 ($8,363) ($12,245)$110,689,537 $10,650,995 $67,266,976

CONSORTIUM RRG11528 $0 $17,842 ($1,139) ($1,968)$0 $17,842 $7,296,702

CONSUMER SPECIALTIES INS CO RRG10075 $306,436 $2,268,657 ($428) ($692)$1,820,396 $141,825 $3,405,218

CONTINUING CARE RRG, INC.11798 $0 $1,230,045 $88 $0$535,297 $694,748 $3,365,361

CONTRACTORS INS CO OF NORTH AMER RRG11603 $739,798 $28,313,543 $10,900 $5,033$23,479,026 $4,094,719 $16,662,471

CONTROLLED RISK INS CO OF VT RRG10341 $0 $21,725,109 ($1,103) ($2,414)$18,955,857 $2,769,252 $29,874,107

CPA MUTUAL INS CO OF AMERICA RRG10164 $1,257,808 $11,539,144 ($1,204) ($2,213)$8,559,980 $1,721,356 $10,667,882

CROSSFIT RISK RETENTION GROUP, INC.13720 $303,759 $743,403 $0 $0$121,918 $317,726 $689,619

CRUDEN BAY RRG INC11676 $0 $8,466,655 ($3,044) ($1,637)$7,858,655 $608,000 $3,304,982

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $533,573 $3,967,662 $734 $0$1,766,804 $1,667,285 $2,521,136

DELAWARE PROFESSIONAL INSURANCE CO43125 $1,021,128 $6,440,580 ($1,641) ($3,305)$5,200,000 $219,452 $4,166,154

DOCTORS & SURGEONS NATIONAL RRG13018 $1,953,408 $5,374,863 $2 $257$2,940,863 $480,592 $2,208,539

DUBOIS MEDICAL RRG11842 $720,416 $3,223,927 ($45) $26$2,471,730 $31,781 $4,143,981

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 30: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

EASTERN DENTISTS INS CO RRG10115 $5,671,048 $28,309,911 ($3,877) ($6,457)$20,252,000 $2,386,863 $16,041,114

ELITE TRANSPORTATION RRG INC10125 $205,951 $10,496,616 ($167) $34$5,545,691 $4,744,974 $2,036,696

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $1,928,709 $16,578,313 $6,668 $6,142$13,352,060 $1,297,544 $6,323,665

EMERGENCY MEDICINE RRG INC12015 $1,643,804 $5,268,819 $18 ($19,909)$2,849,576 $775,439 $8,431,333

EMERGENCY PHYSICIANS INS CO RRG11714 $5,684,843 $32,477,548 $1,701 $1,924$24,865,953 $1,926,752 $7,777,862

EVERGREEN USA RRG INC38466 $1,647,048 $8,689,845 ($1,089) $637$6,380,045 $662,752 $6,200,230

FAIRWAY PHYSICIANS INS CO RRG11840 $5,213,071 $22,463,094 $7,038 $4,366$16,043,112 $1,206,911 $5,544,058

FAITH AFFILIATED RRG INC11698 $463,475 $2,965,712 $721 $1,043$2,411,694 $90,543 $4,511,979

FIRST AUTOMOTIVE INS RRG INC10619

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $4,928,647 $16,731,422 $1,654 $3,725$10,701,121 $1,101,654 $4,254,926

FIRST MEDICAL INS CO RRG11278 $6,071,142 $47,559,874 ($7,563) ($14,742)$40,538,325 $950,407 $65,622,198

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $575,341 $2,002,190$1,124,422 $302,427 $2,066,338

FRANKLIN CASUALTY INS CO RRG10842 $1,650,456 $28,200,790 $323 ($208)$6,164,845 $20,385,489 $2,171,009

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $0 $8,545,193 ($641) ($1,632)$8,048,592 $496,601 $10,499,237

GABLES RRG14032 $0 $0 ($640) ($459)$0 $0 $1,750,000

GEISINGER INS CORP RRG12000 $487,100 $5,183,396 $0 $0$500,000 $4,196,296 $11,229,415

GENERAL EASTERN SKI INS RRG INC10163 $0 $1,497,997 ($158) ($116)$378,077 $1,119,920 $1,206,460

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $0 $3,263 $0 $0$0 $3,263 $1,008,600

GLOBAL HAWK INSURANCE COMPANY RRG11948 $3,111,469 $5,419,303 $268 $33$2,076,437 $231,397 $4,348,329

GLOBAL INTL INS CO INC A RRG10991 $0 $678,237 $0 $0$0 $678,237 $18,399,908

GOLDEN INS CO RRG11145 $1,773,965 $2,384,874 $69 $728$431,090 $179,819 $2,347,408

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $0 $2,499,586 $1,169 $443$2,387,555 $112,031 $1,590,804

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $203,257 $495,786 $0 $0$0 $292,529 $552,364

GRACO RRG INC11581 $0 $123,302 $0 $0$0 $123,302 $524,952

GREEN HILLS INS CO RRG11941 $2,196,979 $10,962,874 ($1,438) ($3,354)$7,523,946 $1,241,949 $11,597,340

GUARDIAN RRG INC11696 $0 $1,256,102 ($676) ($756)$1,207,032 $49,070 $4,132,176

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 31: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

GUTHRIE RRG12014 $4,673,212 $25,954,466 ($6,770) ($7,573)$20,962,188 $319,066 $26,876,036

HAMDEN ASSURANCE RRG, INC.13057 $0 $77,937,188 $0 $0$0 $77,937,188 $1,505,181

HEALTH CARE CAS RRG INC12236 $732,173 $14,609,653 ($454) ($801)$5,020,530 $8,856,950 $1,632,266

HEALTH NETWORK PROVIDERS MUT INS CO11813 $512,932 $4,736,506 ($896) ($1,394)$3,161,550 $1,062,024 $2,598,592

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $5,733,681 $33,887,458 ($3,676) ($10,100)$26,907,118 $1,246,659 $43,533,810

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

11832 $22,197,378 $150,210,813 $298 $170$107,923,579 $20,089,856 $8,688,339

HEALTHCARE PROVIDERS INS CO RRG11683 $4,590,407 $29,269,612 ($1,514) ($5,846)$20,460,574 $4,218,631 $36,289,461

HEARTLAND HEALTHCARE RECIP RRG11998 $0 $5,361,418 ($730) ($1,438)$5,120,702 $240,716 $8,123,910

HERITAGE WARRANTY INS RRG INC11097 $491,149 $679,558 ($161) ($67)$71,800 $116,609 $693,755

HOME CONSTRUCTION INS CO RRG11950 ($9,435) $4,115,347 ($297) ($476)$3,106,377 $1,018,405 $2,089,817

HOUSING AUTHORITY RRG INC26797 $12,741,437 $127,799,480 ($31,903) ($51,087)$99,864,770 $15,193,273 $179,306,045

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $14,018,313 $23,459 $44,592$2,317,000 $11,701,313 $109,484,969

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $13,681,817 $91,434,757 ($9,333) ($28,577)$58,372,578 $19,380,362 $212,243,788

INDEMNITY INSURANCE CORPORATION, RRG12018 $11,218,878 $28,445,592 ($1,235) $96$14,000,000 $3,226,714 $14,448,130

INDIANA HEALTHCARE RECIP RRG11692 $0 $12,782,818 ($2,446) ($2,708)$12,374,129 $408,689 $12,366,981

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $594,629 $2,602,768$1,970,024 $38,115 $2,421,527

J.M. WOODWORTH RRG, INC.12594 $3,744,116 $12,329,508 $2,478 $3,491$7,750,494 $834,898 $4,254,219

JAMESTOWN INS CO RRG11589 $1,075,201 $5,409,873 ($819) ($1,110)$2,395,841 $1,938,831 $1,363,989

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $0 $6,871,928 ($471) ($754)$5,352,755 $1,519,173 $1,635,012

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $1,506,871 $24,444,901 ($5,486) ($8,737)$21,264,210 $1,673,820 $24,929,808

KENTUCKY HOSPITAL INS CO RRG11939 $171,499 $9,785,817 ($1,544) ($1,366)$7,979,755 $1,634,563 $9,966,318

LAKE STREET RRG INC11803 $0 $509,941 ($77) ($828)$446,562 $63,379 $1,463,794

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $4,187,794 $10,105,972 $186 $76$4,057,242 $1,860,936 $2,773,867

LENDERS PROTECTION ASSUR CO RRG11500 $0 $103,982 $0 $0$0 $103,982 $2,377,446

LEWIS & CLARK LTC RRG, INC11947 $3,013,041 $18,215,255 $6,905 $4,945$14,026,020 $1,176,194 $3,625,316

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $1,294,666 $6,942,198 $870 $386$4,570,704 $1,076,828 $1,010,247

LIFE SERVICES NETWORK RECIP INS RRG11958 $0 $2,661,582 $33 ($195)$2,052,795 $608,787 $4,686,308

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 32: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $0 $0 $0 $0$0 $0 $502,765

LVHN RRG11684 $0 $38,804,597 $0 $0$0 $38,804,597 $5,000,000

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $478,308 $2,101,190 ($287) ($117)$1,158,716 $464,166 $1,345,644

MARATHON FIN INS CO INC RRG11117 $466,038 $10,259,954 ($265) ($175)$80,000 $9,713,916 $2,007,175

MCIC VERMONT INC RRG10697 $0 $26,273,594 $4 $3$17,077,001 $9,196,593 $11,062,142

MD RISK RETENTION GROUP, INC.12355 $0 $7,468,785 ($2,321) ($312)$6,470,830 $997,955 $6,356,983

MEDAMERICA MUTUAL RRG INC26257 $231,588 $36,024,955 ($6,333) ($7,359)$25,067,685 $10,725,682 $31,117,994

MEDICAL INSURANCE UNDERWRITERS RISK RETENTION GROUP12576

MEDPRO RRG RISK RETENTION GROUP13589 $9,477,157 $25,748,448 ($5) ($1)$11,962,614 $4,308,677 $2,805,110

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $99,437 $4,430,538 ($310) ($716)$4,016,728 $314,373 $1,052,983

MENTAL HEALTH RISK RETENTION GROUP44237 $1,556,447 $11,991,093 ($5,057) ($6,286)$9,790,325 $644,321 $10,392,288

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $629,553 $7,113,996 ($11) ($1,476)$3,939,181 $2,545,262 $1,710,764

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $586,576 $7,883,007$1,000,660 $6,295,771 $1,499,158

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $166,667 $574,430 $0 $0$300,000 $107,763 $1,101,306

MOUNTAIN LAUREL RRG INC11547 $2,491,466 $12,386,842 ($166) ($1,015)$8,908,000 $987,376 $2,625,544

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $0 $50,454,077 ($9,179) ($14,278)$47,126,700 $3,327,377 $42,354,469

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $0 $11,813,378 ($2,505) ($3,719)$11,073,239 $740,139 $10,921,120

NATIONAL ASSISTED LIVING RRG, INC.11806 $685,339 $3,867,866 ($458) ($775)$2,721,077 $461,450 $3,087,614

NATIONAL BUILDERS & CONTRACTORS INS12235 $112,071 $3,383,897 ($314) $1,332$2,883,995 $387,831 $1,748,096

NATIONAL CATHOLIC RRG10083 $5,262,794 $44,940,410 $2,946 $2,835$38,239,361 $1,438,255 $15,853,734

NATIONAL CONTRACTORS INS CO INC RRG12293 $1,845,337 $9,153,090$6,571,901 $735,852 $4,043,872

NATIONAL GUARDIAN RRG INC36072 $78,097 $10,294,388 ($1,200) ($2,590)$9,295,309 $920,982 $5,529,049

NATIONAL HOME INSURANCE CO RRG44016 $19,833,109 $34,141,714 ($425) $0$5,011,324 $9,297,281 $18,367,976

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $763,570 $3,222,224 ($160) ($498)$1,638,555 $820,099 $5,146,539

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $0 $4,047,229 $0 $0$0 $4,047,229 $2,817,929

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $1,421,539 $1,709,174 ($5) ($320)$20,000 $267,635 $7,653,658

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 33: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

NCMIC RISK RETENTION GROUP, INC.14130 $0 $42,961 $0 $0$0 $42,961 $1,925,473

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $325,912 $1,962,620 ($454) ($605)$2,019,563 ($382,855) $920,292

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $3,067,516 $4,993,489 ($11) $0$79,701 $1,846,272 $5,000,937

NEW STAR RISK RETENTION GROUP, INC.12532 $560,217 $4,128,942 $292 $1,595$1,953,087 $1,615,638 $4,070,823

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $2,639,585 $10,982,948 $935 $888$9,264,798 ($921,435) $3,195,311

NJ CAR RISK RETENTION GROUP12581

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $307,016 $5,693,995 ($536) $122$3,514,553 $1,872,426 $1,597,080

NOVUS INS CO RRG10752 $1,601,447 $3,396,134 $6,802 $8,445$16,931,485 ($15,136,798) $2,560,360

OASIS RECIPROCAL RISK RETENTION GROUP13644 $1,380,919 $5,532,328 ($531) ($224)$2,469,528 $1,681,881 $1,771,924

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $703,626 $2,717,203 $323 $519$1,816,248 $197,329 $851,626

OCEAN RRG INC10158 $2,199,441 $8,980,338 $1,050 $2,985$6,560,815 $220,082 $1,373,474

OCEANUS INS CO A RRG12189 $13,143,172 $50,124,740 ($771) ($1,869)$32,047,569 $4,933,999 $14,647,307

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $2,011,766$2,026,057 ($14,291) $45,506

OMS NATL INS CO RRG44121 $44,414,560 $210,734,082 ($15,312) ($18,993)$152,247,183 $14,072,339 $146,565,480

OOIDA RISK RETENTION GROUP INC10353 $4,128,426 $36,762,444 ($1,290) ($8,045)$14,879,549 $17,754,469 $20,641,328

OPHTHALMIC MUTUAL INS CO RRG44105 $22,265,352 $92,605,365 ($3,797) ($8,036)$50,863,000 $19,477,013 $140,377,848

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $0 $2,175,873 ($455) ($869)$2,020,807 $155,066 $3,066,519

ORDINARY MUTUAL A RRG CORP10171 $0 $15,869,593 $1,061 ($1,473)$13,771,827 $2,097,766 $8,383,413

PACE RRG INC11575 $88,599 $12,604,301 ($4) $1,943$8,602,138 $3,913,564 $2,239,176

PARATRANSIT INSURANCE COMPANY, RRG44130 $1,548,444 $14,080,013 ($1,842) ($3,183)$10,200,000 $2,331,569 $9,170,240

PCH MUTUAL INSURANCE COMPANY, RRG11973 $1,300,144 $6,027,787 ($171) ($913)$4,187,247 $540,396 $2,537,858

PEACE CHURCH RRG INC11846 $0 $6,846,201 ($1,712) ($3,206)$6,372,627 $473,574 $11,743,969

PEDIATRICANS INS RRG OF AMER11772 $0 $304,668 ($246) $97$281,403 $23,265 $543,640

PELICAN INS RRG11587 $463,787 $4,317,122 ($1,072) ($2,310)$2,645,130 $1,208,205 $12,122,070

PHOEBE RECIPROCAL RRG12004 $0 $1,366,457 ($118) ($423)$1,330,738 $35,719 $3,187,931

PHP RISK RETENTION GROUP, LIMITED12995 $2,313,610 $18,060,016$13,920,874 $1,825,532 $2,599,441

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 34: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 $62,625 $211,956 $0 $0$0 $149,331 $417,215

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $153,251 $1,038,567 $0 $0$354,711 $530,605 $527,616

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG

12350

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $1,308,929 $5,721,201 ($315) ($593)$3,958,042 $454,230 $1,099,511

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $599,435 $3,215,400 ($636) ($601)$2,479,715 $136,250 $1,405,935

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $3,433,297 $35,322,329 ($822) ($2,787)$17,713,728 $14,175,304 $12,454,322

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $6,910,433 $24,847,867 ($3,595) ($8,163)$15,594,421 $2,343,013 $17,726,363

PHYSICIANS REIMBURSEMENT RRG10934 $0 $15,667,404 ($1,901) ($5,310)$15,360,382 $307,022 $10,190,660

PHYSICIANS RISK RETENTION GROUP LLC13046

PHYSICIANS SPECIALTY LTD RRG11513 $0 $6,788,822 ($627) ($696)$3,219,476 $3,569,346 $5,790,896

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $10,699 $68,519 $0 $0$534 $57,286 $1,563,582

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $0 $2,129,035 ($1,173) ($616)$2,047,811 $81,224 $3,755,199

PINE TREE INS RECIPROCAL RRG12348 $0 $7,813,709 ($1,656) ($512)$5,624,289 $2,189,420 $6,983,423

PINELANDS INS CO RRG INC12198 $473,215 $3,120,527 $137 $1,121$1,706,225 $941,087 $603,915

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $487,072 $2,550,410 ($24) $93$1,911,065 $152,273 $3,837,923

PINNACLE RRG INC11858 $0 $173,337 ($122) ($395)$79,563 $93,774 $2,390,767

PONCE DE LEON LTC RRG, INC.11809 $2,320,775 $8,595,122 $204 $1,573$5,248,997 $1,025,350 $8,193,746

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $6,406,513 $37,726,535 ($322) $494$14,873,940 $16,446,082 $8,699,700

PREFERRED PHYSICIANS MEDICAL RRG44083 $5,931,868 $93,423,934 ($6,147) ($14,360)$69,851,112 $17,640,954 $89,809,493

PREMIER INSURANCE EXCHANGE RRG10101 $0 $472,078 ($178) ($692)$357,100 $114,978 $7,879,685

PREMIER PHYSICIANS INSURANCE COMPANY, RRG12613 $3,863,085 $9,383,302$3,952,369 $1,567,848 $3,308,662

PROAIR RISK RETENTION GROUP, INC.13179 $26,332 $118,181 ($49) ($36)$36,958 $54,891 $516,192

PROBUILDERS SPECIALTY INS CO RRG11671 $6,436 $133,090,476 ($10) $687$129,790,240 $3,293,800 $14,615,624

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $16,261 $0 $0$0 $16,261 $325,289

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

12608 $16,161 $245,709$115,275 $114,273 $2,193,457

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 35: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $0 $1,907,942 ($219) ($211)$393,956 $1,513,986 $1,279,062

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $0 $1,084,104 ($437) ($236)$793,853 $290,251 $3,929,426

RED CLAY RISK RETENTION GROUP, INC.13078 $0 $2,132,767 ($167) ($336)$1,704,490 $428,277 $2,426,801

RED ROCK RISK RETENTION GROUP, INC.13736 $401,563 $8,083,102 $571 $0$7,489,276 $192,263 $5,146,358

REGIONAL HEALTH INS CO RRG12010 $0 $1,488,247 $176 $222$1,398,140 $90,107 $199,016

REPUBLIC RRG12019 $0 $46,500 $0 ($18)$0 $46,500 $1,790,838

RESIDENTIAL INS CO INC A RRG10691 $1,022,001 $1,917,055 $50 $50$574,992 $320,062 $715,058

RESTORATION RISK RETENTION GROUP, INC.12209 $3,377,357 $29,274,048 ($2,937) ($4,147)$20,656,777 $5,239,914 $15,262,229

RPX RRG14135 $0 $72,221 ($36,883) ($64,950)$0 $72,221 $4,053,056

SAINT LUKE'S HLTH SYSTEM RRG11712 $2,256,265 $9,839,231 $31 ($1,311)$4,628,989 $2,953,977 $14,116,813

SAMARITAN RISK RETENTION GROUP, INC.12511 $4,175,423 $8,847,082 ($1,770) ($2,045)$2,526,034 $2,145,625 $12,703,245

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.

