analysis of risk retention groups - second quarter 2013

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Analysis of Risk Retention GroupsSecond Quarter 2013

Demotech, Inc.

November 2013

www.demotech.com Volume 3 Issue 4

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ISSN 2168-7013 (online) Published November 16, 2013 COPYRIGHT©

2013 Demotech, Inc.

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

Contents

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

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

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups November 2013 Volume 3 Issue 4

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

FINANCIAL ANALYSIS

W. Burke Coleman | Legal Counsel and Compliance Manager,

Demotech, Inc.

James Cutts | Publisher, Risk Retention Reporter

Joseph Deems | Executive Director, National Risk Retention Association

Melissa-Anne Duncan | Executive Director,

Insurance Industry Charitable Foundation

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

Karrie Hyatt | Managing Editor,

Risk Retention Reporter

Barry Koestler | Chief Ratings Officer, Demotech, Inc.

Josh Magden | Vice President of

Insurance and Institutional Marketing, Sage Advisory Services

Mechlin Moore | Communications Director,

National Risk Retention Association

Paul Osborne | Senior Consultant, Demotech, Inc.

Rachel Wilkins | Analyst,

Demotech, Inc.

9

45

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

RRG AND FINANCIAL INFORMATION

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

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

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

Balance Sheet Analysis

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

Since second quarter 2009, cash and invested assets increased 28.6 percent and total net admitted assets increased 22 percent. More importantly, over a five year period from second quarter 2009 through second quarter 2013, RRGs collectively increased policyholders’ surplus 49.6 percent. This increase represents the addition of nearly $1.2 billion to policyholders’ surplus. During this same time period, liabilities increased only 6.9 percent, approximately $295 million. These reported results indicate that RRGs collectively are adequately capitalized and able to remain solvent if faced with adverse economic conditions or increased losses.

Liquidity, as measured by liabilities to cash and invested assets, for second quarter 2013 was approximately 69.8 percent. A value less than 100 percent is considered favorable

as it indicates that there was more than $1 of net liquid assets for each $1 of total liabilities. This also indicates an improvement for RRGs collectively as liquidity was reported at 84 percent at second quarter 2012. Moreover, this ratio has improved steadily each of the last five years.

Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and unpaid LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for second quarter 2013 was 230 percent and indicates an improvement over second quarter 2012, as this ratio was 179.7 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs, as measured by total liabilities to policyholders’ surplus, for second quarter 2013 was 131 percent. This indicates an improvement for RRGs collectively as leverage was reported at 183.3 percent at second quarter 2012.

The loss and LAE reserves to policyholders’ surplus ratio for second quarter 2013 was 82.6 percent and indicates an improvement over second quarter 2012, as this ratio was 121.5 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

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

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

4

5

6

7

8

9

10Short‐term Assets

Net Admitted Assets

Liabilities

Policyholders Surplus

0

1

2

3

4

20132012201120102009

Figure 1 - RRG Balance Sheet Metrics at 6/30 (In Billions)

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

Premium Written Analysis

RRGs collectively reported nearly $1.8 billion of direct premium written (DPW) through second quarter 2013, an increase of 10.5 percent over second quarter 2012. RRGs reported $821 million of net premium written (NPW) through second quarter 2013, an increase of 19.8 percent over second quarter 2012. These results are reasonable.

The DPW to policyholders’ surplus ratio for RRGs collectively through second quarter 2013 was 102.3 percent and indicates an improvement over second quarter 2012, as this ratio was 138.7 percent. The NPW to policyholders’ surplus ratio for RRGs through second quarter 2013 was 47.3 percent and indicates an improvement over 2012, as this ratio was 57 percent. Please note that both of these amounts have been adjusted to reflect projected annual DPW and NPW based on second quarter 2013 results.

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

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

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

Income Statement Analysis

The profitability of RRG operations remains positive (figure 2). RRGs reported an aggregate underwriting gain through second quarter 2013 of $26.5 million, an increase of $15.7 million over second quarter 2012, and a net investment gain of $108.5 million, a decrease of $5.5 million over second quarter 2012. RRGs collectively reported net income of $113.4 million, an increase of $4.2 million over second quarter 2012.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through second quarter 2013 was 65.7 percent and is a slight diminishment over second quarter 2012, as the loss ratio was reported at 65.4 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, through second quarter 2013 was 24.6 percent and indicates an improvement over second quarter 2012, as the expense ratio was reported at 27 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through second quarter 2013 was 90.3 percent and is an improvement to second quarter 2012, as the combined ratio was reported at 92.4 percent. This

ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 percent indicates an underwriting profit.

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The second quarter results of RRGs indicate that these specialty insurers continue to exhibit financial

$150

Underwriting Income

Investment Income

$02009 2010 2011 2012 2013

Net Income

Figure 2 - RRG Income at 6/30 (In Millions)

40%

50%

60%

70%

80%

90%

100%Combined Ratio Loss Ratio Expense Ratio

0%

10%

20%

30%

2009 2010 2011 2012 2013

Figure 3 - RRG Ratios at 6/30

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No. of RRGs Liquidity

Cash/ Losses & LAE Res. Leverage

Losses & LAE Res./

PHSDPW/ PHS*

NPW/ PHS* Loss Ratio

Expense Ratio

Combined Ratio

Net Underwriting Gain (Loss)

Net Investment Gain (Loss)

Net Income (Loss)

Commercial Auto 19 106.1% 203.3% 209.3% 97.1% 219.3% 98.7% 76.7% 22.9% 99.6% -$2.6M $2.1M $499K

Medical Professional (Claims-made) 128 81.4% 228.0% 142.4% 87.4% 104.0% 54.6% 63.4% 23.0% 86.4% $34.3M $55.5M $72.7M

Medical Professional (Occurrence) 10 97.1% 161.1% 202.0% 129.2% 155.4% 90.6% 107.3% 9.3% 116.6% -$8.4M $3.5M -$4.1M

Other (Claims-made) 47 53.0% 326.1% 77.6% 44.9% 111.4% 24.1% 57.3% 30.1% 87.4% $6.0M $22.4M $16.9M

Other (Occurrence) 38 76.1% 179.3% 173% 126.7% 62.9% 47.4% 64.1% 35.4% 99.5% $2.4M $24.4M $32.2M

Figure 4 - Key Ratios and Metrics - 6/30/13

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

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

Analysis by Primary Lines of Business

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

Jurisdictional Analysis

Much like insurers, it is typical for jurisdictions to compete for new business. Some of the factors that may impact an insurer’s decision to do business in a certain jurisdiction include minimum policyholders’ surplus requirements and the premium tax rate. RRGs have continued to report changes in DPW, on a jurisdictional basis, within a reasonable threshold (figure 6).

Conclusions Based on Second Quarter 2013 Results

Despite political and economic uncertainty, RRGs remain financially stable and continue to provide specialized coverage to their insureds. The financial ratios calculated

based on the second quarter results of RRGs appear to be reasonable, keeping in mind that it is typical for

insurers’ financial ratios to fluctuate over time.

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

Auto Phys 0 0 0 0 0Boiler & Machinery 494 408 417 353 1Comm'l Auto Liab 86,052 61,309 64,188 57,991 50,326Fidelity 2,412 2,324 2,692 2,781 2,921Med Prof Liab (Claims Made) 927,325 850,454 900,782 853,398 839,304Med Prof Liab (Occurrence) 98,457 91,537 68,403 65,068 65,715Oth Liab (Claims) 493,215 465,407 469,956 510,744 530,561Oth Liab (Occurrence) 179,957 141,319 114,522 122,169 128,913Other P&C 163 746 446 278 170Product Liab (Claims) 1,417 1,196 1,217 1,188 1,843Product Liab (Occ) 1,130 884 489 0 0

Total 1,790,620 1,615,585 1,623,113 1,623,296 1,619,754

DPW6/30/09Line of Business

DPW6/30/12

DPW6/30/11

DPW6/30/10

DPW6/30/13

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

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Alabama 12,588 9,444 10,395 10,896 10,980Alaska 2,990 3,104 3,070 3,095 3,510Arizona 29,144 27,436 38,244 33,899 29,389Arkansas 14,080 17,134 9,601 10,141 7,871California 138,962 129,217 121,110 122,993 126,684Colorado 19,402 20,045 20,573 20,579 20,216Connecticut 70,913 67,536 69,924 73,791 72,932Delaware 13,569 18,729 12,884 7,668 10,644District of Columbia 41,242 38,424 39,337 41,374 43,547Florida 118,231 82,222 62,293 56,814 60,098Georgia 32,104 23,422 22,087 21,655 23,932Hawaii 4,040 3,585 3,172 3,118 2,707Idaho 5,225 7,353 5,389 5,417 7,990Illinois 65,723 61,845 63,757 65,964 70,113Indiana 41,788 39,870 39,790 36,623 37,076Iowa 5,193 3,902 4,876 4,622 4,160Kansas 8,157 7,912 7,642 8,076 8,020Kentucky 19,709 18,912 19,805 19,230 22,179Louisiana 10,907 9,056 8,623 8,785 8,828Maine 5,196 5,956 5,987 7,119 6,901Maryland 79,535 84,491 79,977 80,325 75,238Massachusetts 148,958 144,494 148,844 144,305 145,448Michigan 24,044 22,497 22,878 20,608 20,263Minnesota 10,913 10,491 10,231 11,535 9,967Mississippi 13,022 13,577 13,392 14,524 15,318Missouri 24,655 25,626 26,548 25,491 27,938Montana 14,542 11,448 15,265 14,461 11,896Nebraska 6,595 6,702 6,225 5,282 4,342Nevada 13,273 13,021 13,345 14,701 14,567New Hampshire 3,545 3,207 3,104 2,843 3,008New Jersey 34,196 29,493 29,601 38,577 38,016New Mexico 11,631 11,404 11,282 10,797 10,835New York 308,563 279,404 276,782 271,236 247,051North Carolina 17,355 16,211 15,728 16,205 14,582North Dakota 984 953 842 845 857Ohio 31,489 30,157 29,872 31,493 34,400Oklahoma 9,403 8,722 9,498 9,423 9,678Oregon 16,264 12,782 12,910 9,311 8,780Pennsylvania 135,961 126,191 125,550 124,498 128,728Rhode Island 3,204 3,102 2,974 3,138 3,399South Carolina 7,334 6,658 6,323 17,975 23,768South Dakota 1,186 1,103 1,117 1,027 1,045Tennessee 13,377 12,972 12,747 11,634 12,149Texas 71,376 60,392 61,805 61,141 64,525Utah 7,570 6,182 7,485 7,340 6,577Vermont 2,453 2,499 2,565 3,504 2,820Virginia 28,530 25,571 24,924 27,117 27,199Washington 30,865 29,585 28,570 28,272 29,607West Virginia 21,016 21,364 20,077 19,461 16,166Wisconsin 9,529 9,196 8,561 8,318 8,802Wyoming 6,463 5,904 6,162 5,527 4,519American Samoa 0 0 0 0 0Guam 34 35 31 30 31Puerto Rico 208 128 25 55 73U.S. Virgin Islands 492 581 596 593 564Northern Mariana Islands 52 48 40 41 41Canada 316 242 263 152 131Aggregate Other Alien 16,681 13,039 12,247 13,567 13,915Total 1,784,775 1,644,572 1,616,942 1,617,215 1,614,021

DPW6/30/11

DPW6/30/10

DPW6/30/09State

DPW6/30/12

DPW6/30/13

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

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Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AMERICAN CONTRACTORS INS CO RRG12300 12222 MERIT DRIVE, SUITE 1660, DALLAS, TX 75251-3212

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

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

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

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

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

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

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

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

MATTHEW ROBERT POLLAK (770) 485-4423 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

Second Quarter 2013 - RRG Analysis



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

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

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

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

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

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

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

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

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

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

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

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

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

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

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

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

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

ATTORNEYS INSURANCE MUTUAL RRG INC22670 140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710

KAREN M. VENNER (802) 651-3377 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

ANDREW S. MARSON 480-682-4983- MTPhoneStatement Contact Primary Line of Business Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

RAMON ROBERT RAMOS V (802) 371-2275 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

CONTINUING CARE RRG, INC.11798 223-B HEATLEY STREET, MONCKS CORNER, SC

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

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

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

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


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

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

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

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

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

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

CPA MUTUAL INS CO OF AMERICA RRG10164 4923 NORTHWEST 43RD STREET, SUITE C, GAINESVILLE, FL 32606-4460

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

GOLDEN INS CO RRG11145 2121 VALLEY SAND STREET LAS VEGAS, NV 89135-1101

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JEFFREY BRIAN COHEN (410) 472-6000 DEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

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

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

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

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

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

CAROLYN VERDE (678) 781-2400 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

STEPHEN DOUGLAS KANTNER (302) 651-8354 DEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

NASW RISK RETENTION GROUP, INC.14366 1333 H STREET, NW, SUITE 820, WASHINGTON, DC 20005-4707

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

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

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

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

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

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

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

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

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

NATIONAL GUARDIAN RISK RETENTION GROUP36072 4075 COPPER RIDGE DRIVE TRAVERSE CITY, MI 49684-7059

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

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

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

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

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

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

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

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

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

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

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

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JONATHAN J. MCKENZIE (802) 264-2073 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