12524 $391,903 $5,334,372 ($84) ($193)$4,196,553 $745,916 ($190,604)

SCHUYKILL CROSSING RECIPROCAL RRG11808 $5,064,299 $24,757,611 ($2,209) ($1,441)$16,459,794 $3,233,518 $6,192,986

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $1,373,429 $5,055,514 $96 ($103)$3,875,744 ($193,659) $3,219,440

SECURITY AMERICA RRG INC11267 $681,201 $1,600,621 $247 $277$1,048,319 ($128,899) $2,522,924

SELECT MD RRG14136 $0 $1,250 $0 $0$0 $1,250 $993,449

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG

13571 $0 $2,212,393 ($547) ($111)$0 $2,212,393 $488,772

SENTINEL ASSUR RRG INC12005 $1,174,804 $5,325,939 ($1,737) ($3,839)$3,549,664 $601,471 $11,153,957

SIGMA RRG, INC.13557 $2,192,113 $6,399,995 ($820) ($123)$4,061,618 $146,264 $4,592,225

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $1,956,000 $39,817,253 $2,468 $3,823$31,926,180 $5,935,073 $7,342,382

SPIRIT MOUNTAIN INS CO RRG INC10754 $550,793 $3,356,714 ($1,229) ($1,650)$1,803,782 $1,002,139 $2,843,418

ST CHARLES INS CO RRG11114 $12,187 $5,309,608 ($6,792) ($6,792)$4,792,153 $505,268 $5,212,223

ST LUKES HEALTH NETWORK INS CO RRG11688 $7,000,613 $42,805,040 $2,748 ($1,119)$35,537,384 $267,043 $10,148,874

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $8,849 ($43,863) $0 $0$0 ($52,712) $515,751

STATES SELF-INSURERS RRG44075 $765,028 $12,180,508 $300 $217$9,892,335 $1,523,145 $8,507,877

STICO MUT INS CO RRG10476 $5,080,711 $9,331,516 ($1,128) ($948)$3,971,846 $278,959 $10,571,282

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 36: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $0 $133,390 $0 $0$0 $133,390 $596,444

SUNLAND RISK RETENTION GROUP, INC.14026 $0 $916,285 $0 $0$230,000 $686,285 $1,017,952

SUPERIOR INS CO RRG11669 $2,557,691 $15,822,766 $208 $1,941$12,079,555 $1,185,520 $5,543,572

TERRA INS CO RRG10113 $0 $11,409,284 ($220) $358$2,673,689 $8,735,595 $15,591,816

THE HEALTHCARE UNDERWRITING CO RRG10152 $3,380,196 $34,334,852 $1,985 $964$29,254,560 $1,700,096 $28,815,361

TITAN INS CO INC RRG11153 $5,321,379 $6,173,808 $0 $0$0 $852,429 $24,638,877

TITLE INDUSTRY ASSURANCE CO RRG10084 $330,874 $4,559,898 ($310) $52$3,564,609 $664,415 $2,248,765

UNITED CENTRAL PA RRG11548 $0 $6,001,918 $553 ($529)$5,846,399 $155,519 $14,175,565

UNITED CONTRACTORS INS CO INC RRG12280 $2,248,588 $12,985,026 $5,535 $11,977$10,716,609 $19,829 $10,553,865

UNITED EDUCATORS INS RRG INC10020 $56,308,591 $434,563,320 ($6,003) ($23,170)$329,760,657 $48,494,072 $239,911,902

UNITED HOME INSURANCE CO A RRG10712 $2,496,712 $2,618,061 $0 $0$0 $121,349 $1,691,982

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $767,976 $1,446,959 $3 ($332)$671,467 $7,516 $1,301,911

UV INSURANCE RISK RETENTION GROUP, INC.13988 $0 $133,130 $0 $0$59,375 $73,755 $533,880

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $302,166 $483,663 ($250) $0$0 $181,497 $2,210,718

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $0 $1,148,068 $0 $0$45,127 $1,102,941 $871,143

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $829,073 $1,674,975 ($2) $0$776,106 $69,796 $1,956,205

WARREN RRG INC11802 $206,475 $3,629,861 ($1,772) ($2,371)$3,324,385 $99,001 $3,570,455

WELLSPAN RRG11682 $0 $14,348,941 ($2,808) ($3,164)$14,291,396 $57,545 $8,127,128

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $1,108,132 $1,920,509 $0 $0$127,804 $684,573 $1,110,008

WESTERN INS RRG INC11978 $0 $5,500$0 $5,500 $532,396

WESTERN PACIFIC MUT INS CO RRG40940 $24,513,531 $48,467,991$22,913,264 $1,041,196 $85,241,590

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $103,810 $297,305 $0 $0$140,870 $52,625 $2,404,786

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $0 $12,078,677 ($1,086) ($2,030)$6,200,451 $5,878,226 $4,240,566

$3,005,026,373 $578,906,665 $4,385,561,954 $3,236,168,259 ($200,440) ($423,401)TOTAL - ALL RRGs $801,628,916

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 37: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 7.89 0.25 1.54 1.84

ACBG RISK RETENTION GROUP, LLC12557 110.84 0.01 0.26 1.03

AEGIS HEALTHCARE RRG, INC.12252 0.96 1.56 1.90 0.54

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 6.71 0.17 0.30 0.56

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 1.19 1.31 1.33 0.69

AGRI INSURANCE EXCHANGE RRG28380 6.72 0.18 0.20 0.08

ALLEGIANT INS CO INC A RRG11965 1.27 2.40 2.86 1.76

ALLIANCE OF NONPROFITS FOR INS RRG10023 2.38 0.69 0.98 0.70

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 3.55 0.55 1.13 0.80

ALLIED SERVICES RISK RETENTION GROUP12013 2.28 0.99 1.27 0.39

AMERICAN ASSOC OF OTHODONTISTS RRG10232 1.74 2.00 2.64 0.87

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 0.90 0.17 0.62 0.06

AMERICAN CONTRACTORS INS CO RRG12300 0.00 0.00 1.50 3.58

AMERICAN EXCESS INS EXCHANGE RRG10903 2.50 0.75 0.88 0.14

AMERICAN FEED INDUSTRY INS CO RRG44202 3.32 0.43 0.45 0.00

AMERICAN FOREST CASUALTY COMPANY RRG11590 1.58 1.58 1.79 0.73

AMERICAN INTER FIDELITY EXCH RRG40088 3.13 0.48 0.62 0.33

AMERICAN SAFETY RRG INC25448 2.86 0.43 0.84 1.54

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 2.34 1.46 2.67 0.62

AMERIGUARD RRG INC12171 3.55 0.47 0.73 0.23

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 1.43 1.96 2.78 1.31

ARCHITECTS & ENGINEERS INS CO RRG44148 3.03 0.37 1.26 0.80

ARCOA RISK RETENTION GROUP, INC.13177 1.24 3.02 3.18 2.30

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 9.15 0.07 0.38 0.43

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC14005 13.95 0.09 0.35 0.22

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 3.43 0.54 0.86 0.13

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 2.98 0.58 0.89 0.41

ATTORNEYS INSURANCE MUTUAL RRG INC22670 2.14 1.01 1.23 0.58

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 2.55 0.88 1.42 5.62

ATTORNEYS LIAB PROTECTION SOC RRG32450 1.78 1.51 2.01 1.21

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 63.17 0.02 0.05 0.02

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 0.00 0.00 1.58 0.30

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 10.48 0.16 1.04 1.18

BAR VERMONT RISK RETENTION GROUP INC10174 4.31 0.35 0.63 0.84

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 1.37 3.27 4.76 2.94

BEST CARE INSURANCE COMPANY RRG14169 0.00 0.00 0.00 0.00

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 40.69 0.04 1.11 0.82

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 38: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

BROADLINE RISK RETENTION GROUP, INC.13788 1.12 2.39 2.83 0.97

CALIFORNIA HEALTHCARE INS CO INC RRG44504 1.78 1.26 1.67 0.70

CARE RRG, INC.11825 2.24 0.90 1.45 0.23

CAREGIVERS UNITED LIAB INS CO RRG11544 2.65 0.62 0.74 0.36

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 5.59 0.23 1.34 0.61

CASSATT RISK RETENTION GROUP INC10808 12.19 0.12 0.76 6.22

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 14.67 0.07 0.16 0.49

CENTRAL PA PHYSICIANS RRG INC11694 1.83 1.64 2.14 0.69

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 1.80 1.07 1.41 0.62

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 16.42 0.06 0.09 0.28

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 2.08 1.13 1.39 0.49

CHC CAS RRG11531 1.46 2.26 2.34 0.88

CIMARRON INSURANCE EXCHANGE RRG12308 1.33 1.71 2.43 0.99

CIRCLE STAR INS CO RRG11839 8.43 0.16 0.51 3.46

CLAIM PROFESSIONALS LIAB INS CO RRG12172 2.07 0.53 0.94 1.50

CLARIAN HLTH RRG INC11992 0.00 0.00 2.80 7.73

CLINIC MUTUAL INSURANCE CO RRG43770 56.68 0.02 0.04 0.00

CMIC RISK RETENTION GROUP13756 237.46 0.00 0.12 0.16

COASTAL INS RRG INC11668 2.42 0.85 1.18 0.39

COLLEGE LIABILITY INS CO A RECIP RRG44598 3.80 0.32 0.46 0.25

COLLEGE RISK RETENTION GROUP, INC.13613 2.29 1.33 2.17 1.53

COLUMBIA NATIONAL RRG INC10803 0.00 0.00 0.60 0.25

COMCARE PRO INS RECIPROCAL RRG11864 5.35 0.25 0.56 0.64

COMMUNITIES OF FAITH RRG INC11807 10.20 0.11 0.12 0.13

COMMUNITY BLOOD CENTERS EXCH RRG13893 3.64 0.49 0.87 0.38

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 2.04 3.97 7.16 1.32

COMMUNITY HOSPITAL RRG11259 1.67 1.65 1.80 0.46

CONSORTIUM RRG11528 0.00 0.00 0.00 0.00

CONSUMER SPECIALTIES INS CO RRG10075 2.76 0.53 0.67 0.37

CONTINUING CARE RRG, INC.11798 4.71 0.16 0.37 1.16

CONTRACTORS INS CO OF NORTH AMER RRG11603 1.57 1.41 1.70 0.33

CONTROLLED RISK INS CO OF VT RRG10341 2.66 0.63 0.73 3.94

CPA MUTUAL INS CO OF AMERICA RRG10164 2.03 0.80 1.08 0.75

CROSSFIT RISK RETENTION GROUP, INC.13720 8.57 0.18 1.08 0.83

CRUDEN BAY RRG INC11676 1.49 2.38 2.56 0.94

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 3.04 0.70 1.57 2.24

DELAWARE PROFESSIONAL INSURANCE CO43125 1.99 1.25 1.55 0.34

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 39: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

DOCTORS & SURGEONS NATIONAL RRG13018 1.92 1.33 2.43 1.88

DUBOIS MEDICAL RRG11842 2.97 0.60 0.78 0.25

EASTERN DENTISTS INS CO RRG10115 1.93 1.26 1.76 0.63

ELITE TRANSPORTATION RRG INC10125 1.87 2.72 5.15 2.74

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 1.28 2.11 2.62 1.92

EMERGENCY MEDICINE RRG INC12015 3.38 0.34 0.62 0.35

EMERGENCY PHYSICIANS INS CO RRG11714 1.44 3.20 4.18 1.80

EVERGREEN USA RRG INC38466 1.74 1.03 1.40 0.84

FAIRWAY PHYSICIANS INS CO RRG11840 1.08 2.89 4.05 2.20

FAITH AFFILIATED RRG INC11698 3.01 0.53 0.66 0.20

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 1.02 2.51 3.93 2.53

FIRST MEDICAL INS CO RRG11278 2.77 0.62 0.72 0.18

FRANKLIN CASUALTY INS CO RRG10842 0.29 2.84 12.99 19.42

FREDERICKSBURG PROFESSIONAL RISK EXC12016 1.62 0.77 0.81 0.19

GABLES RRG14032 0.00 0.00 0.00 0.00

GEISINGER INS CORP RRG12000 3.64 0.04 0.46 0.81

GENERAL EASTERN SKI INS RRG INC10163 2.59 0.31 1.24 0.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 0.00 0.00 0.00 0.00

GLOBAL HAWK INSURANCE COMPANY RRG11948 3.62 0.48 1.25 0.92

GLOBAL INTL INS CO INC A RRG10991 0.00 0.00 0.04 0.03

GOLDEN INS CO RRG11145 8.33 0.18 1.02 0.63

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 1.69 1.50 1.57 0.50

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 0.00 0.00 0.90 0.22

GRACO RRG INC11581 0.00 0.00 0.23 2.84

GREEN HILLS INS CO RRG11941 2.68 0.65 0.95 0.41

GUARDIAN RRG INC11696 3.95 0.29 0.30 0.26

GUTHRIE RRG12014 2.27 0.78 0.97 0.34

HAMDEN ASSURANCE RRG, INC.13057 0.00 0.00 51.78 0.00

HEALTH CARE CAS RRG INC12236 2.90 3.08 8.95 4.07

HEALTH NETWORK PROVIDERS MUT INS CO11813 2.12 1.22 1.82 0.71

HEALTH PROVIDERS INS RECIPROCAL RRG10080 2.64 0.62 0.78 0.39

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

11832 0.18 12.42 17.29 0.43

HEALTHCARE PROVIDERS INS CO RRG11683 3.12 0.56 0.81 0.24

HEARTLAND HEALTHCARE RECIP RRG11998 2.53 0.63 0.66 0.41

HERITAGE WARRANTY INS RRG INC11097 19.13 0.10 0.98 0.49

HOME CONSTRUCTION INS CO RRG11950 1.88 1.49 1.97 0.18

HOUSING AUTHORITY RRG INC26797 2.97 0.56 0.71 0.17

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 40: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 52.32 0.02 0.13 0.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 4.85 0.28 0.43 0.41

INDEMNITY INSURANCE CORPORATION, RRG12018 0.42 0.97 1.97 1.40

INDIANA HEALTHCARE RECIP RRG11692 1.99 1.00 1.03 0.45

INTERMODAL INSURANCE COMPANY, RRG11824 0.05 1.41 2.07 1.12

J.M. WOODWORTH RRG, INC.12594 1.51 1.82 2.90 1.64

JAMESTOWN INS CO RRG11589 1.46 1.76 3.97 2.71

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 1.55 3.27 4.20 0.90

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 2.17 0.85 0.98 0.28

KENTUCKY HOSPITAL INS CO RRG11939 2.36 0.80 0.98 0.45

LAKE STREET RRG INC11803 4.42 0.31 0.35 0.20

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 1.97 1.46 3.64 2.67

LENDERS PROTECTION ASSUR CO RRG11500 0.00 0.00 0.04 0.37

LEWIS & CLARK LTC RRG, INC11947 0.96 3.87 5.02 2.78

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 0.75 4.52 6.87 4.33

LIFE SERVICES NETWORK RECIP INS RRG11958 3.50 0.44 0.57 0.32

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 0.00 0.00 0.00 0.00

LVHN RRG11684 0.00 0.00 7.76 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 1.69 0.86 1.56 1.18

MARATHON FIN INS CO INC RRG11117 41.99 0.04 5.11 6.82

MCIC VERMONT INC RRG10697 1.73 1.54 2.38 16.26

MD RISK RETENTION GROUP, INC.12355 2.06 1.02 1.17 0.74

MEDAMERICA MUTUAL RRG INC26257 2.60 0.81 1.16 0.77

MEDPRO RRG RISK RETENTION GROUP13589 0.29 4.26 9.18 3.25

MEDSTAR LIABILITY LTD INS CO INC RRG10124 0.90 3.81 4.21 1.73

MENTAL HEALTH RISK RETENTION GROUP44237 2.22 0.94 1.15 0.91

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 1.38 2.30 4.16 1.33

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 1.03 0.27 0.52 0.07

MOUNTAIN LAUREL RRG INC11547 1.43 3.39 4.72 21.97

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 1.94 1.11 1.19 0.66

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 1.86 1.01 1.08 0.63

NATIONAL ASSISTED LIVING RRG, INC.11806 2.42 0.88 1.25 0.57

NATIONAL BUILDERS & CONTRACTORS INS12235 1.55 1.65 1.94 0.41

NATIONAL CATHOLIC RRG10083 1.41 2.41 2.83 1.26

NATIONAL GUARDIAN RRG INC36072 1.28 1.68 1.86 2.20

NATIONAL HOME INSURANCE CO RRG44016 9.71 0.27 1.86 1.31

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 2.86 0.32 0.63 0.65

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 41: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 0.00 0.00 1.44 1.34

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 459.98 0.00 0.22 0.11

NCMIC RISK RETENTION GROUP, INC.14130 0.00 0.00 0.02 0.00

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 1.37 2.19 2.13 1.21

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 106.58 0.02 1.00 0.38

NEW STAR RISK RETENTION GROUP, INC.12532 3.53 0.48 1.01 0.55

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 0.98 2.90 3.44 1.79

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 2.07 2.20 3.57 2.11

NOVUS INS CO RRG10752 0.29 6.61 1.33 2.86

OASIS RECIPROCAL RISK RETENTION GROUP13644 1.60 1.39 3.12 0.42

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 1.38 2.13 3.19 2.23

OCEAN RRG INC10158 0.76 4.78 6.54 3.28

OCEANUS INS CO A RRG12189 1.71 2.19 3.42 2.08

OMS NATL INS CO RRG44121 2.02 1.04 1.44 0.42

OOIDA RISK RETENTION GROUP INC10353 2.69 0.72 1.78 0.98

OPHTHALMIC MUTUAL INS CO RRG44105 4.31 0.36 0.66 0.30

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2.08 0.66 0.71 0.38

ORDINARY MUTUAL A RRG CORP10171 1.66 1.64 1.89 1.05

PACE RRG INC11575 0.56 3.84 5.63 4.15

PARATRANSIT INSURANCE COMPANY, RRG44130 2.04 1.11 1.54 0.48

PCH MUTUAL INSURANCE COMPANY, RRG11973 1.77 1.65 2.38 0.91

PEACE CHURCH RRG INC11846 2.88 0.54 0.58 0.29

PEDIATRICANS INS RRG OF AMER11772 2.58 0.52 0.56 0.23

PELICAN INS RRG11587 6.13 0.22 0.36 0.26

PHOEBE RECIPROCAL RRG12004 3.40 0.42 0.43 0.14

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 0.00 0.00 0.51 0.50

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 2.85 0.67 1.97 3.03

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 1.53 3.60 5.20 0.00

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 1.58 1.76 2.29 0.69

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 2.11 1.42 2.84 0.87

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 2.53 0.88 1.40 0.37

PHYSICIANS REIMBURSEMENT RRG10934 1.65 1.51 1.54 0.30

PHYSICIANS SPECIALTY LTD RRG11513 3.72 0.56 1.17 2.69

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 2,054.57 0.00 0.04 0.00

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 2.87 0.55 0.57 0.97

PINE TREE INS RECIPROCAL RRG12348 2.59 0.81 1.12 0.40

PINELANDS INS CO RRG INC12198 0.21 2.83 5.17 4.97

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 42: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 3.26 0.50 0.66 1.35

PINNACLE RRG INC11858 32.19 0.03 0.07 0.02

PONCE DE LEON LTC RRG, INC.11809 2.74 0.64 1.05 0.60

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 1.66 1.71 4.34 1.58

PREFERRED PHYSICIANS MEDICAL RRG44083 2.55 0.78 1.04 0.46

PREMIER INSURANCE EXCHANGE RRG10101 9.30 0.05 0.06 0.00

PROAIR RISK RETENTION GROUP, INC.13179 1.48 0.07 0.23 0.45

PROBUILDERS SPECIALTY INS CO RRG11671 0.12 8.88 9.11 0.03

PROFESSIONAL MEDICAL INS RRG INC10840 0.00 0.00 0.05 2.56

PROFESSIONALS RISK RETENTION GROUP, INC.13067 6.95 0.31 1.49 2.77

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 6.15 0.20 0.28 0.32

RED CLAY RISK RETENTION GROUP, INC.13078 1.78 0.70 0.88 0.68

RED ROCK RISK RETENTION GROUP, INC.13736 1.66 1.46 1.57 0.52

REGIONAL HEALTH INS CO RRG12010 0.45 7.03 7.48 0.00

REPUBLIC RRG12019 0.00 0.00 0.03 0.00

RESIDENTIAL INS CO INC A RRG10691 4.21 0.80 2.68 0.91

RESTORATION RISK RETENTION GROUP, INC.12209 1.95 1.35 1.92 0.81

RPX RRG14135 0.00 0.00 0.02 0.00

SAINT LUKE'S HLTH SYSTEM RRG11712 4.72 0.33 0.70 0.47

SAMARITAN RISK RETENTION GROUP, INC.12511 7.31 0.20 0.70 0.49

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 0.11 -22.02 -27.99 -3.74

SCHUYKILL CROSSING RECIPROCAL RRG11808 1.48 2.66 4.00 1.28

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 1.91 1.20 1.57 1.67

SECURITY AMERICA RRG INC11267 3.34 0.42 0.63 0.77

SELECT MD RRG14136 0.00 0.00 0.00 0.00

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 0.00 0.00 4.53 11.19

SENTINEL ASSUR RRG INC12005 4.60 0.32 0.48 0.32

SIGMA RRG, INC.13557 2.08 0.88 1.39 0.55

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 1.38 4.35 5.42 2.05

SPIRIT MOUNTAIN INS CO RRG INC10754 3.21 0.63 1.18 0.98

ST CHARLES INS CO RRG11114 2.13 0.92 1.02 0.15

ST LUKES HEALTH NETWORK INS CO RRG11688 1.25 3.50 4.22 0.87

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 0.00 0.00 -0.09 0.09

STATES SELF-INSURERS RRG44075 2.06 1.16 1.43 1.16

STICO MUT INS CO RRG10476 4.46 0.38 0.88 0.29

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 0.00 0.00 0.22 3.04

SUNLAND RISK RETENTION GROUP, INC.14026 2.45 0.23 0.90 3.77

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 43: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios

SUPERIOR INS CO RRG11669 0.78 2.18 2.85 1.46

TERRA INS CO RRG10113 9.48 0.17 0.73 0.61

THE HEALTHCARE UNDERWRITING CO RRG10152 0.61 1.02 1.19 0.31

TITAN INS CO INC RRG11153 0.00 0.00 0.25 0.19

TITLE INDUSTRY ASSURANCE CO RRG10084 1.22 1.59 2.03 3.31

UNITED CENTRAL PA RRG11548 3.33 0.41 0.42 0.27

UNITED CONTRACTORS INS CO INC RRG12280 1.76 1.02 1.23 0.45

UNITED EDUCATORS INS RRG INC10020 1.95 1.37 1.81 0.52

UNITED HOME INSURANCE CO A RRG10712 0.00 0.00 1.55 0.63

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 3.83 0.52 1.11 0.91

UV INSURANCE RISK RETENTION GROUP, INC.13988 2.79 0.11 0.25 0.50

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 0.00 0.00 0.22 0.05

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 43.93 0.05 1.32 2.36

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 3.64 0.40 0.86 0.46

WARREN RRG INC11802 2.09 0.93 1.02 0.33

WELLSPAN RRG11682 1.14 1.76 1.77 0.77

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 15.96 0.12 1.73 0.39

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 18.67 0.06 0.12 0.16

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 2.56 1.46 2.85 1.47

2.09TOTAL - ALL RRGs 0.94 1.37 0.76

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 44: Analysis of Risk Retention Groups - Year-End 2011

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Page 45: Analysis of Risk Retention Groups - Year-End 2011

®

Analysis by StateRisk Retention Groups

Page 46: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

ALABAMACOASTAL INS RRG INC11668 509 OLIVER ROAD MONTGOMERY, AL 36117-2207 JOHN MARK KILLINGSWORTH (334) 271-5515 AL

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

4620ED CALDWELL (602) 200-6900 AZ

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

DOUGLAS JOSEPH HAUSER 714-571-1864 AZ

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

REBECCA J. AITCHISON (802) 371-2229 AZ

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 1850 N. CENTRAL AVE., SUITE 1700, PHOENIX, AZ 85004 LEE MILIZIA 623-427-3208 AZ

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

BRYAN ALAN JONES (303) 388-5688 AZ

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 2700 N. THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-1229 GEMMA AGUSTIN TUANQUI 800-226-0793 AZ

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 15255 N. 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638 R&Q QUEST MANAGEMENT SERVICES USA, LLC: RICHARD P

602-952-9532- AZ

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

LAURA LEE DURKIN (800) 872-7475 AZ

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574

LEE M. MILIZIA (602) 427-3208 AZ

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

WENDY RAE BROWN (602) 337-6247 AZ

MEDICAL INSURANCE UNDERWRITERS RISK RETENTION GROUP12576 2325 E CAMELBACK ROAD, SUITE 600, PHOENIX, AZ 85016-3474

WENDY RAE BROWN (602) 337-6247 AZ

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 11201 NORTH TATUM BOULEVARD, SUITE 300, PHOENIX, AZ 85028-6039

JASON L. PALMER (808) 521-0730 AZ

OLYMPIA RISK RETENTION GROUP, INC.13062 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574

KIMBERLY E. WACK (602) 427-3217 AZ

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

TERESA MARIE MATTHEWS (941) 955-0793 AZ

PHP RISK RETENTION GROUP, LIMITED12995 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 SUSAN MUSCAT (802) 658-9466 AZ

RED ROCK RISK RETENTION GROUP, INC.13736 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574

LEE M. MILIZIA (602) 427-3208 AZ

RESTORATION RISK RETENTION GROUP, INC.12209 2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295

GEMMA AGUSTIN-TUANQUI (800) 226-0793 AZ

WESTERN INS RRG INC11978 1850 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85004-4574

KIMBERLY E. WACK (602) 427-3217 AZ

COLORADONATIONAL HOME INSURANCE CO RRG44016 ONE DENVER HIGHLANDS, 10375 EAST HARVARD AVENUE,

SUITE 550, DENVER, CO 80231-3966HUGH B. MCCREERY (303) 306-0002 CO

WESTERN PACIFIC MUT INS CO RRG40940 9265 MADRAS COURT LITTLETON, CO 80130-4444 SHERLYN WILKINSON FARRELL (303) 263-0311 CO

DISTRICT OF COLUMBIAAEGIS HEALTHCARE RRG, INC.12252 555 FAIRMOUNT AVENUE, BALTIMORE, MD 21286 BARBARA LABUSKES 410-339-7263-120 DC

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 200 INVERNESS PARKWAY BIRMINGHAM, AL 35242-4813 MELANIE T. DIXON (205) 980-0009 DC

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

GARRETT JAMES DAVENPORT (260) 486-0418 DC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 47: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

CARE RRG, INC.11825 2233 WISCONSIN AVE, N.W., SUITE 310, WASHINGTON, DC 20007

CHARLES HALSTEAD-JOHNSON 802-223-2200 DC

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

CHAD CURTIS SWIGERT (847) 549-8225 DC

CMIC RISK RETENTION GROUP13756 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 SCOTT C. STONE (802) 371-2231 DC

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

BRIAN S. KLINE (814) 375-6377 DC

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

RICHARD P. MARSHALL (602) 952-9532 DC

GLOBAL INTL INS CO INC A RRG10991 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104

STEVE BEVINS (802) 223-2200 DC

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

JOSEPH ROGER HERMAN (773) 864-8280 DC

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

KATIE GRAY (800) 226-0793x340

DC

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 DC

INTERMODAL INSURANCE COMPANY, RRG11824 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236 TERESA MATTHEWS 941-373-1162 DC

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

TERESA MARIE MATTHEWS (941) 955-0793 DC

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

GARRETT JAMES DAVENPORT (260) 486-0418 DC

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

MARCY WATERFALL (802) 864-6269 DC

NATIONAL ASSISTED LIVING RRG, INC.11806 3740 DAVINCI COURT, STE. 130, NORCROSS, GA 30092 ROSE PATRICK 770-255-4913 DC

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007

CHARLES HALSTEAD-JOHNSON 802-223-2200 DC

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 10375 EAST HARVARD AVENUE, SUITE 100, DENVER, CO 80231-3966

BJORN K. HUBBARD (800) 226-0793x329

DC

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 1001 PENNSYLVANIA AVE., N.W., SUITE 400 SOUTH, WASHINGTON, DC 20004

KATIE GRAY 800-226-0793 DC

NJ CAR RISK RETENTION GROUP12581 1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705

ROBERT MYERS (609) 883-5056 DC

OCEAN RRG INC10158 837 KEARNY AVENUE KEARNY, NJ 07032-3241 MARY CLAIRE GOFF (877) 587-1763 DC

PCH MUTUAL INSURANCE COMPANY, RRG11973 1605 MAIN STREET, 8TH FLOOR, SARASOTA, FL 34236 TERESA MARIE MATTHEWS 941-955-0793 DC

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

BJORN K. HUBBARD (800) 226-0793x329

DC

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

ANDREW CARLTON (800) 223-0793 DC

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

RENEE LAGUE (802) 223-2200 DC

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

CRAIG BOWDEN (770) 257-1709 DC

REGIONAL HEALTH INS CO RRG12010 1333 H STREET, NW, SUITE 820, WASHINGTON, DC 20005-4707

DEBORAH ANN CANECO (802) 861-6802 DC

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.

12524 STERLING PLAZA, 5949 SHERRY LANE, SUITE 1175, DALLAS, TX 75225-8075

MARY CLAIRE GOFF (877) 587-1763 DC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 48: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

SHAMUS ROFF (802) 371-2253 DC

SIGMA RRG, INC.13557 C/O AON INSURANCE MANAGERS, 1 POSTON ROAD, SUITE 1, CHARLESTON, SC 29407

EMI SWAIM 843-614-3136 DC

SPIRIT MOUNTAIN INS CO RRG INC10754 607 14TH STREET, NW, SUITE 900, WASHINGTON, DC 20005-2019

CHARLES HALSTEAD-JOHNSON (802) 223-2200 DC

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

PETER M. FEENEY (734) 996-2700 DC

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

2495MICHAEL T. IANNOTTI (800) 437-

2342x103DE

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

I. DAVID GORDON (212) 687-2525 DE

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

JEFFREY BRIAN COHEN (410) 472-6000 DE

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 NEMOURS BUILDING, 1007 NORTH ORANGE STREET, SUITE 1410, WILMINGTON, DE 19801-1242

PATRICK GHISLAIN THERIAULT (802) 861-2630 DE

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

STEPHEN D. KANTNER (302) 651-8354 DE

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

LAURA LEE DURKIN (800) 872-7475 DE

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

NICOLE S. HUBLER (802) 371-2249 DE

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

30022DONNA K. DALTON 678-781-2444 FL

GEORGIACHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757 CORY E BROWN 229-226-1937-106 GA

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757 CORY E BROWN 229-226-1937-106 GA

HAWAIIALLEGIANT INS CO INC A RRG11965 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3800 MARK HIRONAGA (808) 585-3526 HI

ATTORNEYS INSURANCE MUTUAL RRG INC22670 140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710 KAREN M. VENNER (802) 651-3377 HI

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

JEFFREY DUECK (916) 772-5110 HI

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

JASON L. PALMER (808) 521-0730 HI

COLLEGE LIABILITY INS CO A RECIP RRG44598 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810 SCOT STERENBERG (808) 585-3591 HI

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

STACEY GIBBS (802) 264-4588 HI

FIRST AUTOMOTIVE INS RRG INC10619 2400 LOUISIANA BOULEVARD, NE ALBUQUERQUE, NM 87110-4303

LARRY K. HINSON (505) 881-2244 HI

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

SCOTT S. BRAUER (800) 872-7475 HI

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

JASON L. PALMER (808) 521-0730 HI

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

CHRISTOPHER PAUL MERTES (925) 949-0101 HI

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 49: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

NATIONAL GUARDIAN RRG INC36072 4075 COPPER RIDGE DRIVE TRAVERSE CITY, MI 49684-7059 MARK A. BURNHEIMER (231) 946-6200 HI

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 C/O WILLIS MANAGEMENT (HAWAII), 1003 BISHOP STREET, HONOLULU, HI 96813-6400

JASON L. PALMER (808) 521-0730 HI

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

CHRISTINA KAMAKA (808) 540-4305 HI

RESIDENTIAL INS CO INC A RRG10691 1123 11TH AVENUE, SUITE 403A, HONOLULU, HI 96816-2433

HUGH B. MCCREERY (303) 306-0002 HI

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

NADINE TOMIYASU (808) 540-4312 HI

SENTINEL ASSUR RRG INC12005 745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810 SCOT STERENBERG (808) 585-3591 HI

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

CHRISTINA KAMAKA (808) 540-4305 HI

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

1982SUSAN P. TINGLEFF (515) 254-0400 IA

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

5173KATHERINE ANN EHMANN (847) 384-0041 IL

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

1064P. DEAN DENHART (317) 541-1800 IN

AMERICAN INTER FIDELITY EXCH RRG40088 8400 LOUISIANA STREET MERRILLVILLE, IN 46410-6385 LEX VENDITTI (219) 755-4567 IN

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

J. TODD ROSENBAUM (502) 882-4459 IN

KENTUCKYARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 1700 EASTPOINT PARKWAY LOUISVILLE, KY 40223-4140 JAMES R. MUELLER (502) 244-1343 KY

DOCTORS & SURGEONS NATIONAL RRG13018 3370 SUGARLOAF PARKWAY, SUITE G-2/302, LAWRENCEVILLE, GA 30044-5486

SARA MARY CARPENTER (706) 232-9591x12 KY

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

JAY E. CURTIS (802) 864-6301 KY

KENTUCKY HOSPITAL INS CO RRG11939 2501 NELSON MILLER PARKWAY LOUISVILLE, KY 40223-2221 DEBORAH ROSE RILEY (502) 992-4329 KY

MISSOURIPREFERRED PHYSICIANS MEDICAL RRG44083 9000 WEST 67TH STREET SHAWNEE MISSION, KS 66202-3656 BRUCE WILLIAM ANDERSON (913) 262-2585 MO

MONTANAAMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 27 NORTH 27TH STREET, SUITE 1900, CROWNE PLAZA,

BILLINGS, MT 59101KATIE GRAY 800-226-0793 MT

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 111 NORTH HIGGINS, FOURTH FLOOR, MISSOULA, MT 59802 PATRICIA LORRAINE MALONEY 406-523-3908 MT

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC

14005 ORG CORPORATION, P.O. BOX 510, BIGFORK, MT 59911-0510

JOHN S. MALONEY (718) 937-2010 MT

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

MARY PATRICIA NORDHAGEN (406) 728-3113 MT

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

DANIEL JOHN SEMAN (406) 523-3873 MT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 50: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

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

DANIEL JOHN SEMAN (406) 523-3873 MT

CROSSFIT RISK RETENTION GROUP, INC.13720 111 NORTH SEPULVEDA BOULEVARD, SUITE 243, MANHATTAN BEACH, CA 90266-6849

TONY JAMES SCHMIDT (808) 988-3215 MT

GUARDIAN RRG INC11696 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JOCELYN M. LYMAN (843) 694-9698 MT

MD RISK RETENTION GROUP, INC.12355 805 MADISON STREET, SUITE 901, SEATTLE, WA 98104-1172 BRENDA M. OLSON (406) 282-0170 MT

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DANIEL THANH NGUYEN (802) 264-2072 MT

NATIONAL CONTRACTORS INS CO INC RRG12293 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 27 NORTH 27TH STREET, SUITE 1900, BILLINGS, MT BJORN K. HUBBARD (800) 226-0793x329

MT

PHYSICIANS RISK RETENTION GROUP LLC13046 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401

DANIEL JOHN SEMAN (406) 523-3873 MT

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 3250 GREY HAWK COURT, UNIT Z, CARLSBAD, CA 92010-6651

MARY CLAIRE GOFF (877) 587-1763 MT

PROFESSIONALS RISK RETENTION GROUP, INC.13067 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

SELECT MD RRG14136 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 27 GAGE TERRACE BIGFORK, MT 59911-3544 BRENDA M. OLSON (406) 282-0170 MT

NEBRASKALENDERS PROTECTION ASSUR CO RRG11500 1212 NORTH 96TH STREET OMAHA, NE 68114-2274 RONALD LEE WHEELER (402) 399-3325 NE

NEVADAAGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 1707 VILLAGE CENTER CIRCLE, SUITE 100, LAS VEGAS, NV 89134-0515

RICK O'BRIEN (702) 938-3175 NV

ARCOA RISK RETENTION GROUP, INC.13177 1325 AIRMOTIVE WAY, SUITE 100, RENO, NV 89502-3294 MICHELLE RENEE TRIMBLE (602) 263-6755x42 NV

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 BJORN K. HUBBARD (800) 226-0793x32 NV

BEST CARE INSURANCE COMPANY RRG14169 1605 MAIN STREET, EIGHTH FLOOR, SARASOTA, FL 34236-5840

ANDREW CARLTON (800) 226-0793 NV

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 MICHAEL T. ROGERS (702) 678-6868 NV

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 5430 W. SAHARA, LAS VEGAS, NV 89146 BJORN K. HUBBARD 941-373-1129 NV

EMERGENCY PHYSICIANS INS CO RRG11714 1528 EUREKA ROAD, SUITE 102, ROSEVILLE, CA 95661-3047 PAUL SHAMPAY (916) 772-2080 NV

GOLDEN INS CO RRG11145 9121 WEST RUSSELL ROAD, SUITE 113, LAS VEGAS, NV 89148-1238

LEN CLAPP (303) 388-5688x1446

NV

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

HOME CONSTRUCTION INS CO RRG11950 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 KATIE GRAY (800) 226-0793x34 NV

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

DONNA K. DALTON 678-781-2444 NV

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 GEMMA AGUSTIN-TUANQUI (800) 226-0793 NV

LEWIS & CLARK LTC RRG, INC11947 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022

DONNA K. DALTON 678-781-2400 NV

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 LINDA VILLANI (800) 226-0793x31 NV

NATIONAL BUILDERS & CONTRACTORS INS12235 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 GEMMA AGUSTIN-TUANQUI (800) 226-0793 NV

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 51: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 TERESA MARIE MATTHEWS (941) 955-0793 NV

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150

JAMES SHOOK (802) 371-2273 NV

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 832 WILLOW STREET RENO, NV 89502-1304 MAURICIO FERNANDEZ (305) 662-7839 NV

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 BUILDING G, 7890 PETERS ROAD, SUITE 106, PLANTATION, FL 33324-4028

ANCA VAGUE (954) 236-2400 NV

PREMIER PHYSICIANS INSURANCE COMPANY, RRG12613 575 SOUTH SALIMAN ROAD CARSON CITY, NV 89701-5000 JESSICA CONTRERAS (775) 887-2480 NV

PROAIR RISK RETENTION GROUP, INC.13179 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 TERESA MARIE MATTHEWS (941) 955-0793 NV

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 NV

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 KATIE GRAY (800) 226-0793x34 NV

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 ANDREW CARLTON (800) 223-0793 NV

OKLAHOMAVEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 2007 POOLE DRIVE HUNTSVILLE, AL 35810-3891 SUSAN MARIE URIE (843) 640-3170 OK

SOUTH CAROLINAALLIED SERVICES RISK RETENTION GROUP12013 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200,

CHARLESTON, SC 29407-5384LEN T. LOGAN (877) 872-7475 SC

AMERICAN FOREST CASUALTY COMPANY RRG11590 1800 SECOND STREET, SUITE 909, SARASOTA, FL 34236-5998 TERESA MARIE MATTHEWS (941) 955-0793 SC

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

VIRGINIA ADRIHAN (843) 853-0446x205

SC

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

KIM CONNELLY BLOOMER (802) 371-2251 SC

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

VIRGINIA ADRIHAN (843) 853-0446x205

SC

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

TONIA EPPS (843) 577-1034 SC

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

BJORN K. HUBBARD (800) 226-0793x329

SC

CONTINUING CARE RRG, INC.11798 223-B HEATLEY STREET, MONCKS CORNER, SC 29461 KATIE GRAY 800-226-0793 SC

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

MANNU LUO (843) 577-1035 SC

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

KELLY BOURNE (843) 614-3132 SC

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 4421 ARAMINGO AVENUE PHILADELPHIA, PA 19124-4101 JOSEPH SCHMIDT (215) 235-5000 SC

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

DAWN M. DINARDO (843) 614-3134 SC

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

DAWN M. DINARDO (843) 614-3134 SC

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

JASON MCMILLAN (843) 577-1032 SC

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

GEOFFREY LEWIS SALMON (404) 835-0454 SC

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

KIM CONNELLY BLOOMER (802) 371-2251 SC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 52: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

JAMESTOWN INS CO RRG11589 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

JEFFRY M. DELMAS (802) 371-2252 SC

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

MANNU LUO (843) 577-1035 SC

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

NICOLE S. HUBLER (802) 371-2249 SC

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

MICHAEL JOHN COULTER SC

NEW STAR RISK RETENTION GROUP, INC.12532 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

PIPER H. CROCKETT (843) 573-4946 SC

NOVUS INS CO RRG10752 1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384

ELIZABETH J. FORNEY (843) 573-4834 SC

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

LEN T. LOGAN (877) 872-7475 SC

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

VIRGINIA ADRIHAN (843) 853-0446x205

SC

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

CHRISTOPHER CRAIG LEIGH (843) 577-1360 SC

PHYSICIANS SPECIALTY LTD RRG11513 4535 DRESSLER ROAD, NW CANTON, OH 44718-2545 JEFFRY M. DELMAS (802) 371-2252 SC

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

CORY E. BROWN (229) 226-1937x106

SC

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

ROBERT G. MEETZE (843) 573-4676 SC

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

ALICIA D. COLELLA (802) 371-2238 SC

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

DAWN M. DINARDO (843) 614-3134 SC

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

KELLY BOURNE (843) 614-3132 SC

ST CHARLES INS CO RRG11114 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

LEN T. LOGAN (877) 872-7475 SC

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

KELLY BOURNE (843) 614-3132 SC

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

ROBERT G. MEETZE (843) 573-4676 SC

TITAN INS CO INC RRG11153 BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

SHAMUS ROFF (802) 371-2253 SC

TENNESSEEPARATRANSIT INSURANCE COMPANY, RRG44130 1000 RIDGEWAY LOOP ROAD MEMPHIS, TN 38120-4045 ANITA M. PERKINS (802) 371-2219 TN

TEXASAMERICAN CONTRACTORS INS CO RRG12300 12222 MERIT DRIVE, SUITE 1660, DALLAS, TX 75251-3212 SUZANNE WALSH (800) 563-6051 TX

UTAHLIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 5679 SOUTH REDWOOD ROAD, SUITE 26, SALT LAKE CITY,

UT 84123-5464V. J. PETIT (801) 262-3525 UT

VIRGINIAHOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 11401 CENTURY OAKS TERRACE, SUITE 310, AUSTIN, TX

78758-8702BRENDA J. STEWART (512) 404-6555 VA

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 53: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

VERMONTACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 1250 BROADWAY, SUITE 3401, NEW YORK, NY 10001-3713 CLAIRE VERONICA OYELAJA (646) 808-0596 VT

ACBG RISK RETENTION GROUP, LLC12557 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LINDA B. ELLIOTT (802) 864-2750 VT

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JAY E. CURTIS (802) 864-6301 VT

ALLIANCE OF NONPROFITS FOR INS RRG10023 2386 AIRPORT ROAD BARRE, VT 05641-8629 CINDY L. LYFORD (802) 371-2227 VT

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

KATHRYN MICHENER BOUCHER (802) 863-4400 VT

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

MATTHEW ROBERT POLLAK (770) 485-4423 VT

AMERIGUARD RRG INC12171 2386 AIRPORT ROAD BARRE, VT 05641-8629 SCOTT C. STONE (802) 371-2231 VT

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

KEITH RUSSELL CRAVEN (312) 697-6950 VT

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

JEREMIAH MAHANEY (802) 264-4715 VT

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 MEGAN HULETTE (802) 264-2086 VT

BROADLINE RISK RETENTION GROUP, INC.13788 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MELISSA H. LAROSE (802) 864-1716 VT

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

SCOTT ANDREW MAILLE (802) 264-4711 VT

CHC CAS RRG11531 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMY L. DAIGLE (802) 864-1717 VT

CIMARRON INSURANCE EXCHANGE RRG12308 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 PAULA A. FRENCH (802) 371-2321 VT

CIRCLE STAR INS CO RRG11839 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 RENEE LAGUE (802) 223-2200 VT

CLAIM PROFESSIONALS LIAB INS CO RRG12172 17742 IRVINE BOULEVARD, SUITE 102, TUSTIN, CA 92780-3255

RAMON ROBERT RAMOS V (802) 371-2275 VT

COLLEGE RISK RETENTION GROUP, INC.13613 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JENNIFER L. PETTENGILL (802) 864-2111 VT