JONATHAN J. MCKENZIE (802) 264-2073 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

PLICO RISK RETENTION GROUP, INC.14205 226 DEAN A. MCGEE AVENUE OKLAHOMA CITY, OK 73102-3413

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

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

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

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

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

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

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

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

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




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

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

PROAIR RISK RETENTION GROUP, INC.13179 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042

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

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

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

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

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

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

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

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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




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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TERRA INS CO RRG10113 TWO FIFER AVENUE, SUITE 100, CORTE MADERA, CA 94925-1153

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


®

Analysis by CompanyRisk Retention Groups

COMPANYNAICCash & Invested

AssetsReinsurance Recoverables

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

Other Assets Total AssetsLoss & LAE

ReservesUnearned

Premium Reserve Other Liabilities Total LiabilitiesPolicyholders'

Surplus

Prior Year-End Loss LAE Reserve Developed

(Savings)/Deficiency (000s)


12934 $1,492,010 $0 $2,787,504$1,295,494 $330,022 $26,042 $933,130$577,066 $1,854,373 ($68)

ADVANCED PHYSICIANS INS RRG INC12166 $1,643,330 $0 $1,950,275$306,945 $0 $201,258 $215,469$14,211 $1,734,806 $0

AEGIS HEALTHCARE RRG, INC.12252 $2,291,500 $0 $4,025,757$1,734,257 $1,739,883 $679,310 $2,845,443$426,250 $1,180,314 $0

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $3,919,922 $0 $4,824,945$905,023 $715,114 $194,286 $1,803,645$894,245 $3,021,300 $0

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $1,382,473 $0 $1,888,710$506,237 $1,867,745 $0 $1,888,541$20,796 $169 $0

AGRI INSURANCE EXCHANGE RRG28380 $14,774,211 $0 $14,812,085$37,874 $1,820,000 $444,058 $2,786,708$522,650 $12,025,377 ($208)

ALLEGIANT INS CO INC A RRG11965 $13,491,011 $2,174,985 $16,575,415$909,419 $7,991,948 $0 $11,136,606$3,144,658 $5,438,809 $0

ALLIANCE OF NONPROFITS FOR INS RRG10023 $49,956,830 $0 $59,738,668$9,781,838 $22,543,858 $8,788,008 $32,841,960$1,510,094 $26,896,708 $97

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $29,827,394 $1,143,008 $33,967,027$2,996,625 $8,845,364 $9,097,339 $20,068,804$2,126,101 $13,898,224 $408

ALLIED SERVICES RISK RETENTION GROUP12013 $5,783,060 $0 $5,795,560$12,500 $1,994,297 $0 $2,132,430$138,133 $3,663,130 ($1,301)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $35,611,835 $0 $36,667,787$1,055,952 $21,705,003 $2,368,649 $25,497,848$1,424,196 $11,169,939 $1

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $1,091,198 $71,267 $1,178,943$16,478 $103,180 $0 $416,887$313,707 $762,056 $0

AMERICAN CONTRACTORS INS CO RRG12300 $6,716,204 $0 $27,370,629$20,654,425 $0 $0 $19,931,560$19,931,560 $7,439,069 $0

AMERICAN EXCESS INS EXCHANGE RRG10903 $393,700,353 $0 $396,576,768$2,876,415 $137,470,694 $21,302,329 $167,160,132$8,387,109 $229,416,636 ($14,762)

AMERICAN FEED INDUSTRY INS CO RRG44202 $3,492,618 $0 $3,556,654$64,036 $679,749 $0 $790,184$110,435 $2,766,470 ($252)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $8,621,749 $0 $9,260,113$638,364 $4,439,335 $685,414 $5,538,990$414,241 $3,721,123 $0

AMERICAN SAFETY RRG INC25448 $12,237,297 $0 $17,128,116$4,890,819 $4,103,537 $2,660,733 $8,511,331$1,747,061 $8,616,785 $0

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $14,828,966 $0 $15,748,174$919,208 $5,497,566 $1,541,201 $10,486,521$3,447,754 $5,261,653 ($263)

AMERIGUARD RRG INC12171 $10,624,617 $0 $11,069,721$445,104 $2,568,673 $26,714 $3,984,800$1,389,413 $7,084,921 $685

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $77,743,112 $0 $100,906,351$23,163,239 $52,655,807 $19,745,043 $73,732,909$1,332,059 $27,173,442 $0

ARCHITECTS & ENGINEERS INS CO RRG44148 $12,329,089 $0 $20,174,479$7,845,390 $4,012,929 $2,293,715 $10,472,882$4,166,238 $9,701,597 ($335)

ARCOA RISK RETENTION GROUP, INC.13177 $9,380,639 $0 $11,808,206$2,427,567 $8,908,367 $0 $9,408,429$500,062 $2,399,777 $40

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $1,485,968 $0 $2,772,346$1,286,378 $150,000 $389,953 $763,845$223,892 $2,008,501 $0

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,820,064 $0 $1,860,464$40,400 $534,315 $0 $978,009$443,694 $882,455 $0


14425 $1,004,488 $0 $1,011,138$6,650 $0 $0 $23,548$23,548 $987,590 $0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $14,452,557 $387,203 $15,052,633$212,873 $4,136,718 $1,227,718 $7,653,812$2,289,376 $7,398,821 ($1,778)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $12,686,317 $0 $13,389,413$703,096 $4,983,754 $0 $5,688,287$704,533 $7,701,126 $17

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $60,068,580 $0 $212,755,781$152,687,201 $66,010,058 $13,003,618 $151,345,083$72,331,407 $61,410,698 ($656)

ATTORNEYS LIAB PROTECTION SOC RRG32450 $88,843,628 $0 $98,289,960$9,446,332 $42,075,521 $14,667,730 $63,980,716$7,237,465 $34,309,243 ($84)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,399,737 $0 $1,552,789$153,052 $9,411 $7,312 $152,820$136,097 $1,399,969 $0

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,511,993 $0 $2,779,239$1,267,246 $414,064 $1,223,276 $1,697,737$60,397 $1,081,502 ($6)

BAR VERMONT RISK RETENTION GROUP INC10174 $18,589,209 $0 $21,925,524$3,336,315 $4,317,638 $509,843 $6,917,684$2,090,203 $15,007,840 ($646)

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $27,426,850 $0 $42,737,466$15,310,616 $19,725,318 $3,938,367 $37,494,295$13,830,610 $5,243,171 ($1)

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 $1,021,133 $0 $1,021,217$84 $0 $0 $11,239$11,239 $1,009,978 $0

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $2,474,407 $0 $2,893,035$418,628 $57,756 $1,304,363 $1,641,231$279,112 $1,251,804 ($3)

BROADLINE RISK RETENTION GROUP, INC.13788 $74,177,324 $0 $89,675,279$15,497,955 $58,241,927 $0 $59,382,783$1,140,856 $30,292,496 ($367)

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $99,589,476 $0 $115,630,631$16,041,155 $54,455,270 $7,492,527 $69,331,368$7,383,571 $46,299,263 $509

CALIFORNIA MEDICAL GRP INS CO RRG12180 $10,753,790 $0 $15,747,182$4,993,392 $5,103,974 $3,087,887 $10,485,085$2,293,224 $5,262,097 ($844)

CARE RRG, INC.11825 $12,838,428 $437,859 $15,482,317$2,206,030 $6,967,765 $2,789,697 $10,831,919$1,074,457 $4,650,398 ($184)

CAREGIVERS UNITED LIAB INS CO RRG11544 $34,902,118 $0 $37,717,183$2,815,065 $8,844,782 $2,759,156 $12,330,202$726,264 $25,386,981 ($2,086)






ReservesUnearned


Surplus



CARENEXT RISK RETENTION GROUP, INC.15089 $1,087,781 $52,183 $1,829,598$689,634 $155,700 $274,140 $1,255,722$825,882 $573,874 $0

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $47,636,507 $0 $91,890,322$44,253,815 $11,282,089 $3,622,177 $55,597,519$40,693,253 $36,292,803 $0

CASSATT RISK RETENTION GROUP INC10808 $3,857,708 $0 $6,240,495$2,382,787 $471,450 $0 $2,535,899$2,064,449 $3,704,596 $1

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,272,807 $0 $1,388,562$115,755 $24,351 $0 $107,576$83,225 $1,280,986 ($27)

CENTRAL PA PHYSICIANS RRG INC11694 $58,626,923 $0 $61,700,243$3,073,320 $31,330,444 $7,144,435 $40,580,123$2,105,244 $21,120,120 ($10)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $12,024,488 $0 $15,082,434$3,057,946 $4,502,054 $2,069,834 $6,463,255($108,633) $8,619,179 $432

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,207,734 $202,101 $3,586,446$176,611 $327,248 $470,190 $914,847$117,409 $2,671,599 $22

CHC CAS RRG11531 $37,168,161 $0 $41,751,859$4,583,698 $19,632,767 $3,951,387 $23,780,125$195,971 $17,971,734 ($1,659)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $2,615,550 $476,623 $4,508,648$1,416,475 $2,190,732 $697,078 $2,923,530$35,720 $1,585,116 $280

CIRCLE STAR INS CO RRG11839 $2,326,947 $0 $6,864,176$4,537,229 $572,164 $210,724 $5,325,056$4,542,168 $1,539,120 $0

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,549,621 $0 $3,463,183$913,562 $763,297 $309,172 $1,754,575$682,106 $1,708,608 $86

CLARIAN HLTH RRG INC11992 $16,122,652 $0 $22,772,815$6,650,163 $0 $0 $20,172,243$20,172,243 $2,600,572 $277

CLINIC MUTUAL INSURANCE CO RRG43770 $3,822,476 $0 $3,850,258$27,782 $161,607 $32,942 $222,428$27,879 $3,627,830 ($20)

CMIC RISK RETENTION GROUP13756 $3,470,058 $0 $3,961,563$491,505 $55,556 $228,357 $946,658$662,745 $3,014,905 $0

COLLEGE LIABILITY INS CO A RECIP RRG44598 $10,876,990 $0 $13,022,148$2,145,158 $2,998,944 $0 $3,032,965$34,021 $9,989,183 $236

COLLEGE RISK RETENTION GROUP, INC.13613 $13,319,029 $0 $13,510,551$191,522 $7,423,750 $823,405 $8,265,955$18,800 $5,244,596 $0

COLUMBIA NATIONAL RRG INC10803 $1,610,548 $0 $1,662,389$51,841 $0 $267,301 $565,994$298,693 $1,096,395 $0

COMCARE PRO INS RECIPROCAL RRG11864 $3,943,558 $0 $4,086,786$143,228 $942,853 $146,537 $1,394,485$305,095 $2,692,301 $0

COMMUNITIES OF FAITH RRG INC11807 $13,471,887 $0 $13,804,258$332,371 $922,873 $507,261 $1,516,192$86,058 $12,288,066 $0

COMMUNITY BLOOD CENTERS EXCH RRG13893 $20,935,201 $0 $22,016,722$1,081,521 $4,806,317 $1,291,859 $8,968,164$2,869,988 $13,048,557 ($200)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $110,682,816 $0 $118,100,402$7,417,586 $41,585,101 $5,672,165 $93,448,292$46,191,026 $24,652,110 ($81)

COMMUNITY HOSPITAL RRG11259 $205,608,731 $0 $228,883,097$23,274,366 $128,033,508 $20,244,853 $152,046,292$3,767,931 $76,836,805 $1,062

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,843,097 $252,785 $5,600,676$504,794 $1,665,596 $215,271 $2,302,377$421,510 $3,298,299 $1

CONTINUING CARE RRG, INC.11798 $922,612 $0 $5,219,717$4,297,105 $628,686 $493,867 $2,157,620$1,035,067 $3,062,097 ($70)

CONTRACTORS INS CO OF NORTH AMER RRG11603 $38,237,559 $0 $41,921,159$3,683,600 $22,097,317 $320,509 $24,921,931$2,504,105 $16,999,228 $0

CONTROLLED RISK INS CO OF VT RRG10341 $54,089,703 $0 $90,610,219$36,520,516 $17,394,664 $8,228,054 $58,045,889$32,423,171 $32,564,330 $0

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

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

COPIC, A RISK RETENTION GROUP14906 $560,263 $0 $588,230$27,967 $0 $0 $40,169$40,169 $548,061 $0

COVERYS RRG, INC.14160 $4,892,552 $0 $5,016,355$123,803 $8,766 $7,533 $143,181$126,882 $4,873,174 $0

CPA MUTUAL INS CO OF AMERICA RRG10164 $18,883,340 $106,759 $23,568,517$4,578,418 $8,539,985 $1,171,426 $13,272,633$3,561,222 $10,295,884 $300

CROSSFIT RISK RETENTION GROUP, INC.13720 $2,483,808 $0 $2,711,693$227,885 $429,879 $825,859 $1,538,510$282,772 $1,173,183 $37