COLUMBIA NATIONAL RRG INC10803 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JOHN H. RAYMOND (802) 864-2751 VT

COMCARE PRO INS RECIPROCAL RRG11864 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JONATHAN J. MCKENZIE (802) 264-2073 VT

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JONATHAN J. MCKENZIE (802) 264-2073 VT

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

RICHARD E. RADI (412) 212-3476 VT

CONSORTIUM RRG11528 150 BANK STREET, SUITE 201, BURLINGTON, VT 05401-4411 TARA JEAN SMITH (802) 735-1679 VT

CONSUMER SPECIALTIES INS CO RRG10075 2386 AIRPORT ROAD-BERLIN BARRE, VT 05641-8629 PAULA A. FRENCH (802) 371-2321 VT

CONTROLLED RISK INS CO OF VT RRG10341 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MELISSA H. LAROSE (802) 864-1716 VT

CPA MUTUAL INS CO OF AMERICA RRG10164 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DAVID D. GUERINO (802) 264-2060 VT

CRUDEN BAY RRG INC11676 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 ABIGAIL M. BERNIER (802) 371-2233 VT

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JOHN H. RAYMOND (802) 864-2751 VT

EASTERN DENTISTS INS CO RRG10115 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

STEPHEN M. BROWN (802) 861-2930 VT

EVERGREEN USA RRG INC38466 10 FALCON ROAD LEWISTON, ME 04240-5833 ERIC GILCRIS (802) 264-4577 VT

FIRST MEDICAL INS CO RRG11278 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JODI K. GUZZARDO (802) 864-6332 VT

FRANKLIN CASUALTY INS CO RRG10842 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 DELISCA A. CHRISTIAN (802) 864-2110 VT

FREDERICKSBURG PROFESSIONAL RISK EXC12016 2386 AIRPORT ROAD BARRE, VT 05641-8629 SCOTT C. STONE (802) 371-2231 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 54: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

GABLES RRG14032 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JEFFREY M. TUCKER (802) 864-5599 VT

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

RONDA LYNN DEVINO (802) 264-4593 VT

GENERAL EASTERN SKI INS RRG INC10163 76 SAINT PAUL STREET BURLINGTON, VT 05401-4470 DYAN O'HERNE (802) 264-4713 VT

GLOBAL HAWK INSURANCE COMPANY RRG11948 148 COLLEGE ST., SUITE 204, BURLINGTON, VT 5401 STEPHEN M BROWN 802-861-2930 x102 VT

GREEN HILLS INS CO RRG11941 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JEFFREY M. TUCKER (802) 864-5599 VT

HAMDEN ASSURANCE RRG, INC.13057 30 MAIN STREET, SUITE 330, BURLINGTON, VT 05401-8427 JOSEPH BERNARD PERCY (802) 419-1218 VT

HEARTLAND HEALTHCARE RECIP RRG11998 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 DAVID D. GUERINO (802) 264-2060 VT

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

PAULETTE ACHILLI (203) 272-8220x442

VT

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

CHARLES WARREN BEHR (202) 326-5464 VT

INDIANA HEALTHCARE RECIP RRG11692 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 ALIHAN ALIHAN (802) 264-2074 VT

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

THERESA MAE CARPENTER (802) 862-4400 VT

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

DIANE M. HANSON (802) 652-1571 VT

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

MERISSA S. BUSHEY (802) 863-2398 VT

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

THAO T. NGUYEN (802) 861-2930x108

VT

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

ANDREW HAMME (802) 264-4592 VT

MOUNTAIN LAUREL RRG INC11547 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMANDA R. WESCOTT (802) 864-2037 VT

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

MARY MARIO RICHARDS (802) 861-2930x104

VT

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

STEPHEN M. BROWN (802) 861-2930 VT

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LISA M. KANE (802) 864-2120 VT

OASIS RECIPROCAL RISK RETENTION GROUP13644 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 GARY A. GRISWOLD (802) 658-9466 VT

OOIDA RISK RETENTION GROUP INC10353 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 STEVE BEVINS (802) 223-2200 VT

OPHTHALMIC MUTUAL INS CO RRG44105 655 BEACH STREET SAN FRANCISCO, CA 94109-1336 LES J. SCACCALOSI (415) 202-4618 VT

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

TRISHA L. DESRANLEAU (802) 652-1556 VT

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

GARY P. O'HARE (802) 652-1568 VT

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

MARY MARIO RICHARDS (802) 861-2930x104

VT

PELICAN INS RRG11587 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 JONATHAN J. MCKENZIE (802) 264-2073 VT

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 AMANDA R. WESCOTT (802) 864-2037 VT

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

STACEY GIBBS (802) 264-4588 VT

PHYSICIANS REIMBURSEMENT RRG10934 2386 AIRPORT ROAD BARRE, VT 05641-8629 ALICIA RUBALCABA (802) 371-2216 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 55: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Address Statement Contact Phone Domiciled

Risk Retention Groups - Listing by State

PINE TREE INS RECIPROCAL RRG12348 2386 AIRPORT ROAD BARRE, VT 05641-8629 ALICIA RUBALCABA (802) 371-2216 VT

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

PREMIER INSURANCE EXCHANGE RRG10101 12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052

KATHRYN MICHENER BOUCHER (802) 863-4400 VT

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 VT

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

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

BILL MOURELATOS (802) 652-1558 VT

SECURITY AMERICA RRG INC11267 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JODI K. GUZZARDO (802) 864-6332 VT

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

MARY DESRANLEAU (802) 264-4710 VT

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

SHERYL ANN SATTLER (612) 766-3000 VT

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

BECKI MINOLI (802) 264-4576 VT

TERRA INS CO RRG10113 2386 AIRPORT ROAD BARRE, VT 05641-8629 ABIGAIL M. BERNIER (802) 371-2233 VT

THE HEALTHCARE UNDERWRITING CO RRG10152 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 MARCY WATERFALL (802) 864-6269 VT

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

TRISHA L. DESRANLEAU (802) 652-1556 VT

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

SHERI TREMBLAY (802) 652-1554 VT

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

KAREN LEE VERDON (301) 215-6423 VT

UNITED HOME INSURANCE CO A RRG10712 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 DELISCA A. CHRISTIAN (802) 864-2110 VT

WARREN RRG INC11802 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JAY E. CURTIS (802) 864-6301 VT

WELLSPAN RRG11682 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 JENNIFER L. PETTENGILL (802) 864-2111 VT

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

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 LISA H. MANLEY (802) 864-2124 VT

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427 ANITA M. PERKINS (802) 371-2219 VT

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

3441KELLY BOURNE (843) 614-3132 WV

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 56: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - Assets By StateOther Assets Total Assets

ALABAMACOASTAL INS RRG INC11668 $46,833,932 $901,378 $49,861,820$2,126,510

SUBTOTAL ALABAMA $46,833,932 $901,378 $49,861,820$2,126,510

ARIZONAALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $22,247,263 $15,280 $24,157,460$1,894,917

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $32,903,278 $0 $34,424,422$1,521,144

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $61,989,689 $285,936 $83,909,738$21,634,113

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $11,715,744 $0 $14,706,642$2,990,898

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,378,987 $55,940 $3,520,598$85,671

ELITE TRANSPORTATION RRG INC10125 $10,363,800 $118,589 $12,533,312$2,050,923

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $4,210,354 $0 $5,242,392$1,032,038

RED ROCK RISK RETENTION GROUP, INC.13736 $12,460,538 $0 $13,229,461$768,923

RESTORATION RISK RETENTION GROUP, INC.12209 $40,313,934 $0 $44,536,277$4,222,343

SUBTOTAL ARIZONA $199,583,587 $475,745 $236,260,302$36,200,970

COLORADONATIONAL HOME INSURANCE CO RRG44016 $48,664,604 $3,093,612 $52,509,690$751,474

SUBTOTAL COLORADO $48,664,604 $3,093,612 $52,509,690$751,474

DISTRICT OF COLUMBIAAEGIS HEALTHCARE RRG, INC.12252 $1,711,083 $275,500 $3,329,338$1,342,755

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $14,452,383 $960,286 $15,723,825$311,156

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,439,584 $21,650 $1,522,337$61,103

CARE RRG, INC.11825 $9,667,473 $849,657 $11,783,694$1,266,564

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $40,629,764 $1,585,879 $72,962,520$30,746,877

CMIC RISK RETENTION GROUP13756 $3,206,630 $2,375 $3,470,507$261,502

DUBOIS MEDICAL RRG11842 $7,333,308 $0 $7,367,908$34,600

FAIRWAY PHYSICIANS INS CO RRG11840 $17,300,891 $3,573,997 $28,007,152$7,132,264

GLOBAL INTL INS CO INC A RRG10991 $18,052,858 $0 $19,078,145$1,025,287

HEALTH CARE CAS RRG INC12236 $14,544,161 $33,434 $16,241,919$1,664,324

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,717,280 $0 $7,335,098$617,818

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

11832 $18,964,517 $99,623,334 $158,899,152$40,311,301

INTERMODAL INSURANCE COMPANY, RRG11824 $188,799 $7,857,312 $8,374,193$328,082

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,175,200 $0 $7,347,890$172,690

MEDPRO RRG RISK RETENTION GROUP13589 $3,494,900 $11,562,663 $28,553,558$13,495,995

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,605,036 $1,782,487 $5,483,521$95,998

NATIONAL ASSISTED LIVING RRG, INC.11806 $6,577,696 $0 $6,955,481$377,785

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $9,199,575 $87,511 $9,362,832$75,746

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $8,494,873 $9,079 $9,994,426$1,490,474

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $9,044,324 $29,253 $14,178,259$5,104,682

OCEAN RRG INC10158 $4,973,520 $0 $10,353,812$5,380,292

PCH MUTUAL INSURANCE COMPANY, RRG11973 $7,425,493 $325,641 $8,565,645$814,511

PEDIATRICANS INS RRG OF AMER11772 $726,468 $41,198 $848,309$80,643

PINELANDS INS CO RRG INC12198 $354,610 $168,989 $3,724,442$3,200,843

PINNACLE RRG INC11858 $2,560,843 $0 $2,564,104$3,261

PROBUILDERS SPECIALTY INS CO RRG11671 $15,991,206 $93,080,379 $147,706,100$38,634,515

REGIONAL HEALTH INS CO RRG12010 $627,162 $1,024,595 $1,687,263$35,506

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 $458,459 $3,825,805 $5,143,768$859,504

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 $1,629,195 $0 $2,701,165$1,071,970

SIGMA RRG, INC.13557 $8,435,788 $0 $10,992,223$2,556,435

SPIRIT MOUNTAIN INS CO RRG INC10754 $5,788,992 $0 $6,200,132$411,140

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $2,828,557 $380,504 $3,631,181$422,120

SUBTOTAL DISTRICT OF COLUMBIA $253,600,628 $227,101,528 $640,089,899$159,387,743

DELAWAREARCHITECTS & ENGINEERS INS CO RRG44148 $10,372,506 $915,241 $20,825,286$9,537,539

DELAWARE PROFESSIONAL INSURANCE CO43125 $10,352,376 $0 $10,606,734$254,358

INDEMNITY INSURANCE CORPORATION, RRG12018 $5,935,115 $983,277 $42,893,722$35,975,330

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,963,252 $0 $3,446,834$1,483,582

MARATHON FIN INS CO INC RRG11117 $3,359,477 $0 $12,267,129$8,907,652

SUNLAND RISK RETENTION GROUP, INC.14026 $563,251 $0 $1,934,237$1,370,986

UNITED CONTRACTORS INS CO INC RRG12280 $18,850,796 $84,809 $23,538,881$4,603,276

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 57: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - Assets By StateOther Assets Total Assets

SUBTOTAL DELAWARE $51,396,773 $1,983,327 $115,512,823$62,132,723

FLORIDAPONCE DE LEON LTC RRG, INC.11809 $14,358,995 $536,831 $16,788,868$1,893,042

SUBTOTAL FLORIDA $14,358,995 $536,831 $16,788,868$1,893,042

GEORGIACHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 $5,614,496 $0 $5,715,572$101,076

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $8,287,938 $0 $8,506,940$219,002

SUBTOTAL GEORGIA $13,902,434 $0 $14,222,512$320,078

HAWAIIALLEGIANT INS CO INC A RRG11965 $8,535,722 $1,955,491 $10,776,541$285,328

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $17,349,301 $0 $17,923,102$573,801

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $95,943,397 $0 $114,756,199$18,812,802

CLINIC MUTUAL INSURANCE CO RRG43770 $4,361,235 $124,999 $4,524,578$38,344

COLLEGE LIABILITY INS CO A RECIP RRG44598 $10,321,887 $0 $12,385,583$2,063,696

CONTRACTORS INS CO OF NORTH AMER RRG11603 $36,923,819 $3,998,382 $44,976,016$4,053,815

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $1,007,327 $0 $1,011,863$4,536

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $71,110,923 $87,605 $77,421,268$6,222,740

MEDAMERICA MUTUAL RRG INC26257 $65,240,078 $0 $67,142,949$1,902,871

NATIONAL GUARDIAN RRG INC36072 $11,890,616 $3,109,062 $15,823,437$823,759

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,873,143 $0 $5,884,234$11,091

PROFESSIONAL MEDICAL INS RRG INC10840 $321,244 $0 $341,550$20,306

RESIDENTIAL INS CO INC A RRG10691 $2,420,502 $104,196 $2,632,113$107,415

RPX RRG14135 $4,100,000 $0 $4,125,277$25,277

SENTINEL ASSUR RRG INC12005 $16,319,193 $0 $16,479,896$160,703

UV INSURANCE RISK RETENTION GROUP, INC.13988 $165,434 $0 $667,010$501,576

SUBTOTAL HAWAII $351,883,821 $9,379,735 $396,871,616$35,608,060

IOWAAMERICAN FEED INDUSTRY INS CO RRG44202 $5,388,493 $0 $5,511,594$123,101

SUBTOTAL IOWA $5,388,493 $0 $5,511,594$123,101

ILLINOISOMS NATL INS CO RRG44121 $307,454,268 $20,536,016 $357,299,562$29,309,278

SUBTOTAL ILLINOIS $307,454,268 $20,536,016 $357,299,562$29,309,278

INDIANAAGRI INSURANCE EXCHANGE RRG28380 $12,585,776 $0 $12,630,742$44,966

AMERICAN INTER FIDELITY EXCH RRG40088 $22,155,351 $0 $23,753,118$1,597,767

COMMUNITY BLOOD CENTERS EXCH RRG13893 $22,713,800 $0 $23,756,769$1,042,969

SUBTOTAL INDIANA $57,454,927 $0 $60,140,629$2,685,702

KENTUCKYARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $1,143,891 $0 $2,384,334$1,240,443

DOCTORS & SURGEONS NATIONAL RRG13018 $5,642,041 $0 $7,583,402$1,941,361

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $46,147,232 $0 $49,374,709$3,227,477

KENTUCKY HOSPITAL INS CO RRG11939 $18,829,740 $409 $19,752,135$921,986

SUBTOTAL KENTUCKY $71,762,904 $409 $79,094,580$7,331,267

MISSOURIPREFERRED PHYSICIANS MEDICAL RRG44083 $178,212,146 $78,267 $183,233,427$4,943,014

SUBTOTAL MISSOURI $178,212,146 $78,267 $183,233,427$4,943,014

MONTANAAMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $105,046 $17,247 $1,129,926$1,007,633

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $13,332,512 $37,902 $14,354,104$983,690

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC14005 $621,180 $0 $684,045$62,865

ATTORNEYS LIAB PROTECTION SOC RRG32450 $82,932,815 $1,028,765 $92,605,463$8,643,883

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,693,795 $0 $2,000,149$306,354

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $816,638 $0 $880,060$63,422

CROSSFIT RISK RETENTION GROUP, INC.13720 $1,045,247 $0 $1,433,022$387,775

GUARDIAN RRG INC11696 $4,766,155 $0 $5,388,278$622,123

MD RISK RETENTION GROUP, INC.12355 $13,328,019 $22,805 $13,825,767$474,943

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 58: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - Assets By StateOther Assets Total Assets

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $91,400,472 $0 $92,808,546$1,408,074

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $2,505,603 $0 $3,568,829$1,063,226

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $1,097,139 $0 $1,632,101$534,962

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $24,740,435 $14,568,869 $46,426,235$7,116,931

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,737,256 $269,452 $3,187,004$180,296

SELECT MD RRG14136 $991,324 $0 $994,699$3,375

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,982,589 $3,621 $2,019,211$33,001

SUBTOTAL MONTANA $244,096,225 $15,948,661 $282,937,439$22,892,553

NEBRASKALENDERS PROTECTION ASSUR CO RRG11500 $2,374,134 $0 $2,481,429$107,295

SUBTOTAL NEBRASKA $2,374,134 $0 $2,481,429$107,295

NEVADAAGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $1,008,838 $0 $1,513,892$505,054

ARCOA RISK RETENTION GROUP, INC.13177 $9,246,420 $0 $10,309,783$1,063,363

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $20,534,806 $0 $22,389,321$1,854,515

BEST CARE INSURANCE COMPANY RRG14169 $510,214 $0 $510,214$0

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $1,802,921 $0 $2,214,383$411,462

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $17,113,998 $754,080 $22,901,978$5,033,900

EMERGENCY PHYSICIANS INS CO RRG11714 $35,732,072 $100,112 $40,255,410$4,423,226

GOLDEN INS CO RRG11145 $3,592,804 $0 $4,732,282$1,139,478

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $662,402 $0 $1,048,150$385,748

HOME CONSTRUCTION INS CO RRG11950 $5,851,226 $0 $6,205,164$353,938

J.M. WOODWORTH RRG, INC.12594 $11,684,463 $1,135,650 $16,583,728$3,763,615

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $7,979,884 $0 $12,879,839$4,899,955

LEWIS & CLARK LTC RRG, INC11947 $13,514,557 $3,039,002 $21,840,572$5,287,013

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $502,765 $0 $502,765$0

NATIONAL BUILDERS & CONTRACTORS INS12235 $4,474,206 $9,744 $5,131,993$648,043

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $2,765,081 $0 $2,882,912$117,831

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 $604,030 $0 $629,171$25,141

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,011,056 $0 $1,566,183$555,127

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $6,041,789 $524,922 $6,820,711$254,000

PROAIR RISK RETENTION GROUP, INC.13179 $54,812 $0 $634,373$579,561

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $7,404,994 $113,579 $8,274,954$756,381

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $241,158 $0 $471,888$230,730

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,571,933 $0 $2,748,870$176,937

SUBTOTAL NEVADA $154,906,429 $5,677,089 $193,048,536$32,465,018

OKLAHOMAVEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,687,606 $0 $2,694,381$6,775

SUBTOTAL OKLAHOMA $2,687,606 $0 $2,694,381$6,775

SOUTH CAROLINAALLIED SERVICES RISK RETENTION GROUP12013 $5,580,568 $0 $5,605,718$25,150

AMERICAN FOREST CASUALTY COMPANY RRG11590 $7,840,155 $0 $8,787,850$947,695

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $2,102,316 $0 $2,125,397$23,081

CAREGIVERS UNITED LIAB INS CO RRG11544 $30,826,252 $0 $32,650,637$1,824,385

CENTRAL PA PHYSICIANS RRG INC11694 $57,811,554 $0 $60,625,731$2,814,177

CLARIAN HLTH RRG INC11992 $1,414,988 $0 $8,939,582$7,524,594

COMMUNITIES OF FAITH RRG INC11807 $12,906,694 $0 $13,046,473$139,779

CONTINUING CARE RRG, INC.11798 $2,522,510 $0 $4,595,406$2,072,896

EMERGENCY MEDICINE RRG INC12015 $9,620,245 $0 $13,700,152$4,079,907

FAITH AFFILIATED RRG INC11698 $7,252,155 $0 $7,477,691$225,536

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $10,892,082 $926,625 $20,986,348$9,167,641

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $4,024,504 $0 $4,090,390$65,886

GRACO RRG INC11581 $561,691 $0 $648,254$86,563

GUTHRIE RRG12014 $47,573,565 $0 $52,830,502$5,256,937

HEALTHCARE PROVIDERS INS CO RRG11683 $63,762,668 $0 $65,559,073$1,796,405

HERITAGE WARRANTY INS RRG INC11097 $1,373,313 $0 $1,373,313$0

JAMESTOWN INS CO RRG11589 $3,500,069 $33,155 $6,773,862$3,240,638

LVHN RRG11684 $36,256,589 $0 $43,804,597$7,548,008

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $4,686,763 $362,657 $8,368,763$3,319,343

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 59: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - Assets By StateOther Assets Total Assets

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $3,868,649 $160,447 $6,865,158$2,836,062

NEW STAR RISK RETENTION GROUP, INC.12532 $6,900,728 $0 $8,199,765$1,299,037

NOVUS INS CO RRG10752 $4,991,724 $707,470 $5,956,493$257,299

OCEANUS INS CO A RRG12189 $54,691,312 $2,941,945 $64,772,047$7,138,790

PHOEBE RECIPROCAL RRG12004 $4,527,153 $0 $4,554,388$27,235

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $37,291,597 $159,586 $47,776,651$10,325,468

PHYSICIANS SPECIALTY LTD RRG11513 $11,969,358 $554,834 $12,579,718$55,526

RED CLAY RISK RETENTION GROUP, INC.13078 $3,035,761 $0 $4,559,568$1,523,807

REPUBLIC RRG12019 $1,335,248 $0 $1,837,338$502,090

SAINT LUKE'S HLTH SYSTEM RRG11712 $21,862,036 $1,536,784 $23,956,044$557,224

SAMARITAN RISK RETENTION GROUP, INC.12511 $18,463,423 $0 $21,550,327$3,086,904

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $43,954,457 $0 $47,159,635$3,205,178