CRUDEN BAY RRG INC11676 $13,794,926 $0 $15,200,778$1,405,852 $6,824,643 $1,260,274 $8,174,494$89,577 $7,026,284 $872

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $9,264,237 $0 $14,423,222$5,158,985 $2,925,822 $2,775,114 $10,819,902$5,118,966 $3,603,320 $0

DELAWARE PROFESSIONAL INSURANCE CO43125 $8,373,190 $0 $8,781,663$408,473 $4,350,754 $463,244 $4,968,009$154,011 $3,813,654 $0

DOCTORS & SURGEONS NATIONAL RRG13018 $8,737,545 $0 $11,274,555$2,537,010 $4,270,463 $3,220,114 $8,686,970$1,196,393 $2,587,584 $328

DUBOIS MEDICAL RRG11842 $9,075,346 $0 $9,185,993$110,647 $1,519,443 $178,749 $1,821,669$123,477 $7,364,324 ($410)

EASTERN DENTISTS INS CO RRG10115 $40,538,997 $465,422 $46,737,270$5,732,851 $21,586,450 $4,516,571 $28,533,187$2,430,166 $18,204,083 $2

ELITE TRANSPORTATION RRG INC10125 $8,993,321 $0 $13,293,099$4,299,778 $5,296,760 $1,926,008 $11,226,262$4,003,494 $2,066,837 ($245)

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,558,379 $20,873 $3,676,896$97,644 $1,035,849 $341,245 $1,808,757$431,663 $1,868,139 $0

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $11,658,485 $527,964 $20,705,485$8,519,036 $7,934,857 $1,101,448 $14,369,107$5,332,802 $6,336,378 ($722)

EMERGENCY MEDICINE RRG INC12015 $9,003,954 $0 $10,789,804$1,785,850 $4,686,262 $421,000 $5,818,667$711,405 $4,971,137 $952






ReservesUnearned


Surplus



EMERGENCY PHYSICIANS INS CO RRG11714 $33,892,573 $1,639,706 $42,187,162$6,654,883 $25,865,775 $4,592,875 $31,898,586$1,439,936 $10,288,576 $319

EVERGREEN USA RRG INC38466 $11,407,170 $0 $15,985,630$4,578,460 $6,428,164 $2,156,222 $9,666,856$1,082,470 $6,318,774 $0

FAIRWAY PHYSICIANS INS CO RRG11840 $17,261,133 $3,499,177 $26,050,368$5,290,058 $14,494,298 $4,908,427 $19,795,037$392,312 $6,255,331 $20

FAITH AFFILIATED RRG INC11698 $8,006,953 $0 $8,187,868$180,915 $3,146,169 $164,391 $3,508,968$198,408 $4,678,900 ($113)

FIDUCIARIES RISK RETENTION GROUP, INC.14439 $501,146 $0 $525,172$24,026 $0 $0 $0$0 $525,172 $0

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $7,148,682 $0 $14,975,819$7,827,137 $8,044,625 $4,110,372 $12,306,767$151,770 $2,669,053 $2,248

FIRST MEDICAL INS CO RRG11278 $107,907,073 $0 $108,803,080$896,007 $41,570,299 $0 $43,879,346$2,309,047 $64,923,734 $0

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,199,985 $0 $5,132,563$932,578 $1,222,311 $891,182 $2,639,577$526,084 $2,492,987 $150

FRANKLIN CASUALTY INS CO RRG10842 $2,309,091 $0 $9,722,887$7,413,796 $6,966,932 $0 $7,061,927$94,995 $2,660,960 $558

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,287,548 $0 $18,751,153$6,463,605 $7,278,493 $1,075,325 $8,519,066$165,248 $10,232,087 $72

GABLES RISK RETENTION GROUP, INC.14032 $3,516,831 $0 $5,429,665$1,912,834 $1,994,196 $1,461,132 $3,658,909$203,581 $1,770,756 $568

GEISINGER INS CORP RRG12000 $1,602,721 $0 $11,779,532$10,176,811 $170,000 $0 $190,325$20,325 $11,589,207 $100

GENERAL EASTERN SKI INS RRG INC10163 $832,870 $0 $1,463,776$630,906 $209,576 $0 $406,744$197,168 $1,057,032 $4

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,092,439 $0 $2,645,701$553,262 $8,812 $0 $642,426$633,614 $2,003,275 $0

GLOBAL HAWK INSURANCE COMPANY RRG11948 $13,988,521 $1,241,308 $19,477,927$4,248,098 $6,291,063 $7,514,469 $14,499,642$694,110 $4,978,285 $203

GLOBAL INTL INS CO INC A RRG10991 $18,334,111 $0 $19,448,593$1,114,482 $0 $0 $399,708$399,708 $19,048,885 $0

GOLDEN INS CO RRG11145 $4,309,536 $0 $6,244,460$1,934,924 $869,677 $2,558,954 $3,825,264$396,633 $2,419,196 $319

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $3,998,339 $0 $4,828,533$830,194 $1,739,336 $824,500 $2,591,221$27,385 $2,237,312 $270

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $757,193 $0 $951,351$194,158 $0 $200,369 $427,150$226,781 $524,201 $0

GRACO RRG INC11581 $536,728 $0 $1,402,422$865,694 $0 $0 $845,162$845,162 $557,260 $0

GREEN HILLS INS CO RRG11941 $22,632,801 $0 $22,687,269$54,468 $7,195,214 $0 $8,054,494$859,280 $14,632,775 ($1,286)

GUARDIAN RRG INC11696 $5,353,613 $0 $6,072,855$719,242 $2,272,902 $527,393 $2,931,388$131,093 $3,141,467 $25

GUTHRIE RRG12014 $43,232,176 $0 $44,144,630$912,454 $26,313,130 $21,262 $26,405,311$70,919 $17,739,319 $2,147

HAMDEN ASSURANCE RRG, INC.13057 $1,719,504 $0 $85,306,603$83,587,099 $0 $0 $83,763,517$83,763,517 $1,543,086 $0

HEALTH CARE CAS RRG INC12236 $15,617,156 $0 $18,349,306$2,732,150 $6,403,648 $1,718,554 $16,561,224$8,439,022 $1,788,082 ($277)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,610,876 $0 $7,129,491$518,615 $2,763,332 $334,394 $4,367,257$1,269,531 $2,762,234 $0

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $73,507,598 $0 $77,731,930$4,224,332 $25,134,499 $3,628,523 $28,906,589$143,567 $48,825,341 $327


11832 $24,746,867 $235,754 $39,683,693$14,701,072 $9,277,200 $1,464,700 $24,947,743$14,205,843 $14,735,951 $43

HEALTHCARE PROVIDERS INS CO RRG11683 $67,782,362 $0 $69,812,734$2,030,372 $21,053,051 $3,616,284 $30,791,238$6,121,903 $39,021,496 $0

HEARTLAND HEALTHCARE RECIP RRG11998 $15,987,677 $0 $16,231,331$243,654 $5,930,653 $1,395,316 $7,585,820$259,851 $8,645,511 ($47)

HERITAGE WARRANTY INS RRG INC11097 $854,870 $0 $854,870$0 $7,500 $142,500 $254,112$104,112 $600,759 ($11)

HOME CONSTRUCTION INS CO RRG11950 $6,249,544 $0 $6,280,789$31,245 $3,306,869 $0 $3,889,835$582,966 $2,390,954 $0

HOUSING AUTHORITY RRG INC26797 $298,206,617 $0 $310,031,305$11,824,688 $87,642,054 $12,445,546 $114,786,041$14,698,441 $195,245,264 ($3,447)

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,866,325 $0 $123,155,179$1,288,854 $1,114,688 $0 $12,881,155$11,766,467 $110,274,023 $56

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $284,734,559 $5,179,473 $309,465,802$19,551,770 $59,110,091 $9,319,927 $84,559,188$16,129,170 $224,906,614 ($4,835)

INDEMNITY INSURANCE CORPORATION, RRG12018 $31,586,038 $618,961 $83,213,635$51,008,636 $20,336,295 $39,142,030 $64,341,418$4,863,093 $18,872,217 $4,587

INDIANA HEALTHCARE RECIP RRG11692 $29,811,425 $0 $30,285,503$474,078 $11,253,756 $2,405,967 $14,391,492$731,769 $15,894,011 $46

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $4,987,999 $0 $6,241,120$1,253,121 $2,002,709 $0 $4,041,411$2,038,702 $2,199,709 $355

IRONSHORE RISK RETENTION GROUP, INC.14375 $592,567 $0 $2,976,293$2,383,726 $50,692 $74,844 $1,866,708$1,741,172 $1,109,585 $0

J.M. WOODWORTH RRG, INC.12594 $15,879,671 $552,811 $20,017,371$3,584,889 $13,105,365 $4,015,161 $17,372,614$252,088 $2,644,757 $0

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $47,040,085 $0 $52,251,064$5,210,979 $18,970,684 $1,501,550 $23,130,756$2,658,522 $29,120,308 $782






ReservesUnearned


Surplus



KENTUCKY HOSPITAL INS CO RRG11939 $18,683,683 $0 $20,892,663$2,208,980 $9,000,570 $1,482,727 $11,508,682$1,025,385 $9,383,981 ($348)

LAKE STREET RRG INC11803 $2,756,974 $0 $2,919,406$162,432 $1,134,824 $156,061 $1,348,430$57,545 $1,570,976 $0

LAMMICO RRG, INC.14444 $770,684 $0 $770,684$0 $7,055 $414 $15,936$8,467 $754,748 ($1)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $13,453,251 $486,064 $18,456,045$4,516,730 $7,113,496 $4,917,471 $14,109,287$2,078,320 $4,346,758 $489

LENDERS PROTECTION ASSUR CO RRG11500 $2,376,395 $0 $2,446,172$69,777 $0 $0 $52,527$52,527 $2,393,645 $0

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $614,876 $0 $2,450,513$1,835,637 $4,509,770 $0 $4,936,354$426,584 ($2,485,842) $553

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,401,722 $0 $7,940,988$539,266 $2,001,887 $603,193 $3,424,698$819,618 $4,516,290 ($306)

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $503,998 $0 $558,197$54,199 $0 $3 $35$32 $558,162 $0

LVHN RRG11684 $39,677,896 $0 $44,881,896$5,204,000 $0 $0 $39,881,896$39,881,896 $5,000,000 $2,992

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $2,531,748 $0 $4,221,567$1,689,819 $1,209,843 $1,021,005 $2,815,758$584,910 $1,405,809 $0

MARATHON FIN INS CO INC RRG11117 $2,853,824 $0 $11,686,414$8,832,590 $50,000 $0 $9,537,650$9,487,650 $2,148,764 $57

MCIC VERMONT INC RRG10697 $27,538,763 $0 $190,117,419$162,578,656 $22,132,342 $24,169,097 $179,769,515$133,468,076 $10,347,903 $201

MD RISK RETENTION GROUP, INC.12355 $15,028,560 $0 $15,325,139$296,579 $5,406,623 $0 $5,567,578$160,955 $9,757,561 ($475)

MEDAMERICA MUTUAL RRG INC26257 $74,218,010 $0 $86,698,432$12,480,422 $29,725,523 $9,255,413 $50,150,520$11,169,584 $36,547,912 $0

MEDPRO RRG RISK RETENTION GROUP13589 $5,583,895 $0 $11,621,305$6,037,410 $1,597,479 $678,092 $8,545,688$6,270,117 $3,075,617 ($25)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,297,937 $0 $3,751,955$454,018 $1,629,773 $393,421 $2,342,992$319,798 $1,408,963 $1

MENTAL HEALTH RISK RETENTION GROUP44237 $24,322,666 $0 $26,071,231$1,748,565 $9,677,638 $1,911,591 $13,187,650$1,598,421 $12,883,580 ($1,377)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,326,459 $0 $6,806,022$2,479,563 $3,782,713 $827,305 $5,093,371$483,353 $1,712,651 ($144)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,375,549 $0 $2,222,797$847,248 $295,047 $440,087 $1,334,802$599,668 $887,995 ($14)

MMIC RRG, INC.14062 $338,440 $0 $759,522$421,082 $0 $1,006 $42,879$41,873 $716,643 $0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $870,585 $0 $2,129,348$1,258,763 $399,303 $35,417 $863,846$429,126 $1,265,502 ($54)

MOUNTAIN LAUREL RRG INC11547 $12,290,474 $0 $19,660,108$7,369,634 $10,282,956 $0 $12,417,334$2,134,378 $7,242,774 ($1,267)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $105,510,894 $0 $107,058,681$1,547,787 $49,612,290 $12,024,147 $63,741,648$2,105,211 $43,317,033 $118

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $31,223,737 $0 $33,371,097$2,147,360 $13,448,787 $3,116,058 $17,328,699$763,854 $16,042,398 ($35)

NASW RISK RETENTION GROUP, INC.14366 $728,637 $39,450 $2,456,737$1,688,650 $17,209 $107,590 $1,268,523$1,143,724 $1,188,214 $16

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,454,632 $0 $7,792,408$337,776 $3,208,457 $793,740 $4,472,434$470,237 $3,319,974 ($199)