ST CHARLES INS CO RRG11114 $10,183,933 $0 $10,521,831$337,898

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $723,083 $0 $729,834$6,751

SUPERIOR INS CO RRG11669 $9,422,356 $395,764 $21,366,338$11,548,218

TITAN INS CO INC RRG11153 $29,495,529 $0 $30,812,685$1,317,156

SUBTOTAL SOUTH CAROLINA $573,225,028 $7,779,267 $675,187,559$94,183,264

TENNESSEEPARATRANSIT INSURANCE COMPANY, RRG44130 $20,856,906 $19,184 $23,250,253$2,374,163

SUBTOTAL TENNESSEE $20,856,906 $19,184 $23,250,253$2,374,163

TEXASAMERICAN CONTRACTORS INS CO RRG12300 $6,843,579 $0 $16,935,708$10,092,129

SUBTOTAL TEXAS $6,843,579 $0 $16,935,708$10,092,129

UTAHLIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $3,446,364 $263,072 $7,952,446$4,243,010

SUBTOTAL UTAH $3,446,364 $263,072 $7,952,446$4,243,010

VIRGINIAHOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,225,862 $110,957 $123,503,283$2,166,464

SUBTOTAL VIRGINIA $121,225,862 $110,957 $123,503,283$2,166,464

VERMONTACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 $2,886,961 $68,513 $3,754,448$798,974

ACBG RISK RETENTION GROUP, LLC12557 $1,485,284 $48,427 $1,964,868$431,157

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $3,291,474 $537,347 $3,836,082$7,261

ALLIANCE OF NONPROFITS FOR INS RRG10023 $42,670,007 $1,632,629 $51,293,384$6,990,748

AMERICAN EXCESS INS EXCHANGE RRG10903 $396,395,469 $0 $399,329,748$2,934,279

AMERICAN SAFETY RRG INC25448 $10,614,972 $599,504 $15,818,987$4,604,511

AMERIGUARD RRG INC12171 $11,643,103 $0 $12,091,521$448,418

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $127,764,578 $5,747,084 $137,142,023$3,630,361

BAR VERMONT RISK RETENTION GROUP INC10174 $19,339,251 $662,543 $21,015,380$1,013,586

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $19,562,344 $879,809 $25,150,016$4,707,863

BROADLINE RISK RETENTION GROUP, INC.13788 $57,063,150 $0 $81,185,610$24,122,460

CASSATT RISK RETENTION GROUP INC10808 $5,474,122 $0 $6,480,468$1,006,346

CHC CAS RRG11531 $34,554,285 $0 $34,983,400$429,115

CIMARRON INSURANCE EXCHANGE RRG12308 $4,122,697 $0 $6,221,012$2,098,315

CIRCLE STAR INS CO RRG11839 $1,978,640 $0 $2,272,357$293,717

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,566,946 $0 $2,779,363$1,212,417

COLLEGE RISK RETENTION GROUP, INC.13613 $12,012,831 $325,175 $12,460,969$122,963

COLUMBIA NATIONAL RRG INC10803 $1,746,280 $0 $1,780,207$33,927

COMCARE PRO INS RECIPROCAL RRG11864 $3,268,977 $0 $3,826,469$557,492

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $119,967,943 $0 $121,045,747$1,077,804

COMMUNITY HOSPITAL RRG11259 $184,800,119 $0 $188,607,508$3,807,389

CONSORTIUM RRG11528 $7,314,544 $0 $7,314,544$0

CONSUMER SPECIALTIES INS CO RRG10075 $5,020,349 $299,043 $5,673,875$354,483

CONTROLLED RISK INS CO OF VT RRG10341 $50,449,590 $0 $51,599,216$1,149,626

CPA MUTUAL INS CO OF AMERICA RRG10164 $17,353,082 $831,379 $22,207,026$4,022,565

CRUDEN BAY RRG INC11676 $11,691,410 $0 $11,771,637$80,227

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $5,362,500 $0 $6,488,798$1,126,298

EASTERN DENTISTS INS CO RRG10115 $38,987,468 $306,928 $44,351,025$5,056,629

EVERGREEN USA RRG INC38466 $11,110,458 $272,657 $14,890,075$3,506,960

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 60: Analysis of Risk Retention Groups - Year-End 2011

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - Assets By StateOther Assets Total Assets

FIRST MEDICAL INS CO RRG11278 $112,207,260 $0 $113,182,072$974,812

FRANKLIN CASUALTY INS CO RRG10842 $1,764,094 $3,383,871 $30,371,799$25,223,834

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $13,004,140 $0 $19,044,430$6,040,290

GABLES RRG14032 $0 $0 $1,750,000$1,750,000

GEISINGER INS CORP RRG12000 $1,820,041 $555,000 $16,412,811$14,037,770

GENERAL EASTERN SKI INS RRG INC10163 $977,694 $0 $2,704,457$1,726,763

GLOBAL HAWK INSURANCE COMPANY RRG11948 $7,508,458 $0 $9,767,631$2,259,173

GREEN HILLS INS CO RRG11941 $20,164,258 $0 $22,560,214$2,395,956

HAMDEN ASSURANCE RRG, INC.13057 $2,610,369 $0 $79,442,369$76,832,000

HEARTLAND HEALTHCARE RECIP RRG11998 $12,941,788 $0 $13,485,328$543,540

HOUSING AUTHORITY RRG INC26797 $296,638,523 $300,000 $307,105,524$10,167,001

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $282,896,259 $2,645,240 $303,678,545$18,137,046

INDIANA HEALTHCARE RECIP RRG11692 $24,610,907 $0 $25,149,799$538,892

LAKE STREET RRG INC11803 $1,973,735 $0 $1,973,735$0

MCIC VERMONT INC RRG10697 $29,529,157 $1,525,398 $37,335,736$6,281,181

MENTAL HEALTH RISK RETENTION GROUP44237 $21,690,070 $214,079 $22,383,380$479,231

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $5,441,971 $255,287 $8,824,759$3,127,501

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $307,536 $0 $1,675,736$1,368,200

MOUNTAIN LAUREL RRG INC11547 $12,772,814 $0 $15,012,386$2,239,572

NATIONAL CATHOLIC RRG10083 $54,076,902 $4,337,315 $60,794,144$2,379,927

NCMIC RISK RETENTION GROUP, INC.14130 $1,968,418 $0 $1,968,434$16

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $7,278,022 $0 $7,291,075$13,053

OASIS RECIPROCAL RISK RETENTION GROUP13644 $3,960,570 $0 $7,304,252$3,343,682

OOIDA RISK RETENTION GROUP INC10353 $40,069,213 $0 $57,403,772$17,334,559

OPHTHALMIC MUTUAL INS CO RRG44105 $219,333,932 $1,701,699 $232,983,213$11,947,582

ORDINARY MUTUAL A RRG CORP10171 $22,854,654 $0 $24,253,006$1,398,352

PACE RRG INC11575 $4,787,577 $6,805,447 $14,843,477$3,250,453

PEACE CHURCH RRG INC11846 $18,325,950 $0 $18,590,172$264,222

PELICAN INS RRG11587 $16,207,716 $0 $16,439,192$231,476

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $3,915,314 $0 $4,621,335$706,021

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $39,510,957 $302,006 $42,574,230$2,761,267

PHYSICIANS REIMBURSEMENT RRG10934 $25,337,806 $0 $25,858,064$520,258

PINE TREE INS RECIPROCAL RRG12348 $14,575,009 $0 $14,797,133$222,124

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,228,997 $0 $6,388,333$159,336

PREMIER INSURANCE EXCHANGE RRG10101 $3,320,725 $0 $8,351,763$5,031,038

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $4,882,607 $81,897 $5,013,530$49,026

SCHUYKILL CROSSING RECIPROCAL RRG11808 $24,289,775 $0 $30,950,597$6,660,822

SECURITY AMERICA RRG INC11267 $3,503,296 $0 $4,123,545$620,249

ST LUKES HEALTH NETWORK INS CO RRG11688 $44,307,969 $0 $52,953,914$8,645,945

STATES SELF-INSURERS RRG44075 $20,404,255 $156,082 $20,688,387$128,050

STICO MUT INS CO RRG10476 $17,699,098 $315,014 $19,902,798$1,888,686

TERRA INS CO RRG10113 $25,353,394 $234,864 $27,001,100$1,412,842

THE HEALTHCARE UNDERWRITING CO RRG10152 $17,775,552 $0 $63,150,213$45,374,661

TITLE INDUSTRY ASSURANCE CO RRG10084 $4,336,183 $1,679,586 $6,808,663$792,894

UNITED CENTRAL PA RRG11548 $19,450,780 $0 $20,177,483$726,703

UNITED EDUCATORS INS RRG INC10020 $642,165,574 $862,861 $674,475,222$31,446,787

UNITED HOME INSURANCE CO A RRG10712 $3,104,356 $0 $4,310,043$1,205,687

WARREN RRG INC11802 $6,962,025 $0 $7,200,316$238,291

WELLSPAN RRG11682 $16,289,247 $0 $22,476,069$6,186,822

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $2,039,185 $0 $3,030,518$991,333

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,629,369 $0 $2,702,091$72,722

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $15,872,834 $168,661 $16,319,243$277,748

SUBTOTAL VERMONT $3,411,175,169 $37,735,345 $3,854,941,801$406,031,287

WEST VIRGINIAMOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $20,612,962 $0 $22,734,498$2,121,536

SUBTOTAL WEST VIRGINIA $20,612,962 $0 $22,734,498$2,121,536

$6,161,947,776 $331,620,423 $7,413,064,655TOTAL - ALL RRGs $919,496,456

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 61: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

ALABAMACOASTAL INS RRG INC11668 $741,278 $27,010,629 $22,851,191 ($3,319) ($5,336)$19,366,981 $6,902,370 AL

$19,366,981 $741,278 $27,010,629 $22,851,191 ($3,319) ($5,336)$6,902,370SUBTOTAL ALABAMA x

ARIZONAADVANCED PHYSICIANS INS RRG INC12166 $0 $19,671 $1,370,296$0 $19,671 AZ

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $5,498,171 $12,807,717 $11,349,743 ($895) ($964)$6,275,413 $1,034,133 AZ

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $3,560,259 $24,959,314 $9,465,108 ($4,633) ($5,798)$18,927,464 $2,471,591 AZ

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $17,295,823 $61,704,864 $22,204,874 ($1,038) ($2,579)$43,422,100 $986,941 AZ

CALIFORNIA MEDICAL GRP INS CO RRG12180 $1,085,015 $6,480,759 $5,401,748$5,433,849 ($38,105) AZ

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $1,587,195 $8,611,006 $6,095,636 ($632) ($1,738)$6,515,528 $508,283 AZ

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $0 $276,589 $3,244,008 ($27) ($82)$205,750 $70,839 AZ

ELITE TRANSPORTATION RRG INC10125 $205,951 $10,496,616 $2,036,696 ($167) $34$5,545,691 $4,744,974 AZ

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $575,341 $2,002,190 $2,066,338$1,124,422 $302,427 AZ

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $594,629 $2,602,768 $2,421,527$1,970,024 $38,115 AZ

MEDICAL INSURANCE UNDERWRITERS RISK RETENTION GROUP

12576 AZ

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $586,576 $7,883,007 $1,499,158$1,000,660 $6,295,771 AZ

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $2,011,766 $45,506$2,026,057 ($14,291) AZ

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $0 $2,175,873 $3,066,519 ($455) ($869)$2,020,807 $155,066 AZ

PHP RISK RETENTION GROUP, LIMITED12995 $2,313,610 $18,060,016 $2,599,441$13,920,874 $1,825,532 AZ

RED ROCK RISK RETENTION GROUP, INC.13736 $401,563 $8,083,102 $5,146,358 $571 $0$7,489,276 $192,263 AZ

RESTORATION RISK RETENTION GROUP, INC.12209 $3,377,357 $29,274,048 $15,262,229 ($2,937) ($4,147)$20,656,777 $5,239,914 AZ

WESTERN INS RRG INC11978 $0 $5,500 $532,396$0 $5,500 AZ

$136,534,692 $37,081,490 $197,454,806 $93,807,581 ($10,213) ($16,143)$23,838,624SUBTOTAL ARIZONA x

COLORADONATIONAL HOME INSURANCE CO RRG44016 $19,833,109 $34,141,714 $18,367,976 ($425) $0$5,011,324 $9,297,281 CO

WESTERN PACIFIC MUT INS CO RRG40940 $24,513,531 $48,467,991 $85,241,590$22,913,264 $1,041,196 CO

$27,924,588 $44,346,640 $82,609,705 $103,609,566 ($425) $0$10,338,477SUBTOTAL COLORADO x

DISTRICT OF COLUMBIAAEGIS HEALTHCARE RRG, INC.12252 $0 $2,181,158 $1,148,180 ($97) ($563)$1,785,481 $395,677 DC

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $1,100,438 $7,417,881 $8,305,944 ($1,881) ($3,230)$4,847,000 $1,470,443 DC

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $23,273 $74,581 $1,447,756 $0 $0$22,790 $28,518 DC

CARE RRG, INC.11825 $484,021 $6,981,374 $4,802,320 ($787) ($1,286)$4,323,264 $2,174,089 DC

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

12373 $0 $41,772,241 $31,190,278 ($238) ($781)$7,267,920 $34,504,321 DC

CMIC RISK RETENTION GROUP13756 $241,517 $360,490 $3,110,017 $0 $0$13,504 $105,469 DC

DUBOIS MEDICAL RRG11842 $720,416 $3,223,927 $4,143,981 ($45) $26$2,471,730 $31,781 DC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 62: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

FAIRWAY PHYSICIANS INS CO RRG11840 $5,213,071 $22,463,094 $5,544,058 $7,038 $4,366$16,043,112 $1,206,911 DC

GLOBAL INTL INS CO INC A RRG10991 $0 $678,237 $18,399,908 $0 $0$0 $678,237 DC

HEALTH CARE CAS RRG INC12236 $732,173 $14,609,653 $1,632,266 ($454) ($801)$5,020,530 $8,856,950 DC

HEALTH NETWORK PROVIDERS MUT INS CO11813 $512,932 $4,736,506 $2,598,592 ($896) ($1,394)$3,161,550 $1,062,024 DC

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

11832 $22,197,378 $150,210,813 $8,688,339 $298 $170$107,923,579 $20,089,856 DC

LIFE SERVICES NETWORK RECIP INS RRG11958 $0 $2,661,582 $4,686,308 $33 ($195)$2,052,795 $608,787 DC

MEDPRO RRG RISK RETENTION GROUP13589 $9,477,157 $25,748,448 $2,805,110 ($5) ($1)$11,962,614 $4,308,677 DC

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $99,437 $4,430,538 $1,052,983 ($310) ($716)$4,016,728 $314,373 DC

NATIONAL ASSISTED LIVING RRG, INC.11806 $685,339 $3,867,866 $3,087,614 ($458) ($775)$2,721,077 $461,450 DC

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)

10234 $1,421,539 $1,709,174 $7,653,658 ($5) ($320)$20,000 $267,635 DC

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $3,067,516 $4,993,489 $5,000,937 ($11) $0$79,701 $1,846,272 DC

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG

12275 $2,639,585 $10,982,948 $3,195,311 $935 $888$9,264,798 ($921,435) DC

NJ CAR RISK RETENTION GROUP12581 DC

OCEAN RRG INC10158 $2,199,441 $8,980,338 $1,373,474 $1,050 $2,985$6,560,815 $220,082 DC

PCH MUTUAL INSURANCE COMPANY, RRG11973 $1,300,144 $6,027,787 $2,537,858 ($171) ($913)$4,187,247 $540,396 DC

PEDIATRICANS INS RRG OF AMER11772 $0 $304,668 $543,640 ($246) $97$281,403 $23,265 DC

PINELANDS INS CO RRG INC12198 $473,215 $3,120,527 $603,915 $137 $1,121$1,706,225 $941,087 DC

PINNACLE RRG INC11858 $0 $173,337 $2,390,767 ($122) ($395)$79,563 $93,774 DC

PROBUILDERS SPECIALTY INS CO RRG11671 $6,436 $133,090,476 $14,615,624 ($10) $687$129,790,240 $3,293,800 DC

REGIONAL HEALTH INS CO RRG12010 $0 $1,488,247 $199,016 $176 $222$1,398,140 $90,107 DC

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.

12524 $391,903 $5,334,372 ($190,604) ($84) ($193)$4,196,553 $745,916 DC

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG

13571 $0 $2,212,393 $488,772 ($547) ($111)$0 $2,212,393 DC

SIGMA RRG, INC.13557 $2,192,113 $6,399,995 $4,592,225 ($820) ($123)$4,061,618 $146,264 DC

SPIRIT MOUNTAIN INS CO RRG INC10754 $550,793 $3,356,714 $2,843,418 ($1,229) ($1,650)$1,803,782 $1,002,139 DC

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $829,073 $1,674,975 $1,956,205 ($2) $0$776,106 $69,796 DC

$337,839,865 $56,558,910 $481,267,829 $150,447,870 $1,249 ($2,885)$86,869,054SUBTOTAL DISTRICT OF COLUMBIA x

DELAWAREARCHITECTS & ENGINEERS INS CO RRG44148 $3,231,391 $11,613,374 $9,211,912 ($136) $53$3,426,496 $4,955,487 DE

DELAWARE PROFESSIONAL INSURANCE CO43125 $1,021,128 $6,440,580 $4,166,154 ($1,641) ($3,305)$5,200,000 $219,452 DE

INDEMNITY INSURANCE CORPORATION, RRG12018 $11,218,878 $28,445,592 $14,448,130 ($1,235) $96$14,000,000 $3,226,714 DE

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $478,308 $2,101,190 $1,345,644 ($287) ($117)$1,158,716 $464,166 DE

MARATHON FIN INS CO INC RRG11117 $466,038 $10,259,954 $2,007,175 ($265) ($175)$80,000 $9,713,916 DE

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 63: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

SUNLAND RISK RETENTION GROUP, INC.14026 $0 $916,285 $1,017,952 $0 $0$230,000 $686,285 DE

UNITED CONTRACTORS INS CO INC RRG12280 $2,248,588 $12,985,026 $10,553,865 $5,535 $11,977$10,716,609 $19,829 DE

$34,811,821 $18,664,331 $72,762,001 $42,750,832 $1,971 $8,529$19,285,849SUBTOTAL DELAWARE x

FLORIDAPONCE DE LEON LTC RRG, INC.11809 $2,320,775 $8,595,122 $8,193,746 $204 $1,573$5,248,997 $1,025,350 FL

$5,248,997 $2,320,775 $8,595,122 $8,193,746 $204 $1,573$1,025,350SUBTOTAL FLORIDA x

GEORGIACHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY

11065 $0 $3,323,853 $2,391,719 ($225) ($541)$2,700,919 $622,934 GA

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $0 $6,871,928 $1,635,012 ($471) ($754)$5,352,755 $1,519,173 GA

$8,053,674 $0 $10,195,781 $4,026,731 ($696) ($1,295)$2,142,107SUBTOTAL GEORGIA x

HAWAIIALLEGIANT INS CO INC A RRG11965 $0 $7,982,961 $2,793,580 $1,543 $1,490$6,712,541 $1,270,420 HI

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $1,637,029 $9,889,564 $8,033,538 $1,662 $1,087$8,110,757 $141,778 HI

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $8,714,715 $71,816,623 $42,939,576 ($6,639) ($15,472)$54,015,064 $9,086,844 HI

CLINIC MUTUAL INSURANCE CO RRG43770 $23,140 $170,219 $4,354,359 ($187) ($336)$76,949 $70,130 HI

COLLEGE LIABILITY INS CO A RECIP RRG44598 $1,163,010 $3,925,155 $8,460,427 ($886) ($535)$2,715,435 $46,710 HI

CONTRACTORS INS CO OF NORTH AMER RRG11603 $739,798 $28,313,543 $16,662,471 $10,900 $5,033$23,479,026 $4,094,719 HI

FIRST AUTOMOTIVE INS RRG INC10619 HI

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $0 $3,263 $1,008,600 $0 $0$0 $3,263 HI

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $5,733,681 $33,887,458 $43,533,810 ($3,676) ($10,100)$26,907,118 $1,246,659 HI

MEDAMERICA MUTUAL RRG INC26257 $231,588 $36,024,955 $31,117,994 ($6,333) ($7,359)$25,067,685 $10,725,682 HI

NATIONAL GUARDIAN RRG INC36072 $78,097 $10,294,388 $5,529,049 ($1,200) ($2,590)$9,295,309 $920,982 HI

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $0 $2,129,035 $3,755,199 ($1,173) ($616)$2,047,811 $81,224 HI

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $16,261 $325,289 $0 $0$0 $16,261 HI