NATIONAL BUILDERS & CONTRACTORS INS12235 $3,623,619 $0 $4,799,599$1,175,980 $2,699,673 $198,394 $3,327,973$429,906 $1,471,626 $0

NATIONAL CATHOLIC RRG10083 $58,891,242 $0 $66,987,241$8,095,999 $41,794,498 $3,204,099 $49,934,545$4,935,948 $17,052,696 $1,535

NATIONAL CONTRACTORS INS CO INC RRG12293 $4,535,049 $1,709,241 $9,359,188$3,114,898 $4,156,931 $1,490,881 $7,063,034$1,415,222 $2,296,154 $574

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $10,129,381 $1,045,663 $17,066,300$5,891,256 $9,108,456 $1,396,961 $11,067,138$561,721 $5,999,162 ($34)

NATIONAL HOME INSURANCE CO RRG44016 $36,981,580 $0 $40,621,387$3,639,807 $5,172,881 $12,339,758 $26,963,348$9,450,709 $13,658,039 $313

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,134,352 $351,589 $9,977,371$4,491,430 $2,053,766 $1,249,180 $4,306,212$1,003,266 $5,671,159 ($217)

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $3,910,591 $300,000 $6,387,534$2,176,943 $0 $0 $3,337,965$3,337,965 $3,049,570 $0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,500,497 $87,971 $12,296,725$708,257 $2,200 $1,651,658 $1,757,779$103,921 $10,538,946 ($18)

NCMIC RISK RETENTION GROUP, INC.14130 $1,233,395 $0 $2,904,816$1,671,421 $147,824 $213,116 $1,113,636$752,696 $1,791,180 $0

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $1,649,348 $0 $1,830,597$181,249 $1,101,711 $315,768 $1,246,403($171,076) $584,194 $957

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $11,362,414 $0 $12,944,594$1,582,180 $230,136 $5,132,229 $7,432,307$2,069,942 $5,512,287 $81

NEW STAR RISK RETENTION GROUP, INC.12532 $8,082,041 $0 $8,254,522$172,481 $2,496,039 $17,925 $4,091,907$1,577,943 $4,162,615 $15

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $11,447,729 $0 $18,049,913$6,602,184 $12,318,865 $3,872,654 $13,869,463($2,322,056) $4,180,450 $111

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $12,408,688 $0 $13,615,671$1,206,983 $6,362,565 $2,144,340 $11,852,333$3,345,428 $1,763,338 ($1)

OASIS RECIPROCAL RISK RETENTION GROUP13644 $6,431,432 $0 $8,152,898$1,721,466 $3,790,560 $642,477 $6,204,277$1,771,240 $1,948,621 $2






ReservesUnearned


Surplus



OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $855,544 $0 $1,278,873$423,329 $1,103,895 $18,143 $616,238($505,800) $662,635 ($6)

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

OCEANUS INS CO A RRG12189 $64,658,379 $0 $72,528,797$7,870,418 $37,470,084 $13,422,616 $53,040,641$2,147,941 $19,488,156 ($1,127)

OLYMPIA RISK RETENTION GROUP, INC.13062 $118,908 $0 $1,042,364$923,456 $257,229 $0 $382,572$125,343 $659,792 $336

OMS NATL INS CO RRG44121 $347,804,551 $0 $385,563,323$37,758,772 $160,964,925 $34,663,819 $211,869,918$16,241,174 $173,693,405 $103

OOIDA RISK RETENTION GROUP INC10353 $40,322,460 $0 $73,720,318$33,397,858 $18,127,619 $8,491,335 $54,018,717$27,399,763 $19,701,601 $272

OPHTHALMIC MUTUAL INS CO RRG44105 $242,895,976 $0 $253,598,906$10,702,930 $53,995,243 $23,226,227 $95,182,822$17,961,352 $158,416,084 $0

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $5,558,493 $0 $6,586,365$1,027,872 $1,126,724 $258,500 $1,490,389$105,165 $5,095,976 ($246)

ORDINARY MUTUAL A RRG CORP10171 $10,327,277 $0 $10,556,175$228,898 $4,895,902 $0 $5,957,619$1,061,717 $4,598,556 $0

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $5,869,024 $0 $8,402,291$2,533,267 $2,340,016 $1,923,574 $4,781,184$517,594 $3,621,107 $247

PACE RRG INC11575 $4,521,615 $5,424,412 $14,798,295$4,852,268 $5,697,665 $212,216 $11,819,970$5,910,089 $2,978,325 ($6)

PARATRANSIT INSURANCE COMPANY, RRG44130 $21,569,824 $141,275 $23,344,521$1,633,422 $7,930,803 $1,550,784 $12,168,054$2,686,467 $11,176,467 $0

PCH MUTUAL INSURANCE COMPANY, RRG11973 $7,559,009 $843,891 $9,194,948$792,048 $2,615,379 $1,012,049 $5,797,751$2,170,323 $3,397,197 ($969)

PEACE CHURCH RRG INC11846 $20,684,516 $0 $22,516,984$1,832,468 $6,338,095 $1,450,422 $8,222,555$434,038 $14,294,427 $0

PEDIATRICANS INS RRG OF AMER11772 $577,668 $0 $577,668$0 $517,231 $0 $532,231$15,000 $45,437 ($1)

PELICAN INS RRG11587 $17,663,371 $0 $17,815,218$151,847 $2,821,183 $1,605,343 $4,547,311$120,785 $13,267,907 $1

PHOEBE RECIPROCAL RRG12004 $5,063,541 $0 $5,301,470$237,929 $1,504,540 $218,750 $1,770,786$47,496 $3,530,685 $13

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,127,460 $0 $3,033,551$1,906,091 $492,451 $656,336 $2,496,794$1,348,007 $536,757 $0

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,289,769 $0 $6,905,632$1,615,863 $3,348,895 $1,446,800 $5,948,940$1,153,245 $956,692 $188

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $4,728,162 $0 $5,255,307$527,145 $3,312,497 $209,638 $3,695,211$173,076 $1,560,096 $0

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $53,592,284 $0 $65,613,944$12,021,660 $17,657,722 $8,583,230 $46,690,088$20,449,136 $18,923,856 $91

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $37,541,368 $420,011 $41,260,072$3,298,693 $14,638,121 $7,050,410 $21,813,346$124,815 $19,446,726 ($1,047)

PHYSICIANS REIMBURSEMENT RRG10934 $26,816,465 $0 $28,598,746$1,782,281 $16,347,504 $1,405,111 $18,092,284$339,669 $10,506,462 $69

PHYSICIANS SPECIALTY LTD RRG11513 $9,980,380 $0 $10,647,741$667,361 $5,653,384 $0 $6,681,250$1,027,866 $3,966,491 ($1)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,204,024 $0 $1,984,834$780,810 $289,791 $188,100 $643,297$165,406 $1,341,537 $116

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $10,550,190 $0 $10,589,441$39,251 $3,321,454 $1,537,403 $4,958,152$99,295 $5,631,289 $56

PINE TREE INS RECIPROCAL RRG12348 $11,994,535 $0 $13,175,936$1,181,401 $3,691,793 $744,421 $5,087,820$651,606 $8,088,116 $140

PINELANDS INS CO RRG INC12198 $802,253 $0 $3,907,243$3,104,990 $1,368,201 $632,503 $2,938,012$937,308 $969,231 $56

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,198,882 $0 $6,260,124$61,242 $2,175,281 $0 $2,254,997$79,716 $4,005,127 $12

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

PLICO RISK RETENTION GROUP, INC.14205 $1,610,522 $0 $1,639,025$28,503 $2,331 $3,068 $51,878$46,479 $1,587,147 $0

PONCE DE LEON LTC RRG, INC.11809 $13,158,177 $228,757 $14,270,766$883,832 $4,596,408 $1,658,079 $6,402,087$147,600 $7,868,679 ($1)

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $32,984,286 $21,390,372 $63,345,251$8,970,593 $22,125,410 $14,000,949 $51,793,880$15,667,521 $11,551,371 $1,047

PREFERRED PHYSICIANS MEDICAL RRG44083 $186,240,975 $0 $190,428,859$4,187,884 $64,367,631 $7,301,913 $85,660,921$13,991,377 $104,767,939 ($2,129)

PREFERRED PROFESSIONAL RRG14919 $725,039 $0 $725,039$0 $0 $0 $66,856$66,856 $658,183 $0

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $10,185,931 $802,139 $12,864,814$1,876,744 $4,248,267 $2,996,273 $9,577,417$2,332,877 $3,287,397 $1,170

PROAIR RISK RETENTION GROUP, INC.13179 $135,996 $0 $824,731$688,735 $62,279 $112,199 $323,812$149,334 $500,919 $1

PROBUILDERS SPECIALTY INS CO RRG11671 $15,286,286 $0 $48,267,100$32,980,814 $30,399,473 $0 $34,287,349$3,887,876 $13,979,751 ($1)

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $1,791,093 $0 $1,934,459$143,366 $473,103 $695,060 $1,363,919$195,756 $570,540 $0

PROFESSIONAL MEDICAL INS RRG INC10840 $301,319 $0 $330,349$29,030 $0 $0 $5,060$5,060 $325,289 $0






ReservesUnearned


Surplus




12608 $2,322,480 $0 $2,484,241$161,761 $116,916 $11,995 $294,762$165,851 $2,189,479 $8

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $1,603,834 $98,750 $4,209,286$2,506,702 $637,174 $1,762,734 $3,115,088$715,180 $1,094,198 $0

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,795,974 $0 $5,905,315$109,341 $1,080,918 $462,793 $1,604,888$61,177 $4,300,427 $1

RED CLAY RISK RETENTION GROUP, INC.13078 $4,289,019 $0 $6,374,935$2,085,916 $2,123,541 $902,597 $3,142,654$116,516 $3,232,281 $1,672

RED ROCK RISK RETENTION GROUP, INC.13736 $9,087,040 $0 $10,224,115$1,137,075 $4,203,566 $440,000 $5,179,247$535,681 $5,044,868 ($1)

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

RESTORATION RISK RETENTION GROUP, INC.12209 $48,092,716 $0 $53,689,242$5,596,526 $24,393,182 $5,298,671 $34,332,477$4,640,624 $19,356,765 ($1)

RPX RRG14135 $4,609,624 $0 $5,042,221$432,597 $211,718 $600,199 $1,295,064$483,147 $3,747,157 ($29)

SAINT LUKE'S HLTH SYSTEM RRG11712 $21,339,272 $0 $21,773,517$434,245 $6,355,807 $188,044 $7,698,170$1,154,319 $14,075,347 ($1)

SAMARITAN RISK RETENTION GROUP, INC.12511 $21,293,898 $0 $27,204,907$5,911,009 $5,633,878 $6,833,048 $13,234,599$767,673 $13,970,308 $313

SCHUYKILL CROSSING RECIPROCAL RRG11808 $28,072,271 $0 $31,369,669$3,297,398 $16,425,299 $2,074,582 $18,977,142$477,261 $12,392,527 ($2,171)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $10,324,406 $0 $11,401,554$1,077,148 $5,665,408 $2,173,657 $7,591,800($247,265) $3,809,754 $810

SECURITY AMERICA RRG INC11267 $3,563,207 $0 $4,423,083$859,876 $1,102,347 $916,610 $1,771,545($247,412) $2,651,538 $150

SELECT MD RRG14136 $1,350,144 $0 $2,395,055$1,044,911 $412,837 $860,084 $1,511,823$238,902 $883,232 $0

SENTINEL ASSUR RRG INC12005 $14,222,227 $0 $17,891,720$3,669,493 $4,600,339 $2,947,651 $7,880,837$332,847 $10,010,883 $364

SIGMA RRG, INC.13557 $11,252,976 $0 $12,674,821$1,421,845 $6,020,522 $1,026,611 $7,146,053$98,920 $5,528,768 ($24)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $62,775,020 $0 $74,702,162$11,927,142 $43,952,264 $7,784,042 $59,804,568$8,068,262 $14,897,596 ($1,321)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $3,053,904 $0 $15,867,955$12,814,051 $2,306,575 $7,923,740 $12,486,135$2,255,820 $3,381,820 $240

SPIRIT MOUNTAIN INS CO RRG INC10754 $5,632,070 $0 $5,835,972$203,902 $1,872,362 $420,799 $2,754,043$460,882 $3,081,929 ($564)

ST CHARLES INS CO RRG11114 $11,848,744 $0 $11,919,408$70,664 $3,792,153 $13,367 $4,711,249$905,729 $7,208,159 $0

ST LUKES HEALTH NETWORK INS CO RRG11688 $51,722,273 $0 $58,050,363$6,328,090 $38,815,770 $4,726,008 $43,774,067$232,289 $14,276,296 $7,525

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $220,049 $0 $723,059$503,010 $0 $48,282 $86,992$38,710 $636,067 $0

STATES SELF-INSURERS RRG44075 $20,677,607 $0 $21,416,370$738,763 $10,568,882 $368,295 $11,920,447$983,270 $9,495,923 ($13)

STICO MUT INS CO RRG10476 $19,348,055 $202,690 $22,407,702$2,856,957 $4,710,978 $6,106,393 $11,524,997$707,626 $10,882,705 ($13)

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $688,842 $0 $725,648$36,806 $0 $0 $42,877$42,877 $682,771 $0

SUNLAND RISK RETENTION GROUP, INC.14026 $365,309 $0 $4,501,024$4,135,715 $270,913 $235,881 $3,395,659$2,888,865 $1,105,365 ($74)

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

TERRA INS CO RRG10113 $22,704,561 $0 $32,193,083$9,488,522 $2,212,435 $3,242,147 $15,989,901$10,535,319 $16,203,182 ($1)

TERRAFIRMA RISK RETENTION GROUP LLC14395 $4,990,114 $0 $5,081,947$91,833 $134,284 $686,382 $831,283$10,617 $4,250,664 $0

THE HEALTHCARE UNDERWRITING CO RRG10152 $28,730,739 $0 $115,941,461$87,210,722 $53,500,793 $38,453,754 $96,644,902$4,690,355 $19,296,559 $2,347

TITAN INS CO INC RRG11153 $36,089,366 $0 $38,160,000$2,070,634 $0 $7,350,157 $9,466,519$2,116,362 $28,693,481 $0

TITLE INDUSTRY ASSURANCE CO RRG10084 $4,782,121 $0 $6,736,122$1,954,001 $2,345,703 $366,431 $3,815,834$1,103,700 $2,920,288 $254

UNITED CENTRAL PA RRG11548 $15,180,232 $0 $17,209,963$2,029,731 $8,937,261 $2,082,735 $11,101,284$81,288 $6,108,679 $522

UNITED CONTRACTORS INS CO INC RRG12280 $11,147,897 $158,673 $16,980,320$5,673,750 $12,902,775 $2,497,136 $15,389,494($10,417) $1,590,826 $37

UNITED EDUCATORS INS RRG INC10020 $653,289,658 $0 $694,147,025$40,857,367 $368,125,236 $31,016,024 $438,404,879$39,263,619 $255,742,146 ($6,747)

UNITED HOME INSURANCE CO A RRG10712 $2,067,381 $0 $3,072,502$1,005,121 $0 $1,212,316 $1,399,190$186,874 $1,673,312 $0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,578,947 $0 $2,876,841$297,894 $836,239 $643,110 $1,302,226($177,123) $1,574,615 $52

UV INSURANCE RISK RETENTION GROUP, INC.13988 $713,616 $0 $1,013,616$300,000 $264,810 $233,333 $507,733$9,590 $505,883 ($59)

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,541,398 $0 $2,549,789$8,391 $0 $124,895 $143,842$18,947 $2,405,947 $0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,541,837 $0 $2,199,728$657,891 $594,303 $742,689 $1,696,938$359,946 $502,790 $1

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $3,356,353 $0 $3,413,439$57,086 $1,193,245 $181,993 $1,399,941$24,703 $2,013,499 $1






ReservesUnearned


Surplus



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

WELLSPAN RRG11682 $16,173,401 $0 $25,219,326$9,045,925 $14,973,744 $3,386,000 $18,404,888$45,144 $6,814,438 $0

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,303,808 $0 $3,488,055$184,247 $2,059,658 $0 $2,218,460$158,802 $1,269,595 $862

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

WESTERN PACIFIC MUT INS CO RRG40940 $133,568,864 $0 $136,088,291$2,519,427 $16,049,928 $19,290,876 $36,393,771$1,052,967 $99,694,520 ($2,073)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,758,485 $0 $2,966,589$208,104 $238,046 $318,397 $609,535$53,092 $2,357,054 ($3)

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $16,384,622 $0 $20,340,398$3,955,776 $6,447,203 $1,918,695 $15,298,868$6,932,970 $5,041,530 $540


COMPANYNAICDirect Premium

WrittenNet Premium

Written

Risk Retention Groups - Selected Statutory Income Statement Data

Net Premium Earned

Loss & Loss Adjusted

Expenses IncurredNet Operating Gains/Losses

Net Investment Gains/Losses Net Income/Loss

Other Underwriting

Expenses


12934 $171,454 $144,360 $13,299$197,817 $43,053 $0 $61,085$141,465

ADVANCED PHYSICIANS INS RRG INC12166 $395,981 $395,981 $0$194,723 $145,749 $36,506 $182,255$48,974

AEGIS HEALTHCARE RRG, INC.12252 $1,660,495 $961,121 $278,834$475,852 ($6,792) ($48) ($4,655)$203,811

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,558,504 $385,395 $148,767$191,111 ($14,544) $4,501 ($10,043)$56,888

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $0 $0 $0$0 ($31,917) $13,282 ($18,635)$31,917

AGRI INSURANCE EXCHANGE RRG28380 $888,115 $888,115 ($57,852)$444,057 $406,676 $195,572 $438,948$95,233

ALLEGIANT INS CO INC A RRG11965 $4,159,940 $1,335,286 $693,375$1,335,286 $371,499 $15,681 $382,394$270,412

ALLIANCE OF NONPROFITS FOR INS RRG10023 $13,755,785 $10,040,337 $5,871,710$8,659,581 ($293,107) $715,155 $486,802$3,080,978

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $11,471,422 $8,283,085 $3,243,258$7,346,747 $814,549 $194,231 $591,597$3,288,940

ALLIED SERVICES RISK RETENTION GROUP12013 $0 $0 ($823,183)$503,329 $1,205,455 $42,737 $1,248,192$121,057

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $3,223,589 $2,639,111 $2,165,922$3,727,921 $435,232 $230,843 $460,597$1,126,767

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($54,584) $328 ($80,021)$54,584

AMERICAN CONTRACTORS INS CO RRG12300 $25,660,090 $0 $0$0 $226,021 ($12,251) $142,233($226,021)

AMERICAN EXCESS INS EXCHANGE RRG10903 $25,250,000 $23,210,000 ($7,223,662)$11,537,656 $16,104,360 $7,972,725 $24,077,331$2,656,958

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 ($251,951)$0 $121,306 $4,478 $83,018$130,645

AMERICAN FOREST CASUALTY COMPANY RRG11590 $1,017,119 $478,605 $529,482$635,352 ($227,450) $172,873 ($3,328)$333,320

AMERICAN SAFETY RRG INC25448 $2,859,275 ($492,514) $453,107$821,468 $61,005 $129,231 $98,846$307,356

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $999,200 ($54,292) $490,178$1,343,132 $537,684 $301,165 $668,486$315,270

AMERIGUARD RRG INC12171 $671,231 $671,231 $1,234,521$648,517 ($669,833) $16,228 ($424,843)$83,829

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $19,885,795 $18,662,709 $14,512,514$18,444,900 ($1,183,467) $1,656,212 $497,089$5,115,853

ARCHITECTS & ENGINEERS INS CO RRG44148 $2,031,408 $575,449 $768,428$960,535 ($98,796) $135,186 $35,516$290,903

ARCOA RISK RETENTION GROUP, INC.13177 $3,579,357 $3,579,357 $1,801,145$3,579,357 $231,402 $126,418 $232,583$1,546,810

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $507,366 $455,124 $0$353,475 $116,384 $3,262 $119,646$232,370

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 $0$0 ($146,783) $13,109 ($133,674)$146,783


14425 $0 $0 $0$0 ($13,834) $653 ($8,700)$13,834

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $1,800,090 $1,303,463 $466,175$1,208,372 ($342,749) $79,463 ($263,286)$1,084,946

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $0 $0 $1,124,938$1,771,530 ($169,091) $296,059 $126,968$815,683

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $339,465,788 $25,862,431 $10,857,042$12,900,182 $1,783,997 $487,807 $1,469,529$259,143

ATTORNEYS LIAB PROTECTION SOC RRG32450 $24,121,191 $16,096,133 $9,521,239$13,841,531 ($509,200) $1,739,557 $1,052,216$4,829,492

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $159,441 $7,972 $4,455$5,062 ($21,839) $0 ($14,195)$22,446

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,129,900 $347,273 $145,372$341,012 ($14,844) $2,170 ($7,493)$210,484

BAR VERMONT RISK RETENTION GROUP INC10174 $0 $0 ($37,683)$1,003,061 $462,523 $1,159,366 $1,143,539$578,221

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $16,681,794 $7,585,242 $3,297,980$3,646,875 $469,036 $41,569 $334,746($120,141)

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 $2,089 $795 $0$7,379 ($5,308) $2,741 ($1,379)$12,687

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $732,000 $622,201 $12,190$379,687 $133,965 $2,908 $89,871$233,532

BROADLINE RISK RETENTION GROUP, INC.13788 $6,110,000 $6,110,000 $15,320,298$15,806,194 ($487,588) $2,064,628 $1,684,227$973,484

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $13,892,074 $8,483,881 $8,397,665$9,376,649 ($172,092) $1,287,531 $724,939$1,151,076

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,702,486 $3,702,486 $1,309,853$1,597,039 ($75,847) $0 ($1,629,847)$363,033

CARE RRG, INC.11825 $3,575,021 $2,897,991 $1,813,813$2,721,063 ($42,900) $58,615 $10,159$950,150

CAREGIVERS UNITED LIAB INS CO RRG11544 $4,328,009 $4,072,200 $620,008$2,841,601 $1,825,636 $300,022 $1,476,697$395,957

CARENEXT RISK RETENTION GROUP, INC.15089 $1,163,728 $365,519 $103,517$91,380 ($215,904) $0 ($185,712)$203,767

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $20,908,708 $7,244,355 $2,535,525$3,622,178 ($1,721,120) $750,775 $1,204,332$2,807,774

CASSATT RISK RETENTION GROUP INC10808 $168,543 $168,543 $1,503$50,000 $74,543 $19,048 $61,753($26,046)



WrittenNet Premium

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Net Premium Earned




Other Underwriting

Expenses

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $333,158 $194,686 ($2,389)$194,686 $117,625 $671 $118,195$79,450

CENTRAL PA PHYSICIANS RRG INC11694 $9,635,432 $9,635,432 $5,358,056$6,958,515 ($538,058) $1,660,202 $925,848$2,138,517

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $2,714,106 $3,097,221 $1,491,278$2,469,152 $477,676 $89,094 $372,909$500,198

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $1,106,330 $976,202 $142,803$506,012 $185,175 $43,696 $218,736$178,035

CHC CAS RRG11531 $7,857,017 $7,857,017 $1,966,802$3,905,630 $1,658,367 $208,317 $1,206,376$280,461

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $215,366 $215,366 $1,400,283$2,102,439 $277,360 $14,788 $193,420$220,931

CIRCLE STAR INS CO RRG11839 $8,191,421 $409,571 $170,412$198,846 $328,423 $0 $215,910($299,989)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,432,349 $354,686 $120,614$276,595 $25,797 $5,766 $35,137$130,183

CLARIAN HLTH RRG INC11992 $20,256,879 $0 $277,025$0 ($1,812,969) $509 $62,191$1,535,944

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $41,822 $127,499$27,150 ($159,332) $23,900 ($135,432)$58,983

CMIC RISK RETENTION GROUP13756 $990,330 $307,842 $18,594$203,463 $6,700 ($7,963) ($1,263)$178,169

COLLEGE LIABILITY INS CO A RECIP RRG44598 $0 $0 $406,699$1,120,849 $467,915 $195,374 $663,289$246,235

COLLEGE RISK RETENTION GROUP, INC.13613 $0 $0 $1,446,517$2,403,810 $163,175 $119,578 $282,753$794,118

COLUMBIA NATIONAL RRG INC10803 $89,220 $89,220 $0$116,378 $30,743 $788 $20,495$85,635

COMCARE PRO INS RECIPROCAL RRG11864 $292,530 $292,530 $482,640$689,485 ($20,692) $10,844 ($9,848)$227,537

COMMUNITIES OF FAITH RRG INC11807 $970,892 $970,892 $185,452$463,631 $15,604 $320,073 $354,190$262,575

COMMUNITY BLOOD CENTERS EXCH RRG13893 $1,847,999 $1,013,431 $683,452$1,107,746 ($121,523) $199,635 $78,112$545,817

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $12,890,388 $11,344,330 $5,326,337$5,672,165 ($740,182) $1,828,366 $1,087,882$1,086,010

COMMUNITY HOSPITAL RRG11259 $42,186,649 $40,489,706 $15,790,127$20,244,853 $1,021,542 $6,101,529 $7,200,004$3,433,184

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $562,273 $207,288 $138,658$206,929 ($167,071) $47,298 ($77,138)$235,342

CONTINUING CARE RRG, INC.11798 $3,457,981 $3,297,783 $2,327,341$2,803,916 $30,286 ($575) $37,977$446,289

CONTRACTORS INS CO OF NORTH AMER RRG11603 $2,226,888 $1,024,368 $416,537$1,110,900 $317,108 $26,157 $251,785$377,255

CONTROLLED RISK INS CO OF VT RRG10341 $117,543,622 $16,456,107 $3,750,000$8,228,053 ($69,370) ($1,384,629) ($959,639)$4,547,423