RESIDENTIAL INS CO INC A RRG10691 $1,022,001 $1,917,055 $715,058 $50 $50$574,992 $320,062 HI

RPX RRG14135 $0 $72,221 $4,053,056 ($36,883) ($64,950)$0 $72,221 HI

SENTINEL ASSUR RRG INC12005 $1,174,804 $5,325,939 $11,153,957 ($1,737) ($3,839)$3,549,664 $601,471 HI

UV INSURANCE RISK RETENTION GROUP, INC.13988 $0 $133,130 $533,880 $0 $0$59,375 $73,755 HI

$162,611,726 $20,517,863 $211,901,770 $184,969,843 ($44,559) ($98,137)$28,772,181SUBTOTAL HAWAII x

IOWAAMERICAN FEED INDUSTRY INS CO RRG44202 $0 $1,715,750 $3,795,844 ($889) ($1,719)$1,622,130 $93,620 IA

$1,622,130 $0 $1,715,750 $3,795,844 ($889) ($1,719)$93,620SUBTOTAL IOWA x

ILLINOISOMS NATL INS CO RRG44121 $44,414,560 $210,734,082 $146,565,480 ($15,312) ($18,993)$152,247,183 $14,072,339 IL

$152,247,183 $44,414,560 $210,734,082 $146,565,480 ($15,312) ($18,993)$14,072,339SUBTOTAL ILLINOIS x

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 64: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

INDIANAAGRI INSURANCE EXCHANGE RRG28380 $0 $2,115,643 $10,515,099 ($242) ($336)$1,874,185 $241,458 IN

AMERICAN INTER FIDELITY EXCH RRG40088 $610,654 $9,079,594 $14,673,524 ($47) ($770)$7,089,050 $1,379,890 IN

COMMUNITY BLOOD CENTERS EXCH RRG13893 $1,630,215 $11,068,981 $12,687,788 ($2,002) ($3,403)$6,234,062 $3,204,704 IN

$15,197,297 $2,240,869 $22,264,218 $37,876,411 ($2,291) ($4,509)$4,826,052SUBTOTAL INDIANA x

KENTUCKYARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $310,891 $660,911 $1,723,423 ($75) ($25)$125,000 $225,020 KY

DOCTORS & SURGEONS NATIONAL RRG13018 $1,953,408 $5,374,863 $2,208,539 $2 $257$2,940,863 $480,592 KY

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $1,506,871 $24,444,901 $24,929,808 ($5,486) ($8,737)$21,264,210 $1,673,820 KY

KENTUCKY HOSPITAL INS CO RRG11939 $171,499 $9,785,817 $9,966,318 ($1,544) ($1,366)$7,979,755 $1,634,563 KY

$32,309,828 $3,942,669 $40,266,492 $38,828,088 ($7,103) ($9,871)$4,013,995SUBTOTAL KENTUCKY x

MISSOURIPREFERRED PHYSICIANS MEDICAL RRG44083 $5,931,868 $93,423,934 $89,809,493 ($6,147) ($14,360)$69,851,112 $17,640,954 MO

$69,851,112 $5,931,868 $93,423,934 $89,809,493 ($6,147) ($14,360)$17,640,954SUBTOTAL MISSOURI x

MONTANAAMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $15,381 $431,798 $698,128 ($1) ($50)$116,984 $299,433 MT

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $2,867,290 $10,440,221 $3,913,883 $355 $73$5,701,734 $1,871,197 MT

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC

14005 $106,968 $177,840 $506,205 $0 $0$44,518 $26,354 MT

ATTORNEYS LIAB PROTECTION SOC RRG32450 $11,503,442 $61,881,330 $30,724,133 ($1,543) ($7,956)$46,502,389 $3,875,499 MT

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

13791 $346,055 $1,018,035 $982,114 $71 $0$161,689 $510,291 MT

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

13784 $0 $122,357 $757,703 ($6) $0$55,655 $66,702 MT

CROSSFIT RISK RETENTION GROUP, INC.13720 $303,759 $743,403 $689,619 $0 $0$121,918 $317,726 MT

GUARDIAN RRG INC11696 $0 $1,256,102 $4,132,176 ($676) ($756)$1,207,032 $49,070 MT

MD RISK RETENTION GROUP, INC.12355 $0 $7,468,785 $6,356,983 ($2,321) ($312)$6,470,830 $997,955 MT

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $0 $50,454,077 $42,354,469 ($9,179) ($14,278)$47,126,700 $3,327,377 MT

NATIONAL CONTRACTORS INS CO INC RRG12293 $1,845,337 $9,153,090 $4,043,872$6,571,901 $735,852 MT

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $703,626 $2,717,203 $851,626 $323 $519$1,816,248 $197,329 MT

PHYSICIANS RISK RETENTION GROUP LLC13046 MT

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $10,699 $68,519 $1,563,582 $0 $0$534 $57,286 MT

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

12497 $6,406,513 $37,726,535 $8,699,700 ($322) $494$14,873,940 $16,446,082 MT

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $0 $1,907,942 $1,279,062 ($219) ($211)$393,956 $1,513,986 MT

SELECT MD RRG14136 $0 $1,250 $993,449 $0 $0$0 $1,250 MT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 65: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $0 $1,148,068 $871,143 $0 $0$45,127 $1,102,941 MT

$131,211,155 $24,109,070 $186,716,555 $109,417,847 ($13,518) ($22,477)$31,396,330SUBTOTAL MONTANA x

NEBRASKALENDERS PROTECTION ASSUR CO RRG11500 $0 $103,982 $2,377,446 $0 $0$0 $103,982 NE

$0 $0 $103,982 $2,377,446 $0 $0$103,982SUBTOTAL NEBRASKA x

NEVADAAGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 $0 $863,881 $650,011 $0 ($300)$849,386 $14,495 NV

ARCOA RISK RETENTION GROUP, INC.13177 $0 $7,840,445 $2,469,338 $1,108 $2,540$7,462,521 $377,924 NV

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $11,898,056 $13,707,900 $8,681,421 $0 $0$0 $1,809,844 NV

BEST CARE INSURANCE COMPANY RRG14169 $0 $32 $510,182 $0 $0$0 $32 NV

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $977,138 $1,164,850 $1,049,533 $0 $0$44,307 $143,405 NV

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $1,928,709 $16,578,313 $6,323,665 $6,668 $6,142$13,352,060 $1,297,544 NV

EMERGENCY PHYSICIANS INS CO RRG11714 $5,684,843 $32,477,548 $7,777,862 $1,701 $1,924$24,865,953 $1,926,752 NV

GOLDEN INS CO RRG11145 $1,773,965 $2,384,874 $2,347,408 $69 $728$431,090 $179,819 NV

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $203,257 $495,786 $552,364 $0 $0$0 $292,529 NV

HOME CONSTRUCTION INS CO RRG11950 ($9,435) $4,115,347 $2,089,817 ($297) ($476)$3,106,377 $1,018,405 NV

J.M. WOODWORTH RRG, INC.12594 $3,744,116 $12,329,508 $4,254,219 $2,478 $3,491$7,750,494 $834,898 NV

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $4,187,794 $10,105,972 $2,773,867 $186 $76$4,057,242 $1,860,936 NV

LEWIS & CLARK LTC RRG, INC11947 $3,013,041 $18,215,255 $3,625,316 $6,905 $4,945$14,026,020 $1,176,194 NV

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

14084 $0 $0 $502,765 $0 $0$0 $0 NV

NATIONAL BUILDERS & CONTRACTORS INS12235 $112,071 $3,383,897 $1,748,096 ($314) $1,332$2,883,995 $387,831 NV

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $325,912 $1,962,620 $920,292 ($454) ($605)$2,019,563 ($382,855) NV

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.

13810 $62,625 $211,956 $417,215 $0 $0$0 $149,331 NV

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $153,251 $1,038,567 $527,616 $0 $0$354,711 $530,605 NV

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG

12350 NV

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $1,308,929 $5,721,201 $1,099,511 ($315) ($593)$3,958,042 $454,230 NV

PREMIER PHYSICIANS INSURANCE COMPANY, RRG12613 $3,863,085 $9,383,302 $3,308,662$3,952,369 $1,567,848 NV

PROAIR RISK RETENTION GROUP, INC.13179 $26,332 $118,181 $516,192 ($49) ($36)$36,958 $54,891 NV

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $1,373,429 $5,055,514 $3,219,440 $96 ($103)$3,875,744 ($193,659) NV

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.

13993 $8,849 ($43,863) $515,751 $0 $0$0 ($52,712) NV

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 66: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

12915 $767,976 $1,446,959 $1,301,911 $3 ($332)$671,467 $7,516 NV

$93,698,299 $41,403,943 $148,558,045 $57,182,454 $17,785 $18,733$13,455,803SUBTOTAL NEVADA x

OKLAHOMAVEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $302,166 $483,663 $2,210,718 ($250) $0$0 $181,497 OK

$0 $302,166 $483,663 $2,210,718 ($250) $0$181,497SUBTOTAL OKLAHOMA x

SOUTH CAROLINAALLIED SERVICES RISK RETENTION GROUP12013 $504,726 $3,135,979 $2,469,739 $189 $870$2,444,452 $186,801 SC

AMERICAN FOREST CASUALTY COMPANY RRG11590 $698,315 $5,639,091 $3,148,759 ($410) ($1,907)$4,961,112 ($20,336) SC

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.

12224 $0 $981,258 $1,144,139 $127 $717$612,887 $368,371 SC

CAREGIVERS UNITED LIAB INS CO RRG11544 $1,601,684 $13,909,548 $18,741,088 ($2,361) ($4,384)$11,617,475 $690,389 SC

CENTRAL PA PHYSICIANS RRG INC11694 $4,823,721 $41,307,280 $19,318,451 $5,749 ($1,256)$31,619,135 $4,864,424 SC

CLARIAN HLTH RRG INC11992 $0 $6,587,099 $2,352,483 $0 $0$0 $6,587,099 SC

COMMUNITIES OF FAITH RRG INC11807 $0 $1,423,749 $11,622,724 ($482) ($297)$1,265,054 $158,695 SC

CONTINUING CARE RRG, INC.11798 $0 $1,230,045 $3,365,361 $88 $0$535,297 $694,748 SC

EMERGENCY MEDICINE RRG INC12015 $1,643,804 $5,268,819 $8,431,333 $18 ($19,909)$2,849,576 $775,439 SC

FAITH AFFILIATED RRG INC11698 $463,475 $2,965,712 $4,511,979 $721 $1,043$2,411,694 $90,543 SC

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $4,928,647 $16,731,422 $4,254,926 $1,654 $3,725$10,701,121 $1,101,654 SC

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

12512 $0 $2,499,586 $1,590,804 $1,169 $443$2,387,555 $112,031 SC

GRACO RRG INC11581 $0 $123,302 $524,952 $0 $0$0 $123,302 SC

GUTHRIE RRG12014 $4,673,212 $25,954,466 $26,876,036 ($6,770) ($7,573)$20,962,188 $319,066 SC

HEALTHCARE PROVIDERS INS CO RRG11683 $4,590,407 $29,269,612 $36,289,461 ($1,514) ($5,846)$20,460,574 $4,218,631 SC

HERITAGE WARRANTY INS RRG INC11097 $491,149 $679,558 $693,755 ($161) ($67)$71,800 $116,609 SC

JAMESTOWN INS CO RRG11589 $1,075,201 $5,409,873 $1,363,989 ($819) ($1,110)$2,395,841 $1,938,831 SC

LVHN RRG11684 $0 $38,804,597 $5,000,000 $0 $0$0 $38,804,597 SC

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $763,570 $3,222,224 $5,146,539 ($160) ($498)$1,638,555 $820,099 SC

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $0 $4,047,229 $2,817,929 $0 $0$0 $4,047,229 SC

NEW STAR RISK RETENTION GROUP, INC.12532 $560,217 $4,128,942 $4,070,823 $292 $1,595$1,953,087 $1,615,638 SC

NOVUS INS CO RRG10752 $1,601,447 $3,396,134 $2,560,360 $6,802 $8,445$16,931,485 ($15,136,798) SC

OCEANUS INS CO A RRG12189 $13,143,172 $50,124,740 $14,647,307 ($771) ($1,869)$32,047,569 $4,933,999 SC

PHOEBE RECIPROCAL RRG12004 $0 $1,366,457 $3,187,931 ($118) ($423)$1,330,738 $35,719 SC

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $3,433,297 $35,322,329 $12,454,322 ($822) ($2,787)$17,713,728 $14,175,304 SC

PHYSICIANS SPECIALTY LTD RRG11513 $0 $6,788,822 $5,790,896 ($627) ($696)$3,219,476 $3,569,346 SC

RED CLAY RISK RETENTION GROUP, INC.13078 $0 $2,132,767 $2,426,801 ($167) ($336)$1,704,490 $428,277 SC

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 67: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

REPUBLIC RRG12019 $0 $46,500 $1,790,838 $0 ($18)$0 $46,500 SC

SAINT LUKE'S HLTH SYSTEM RRG11712 $2,256,265 $9,839,231 $14,116,813 $31 ($1,311)$4,628,989 $2,953,977 SC

SAMARITAN RISK RETENTION GROUP, INC.12511 $4,175,423 $8,847,082 $12,703,245 ($1,770) ($2,045)$2,526,034 $2,145,625 SC

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $1,956,000 $39,817,253 $7,342,382 $2,468 $3,823$31,926,180 $5,935,073 SC

ST CHARLES INS CO RRG11114 $12,187 $5,309,608 $5,212,223 ($6,792) ($6,792)$4,792,153 $505,268 SC

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $0 $133,390 $596,444 $0 $0$0 $133,390 SC

SUPERIOR INS CO RRG11669 $2,557,691 $15,822,766 $5,543,572 $208 $1,941$12,079,555 $1,185,520 SC

TITAN INS CO INC RRG11153 $5,321,379 $6,173,808 $24,638,877 $0 $0$0 $852,429 SC

$247,787,800 $61,274,989 $398,440,278 $276,747,281 ($4,228) ($36,522)$89,377,489SUBTOTAL SOUTH CAROLINA x

TOTALSPARATRANSIT INSURANCE COMPANY, RRG44130 $1,548,444 $14,080,013 $9,170,240 ($1,842) ($3,183)$10,200,000 $2,331,569 Total

$10,200,000 $1,548,444 $14,080,013 $9,170,240 ($1,842) ($3,183)$2,331,569SUBTOTAL TOTALS x

TEXASAMERICAN CONTRACTORS INS CO RRG12300 $0 $10,160,435 $6,775,273 $0 $0$0 $10,160,435 TX

$0 $0 $10,160,435 $6,775,273 $0 $0$10,160,435SUBTOTAL TEXAS x

UTAHLIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY

12627 $1,294,666 $6,942,198 $1,010,247 $870 $386$4,570,704 $1,076,828 UT

$4,570,704 $1,294,666 $6,942,198 $1,010,247 $870 $386$1,076,828SUBTOTAL UTAH x

VIRGINIAHOW INSURANCE COMPANY, A RISK RETENTION GROUP

41246 $0 $14,018,313 $109,484,969 $23,459 $44,592$2,317,000 $11,701,313 VA

$2,317,000 $0 $14,018,313 $109,484,969 $23,459 $44,592$11,701,313SUBTOTAL VIRGINIA x

VERMONTACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 $573,176 $2,275,498 $1,478,947 $213 $0$366,004 $1,336,318 VT

ACBG RISK RETENTION GROUP, LLC12557 $0 $401,160 $1,563,708 ($8) ($202)$13,400 $387,760 VT

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

13677 $0 $875,209 $2,960,873 $1 $0$490,557 $384,652 VT

ALLIANCE OF NONPROFITS FOR INS RRG10023 $6,388,181 $25,340,509 $25,952,875 ($301) ($1,745)$17,894,461 $1,057,867 VT

AMERICAN EXCESS INS EXCHANGE RRG10903 $11,222,251 $187,421,065 $211,908,683 ($16,983) ($47,752)$158,782,995 $17,415,819 VT

AMERICAN SAFETY RRG INC25448 $457,635 $7,226,888 $8,592,099 ($2,424) ($444)$3,715,419 $3,053,834 VT

AMERIGUARD RRG INC12171 $5,357 $5,107,519 $6,984,002 ($1,896) ($3,115)$3,280,172 $1,821,990 VT

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $103,244 $80,466,319 $56,675,704 ($1,017) ($1,464)$50,141,680 $30,221,395 VT

BAR VERMONT RISK RETENTION GROUP INC10174 $1,649,842 $8,139,104 $12,876,276 ($845) ($1,459)$4,486,757 $2,002,505 VT

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $0 $20,786,838 $4,363,178 ($1,096) ($815)$14,264,702 $6,522,136 VT

BROADLINE RISK RETENTION GROUP, INC.13788 $8,822,903 $59,972,696 $21,212,914 ($3,839) $0$50,750,000 $399,793 VT

CASSATT RISK RETENTION GROUP INC10808 $50,000 $2,788,723 $3,691,745 ($1) ($436)$448,956 $2,289,767 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 68: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

CHC CAS RRG11531 $0 $24,522,525 $10,460,875 ($2,096) ($1,709)$23,645,666 $876,859 VT

CIMARRON INSURANCE EXCHANGE RRG12308 $0 $4,407,822 $1,813,191 $387 $526$3,105,879 $1,301,943 VT

CIRCLE STAR INS CO RRG11839 $0 $770,161 $1,502,196 $0 $0$234,639 $535,522 VT

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $168,046 $1,345,133 $1,434,230 ($86) ($73)$757,942 $419,145 VT

COLLEGE RISK RETENTION GROUP, INC.13613 $3,137,031 $8,528,510 $3,932,459 ($518) ($335)$5,246,095 $145,384 VT

COLUMBIA NATIONAL RRG INC10803 $428,292 $666,496 $1,113,711 $0 $0$0 $238,204 VT

COMCARE PRO INS RECIPROCAL RRG11864 $569,094 $1,372,239 $2,454,230 $306 ($99)$611,473 $191,672 VT

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $0 $106,218,897 $14,826,850 ($332) $8,655$58,916,430 $47,302,467 VT

COMMUNITY HOSPITAL RRG11259 $0 $121,340,532 $67,266,976 ($8,363) ($12,245)$110,689,537 $10,650,995 VT

CONSORTIUM RRG11528 $0 $17,842 $7,296,702 ($1,139) ($1,968)$0 $17,842 VT

CONSUMER SPECIALTIES INS CO RRG10075 $306,436 $2,268,657 $3,405,218 ($428) ($692)$1,820,396 $141,825 VT

CONTROLLED RISK INS CO OF VT RRG10341 $0 $21,725,109 $29,874,107 ($1,103) ($2,414)$18,955,857 $2,769,252 VT

CPA MUTUAL INS CO OF AMERICA RRG10164 $1,257,808 $11,539,144 $10,667,882 ($1,204) ($2,213)$8,559,980 $1,721,356 VT

CRUDEN BAY RRG INC11676 $0 $8,466,655 $3,304,982 ($3,044) ($1,637)$7,858,655 $608,000 VT

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $533,573 $3,967,662 $2,521,136 $734 $0$1,766,804 $1,667,285 VT

EASTERN DENTISTS INS CO RRG10115 $5,671,048 $28,309,911 $16,041,114 ($3,877) ($6,457)$20,252,000 $2,386,863 VT

EVERGREEN USA RRG INC38466 $1,647,048 $8,689,845 $6,200,230 ($1,089) $637$6,380,045 $662,752 VT

FIRST MEDICAL INS CO RRG11278 $6,071,142 $47,559,874 $65,622,198 ($7,563) ($14,742)$40,538,325 $950,407 VT

FRANKLIN CASUALTY INS CO RRG10842 $1,650,456 $28,200,790 $2,171,009 $323 ($208)$6,164,845 $20,385,489 VT

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $0 $8,545,193 $10,499,237 ($641) ($1,632)$8,048,592 $496,601 VT

GABLES RRG14032 $0 $0 $1,750,000 ($640) ($459)$0 $0 VT

GEISINGER INS CORP RRG12000 $487,100 $5,183,396 $11,229,415 $0 $0$500,000 $4,196,296 VT

GENERAL EASTERN SKI INS RRG INC10163 $0 $1,497,997 $1,206,460 ($158) ($116)$378,077 $1,119,920 VT

GLOBAL HAWK INSURANCE COMPANY RRG11948 $3,111,469 $5,419,303 $4,348,329 $268 $33$2,076,437 $231,397 VT

GREEN HILLS INS CO RRG11941 $2,196,979 $10,962,874 $11,597,340 ($1,438) ($3,354)$7,523,946 $1,241,949 VT

HAMDEN ASSURANCE RRG, INC.13057 $0 $77,937,188 $1,505,181 $0 $0$0 $77,937,188 VT

HEARTLAND HEALTHCARE RECIP RRG11998 $0 $5,361,418 $8,123,910 ($730) ($1,438)$5,120,702 $240,716 VT

HOUSING AUTHORITY RRG INC26797 $12,741,437 $127,799,480 $179,306,045 ($31,903) ($51,087)$99,864,770 $15,193,273 VT

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

11268 $13,681,817 $91,434,757 $212,243,788 ($9,333) ($28,577)$58,372,578 $19,380,362 VT

INDIANA HEALTHCARE RECIP RRG11692 $0 $12,782,818 $12,366,981 ($2,446) ($2,708)$12,374,129 $408,689 VT

LAKE STREET RRG INC11803 $0 $509,941 $1,463,794 ($77) ($828)$446,562 $63,379 VT

MCIC VERMONT INC RRG10697 $0 $26,273,594 $11,062,142 $4 $3$17,077,001 $9,196,593 VT

MENTAL HEALTH RISK RETENTION GROUP44237 $1,556,447 $11,991,093 $10,392,288 ($5,057) ($6,286)$9,790,325 $644,321 VT

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

11999 $629,553 $7,113,996 $1,710,764 ($11) ($1,476)$3,939,181 $2,545,262 VT

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $166,667 $574,430 $1,101,306 $0 $0$300,000 $107,763 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 69: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