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 $0 $0 $0$0 $0 $0 $0$0

COPIC, A RISK RETENTION GROUP14906 $0 $0 $0$0 ($73,906) ($6,000) ($51,939)$73,906

COVERYS RRG, INC.14160 $203,838 $9,855 $7,485$4,532 ($53,698) $12,908 ($41,714)$50,744

CPA MUTUAL INS CO OF AMERICA RRG10164 $3,233,807 $1,113,738 $1,470,631$1,641,735 ($560,480) $544,145 $41,386$731,584

CROSSFIT RISK RETENTION GROUP, INC.13720 $1,240,077 $868,054 $167,865$642,524 $146,773 $1,437 $108,210$327,886

CRUDEN BAY RRG INC11676 $2,500,000 $2,500,000 $1,239,726$1,239,726 ($144,043) $208,965 $64,922$144,043

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $6,990,050 $3,349,104 $876,478$1,462,580 $293,425 $31,230 $330,478$292,677

DELAWARE PROFESSIONAL INSURANCE CO43125 $5,397 $5,397 $554,108$455,601 ($460,925) $130,163 ($165,774)$362,419

DOCTORS & SURGEONS NATIONAL RRG13018 $3,590,336 $2,744,162 $1,633,011$2,534,280 ($175,520) $113,292 ($22,394)$1,076,789

DUBOIS MEDICAL RRG11842 $0 $0 ($3,435)$546,131 $454,744 $123,124 $577,868$94,822

EASTERN DENTISTS INS CO RRG10115 $3,661,229 $3,156,321 $2,923,241$4,714,904 ($664,932) $576,307 $241,221$2,381,343

ELITE TRANSPORTATION RRG INC10125 $4,486,439 $2,542,679 $1,341,941$1,478,404 ($175,741) $114,723 ($1,694)$312,204

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,196,034 $668,143 $270,299$326,898 $43,208 $5,020 ($2,661)$13,391

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $1,506,371 $1,567,995 $450,046$2,039,199 $410,713 $141,302 $368,513$1,178,440

EMERGENCY MEDICINE RRG INC12015 $10,875 ($3,530) $951,743$808,330 ($494,845) $173,043 ($63,751)$351,432

EMERGENCY PHYSICIANS INS CO RRG11714 $6,227,426 $5,251,158 $2,592,989$3,897,136 ($373,820) $546,136 $1,905,516$1,677,967

EVERGREEN USA RRG INC38466 $3,463,566 $2,306,782 $1,234,002$1,845,130 ($369,452) $130,888 ($97,144)$980,580

FAIRWAY PHYSICIANS INS CO RRG11840 $6,096,299 $5,431,081 $3,792,100$5,414,340 ($585,784) $380,994 ($259,867)$2,208,024

FAITH AFFILIATED RRG INC11698 $166,061 $166,061 $575,298$573,484 ($204,137) $90,040 ($140,969)$202,323

FIDUCIARIES RISK RETENTION GROUP, INC.14439 $0 $0 $0$0 ($150,007) ($40) ($127,540)$150,007

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $4,446,822 $4,446,822 $4,307,166$3,851,365 ($1,782,489) $39,355 ($64,077)$1,326,688

FIRST MEDICAL INS CO RRG11278 $0 $0 $5,546,412$5,530,666 ($266,923) $533,404 $266,481$251,177



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Net Premium Earned




Other Underwriting

Expenses

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $980,557 $980,557 $180,000$615,277 $228,256 $2,813 ($12,023)$207,021

FRANKLIN CASUALTY INS CO RRG10842 $0 $0 $1,130,303$1,712,962 ($57,039) $8,322 ($48,717)$639,698

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $2,159,650 $2,159,650 $978,250$1,084,325 ($16,694) $174,143 $157,449$122,769

GABLES RISK RETENTION GROUP, INC.14032 $2,717,159 $2,717,159 $1,287,033$1,507,746 $79,609 $1,556 $13,009$141,104

GEISINGER INS CORP RRG12000 $0 $0 $0$526,176 $291,015 $315 $291,330$235,161

GENERAL EASTERN SKI INS RRG INC10163 $0 $0 $4,064$0 ($38,432) $21,096 ($20,500)$34,368

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $523,008 ($79,535) $6,109$21,756 ($65,641) $247 ($45,305)$81,288

GLOBAL HAWK INSURANCE COMPANY RRG11948 $7,705,655 $7,259,129 $4,007,274$4,837,492 ($449,864) $7,542 ($121,455)$1,280,082

GLOBAL INTL INS CO INC A RRG10991 $321,110 $321,110 $0$321,110 $204,091 $218,695 $279,464$117,019

GOLDEN INS CO RRG11145 $1,619,067 $1,130,713 $395,336$624,871 ($18,749) $25,340 $8,582$248,284

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $1,649,000 $1,649,000 $837,077$824,500 ($144,361) $15,093 ($129,268)$131,784

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $76,741 $59,874 $4,535$173,481 $13,153 $112 $8,567$155,793

GRACO RRG INC11581 $1,642,114 ($45,106) $0($45,106) ($178,634) $760 $38,414$133,528

GREEN HILLS INS CO RRG11941 $0 $0 $743,510$2,225,060 $1,101,725 $3,652 $844,457$379,825

GUARDIAN RRG INC11696 $1,054,785 $1,054,785 $472,239$527,393 ($51,974) $61,047 $12,757$107,128

GUTHRIE RRG12014 $0 $0 $4,191,997$3,848,477 ($581,366) $1,108,374 $527,008$237,846

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $7,448 $196 $7,644($7,448)

HEALTH CARE CAS RRG INC12236 $2,884,026 $2,171,393 $854,249$1,348,967 $828 $90,602 $78,461$493,890

HEALTH NETWORK PROVIDERS MUT INS CO11813 $528,607 $380,708 $241,346$511,041 $74,097 $46,539 $19,819$195,598

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $3,281,966 $2,872,730 $2,895,316$4,267,354 $298,286 $758,742 $1,057,028$1,073,752


11832 $15,039,935 $1,342,009 $1,546,914$1,879,022 $525,141 $170,565 $439,550($193,033)

HEALTHCARE PROVIDERS INS CO RRG11683 $2,496,495 $2,496,495 $2,310,663$3,554,866 ($123,290) $770,381 $738,824$1,367,493

HEARTLAND HEALTHCARE RECIP RRG11998 $2,790,632 $2,790,632 $876,426$1,395,316 $42,388 $150,303 $196,959$476,502

HERITAGE WARRANTY INS RRG INC11097 ($41) ($41) $29,438$52,495 ($91,659) $636 ($86,600)$114,716

HOME CONSTRUCTION INS CO RRG11950 ($38,769) ($15,508) ($16)($3,184) ($128,214) $126,461 $39,162$125,046

HOUSING AUTHORITY RRG INC26797 $14,166,474 $14,131,182 $9,630,591$14,029,457 ($1,109,942) $7,741,018 $1,631,076$5,508,808

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $0 $55,860$0 ($4,858,044) $511,493 ($4,346,551)$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $26,800,938 $9,641,858 $3,892,820$12,596,898 $3,244,973 $5,077,315 $5,683,856$5,459,105

INDEMNITY INSURANCE CORPORATION, RRG12018 $43,838,229 $43,838,229 $9,616,945$23,936,582 $1,752,510 $978,122 $1,801,485$12,567,127

INDIANA HEALTHCARE RECIP RRG11692 $4,811,934 $4,811,934 $1,695,759$2,405,968 $151,645 $417,936 $579,196$558,564

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $915 $915 $355,000$597,244 $10,452 $38,868 $49,320$231,792

IRONSHORE RISK RETENTION GROUP, INC.14375 $1,689,669 $84,483 $43,088$70,999 $67,753 $281 $68,033($39,841)

J.M. WOODWORTH RRG, INC.12594 $3,638,681 $1,865,148 $3,278,763$3,142,109 ($1,677,742) $40,817 ($1,636,925)$1,541,088

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $5,599,281 $5,736,618 $5,325,016$3,375,151 ($2,436,503) $900,796 ($1,535,707)$486,638

KENTUCKY HOSPITAL INS CO RRG11939 $4,958,870 $2,807,465 $1,280,566$1,598,514 ($158,034) $169,002 $17,712$475,982

LAKE STREET RRG INC11803 $325,168 $325,168 $156,061$169,107 ($53,932) $0 ($53,932)$66,978

LAMMICO RRG, INC.14444 $15,271 $754 $22,508$2,140 ($40,229) ($1,548) ($41,777)$19,861

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $7,411,282 $4,993,591 $3,543,154$4,428,419 ($866,645) $49,113 ($490,801)$1,751,910

LENDERS PROTECTION ASSUR CO RRG11500 $232,328 $0 $0$0 ($76,445) $45,309 ($5,794)$58,509

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $674,880 $674,880 $1,052,612$881,234 ($323,977) $0 ($472,829)$152,599

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,464,284 $803,278 $770$200,085 ($23,124) $120,406 $107,804$222,439

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $146 $2 $0$8 ($55,539) $559 ($36,432)$55,547

LVHN RRG11684 ($1,720,349) ($1,720,349) $2,992,426$0 ($653,321) $653,321 $0$409,409



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Net Premium Earned




Other Underwriting

Expenses

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,620,431 $1,121,754 $467,845$552,769 ($39,344) $3,875 ($47,468)$124,268

MARATHON FIN INS CO INC RRG11117 $6,425,921 $6,425,921 $57,425$0 $51,362 $2,264 $42,871($108,787)

MCIC VERMONT INC RRG10697 $261,844,795 $52,028,437 $15,080,029$27,859,341 ($449,630) $256,622 ($6,894)$13,228,942

MD RISK RETENTION GROUP, INC.12355 $2,244,603 $2,016,973 $153,838$2,016,973 $1,628,510 $192,829 $1,195,077$234,625

MEDAMERICA MUTUAL RRG INC26257 $24,188,475 $18,451,708 $7,292,485$9,325,428 $1,901,970 $1,125,858 $1,998,367$130,973

MEDPRO RRG RISK RETENTION GROUP13589 $8,672,858 $433,645 $464,346$577,853 $338,540 ($5,399) $216,542($225,033)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $1,043,873 $611,814 $262,428$308,739 ($81,518) $1,009 ($56,905)$127,829

MENTAL HEALTH RISK RETENTION GROUP44237 $5,668,736 $2,557,840 $659,335$2,255,456 $1,306,830 $241,926 $1,069,386$289,291

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $1,226,853 $1,226,853 $303,704$730,313 $9,722 $91,325 $77,025$416,886

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,586,302 $1,447,358 $197,029$366,645 $642 $478 ($34,350)$168,974

MMIC RRG, INC.14062 $42,941 $1,241 $0$546 ($20,700) $0 ($15,085)$21,246

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 ($25,000) ($25,000) ($53,697)$106,250 $61,737 $0 $96,111$98,210

MOUNTAIN LAUREL RRG INC11547 $2,034,551 $66,834 $57,136$2,747,522 $1,372,952 $482,876 $1,855,828$1,317,434

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $24,488,738 $22,508,294 $10,707,566$11,254,147 ($665,098) $1,110,256 $438,749$1,211,679

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $6,505,117 $6,181,317 $1,741,210$3,065,256 $867,610 $293,993 $1,161,603$456,436

NASW RISK RETENTION GROUP, INC.14366 $1,906,465 $114,388 $21,268$45,561 ($386,885) $0 ($386,885)$411,178

NATIONAL ASSISTED LIVING RRG, INC.11806 $781,382 $781,382 $416,966$694,942 ($101,031) $87,595 ($13,436)$379,007

NATIONAL BUILDERS & CONTRACTORS INS12235 $495,175 $345,175 $131,763$273,300 ($18,658) $4,332 $80,283$160,195

NATIONAL CATHOLIC RRG10083 $8,725,363 $2,853,193 $6,037,400$5,385,305 ($2,106,162) $752,736 ($1,337,656)$1,454,067

NATIONAL CONTRACTORS INS CO INC RRG12293 $1,561,966 $582,226 $1,310,217$509,178 ($2,407,581) $78,594 ($1,414,089)$1,606,542

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $13,911,802 $2,695,612 $1,288,369$1,353,434 ($31,066) $57,032 $35,966$96,131

NATIONAL HOME INSURANCE CO RRG44016 ($3,881) ($1,148) $1,886,656$2,077,217 ($305,560) $1,043,328 $787,543$496,121

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $2,829,398 $1,308,214 $504,855$1,019,964 $75,174 $63,460 $84,790$439,935

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $62,278 $0 $0$0 ($272,368) $65,056 ($200,022)$272,368

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $510,258 $455,258 $949$372,261 ($154,293) $82,467 ($71,826)$525,605

NCMIC RISK RETENTION GROUP, INC.14130 $4,346,358 $429,733 $150,007$216,616 $223,171 ($4,644) ($1,355)($156,562)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $423,050 ($550,687) $1,229,051$1,370,770 ($4,655) $22,399 $18,014$146,374