MOUNTAIN LAUREL RRG INC11547 $2,491,466 $12,386,842 $2,625,544 ($166) ($1,015)$8,908,000 $987,376 VT

NATIONAL CATHOLIC RRG10083 $5,262,794 $44,940,410 $15,853,734 $2,946 $2,835$38,239,361 $1,438,255 VT

NCMIC RISK RETENTION GROUP, INC.14130 $0 $42,961 $1,925,473 $0 $0$0 $42,961 VT

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $307,016 $5,693,995 $1,597,080 ($536) $122$3,514,553 $1,872,426 VT

OASIS RECIPROCAL RISK RETENTION GROUP13644 $1,380,919 $5,532,328 $1,771,924 ($531) ($224)$2,469,528 $1,681,881 VT

OOIDA RISK RETENTION GROUP INC10353 $4,128,426 $36,762,444 $20,641,328 ($1,290) ($8,045)$14,879,549 $17,754,469 VT

OPHTHALMIC MUTUAL INS CO RRG44105 $22,265,352 $92,605,365 $140,377,848 ($3,797) ($8,036)$50,863,000 $19,477,013 VT

ORDINARY MUTUAL A RRG CORP10171 $0 $15,869,593 $8,383,413 $1,061 ($1,473)$13,771,827 $2,097,766 VT

PACE RRG INC11575 $88,599 $12,604,301 $2,239,176 ($4) $1,943$8,602,138 $3,913,564 VT

PEACE CHURCH RRG INC11846 $0 $6,846,201 $11,743,969 ($1,712) ($3,206)$6,372,627 $473,574 VT

PELICAN INS RRG11587 $463,787 $4,317,122 $12,122,070 ($1,072) ($2,310)$2,645,130 $1,208,205 VT

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $599,435 $3,215,400 $1,405,935 ($636) ($601)$2,479,715 $136,250 VT

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $6,910,433 $24,847,867 $17,726,363 ($3,595) ($8,163)$15,594,421 $2,343,013 VT

PHYSICIANS REIMBURSEMENT RRG10934 $0 $15,667,404 $10,190,660 ($1,901) ($5,310)$15,360,382 $307,022 VT

PINE TREE INS RECIPROCAL RRG12348 $0 $7,813,709 $6,983,423 ($1,656) ($512)$5,624,289 $2,189,420 VT

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $487,072 $2,550,410 $3,837,923 ($24) $93$1,911,065 $152,273 VT

PREMIER INSURANCE EXCHANGE RRG10101 $0 $472,078 $7,879,685 ($178) ($692)$357,100 $114,978 VT

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

12608 $16,161 $245,709 $2,193,457$115,275 $114,273 VT

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $0 $1,084,104 $3,929,426 ($437) ($236)$793,853 $290,251 VT

SCHUYKILL CROSSING RECIPROCAL RRG11808 $5,064,299 $24,757,611 $6,192,986 ($2,209) ($1,441)$16,459,794 $3,233,518 VT

SECURITY AMERICA RRG INC11267 $681,201 $1,600,621 $2,522,924 $247 $277$1,048,319 ($128,899) VT

ST LUKES HEALTH NETWORK INS CO RRG11688 $7,000,613 $42,805,040 $10,148,874 $2,748 ($1,119)$35,537,384 $267,043 VT

STATES SELF-INSURERS RRG44075 $765,028 $12,180,508 $8,507,877 $300 $217$9,892,335 $1,523,145 VT

STICO MUT INS CO RRG10476 $5,080,711 $9,331,516 $10,571,282 ($1,128) ($948)$3,971,846 $278,959 VT

TERRA INS CO RRG10113 $0 $11,409,284 $15,591,816 ($220) $358$2,673,689 $8,735,595 VT

THE HEALTHCARE UNDERWRITING CO RRG10152 $3,380,196 $34,334,852 $28,815,361 $1,985 $964$29,254,560 $1,700,096 VT

TITLE INDUSTRY ASSURANCE CO RRG10084 $330,874 $4,559,898 $2,248,765 ($310) $52$3,564,609 $664,415 VT

UNITED CENTRAL PA RRG11548 $0 $6,001,918 $14,175,565 $553 ($529)$5,846,399 $155,519 VT

UNITED EDUCATORS INS RRG INC10020 $56,308,591 $434,563,320 $239,911,902 ($6,003) ($23,170)$329,760,657 $48,494,072 VT

UNITED HOME INSURANCE CO A RRG10712 $2,496,712 $2,618,061 $1,691,982 $0 $0$0 $121,349 VT

WARREN RRG INC11802 $206,475 $3,629,861 $3,570,455 ($1,772) ($2,371)$3,324,385 $99,001 VT

WELLSPAN RRG11682 $0 $14,348,941 $8,127,128 ($2,808) ($3,164)$14,291,396 $57,545 VT

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $1,108,132 $1,920,509 $1,110,008 $0 $0$127,804 $684,573 VT

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

13154 $103,810 $297,305 $2,404,786 $0 $0$140,870 $52,625 VT

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 70: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

1-YearLoss and LAEDevelopment

(000's omitted)

2-YearLoss and LAEDevelopment

(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities by StateState of

Domicile

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $0 $12,078,677 $4,240,566 ($1,086) ($2,030)$6,200,451 $5,878,226 VT

$1,500,548,282 $212,212,134 $2,134,042,975 $1,723,337,988 ($132,681) ($258,065)$421,282,559SUBTOTAL VERMONT x

WEST VIRGINIAMOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.

12779 $0 $11,813,378 $10,921,120 ($2,505) ($3,719)$11,073,239 $740,139 WV

$11,073,239 $0 $11,813,378 $10,921,120 ($2,505) ($3,719)$740,139SUBTOTAL WEST VIRGINIA x

$3,005,026,373 $578,906,665 $4,385,561,954 $3,236,168,259 ($200,440) ($423,401)TOTAL - ALL RRGs $801,628,916

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 71: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

ALABAMA

COASTAL INS RRG INC11668 2.42 0.85 1.18 0.39

2.42 0.85 1.18 0.39SUBTOTAL ALABAMA ARIZONA

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 3.55 0.55 1.13 0.80

AMERICAN ASSOC OF OTHODONTISTS RRG10232 1.74 2.00 2.64 0.87

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 1.43 1.96 2.78 1.31

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 1.80 1.07 1.41 0.62

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 16.42 0.06 0.09 0.28

ELITE TRANSPORTATION RRG INC10125 1.87 2.72 5.15 2.74

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2.08 0.66 0.71 0.38

RED ROCK RISK RETENTION GROUP, INC.13736 1.66 1.46 1.57 0.52

RESTORATION RISK RETENTION GROUP, INC.12209 1.95 1.35 1.92 0.81

1.80 1.43 2.03 0.94SUBTOTAL ARIZONA COLORADO

NATIONAL HOME INSURANCE CO RRG44016 9.71 0.27 1.86 1.31

9.71 0.27 1.86 1.31SUBTOTAL COLORADO DISTRICT OF COLUMBIA

AEGIS HEALTHCARE RRG, INC.12252 0.96 1.56 1.90 0.54

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 2.98 0.58 0.89 0.41

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 63.17 0.02 0.05 0.02

CARE RRG, INC.11825 2.24 0.90 1.45 0.23

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 5.59 0.23 1.34 0.61

CMIC RISK RETENTION GROUP13756 237.46 0.00 0.12 0.16

DUBOIS MEDICAL RRG11842 2.97 0.60 0.78 0.25

FAIRWAY PHYSICIANS INS CO RRG11840 1.08 2.89 4.05 2.20

GLOBAL INTL INS CO INC A RRG10991 0.00 0.00 0.04 0.03

HEALTH CARE CAS RRG INC12236 2.90 3.08 8.95 4.07

HEALTH NETWORK PROVIDERS MUT INS CO11813 2.12 1.22 1.82 0.71

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

11832 0.18 12.42 17.29 0.43

INTERMODAL INSURANCE COMPANY, RRG11824 0.05 1.41 2.07 1.12

LIFE SERVICES NETWORK RECIP INS RRG11958 3.50 0.44 0.57 0.32

MEDPRO RRG RISK RETENTION GROUP13589 0.29 4.26 9.18 3.25

MEDSTAR LIABILITY LTD INS CO INC RRG10124 0.90 3.81 4.21 1.73

NATIONAL ASSISTED LIVING RRG, INC.11806 2.42 0.88 1.25 0.57

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 459.98 0.00 0.22 0.11

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 106.58 0.02 1.00 0.38

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 0.98 2.90 3.44 1.79

OCEAN RRG INC10158 0.76 4.78 6.54 3.28

PCH MUTUAL INSURANCE COMPANY, RRG11973 1.77 1.65 2.38 0.91

PEDIATRICANS INS RRG OF AMER11772 2.58 0.52 0.56 0.23

PINELANDS INS CO RRG INC12198 0.21 2.83 5.17 4.97

PINNACLE RRG INC11858 32.19 0.03 0.07 0.02

PROBUILDERS SPECIALTY INS CO RRG11671 0.12 8.88 9.11 0.03

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 72: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

REGIONAL HEALTH INS CO RRG12010 0.45 7.03 7.48 0.00

SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 0.11 -22.02 -27.99 -3.74

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 0.00 0.00 4.53 11.19

SIGMA RRG, INC.13557 2.08 0.88 1.39 0.55

SPIRIT MOUNTAIN INS CO RRG INC10754 3.21 0.63 1.18 0.98

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 3.64 0.40 0.86 0.46

0.74 2.23 3.18 0.65SUBTOTAL DISTRICT OF COLUMBIA DELAWARE

ARCHITECTS & ENGINEERS INS CO RRG44148 3.03 0.37 1.26 0.80

DELAWARE PROFESSIONAL INSURANCE CO43125 1.99 1.25 1.55 0.34

INDEMNITY INSURANCE CORPORATION, RRG12018 0.42 0.97 1.97 1.40

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 1.69 0.86 1.56 1.18

MARATHON FIN INS CO INC RRG11117 41.99 0.04 5.11 6.82

SUNLAND RISK RETENTION GROUP, INC.14026 2.45 0.23 0.90 3.77

UNITED CONTRACTORS INS CO INC RRG12280 1.76 1.02 1.23 0.45

1.48 0.81 1.70 1.23SUBTOTAL DELAWARE FLORIDA

PONCE DE LEON LTC RRG, INC.11809 2.74 0.64 1.05 0.60

2.74 0.64 1.05 0.60SUBTOTAL FLORIDA GEORGIA

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 2.08 1.13 1.39 0.49

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 1.55 3.27 4.20 0.90

1.73 2.00 2.53 0.66SUBTOTAL GEORGIA HAWAII

ALLEGIANT INS CO INC A RRG11965 1.27 2.40 2.86 1.76

ATTORNEYS INSURANCE MUTUAL RRG INC22670 2.14 1.01 1.23 0.58

CALIFORNIA HEALTHCARE INS CO INC RRG44504 1.78 1.26 1.67 0.70

CLINIC MUTUAL INSURANCE CO RRG43770 56.68 0.02 0.04 0.00

COLLEGE LIABILITY INS CO A RECIP RRG44598 3.80 0.32 0.46 0.25

CONTRACTORS INS CO OF NORTH AMER RRG11603 1.57 1.41 1.70 0.33

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 0.00 0.00 0.00 0.00

HEALTH PROVIDERS INS RECIPROCAL RRG10080 2.64 0.62 0.78 0.39

MEDAMERICA MUTUAL RRG INC26257 2.60 0.81 1.16 0.77

NATIONAL GUARDIAN RRG INC36072 1.28 1.68 1.86 2.20

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 2.87 0.55 0.57 0.97

PROFESSIONAL MEDICAL INS RRG INC10840 0.00 0.00 0.05 2.56

RESIDENTIAL INS CO INC A RRG10691 4.21 0.80 2.68 0.91

RPX RRG14135 0.00 0.00 0.02 0.00

SENTINEL ASSUR RRG INC12005 4.60 0.32 0.48 0.32

UV INSURANCE RISK RETENTION GROUP, INC.13988 2.79 0.11 0.25 0.50

2.16 0.88 1.15 0.59SUBTOTAL HAWAII IOWA

AMERICAN FEED INDUSTRY INS CO RRG44202 3.32 0.43 0.45 0.00

3.32 0.43 0.45 0.00SUBTOTAL IOWA

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 73: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

ILLINOIS

OMS NATL INS CO RRG44121 2.02 1.04 1.44 0.42

2.02 1.04 1.44 0.42SUBTOTAL ILLINOIS INDIANA

AGRI INSURANCE EXCHANGE RRG28380 6.72 0.18 0.20 0.08

AMERICAN INTER FIDELITY EXCH RRG40088 3.13 0.48 0.62 0.33

COMMUNITY BLOOD CENTERS EXCH RRG13893 3.64 0.49 0.87 0.38

3.78 0.40 0.59 0.28SUBTOTAL INDIANA KENTUCKY

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 9.15 0.07 0.38 0.43

DOCTORS & SURGEONS NATIONAL RRG13018 1.92 1.33 2.43 1.88

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 2.17 0.85 0.98 0.28

KENTUCKY HOSPITAL INS CO RRG11939 2.36 0.80 0.98 0.45

2.22 0.83 1.04 0.42SUBTOTAL KENTUCKY MISSOURI

PREFERRED PHYSICIANS MEDICAL RRG44083 2.55 0.78 1.04 0.46

2.55 0.78 1.04 0.46SUBTOTAL MISSOURI MONTANA

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 0.90 0.17 0.62 0.06

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 2.34 1.46 2.67 0.62

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC14005 13.95 0.09 0.35 0.22

ATTORNEYS LIAB PROTECTION SOC RRG32450 1.78 1.51 2.01 1.21

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 10.48 0.16 1.04 1.18

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 14.67 0.07 0.16 0.49

CROSSFIT RISK RETENTION GROUP, INC.13720 8.57 0.18 1.08 0.83

GUARDIAN RRG INC11696 3.95 0.29 0.30 0.26

MD RISK RETENTION GROUP, INC.12355 2.06 1.02 1.17 0.74

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 1.94 1.11 1.19 0.66

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 1.38 2.13 3.19 2.23

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 2,054.57 0.00 0.04 0.00

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 1.66 1.71 4.34 1.58

PROFESSIONALS RISK RETENTION GROUP, INC.13067 6.95 0.31 1.49 2.77

SELECT MD RRG14136 0.00 0.00 0.00 0.00

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 43.93 0.05 1.32 2.36

1.96 1.18 1.69 0.92SUBTOTAL MONTANA NEBRASKA

LENDERS PROTECTION ASSUR CO RRG11500 0.00 0.00 0.04 0.37

0.00 0.00 0.04 0.37SUBTOTAL NEBRASKA NEVADA

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 1.19 1.31 1.33 0.69

ARCOA RISK RETENTION GROUP, INC.13177 1.24 3.02 3.18 2.30

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 0.00 0.00 1.58 0.30

BEST CARE INSURANCE COMPANY RRG14169 0.00 0.00 0.00 0.00

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 40.69 0.04 1.11 0.82

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 1.28 2.11 2.62 1.92

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 74: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

EMERGENCY PHYSICIANS INS CO RRG11714 1.44 3.20 4.18 1.80

GOLDEN INS CO RRG11145 8.33 0.18 1.02 0.63

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 0.00 0.00 0.90 0.22

HOME CONSTRUCTION INS CO RRG11950 1.88 1.49 1.97 0.18

J.M. WOODWORTH RRG, INC.12594 1.51 1.82 2.90 1.64

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 1.97 1.46 3.64 2.67

LEWIS & CLARK LTC RRG, INC11947 0.96 3.87 5.02 2.78

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 0.00 0.00 0.00 0.00

NATIONAL BUILDERS & CONTRACTORS INS12235 1.55 1.65 1.94 0.41

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 1.37 2.19 2.13 1.21

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 0.00 0.00 0.51 0.50

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 2.85 0.67 1.97 3.03

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 1.53 3.60 5.20 0.00

PROAIR RISK RETENTION GROUP, INC.13179 1.48 0.07 0.23 0.45

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 1.91 1.20 1.57 1.67

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 0.00 0.00 -0.09 0.09

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 3.83 0.52 1.11 0.91

1.73 1.67 2.58 1.35SUBTOTAL NEVADA OKLAHOMA

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 0.00 0.00 0.22 0.05

0.00 0.00 0.22 0.05SUBTOTAL OKLAHOMA SOUTH CAROLINA

ALLIED SERVICES RISK RETENTION GROUP12013 2.28 0.99 1.27 0.39

AMERICAN FOREST CASUALTY COMPANY RRG11590 1.58 1.58 1.79 0.73

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 3.43 0.54 0.86 0.13

CAREGIVERS UNITED LIAB INS CO RRG11544 2.65 0.62 0.74 0.36

CENTRAL PA PHYSICIANS RRG INC11694 1.83 1.64 2.14 0.69

CLARIAN HLTH RRG INC11992 0.00 0.00 2.80 7.73

COMMUNITIES OF FAITH RRG INC11807 10.20 0.11 0.12 0.13

CONTINUING CARE RRG, INC.11798 4.71 0.16 0.37 1.16

EMERGENCY MEDICINE RRG INC12015 3.38 0.34 0.62 0.35

FAITH AFFILIATED RRG INC11698 3.01 0.53 0.66 0.20

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 1.02 2.51 3.93 2.53

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 1.69 1.50 1.57 0.50

GRACO RRG INC11581 0.00 0.00 0.23 2.84

GUTHRIE RRG12014 2.27 0.78 0.97 0.34

HEALTHCARE PROVIDERS INS CO RRG11683 3.12 0.56 0.81 0.24

HERITAGE WARRANTY INS RRG INC11097 19.13 0.10 0.98 0.49

JAMESTOWN INS CO RRG11589 1.46 1.76 3.97 2.71

LVHN RRG11684 0.00 0.00 7.76 0.00

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 2.86 0.32 0.63 0.65

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 0.00 0.00 1.44 1.34

NEW STAR RISK RETENTION GROUP, INC.12532 3.53 0.48 1.01 0.55

NOVUS INS CO RRG10752 0.29 6.61 1.33 2.86

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 75: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

OCEANUS INS CO A RRG12189 1.71 2.19 3.42 2.08

PHOEBE RECIPROCAL RRG12004 3.40 0.42 0.43 0.14

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 2.11 1.42 2.84 0.87

PHYSICIANS SPECIALTY LTD RRG11513 3.72 0.56 1.17 2.69

RED CLAY RISK RETENTION GROUP, INC.13078 1.78 0.70 0.88 0.68

REPUBLIC RRG12019 0.00 0.00 0.03 0.00

SAINT LUKE'S HLTH SYSTEM RRG11712 4.72 0.33 0.70 0.47

SAMARITAN RISK RETENTION GROUP, INC.12511 7.31 0.20 0.70 0.49

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 1.38 4.35 5.42 2.05

ST CHARLES INS CO RRG11114 2.13 0.92 1.02 0.15

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 0.00 0.00 0.22 3.04

SUPERIOR INS CO RRG11669 0.78 2.18 2.85 1.46

TITAN INS CO INC RRG11153 0.00 0.00 0.25 0.19

2.31 0.90 1.44 0.74SUBTOTAL SOUTH CAROLINA TENNESSEE

PARATRANSIT INSURANCE COMPANY, RRG44130 2.04 1.11 1.54 0.48

2.04 1.11 1.54 0.48SUBTOTAL TENNESSEE TEXAS

AMERICAN CONTRACTORS INS CO RRG12300 0.00 0.00 1.50 3.58

0.00 0.00 1.50 3.58SUBTOTAL TEXAS UTAH

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 0.75 4.52 6.87 4.33

0.75 4.52 6.87 4.33SUBTOTAL UTAH VIRGINIA

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 52.32 0.02 0.13 0.00

52.32 0.02 0.13 0.00SUBTOTAL VIRGINIA VERMONT

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 7.89 0.25 1.54 1.84

ACBG RISK RETENTION GROUP, LLC12557 110.84 0.01 0.26 1.03

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 6.71 0.17 0.30 0.56

ALLIANCE OF NONPROFITS FOR INS RRG10023 2.38 0.69 0.98 0.70

AMERICAN EXCESS INS EXCHANGE RRG10903 2.50 0.75 0.88 0.14

AMERICAN SAFETY RRG INC25448 2.86 0.43 0.84 1.54

AMERIGUARD RRG INC12171 3.55 0.47 0.73 0.23

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 2.55 0.88 1.42 5.62

BAR VERMONT RISK RETENTION GROUP INC10174 4.31 0.35 0.63 0.84

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 1.37 3.27 4.76 2.94

BROADLINE RISK RETENTION GROUP, INC.13788 1.12 2.39 2.83 0.97

CASSATT RISK RETENTION GROUP INC10808 12.19 0.12 0.76 6.22

CHC CAS RRG11531 1.46 2.26 2.34 0.88

CIMARRON INSURANCE EXCHANGE RRG12308 1.33 1.71 2.43 0.99

CIRCLE STAR INS CO RRG11839 8.43 0.16 0.51 3.46

CLAIM PROFESSIONALS LIAB INS CO RRG12172 2.07 0.53 0.94 1.50

COLLEGE RISK RETENTION GROUP, INC.13613 2.29 1.33 2.17 1.53

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 76: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