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $4,494,713 $1,099,295 $237,503$417,102 ($212,858) ($12,438) ($199,377)$392,457

NEW STAR RISK RETENTION GROUP, INC.12532 $82 $82 $507,134$987,782 $127,376 $1,322 $22,411$353,272

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $4,893,459 $3,662,028 $2,492,228$3,832,291 ($104,184) $181,683 $91,013$1,444,247

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $5,409,983 $3,268,840 $1,134,570$1,551,158 $43,713 $69,349 $156,592$372,875

OASIS RECIPROCAL RISK RETENTION GROUP13644 $0 $34,688 $538,024$899,808 $15,601 $1,789 $17,390$346,183

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 ($105,295) ($78,200) $123,196$262,430 ($106,132) $4,373 ($100,081)$245,366

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

OCEANUS INS CO A RRG12189 $15,249,674 $10,777,718 $9,134,564$13,014,439 ($1,785,750) $894,714 ($375,943)$5,665,625

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $0 $335,675$0 ($389,037) $213 ($388,825)$53,362

OMS NATL INS CO RRG44121 $21,294,338 $27,419,887 $29,598,537$38,977,786 ($778,093) $3,986,612 $3,373,396$10,157,342

OOIDA RISK RETENTION GROUP INC10353 $25,457,793 $8,910,228 $4,543,279$5,970,735 $316,350 $147,553 ($357,239)$1,111,106

OPHTHALMIC MUTUAL INS CO RRG44105 $20,608,783 $17,732,866 $5,071,014$18,153,640 $7,456,958 $3,693,917 $7,687,139$5,625,668

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $775,500 $775,500 $77,626$517,000 $372,874 $117,910 $490,784$66,500

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 ($190,775) $311,288 $120,513$190,775

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $2,745,554 $2,132,565 $1,396,312$2,324,836 $256,806 $29,239 $188,790$671,718

PACE RRG INC11575 $3,636,524 $321,905 $306,230$213,224 ($129,023) $15,886 $163,757$36,017

PARATRANSIT INSURANCE COMPANY, RRG44130 $1,974,285 $1,493,878 $1,215,520$1,519,400 ($131,671) $425,879 $242,411$435,551

PCH MUTUAL INSURANCE COMPANY, RRG11973 $1,386,145 ($59,361) ($100,142)$126,691 ($313,445) $158,526 $12,407$540,278



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

PEACE CHURCH RRG INC11846 $3,214,232 $2,900,844 $942,754$1,450,422 $12,339 $214,700 $997,029$495,329

PEDIATRICANS INS RRG OF AMER11772 $0 $0 $0$0 ($54,816) $5,643 ($49,173)$54,816

PELICAN INS RRG11587 $2,638,939 $2,179,784 $403,500$994,870 ($391,531) $395,296 $12,835$982,901

PHOEBE RECIPROCAL RRG12004 $437,500 $437,500 $152,449$218,750 ($23,707) $43,758 $20,051$90,008

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,381,688 $730,379 $143,051$450,123 ($8,350) $798 $22,542$315,422

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $1,406,848 $1,406,848 $713,470$1,103,093 ($159,614) $111,382 ($28,164)$549,237

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $79,938 $12,257 $456,480$616,867 ($36,457) $20,821 ($12,509)$196,844

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $14,504,730 $8,893,380 $2,882,366$4,227,394 $502,958 $1,414,097 $1,325,310$842,070

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $3,026,205 $3,051,364 $1,982,195$2,608,151 $14,164 $744,056 $487,045$608,456

PHYSICIANS REIMBURSEMENT RRG10934 $2,779,842 $2,779,842 $1,242,419$1,374,731 ($620,000) $490,574 ($17,993)$752,312

PHYSICIANS SPECIALTY LTD RRG11513 $7,238,697 $676,194 $445,900$676,194 ($55,902) $189,450 $122,471$286,196

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $146,629 $228,669$77,229 ($277,315) $1,513 ($182,247)$125,875

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $3,928,391 $3,044,606 $1,039,839$1,507,203 $146,799 $32,812 $179,011$320,565

PINE TREE INS RECIPROCAL RRG12348 $1,829,172 $1,488,842 $924,501$744,421 ($539,950) $217,973 ($291,183)$359,870

PINELANDS INS CO RRG INC12198 $1,769,966 $530,990 $474,267$572,167 $36,122 ($1,451) $22,875$61,778

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $0 $0 $285,325$481,490 ($62,567) $10,632 ($44,729)$258,732

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

PLICO RISK RETENTION GROUP, INC.14205 $49,768 $4,977 $2,571$1,909 ($8,084) $3,569 ($4,515)$7,422

PONCE DE LEON LTC RRG, INC.11809 $2,084,874 $1,910,374 $1,124,053$1,546,860 ($394,540) $113,950 ($280,590)$817,347

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $14,732,383 $12,450,180 $5,644,246$8,791,051 $67,547 $83,120 $172,996$3,079,258

PREFERRED PHYSICIANS MEDICAL RRG44083 $19,513,408 $13,780,104 $8,012,794$13,091,722 $2,631,634 $2,941,499 $5,387,076$2,447,293

PREFERRED PROFESSIONAL RRG14919 $0 $0 $0$0 ($91,817) $0 ($91,817)$91,817

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $1,675,378 $1,675,378 $1,944,009$2,595,259 ($493,830) $6,075 ($322,844)$1,145,080

PROAIR RISK RETENTION GROUP, INC.13179 $257,303 $160,814 $25,943$65,503 ($16,913) ($228) ($14,569)$56,473

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 $0$0 ($284,645) $118,115 ($144,777)$267,118

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $1,945,630 $1,370,922 $473,103$675,862 ($8,110) $75 ($5,222)$210,869

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $0 $0$0 ($69,092) $377 ($68,715)$69,092


12608 $126,045 $6,302 $8,667$12,762 ($12,402) $0 ($10,542)$16,497

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $3,525,468 $446,781 $148,467$134,116 ($27,910) $925 ($81,175)$13,559

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,635,801 $918,040 $259,500$455,247 ($56,129) $30,330 ($25,799)$251,876

RED CLAY RISK RETENTION GROUP, INC.13078 $1,808,234 $1,574,685 $28,637$663,230 $454,339 $8,681 $452,887$180,254

RED ROCK RISK RETENTION GROUP, INC.13736 $932,743 $303,278 $310,000$492,743 ($66,341) $15,335 $59,481$249,084

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

RESTORATION RISK RETENTION GROUP, INC.12209 $7,983,547 $6,709,519 $2,726,534$5,092,426 $1,171,055 $289,277 $977,949$1,194,837

RPX RRG14135 $1,652,000 $826,000 $182,905$303,843 ($229,838) $0 ($229,838)$350,776

SAINT LUKE'S HLTH SYSTEM RRG11712 $1,124,663 $181,081 $1,088,773$1,137,546 ($511,827) ($3,673) ($336,181)$560,600

SAMARITAN RISK RETENTION GROUP, INC.12511 $5,706,004 $5,706,004 $3,662,225$4,033,728 ($71,278) ($30,131) ($355,514)$442,781

SCHUYKILL CROSSING RECIPROCAL RRG11808 $2,350 $36,945 $662,831$2,858,226 $1,708,141 $725,730 $2,433,871$487,254

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $4,251,946 $3,204,599 $1,687,478$2,643,389 ($81,391) $96,932 $3,289$1,037,302

SECURITY AMERICA RRG INC11267 $1,347,666 $975,187 $221,841$808,231 $32,226 ($20,013) $8,549$554,164

SELECT MD RRG14136 $1,695,866 $282,923 $149,411$125,186 ($109,086) $247 ($71,891)$84,861

SENTINEL ASSUR RRG INC12005 $4,041,882 $3,502,382 $1,674,086$1,827,684 ($734,886) $550,958 ($232,484)$888,484

SIGMA RRG, INC.13557 $0 $0 $967,763$1,161,352 $50,228 $52,415 $67,745$143,361

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $14,290,085 $14,290,085 $6,322,900$8,423,043 $1,251,796 $2,161,019 $1,664,907$848,347



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $10,487,058 $8,510,248 $2,618,591$4,015,333 ($311,121) ($206) ($199,933)$1,707,863

SPIRIT MOUNTAIN INS CO RRG INC10754 $1,147,472 $803,230 ($2,147)$890,644 $347,485 ($10,396) $205,429$545,306

ST CHARLES INS CO RRG11114 $558,663 $558,663 $0$561,510 $196,318 $19,206 $164,352$365,192

ST LUKES HEALTH NETWORK INS CO RRG11688 $1,572,066 $1,572,066 $8,333,263$5,636,945 ($3,544,908) $2,828,507 ($338,913)$848,590

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $71,927 $71,927 $0$37,234 ($22,331) $0 ($14,738)$59,565

STATES SELF-INSURERS RRG44075 $2,333,421 $411,295 $685,753$795,005 $64,439 $265,777 $330,216$115,082

STICO MUT INS CO RRG10476 $2,873,851 $2,511,535 $702,064$1,734,014 $3,630 $150,373 $111,652$1,028,320

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $1,883,622 $0 $0$0 ($97,605) $275 $112,222$97,605

SUNLAND RISK RETENTION GROUP, INC.14026 $4,674,823 $467,482 $63,355$231,600 $80,331 $0 $60,268$87,914

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

TERRA INS CO RRG10113 $9,540,188 $6,378,585 $483,502$3,136,437 $957,403 $264,552 $477,251$1,695,532

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,030,699 $1,030,699 $134,284$344,317 ($23,680) $295 ($12,260)$233,713

THE HEALTHCARE UNDERWRITING CO RRG10152 $41,897,374 $41,897,374 $19,636,339$14,619,515 ($7,111,482) $4,043 ($6,342,065)$2,094,658

TITAN INS CO INC RRG11153 $7,331,943 $2,365,133 $0$1,507,759 $1,275,887 $224,428 $1,630,568$231,872

TITLE INDUSTRY ASSURANCE CO RRG10084 $3,953,595 $382,381 $575,930$338,434 $26,115 $9,710 $35,545($263,611)

UNITED CENTRAL PA RRG11548 $4,295,470 $4,295,470 $1,964,657$2,212,735 $71,698 $342,183 $413,881$176,380

UNITED CONTRACTORS INS CO INC RRG12280 $2,792,505 $2,444,528 $2,451,187$3,287,335 ($807,268) $170,584 ($636,684)$1,643,416

UNITED EDUCATORS INS RRG INC10020 $33,761,676 $25,338,780 $40,821,569$55,448,467 $3,751,981 $20,431,501 $29,771,018$10,874,917

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$345,800 $268,106 $11,173 $181,531$77,694

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $642,077 $500,271 $273,784$580,838 $67,803 $479 $45,066$239,249

UV INSURANCE RISK RETENTION GROUP, INC.13988 $317,600 $317,600 ($1,121)$122,246 $5,482 $0 $5,482$117,885

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $37,516 $37,516 $0$80,494 ($79,358) $56,625 ($11,768)$159,852

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,485,379 $294,105 $97,359($68,929) ($228,333) $1,337 ($146,533)$62,045

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $2,000 $1,240 $286,323$357,902 $17,459 $3,468 $19,748$54,120

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

WELLSPAN RRG11682 $6,772,000 $6,772,000 $1,817,501$3,386,000 $1,373,638 $278,723 $1,652,361$194,861

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $0 $0 $860,186$1,126,079 ($151,175) $12,988 ($173,876)$417,068

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

WESTERN PACIFIC MUT INS CO RRG40940 $1,729,256 $1,459,254 $722,358$2,030,992 ($412,403) $1,916,208 $1,138,930$1,721,037

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $346,266 $346,266 $104,683$157,685 ($82,752) $2,728 ($80,024)$135,754

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $5,934,660 $3,770,583 $833,350$1,851,888 ($110,084) $193,373 $83,769$1,128,622


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves

Risk Retention Groups - Selected Financial Ratios

Leverage

Loss & LAE Reserves to

PHS NPW to PHSLoss & LAE

Ratio Expense DPW to PHSCombined

Ratio

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP12934 62.54 452.09 17.8050.32 7.78 6.72 97.999.25 104.72

ADVANCED PHYSICIANS INS RRG INC12166 13.11 0.00 0.0012.42 22.83 0.00 12.3722.83 12.37

AEGIS HEALTHCARE RRG, INC.12252 124.17 131.70 147.41241.08 81.43 58.60 21.21140.68 79.80

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 46.01 548.15 23.6759.70 12.76 77.84 14.7651.58 92.60

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 136.61 74.02 1,105,174.561,117,479.88 0.00 0.00 0.000.00 0.00

AGRI INSURANCE EXCHANGE RRG28380 18.86 811.77 15.1323.17 7.39 -13.03 10.727.39 -2.31

ALLEGIANT INS CO INC A RRG11965 82.55 168.81 146.94204.76 24.55 51.93 20.2576.49 72.18

ALLIANCE OF NONPROFITS FOR INS RRG10023 65.74 221.60 83.82122.10 37.33 67.81 30.6951.14 98.49

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 67.28 337.21 63.64144.40 59.60 44.15 39.7182.54 83.85