COLUMBIA NATIONAL RRG INC10803 0.00 0.00 0.60 0.25

COMCARE PRO INS RECIPROCAL RRG11864 5.35 0.25 0.56 0.64

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 2.04 3.97 7.16 1.32

COMMUNITY HOSPITAL RRG11259 1.67 1.65 1.80 0.46

CONSORTIUM RRG11528 0.00 0.00 0.00 0.00

CONSUMER SPECIALTIES INS CO RRG10075 2.76 0.53 0.67 0.37

CONTROLLED RISK INS CO OF VT RRG10341 2.66 0.63 0.73 3.94

CPA MUTUAL INS CO OF AMERICA RRG10164 2.03 0.80 1.08 0.75

CRUDEN BAY RRG INC11676 1.49 2.38 2.56 0.94

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 3.04 0.70 1.57 2.24

EASTERN DENTISTS INS CO RRG10115 1.93 1.26 1.76 0.63

EVERGREEN USA RRG INC38466 1.74 1.03 1.40 0.84

FIRST MEDICAL INS CO RRG11278 2.77 0.62 0.72 0.18

FRANKLIN CASUALTY INS CO RRG10842 0.29 2.84 12.99 19.42

FREDERICKSBURG PROFESSIONAL RISK EXC12016 1.62 0.77 0.81 0.19

GABLES RRG14032 0.00 0.00 0.00 0.00

GEISINGER INS CORP RRG12000 3.64 0.04 0.46 0.81

GENERAL EASTERN SKI INS RRG INC10163 2.59 0.31 1.24 0.00

GLOBAL HAWK INSURANCE COMPANY RRG11948 3.62 0.48 1.25 0.92

GREEN HILLS INS CO RRG11941 2.68 0.65 0.95 0.41

HAMDEN ASSURANCE RRG, INC.13057 0.00 0.00 51.78 0.00

HEARTLAND HEALTHCARE RECIP RRG11998 2.53 0.63 0.66 0.41

HOUSING AUTHORITY RRG INC26797 2.97 0.56 0.71 0.17

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 4.85 0.28 0.43 0.41

INDIANA HEALTHCARE RECIP RRG11692 1.99 1.00 1.03 0.45

LAKE STREET RRG INC11803 4.42 0.31 0.35 0.20

MCIC VERMONT INC RRG10697 1.73 1.54 2.38 16.26

MENTAL HEALTH RISK RETENTION GROUP44237 2.22 0.94 1.15 0.91

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 1.38 2.30 4.16 1.33

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 1.03 0.27 0.52 0.07

MOUNTAIN LAUREL RRG INC11547 1.43 3.39 4.72 21.97

NATIONAL CATHOLIC RRG10083 1.41 2.41 2.83 1.26

NCMIC RISK RETENTION GROUP, INC.14130 0.00 0.00 0.02 0.00

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 2.07 2.20 3.57 2.11

OASIS RECIPROCAL RISK RETENTION GROUP13644 1.60 1.39 3.12 0.42

OOIDA RISK RETENTION GROUP INC10353 2.69 0.72 1.78 0.98

OPHTHALMIC MUTUAL INS CO RRG44105 4.31 0.36 0.66 0.30

ORDINARY MUTUAL A RRG CORP10171 1.66 1.64 1.89 1.05

PACE RRG INC11575 0.56 3.84 5.63 4.15

PEACE CHURCH RRG INC11846 2.88 0.54 0.58 0.29

PELICAN INS RRG11587 6.13 0.22 0.36 0.26

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 1.58 1.76 2.29 0.69

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 2.53 0.88 1.40 0.37

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 77: Analysis of Risk Retention Groups - Year-End 2011

Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /

Policyholders Surplus

Liabilities /Policyholders

Surplus

Net Premium Written /

Policyholders Surplus

Risk Retention Groups - Ratios by State

PHYSICIANS REIMBURSEMENT RRG10934 1.65 1.51 1.54 0.30

PINE TREE INS RECIPROCAL RRG12348 2.59 0.81 1.12 0.40

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 3.26 0.50 0.66 1.35

PREMIER INSURANCE EXCHANGE RRG10101 9.30 0.05 0.06 0.00

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 6.15 0.20 0.28 0.32

SCHUYKILL CROSSING RECIPROCAL RRG11808 1.48 2.66 4.00 1.28

SECURITY AMERICA RRG INC11267 3.34 0.42 0.63 0.77

ST LUKES HEALTH NETWORK INS CO RRG11688 1.25 3.50 4.22 0.87

STATES SELF-INSURERS RRG44075 2.06 1.16 1.43 1.16

STICO MUT INS CO RRG10476 4.46 0.38 0.88 0.29

TERRA INS CO RRG10113 9.48 0.17 0.73 0.61

THE HEALTHCARE UNDERWRITING CO RRG10152 0.61 1.02 1.19 0.31

TITLE INDUSTRY ASSURANCE CO RRG10084 1.22 1.59 2.03 3.31

UNITED CENTRAL PA RRG11548 3.33 0.41 0.42 0.27

UNITED EDUCATORS INS RRG INC10020 1.95 1.37 1.81 0.52

UNITED HOME INSURANCE CO A RRG10712 0.00 0.00 1.55 0.63

WARREN RRG INC11802 2.09 0.93 1.02 0.33

WELLSPAN RRG11682 1.14 1.76 1.77 0.77

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 15.96 0.12 1.73 0.39

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 18.67 0.06 0.12 0.16

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 2.56 1.46 2.85 1.47

2.27 0.87 1.24 0.85SUBTOTAL VERMONT WEST VIRGINIA

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 1.86 1.01 1.08 0.63

1.86 1.01 1.08 0.63SUBTOTAL WEST VIRGINIA 2.09Total - All Risk Retention Groups 0.94 1.37 0.76

The most current FSRs must be verified by visiting www.demotech.com. Year-End 2011 - RRG Analysis

Page 78: Analysis of Risk Retention Groups - Year-End 2011

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Page 79: Analysis of Risk Retention Groups - Year-End 2011

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Direct Premium WrittenBy Line of Business

2010 - 2011

Risk Retention Groups

Page 80: Analysis of Risk Retention Groups - Year-End 2011

Alabama 58 6,031 7,060 933,605 0 13,580,324 7,890,242 4,231,619 6,712 0 26,655,593Alaska 34 3 410 5 285 120 028 0 336 306 3 878 977 1 125 797 38 245 0 5 508 048

RRGsWriting inState

OtherCommercialAuto Liab Warranty Total

Other LiabClaims Made

Other LiabOccurrenceFidelity

MedicalProf Liab Product LiabState

Boiler &Machinery

CommercialAuto LiabNo Fault

Risk Retention Groups Direct Premium Written ‐ 12/31/2010By Line of Business

Alaska 34 3,410 5,285 120,028 0 336,306 3,878,977 1,125,797 38,245 0 5,508,048Arizona 70 2,436 93,698 15,391,489 39,500 28,411,481 9,223,863 3,825,966 0 0 56,988,433Arkansas 51 14,086 0 6,803,873 0 2,144,818 6,885,035 1,800,564 81,500 0 17,729,876California 84 71,144 1,144,289 13,831,311 1,509,314 108,971,791 61,525,436 38,992,798 126,933 25,140 226,198,156Colorado 63 3,249 1,601 720,963 170,422 11,429,975 9,522,232 6,956,504 26,880 1,680 28,833,506Connecticut 55 3,698 32,090 607,538 11,000 54,130,779 8,964,268 7,071,588 0 0 70,820,961Delaware 51 2,242 10,227 370,936 0 3,998,529 10,289,730 12,559,113 0 30 27,230,807District of Columbia 39 601 0 755,082 5,500 2,570,830 36,008,563 4,755,797 0 0 44,096,373Florida 74 2,456 23,070 2,218,745 7,582 65,326,089 22,486,081 10,064,363 106,550 20,790 100,255,726Georgia 66 16,765 734 1,785,675 0 12,996,000 15,029,479 3,143,659 21,662 6,240 33,000,214Georgia 66 16,765 734 1,785,675 0 12,996,000 15,029,479 3,143,659 21,662 6,240 33,000,214Hawaii 31 1,928 0 210,268 0 1,492,210 1,737,417 1,758,716 0 0 5,200,539Idaho 48 1,925 1,833 155,445 0 3,208,288 3,550,354 468,418 0 0 7,386,263Illinois 83 34,754 4,995 1,478,634 290,580 33,283,048 34,987,201 10,839,044 24,796 7,200 80,950,252Indiana 64 27,827 0 661,582 0 30,528,173 9,241,663 3,588,863 48,441 10,920 44,107,469Iowa 54 8,270 0 179,594 62,500 3,559,214 2,663,854 1,942,624 0 0 8,416,056Kansas 43 3,841 0 139,070 259,250 3,844,368 5,306,362 1,348,164 74,813 0 10,975,868Kentucky 58 3,983 1,193 786,147 0 15,883,198 7,541,953 2,032,609 106,908 0 26,355,991Louisiana 58 8,381 0 2,968,052 0 3,192,009 5,801,695 3,284,181 22,473 0 15,276,791Maine 42 6,025 65,828 121,549 0 4,890,062 2,988,324 1,161,959 0 0 9,233,747, , , , , , , , , , ,Maryland 65 17,085 36,669 2,287,562 1,022,100 57,558,449 18,511,799 5,758,000 2,500 7,260 85,201,424Massachusetts 56 19,850 7,355 310,197 1,191,380 121,946,911 38,233,783 10,289,361 6,211 0 172,005,048Michigan 61 12,052 2,052 1,265,168 0 13,587,163 11,696,430 2,702,913 22,150 0 29,287,928Minnesota 43 31,190 182 181,991 114,400 3,872,245 6,927,229 2,788,312 7,597 5,790 13,928,936Mississippi 44 16,242 0 655,735 0 19,427,713 1,956,514 1,987,044 0 0 24,043,248Missouri 60 16,473 10,674 919,678 167,500 15,491,912 13,878,429 5,056,989 63,369 0 35,605,024Montana 44 283 0 1,671,265 0 12,400,671 4,005,400 309,953 526 0 18,388,098Nebraska 41 2,410 0 464,497 29,000 2,857,686 1,751,124 4,688,062 0 0 9,792,779Nevada 64 13,036 514 649,747 0 14,474,149 4,579,236 4,620,654 8,131 8,670 24,354,137New Hampshire 42 6,930 55,201 117,713 0 1,714,924 1,753,581 2,392,653 0 0 6,041,002New Jersey 79 23,077 110,237 15,229,466 517,775 29,313,967 15,060,666 9,815,465 0 0 70,070,653New Mexico 53 1,294 451 512,842 0 8,360,461 3,508,477 2,178,227 64,362 0 14,626,114New York 82 11,209 18,113 1,181,904 1,901,851 243,645,659 85,297,269 34,289,721 130,772 0 366,476,498North Carolina 68 36,814 10,557 1,004,870 0 16,645,896 8,171,216 3,282,708 19,491 3,210 29,174,762North Dakota 25 562 0 11,619 0 116,100 1,174,479 141,449 69,981 0 1,514,190Ohio 74 16,498 1,839 2,168,828 0 18,567,904 16,511,119 4,643,987 131,164 0 42,041,339Oklahoma 54 8,078 0 851,499 0 12,532,408 2,215,145 2,358,887 19,057 0 17,985,074Oregon 58 10,745 7,467 2,008,734 0 5,679,981 4,919,628 5,778,840 27,196 0 18,432,591P l i 101 48 496 81 311 16 207 974 1 881 299 279 774 160 30 427 936 28 614 331 138 414 0 357 173 921Pennsylvania 101 48,496 81,311 16,207,974 1,881,299 279,774,160 30,427,936 28,614,331 138,414 0 357,173,921Rhode Island 39 3,108 4,106 103,879 0 2,084,566 1,763,866 2,434,484 0 0 6,394,009South Carolina 59 5,004 13,153 783,599 3,250 3,658,759 5,808,695 5,132,182 2,500 8,190 15,415,332South Dakota 30 419 0 36,979 0 117,685 1,640,138 179,894 0 0 1,975,115Tennessee 65 22,830 2,180 773,342 0 6,707,525 7,296,890 1,874,838 23,262 0 16,700,867Texas 81 26,570 9,999 10,430,922 524,340 27,845,255 33,021,411 17,615,217 121,676 34,590 89,629,980Utah 50 9,074 0 2,857,996 0 2,784,728 4,668,326 1,779,112 11,188 0 12,110,424Vermont 45 457 16,356 286,275 0 685,188 2,822,409 2,568,376 285,618 0 6,664,679Virginia 72 19,461 9,099 3,103,737 28,080 16,233,260 15,990,452 8,865,364 7,306 7,200 44,263,959Washington 64 19 277 8 668 4 568 628 23 734 17 769 774 12 903 444 5 447 082 103 076 0 40 843 683Washington 64 19,277 8,668 4,568,628 23,734 17,769,774 12,903,444 5,447,082 103,076 0 40,843,683West Virginia 52 7,249 0 226,401 0 16,517,215 6,585,276 626,876 6,498 0 23,969,515Wisconsin 37 24,287 4,400 288,578 81,025 2,182,996 7,248,168 1,119,578 38,581 0 10,987,613Wyoming 38 2,760 0 43,516 0 3,964,148 2,429,414 997,905 0 0 7,437,743American Samoa 0 0 0 0 0 0 0 0 0 0 0Guam 2 0 0 0 0 0 179,112 242,361 0 0 421,473Puerto Rico 2 0 0 0 0 0 133,806 0 0 0 133,806U.S. Virgin Islands 2 0 0 0 0 0 791,673 126,532 0 0 918,205Northern Mariana Islands 1 0 0 0 0 0 49,874 0 0 0 49,874Canada 1 0 0 0 0 0 130 076 0 0 0 130 076Canada 1 0 0 0 0 0 130,076 0 0 0 130,076Aggregate Other Alien 5 0 0 0 0 0 22,217,465 52,882 0 0 22,270,347Total ‐ 245 RRGs 655,872 1,802,486 121,444,727 9,841,382 1,382,296,950 661,782,684 301,712,585 1,996,539 146,910 2,481,680,135

Data source: The National Association of Insurance Commissioners, Kansas City, Missouri, by permission. Information derived from a SNL Data product.The NAIC and SNL do not endorse any analysis or conclusion based upon the use of its data.

Page 81: Analysis of Risk Retention Groups - Year-End 2011

Alabama 55 8,602 6,496 819,468 0 11,913,030 11,481,958 4,758,328 39,170 0 29,027,052

Alaska 33 4,690 4,952 44,966 0 386,026 3,794,543 677,657 38,700 0 4,951,534

Arizona 70 2,776 29,432 2,691,370 73,625 24,453,629 9,654,458 2,745,184 47,838 0 39,698,312

Arkansas 49 12,252 0 6,444,739 0 1,759,864 7,347,086 2,416,491 153,750 0 18,134,182

California 79 76,087 297,436 9,040,765 1,475,425 112,298,728 60,596,382 31,800,357 323,809 1,710 215,910,699

Colorado 67 6,418 1,131 773,728 167,750 11,285,593 9,995,062 8,335,506 90,915 2,010 30,658,113

Connecticut 57 4,463 33,848 590,283 102,150 46,427,108 9,272,642 7,049,077 59,935 0 63,539,506

Delaware 51 4,077 10,895 386,911 0 3,728,610 3,147,315 16,364,523 0 0 23,642,331

District of Columbia 39 610 0 618,904 5,225 2,261,149 39,504,733 4,689,584 0 0 47,080,205

Florida 74 3,163 23,432 1,209,936 2,550 66,600,972 22,430,804 10,760,426 279,421 17,550 101,328,254

Georgia 67 19,838 1,071 2,095,012 0 10,735,565 16,792,377 3,561,578 53,928 5,340 33,264,709

Hawaii 31 2,124 0 197,173 0 1,609,072 1,895,204 2,431,631 0 0 6,135,204

Idaho 46 1,668 1,770 145,116 0 3,172,777 3,609,991 368,317 0 0 7,299,639

Illinois 74 43,180 7,165 1,417,548 307,446 31,356,170 34,730,893 12,505,522 88,632 6,510 80,463,066

Indiana 56 41,426 0 815,074 0 31,940,271 9,181,299 3,256,645 47,996 10,590 45,293,301

Iowa 47 8,872 0 345,884 60,000 3,227,031 4,032,535 1,568,401 0 0 9,242,723

Kansas 48 4,907 0 298,253 297,000 3,747,929 5,719,061 1,831,928 69,817 0 11,968,895

Kentucky 58 6,093 2,059 783,061 0 17,128,614 7,863,728 1,824,443 128,932 0 27,736,930

Louisiana 52 9,002 66,500 2,698,821 0 3,454,580 6,082,098 2,784,502 19,564 0 15,115,067

Maine 39 3,938 67,559 106,828 0 3,764,552 2,980,315 1,217,359 0 0 8,140,551

Maryland 67 19,346 35,790 2,302,602 1,038,050 53,396,464 17,515,468 5,852,397 2,500 5,580 80,168,197

Massachusetts 54 18,580 7,457 195,030 1,217,083 126,357,346 39,111,890 10,224,573 4,530 0 177,136,489

Michigan 58 13,677 1,412 1,220,941 0 18,822,975 12,386,318 3,071,018 43,343 0 35,559,684

Minnesota 45 32,766 110 897,461 6,504 4,153,540 5,565,398 2,797,941 9,387 5,700 13,468,807

Mississippi 42 14,220 0 652,209 0 19,050,547 1,969,350 1,560,524 0 0 23,246,850

Missouri 53 18,548 10,714 1,487,434 160,000 17,570,266 14,317,397 5,251,122 76,727 0 38,892,208

Montana 42 541 0 1,739,189 0 13,070,747 3,915,489 395,223 12,516 0 19,133,705

Nebraska 40 2,282 0 522,732 28,820 2,708,057 1,853,129 5,914,278 0 0 11,029,298

Nevada 60 6,782 521 826,822 0 7,455,242 4,599,043 3,718,122 14,386 4,530 16,625,448

New Hampshire 43 8,257 56,284 106,425 0 2,329,645 1,763,629 2,400,472 8,080 0 6,672,792

New Jersey 76 27,328 125,270 12,181,144 570,245 28,987,257 16,090,243 9,609,497 0 0 67,590,984

New Mexico 50 1,527 614 205,834 0 9,062,777 3,439,729 1,878,821 94,984 0 14,684,286

New York 78 20,076 18,220 1,674,447 1,881,892 211,672,505 84,707,828 33,766,764 132,354 0 333,874,086

North Carolina 64 40,762 8,016 1,065,074 0 14,308,800 8,374,813 3,616,628 22,539 2,520 27,439,152

North Dakota 26 757 0 54,595 0 132,412 1,243,832 242,182 131,238 0 1,805,016

Ohio 71 16,617 1,518 1,983,548 0 20,082,864 15,407,208 4,280,912 172,952 0 41,945,619

Oklahoma 54 17,468 0 870,029 0 11,051,705 2,191,900 2,414,787 115,081 0 16,660,970

Oregon 55 8,903 8,822 1,966,799 0 8,448,913 5,692,826 5,670,454 3,154 0 21,799,871

Pennsylvania 98 58,066 85,396 14,509,379 1,887,836 290,269,154 31,507,349 29,024,278 27,259 0 367,368,717

Rhode Island 37 2,424 4,707 133,929 0 2,128,199 1,871,758 2,280,129 0 0 6,421,146

South Carolina 56 5,011 15,503 713,178 4,586 3,706,807 5,982,287 ‐120,381 11,419 7,740 10,326,150

South Dakota 29 707 0 75,798 0 184,435 1,677,692 350,583 0 0 2,289,215

Tennessee 62 30,160 2,491 243,970 0 7,118,048 8,130,430 2,038,286 67,349 0 17,630,734

Texas 84 35,050 209,288 8,542,368 461,730 24,353,273 35,398,630 17,849,561 217,263 35,160 87,102,323

Utah 45 15,663 0 7,473,777 0 3,029,063 5,063,649 1,943,572 9,832 0 17,535,556

Vermont 43 618 15,760 261,417 0 875,536 2,865,704 2,666,386 243,891 0 6,929,312

Virginia 70 22,893 9,022 3,562,168 28,080 13,843,941 15,315,672 8,783,935 0 4,980 41,570,691

Washington 63 21,600 9,008 4,393,469 4,247 19,055,125 12,223,042 6,239,859 117,421 0 42,063,771

West Virginia 50 7,656 0 260,240 0 16,397,249 7,002,664 770,304 27,096 0 24,465,209

Wisconsin 39 21,330 7,005 258,443 66,585 2,672,352 7,543,382 1,097,454 49,821 0 11,716,372

Wyoming 35 3,419 0 72,998 0 5,182,925 2,349,764 764,384 0 0 8,373,490

American Samoa 0 0 0 0 0 0 0 0 0 0 0

Guam 2 0 0 0 0 0 176,155 242,361 0 0 418,516

Puerto Rico 3 0 0 0 0 5,329 137,880 0 0 0 143,209

U.S. Virgin Islands 3 0 0 0 0 5,128 779,240 126,317 0 0 910,685

Northern Mariana Islands 1 0 0 0 0 0 50,854 0 0 0 50,854

Canada 1 0 0 0 0 0 262,562 0 0 0 262,562

Aggregate Other Alien 2 0 0 0 0 0 22,252,262 0 0 0 22,252,262

Total ‐ 254 RRGs 757,220 1,186,674 101,977,289 9,846,829 1,348,739,896 670,848,950 297,670,202 3,057,529 109,920 2,434,194,509

State

Boiler &

Machinery

Commercial

Auto Liab

No Fault

Risk Retention Groups Direct Premium Written ‐ 12/31/2011By Line of Business

RRGs

Writing in

State

Other

Commercial

Auto Liab Warranty Total

Other Liab

Claims Made

Other Liab

OccurrenceFidelity

Medical

Prof Liab Product Liab

Data source: The National Association of Insurance Commissioners, Kansas City, Missouri, by permission. Information derived from a SNL Data product.

The NAIC and SNL do not endorse any analysis or conclusion based upon the use of its data.

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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.

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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.

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Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com