ALLIED SERVICES RISK RETENTION GROUP12013 36.87 289.98 54.4458.21 0.00 -163.55 0.000.00 0.00

AMERICAN ASSOC OF OTHODONTISTS RRG10232 71.60 164.07 194.32228.27 23.63 58.10 42.6928.86 100.79

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 38.20 1,057.57 13.5454.71 0.00 0.00 0.000.00 0.00

AMERICAN CONTRACTORS INS CO RRG12300 296.77 0.00 0.00267.93 0.00 0.00 0.00344.94 0.00

AMERICAN EXCESS INS EXCHANGE RRG10903 42.46 286.39 59.9272.86 10.12 -62.61 11.4511.01 -51.16

AMERICAN FEED INDUSTRY INS CO RRG44202 22.62 513.81 24.5728.56 0.00 0.00 0.000.00 0.00

AMERICAN FOREST CASUALTY COMPANY RRG11590 64.24 194.21 119.30148.85 12.86 83.34 69.6427.33 152.98

AMERICAN SAFETY RRG INC25448 69.55 298.21 47.6298.78 -5.72 55.16 -62.4133.18 -7.25

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 70.72 269.74 104.48199.30 -1.03 36.50 -580.6918.99 -544.20

AMERIGUARD RRG INC12171 37.51 413.62 36.2656.24 9.47 190.36 12.499.47 202.85

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 94.84 147.64 193.78271.34 68.68 78.68 27.4173.18 106.09

ARCHITECTS & ENGINEERS INS CO RRG44148 84.94 307.23 41.36107.95 5.93 80.00 50.5520.94 130.55

ARCOA RISK RETENTION GROUP, INC.13177 100.30 105.30 371.22392.05 149.15 50.32 43.21149.15 93.54

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 51.40 990.65 7.4738.03 22.66 0.00 51.0625.26 51.06

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 53.73 340.64 60.55110.83 0.00 0.00 0.000.00 0.00

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.14425 2.34 0.00 0.002.38 0.00 0.00 0.000.00 0.00

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 52.96 349.37 55.91103.45 17.62 38.58 83.2424.33 121.81

ATTORNEYS INSURANCE MUTUAL RRG INC22670 44.84 254.55 64.7173.86 0.00 63.50 0.000.00 0.00

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 251.95 91.00 107.49246.45 42.11 84.16 1.00552.78 85.16

ATTORNEYS LIAB PROTECTION SOC RRG32450 72.01 211.15 122.64186.48 46.91 68.79 30.0070.31 98.79

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 10.92 14,873.41 0.6710.92 0.57 88.01 281.5611.39 369.57

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 112.28 365.16 38.29156.98 32.11 42.63 60.61104.48 103.24

BAR VERMONT RISK RETENTION GROUP INC10174 37.21 430.54 28.7746.09 0.00 -3.76 0.000.00 0.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 136.71 139.04 376.21715.11 144.67 90.43 -1.58318.16 88.85

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 1.10 0.00 0.001.11 0.08 0.00 1,595.850.21 1,595.85

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 66.33 4,284.24 4.61131.11 49.70 3.21 37.5358.48 40.74

BROADLINE RISK RETENTION GROUP, INC.13788 80.06 127.36 192.27196.03 20.17 96.93 15.9320.17 112.86

CALIFORNIA HEALTHCARE INS CO INC RRG44504 69.62 182.88 117.62149.75 18.32 89.56 13.5730.00 103.13

CALIFORNIA MEDICAL GRP INS CO RRG12180 97.50 210.69 97.00199.26 70.36 82.02 9.8170.36 91.82

CARE RRG, INC.11825 84.37 184.25 149.83232.92 62.32 66.66 32.7976.88 99.44

CAREGIVERS UNITED LIAB INS CO RRG11544 35.33 394.61 34.8448.57 16.04 21.82 9.7217.05 31.54

CARENEXT RISK RETENTION GROUP, INC.15089 115.44 698.64 27.13218.81 63.69 113.28 55.75202.78 169.03

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 116.71 422.23 31.09153.19 19.96 70.00 38.7657.61 108.76

CASSATT RISK RETENTION GROUP INC10808 65.74 818.26 12.7368.45 4.55 3.01 -15.454.55 -12.45

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 8.45 5,226.92 1.908.40 15.20 -1.23 40.8126.01 39.58

CENTRAL PA PHYSICIANS RRG INC11694 69.22 187.12 148.34192.14 45.62 77.00 22.1945.62 99.19


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 53.75 267.09 52.2374.99 35.93 60.40 16.1531.49 76.55

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 28.52 980.22 12.2534.24 36.54 28.22 18.2441.41 46.46

CHC CAS RRG11531 63.98 189.32 109.24132.32 43.72 50.36 3.5743.72 53.93

CHEROKEE GUARANTEE COMPANY INC., RRG14388 111.77 119.39 138.21184.44 13.59 66.60 102.5813.59 169.19

CIRCLE STAR INS CO RRG11839 228.84 406.69 37.17345.98 26.61 85.70 -73.24532.21 12.46

CLAIM PROFESSIONALS LIAB INS CO RRG12172 68.82 334.03 44.67102.69 20.76 43.61 36.7083.83 80.31

CLARIAN HLTH RRG INC11992 125.12 0.00 0.00775.68 0.00 0.00 0.00778.94 0.00

CLINIC MUTUAL INSURANCE CO RRG43770 5.82 2,365.29 4.456.13 1.15 469.61 141.030.00 610.64

CMIC RISK RETENTION GROUP13756 27.28 6,246.05 1.8431.40 10.21 9.14 57.8832.85 67.02

COLLEGE LIABILITY INS CO A RECIP RRG44598 27.88 362.69 30.0230.36 0.00 36.28 0.000.00 0.00

COLLEGE RISK RETENTION GROUP, INC.13613 62.06 179.41 141.55157.61 0.00 60.18 0.000.00 0.00

COLUMBIA NATIONAL RRG INC10803 35.14 0.00 0.0051.62 8.14 0.00 95.988.14 95.98

COMCARE PRO INS RECIPROCAL RRG11864 35.36 418.26 35.0251.80 10.87 70.00 77.7810.87 147.78

COMMUNITIES OF FAITH RRG INC11807 11.25 1,459.78 7.5112.34 7.90 40.00 27.047.90 67.04

COMMUNITY BLOOD CENTERS EXCH RRG13893 42.84 435.58 36.8368.73 7.77 61.70 53.8614.16 115.56

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 84.43 266.16 168.69379.07 46.02 93.90 9.5752.29 103.48

COMMUNITY HOSPITAL RRG11259 73.95 160.59 166.63197.88 52.70 78.00 8.4854.90 86.47

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 47.54 290.77 50.5069.80 6.28 67.01 113.5317.05 180.54

CONTINUING CARE RRG, INC.11798 233.86 146.75 20.5370.46 107.70 83.00 13.53112.93 96.54

CONTRACTORS INS CO OF NORTH AMER RRG11603 65.18 173.04 129.99146.61 6.03 37.50 36.8313.10 74.32

CONTROLLED RISK INS CO OF VT RRG10341 107.31 310.96 53.42178.25 50.53 45.58 27.63360.96 73.21

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

COPIC, A RISK RETENTION GROUP14906 7.17 0.00 0.007.33 0.00 0.00 0.000.00 0.00

COVERYS RRG, INC.14160 2.93 55,812.82 0.182.94 0.20 165.16 514.914.18 680.07

CPA MUTUAL INS CO OF AMERICA RRG10164 70.29 221.12 82.95128.91 10.82 89.58 65.6931.41 155.27

CROSSFIT RISK RETENTION GROUP, INC.13720 61.94 577.79 36.64131.14 73.99 26.13 37.77105.70 63.90

CRUDEN BAY RRG INC11676 59.26 202.13 97.13116.34 35.58 100.00 5.7635.58 105.76

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 116.79 316.64 81.20300.28 92.94 59.93 8.74193.99 68.67

DELAWARE PROFESSIONAL INSURANCE CO43125 59.33 192.45 114.08130.27 0.14 121.62 6,715.190.14 6,836.81

DOCTORS & SURGEONS NATIONAL RRG13018 99.42 204.60 165.04335.72 106.05 64.44 39.24138.75 103.68

DUBOIS MEDICAL RRG11842 20.07 597.28 20.6324.74 0.00 -0.63 0.000.00 0.00

EASTERN DENTISTS INS CO RRG10115 70.38 187.80 118.58156.74 17.34 62.00 75.4520.11 137.45

ELITE TRANSPORTATION RRG INC10125 124.83 169.79 256.27543.16 123.02 90.77 12.28217.07 103.05

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 50.83 343.52 55.4596.82 35.77 82.69 2.00171.08 84.69

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 123.25 146.93 125.23226.77 24.75 22.07 75.1623.77 97.23

EMERGENCY MEDICINE RRG INC12015 64.62 192.14 94.27117.05 -0.07 117.74 -9,955.580.22 -9,837.84

EMERGENCY PHYSICIANS INS CO RRG11714 94.12 131.03 251.40310.04 51.04 66.54 31.9560.53 98.49

EVERGREEN USA RRG INC38466 84.74 177.46 101.73152.99 36.51 66.88 42.5154.81 109.39

FAIRWAY PHYSICIANS INS CO RRG11840 114.68 119.09 231.71316.45 86.82 70.04 40.6697.46 110.69

FAITH AFFILIATED RRG INC11698 43.82 254.50 67.2475.00 3.55 100.32 121.843.55 222.15

FIDUCIARIES RISK RETENTION GROUP, INC.14439 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 172.15 88.86 301.40461.09 166.61 111.83 29.83166.61 141.67

FIRST MEDICAL INS CO RRG11278 40.66 259.58 64.0367.59 0.00 100.28 0.000.00 0.00

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 62.85 343.61 49.03105.88 39.33 29.26 21.1139.33 50.37

FRANKLIN CASUALTY INS CO RRG10842 305.83 33.14 261.82265.39 0.00 65.99 0.000.00 0.00


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

FREDERICKSBURG PROFESSIONAL RISK EXC12016 69.33 168.82 71.1383.26 21.11 90.22 5.6821.11 95.90

GABLES RISK RETENTION GROUP, INC.14032 104.04 176.35 112.62206.63 153.45 85.36 5.19153.45 90.55

GEISINGER INS CORP RRG12000 11.88 942.78 1.471.64 0.00 0.00 0.000.00 0.00

GENERAL EASTERN SKI INS RRG INC10163 48.84 397.41 19.8338.48 0.00 0.00 0.000.00 0.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 30.70 23,745.34 0.4432.07 -3.97 28.08 -102.2026.11 -74.12

GLOBAL HAWK INSURANCE COMPANY RRG11948 103.65 222.36 126.37291.26 145.82 82.84 17.63154.79 100.47

GLOBAL INTL INS CO INC A RRG10991 2.18 0.00 0.002.10 1.69 0.00 36.441.69 36.44

GOLDEN INS CO RRG11145 88.76 495.53 35.95158.12 46.74 63.27 21.9666.93 85.22

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 64.81 229.88 77.74115.82 73.70 101.53 7.9973.70 109.52

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 56.41 0.00 0.0081.49 11.42 2.61 260.2014.64 262.82

GRACO RRG INC11581 157.47 0.00 0.00151.66 -8.09 0.00 -296.03294.68 -296.03

GREEN HILLS INS CO RRG11941 35.59 314.55 49.1755.04 0.00 33.42 0.000.00 0.00

GUARDIAN RRG INC11696 54.76 235.54 72.3593.31 33.58 89.54 10.1633.58 99.70

GUTHRIE RRG12014 61.08 164.30 148.33148.85 0.00 108.93 0.000.00 0.00

HAMDEN ASSURANCE RRG, INC.13057 4,871.38 0.00 0.005,428.31 0.00 0.00 0.000.00 0.00

HEALTH CARE CAS RRG INC12236 106.05 243.88 358.13926.20 121.44 63.33 22.75161.29 86.07

HEALTH NETWORK PROVIDERS MUT INS CO11813 66.06 239.24 100.04158.11 13.78 47.23 51.3819.14 98.60

HEALTH PROVIDERS INS RECIPROCAL RRG10080 39.32 292.46 51.4859.20 5.88 67.85 37.386.72 105.23

HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)11832 100.81 266.75 62.96169.30 9.11 82.33 -14.38102.06 67.94

HEALTHCARE PROVIDERS INS CO RRG11683 45.43 321.96 53.9578.91 6.40 65.00 54.786.40 119.78

HEARTLAND HEALTHCARE RECIP RRG11998 47.45 269.58 68.6087.74 32.28 62.81 17.0832.28 79.89

HERITAGE WARRANTY INS RRG INC11097 29.73 11,398.27 1.2542.30 -0.01 56.08 -279,795.12-0.01 -279,739.04

HOME CONSTRUCTION INS CO RRG11950 62.24 188.99 138.31162.69 -0.65 0.50 -806.33-1.62 -805.83

HOUSING AUTHORITY RRG INC26797 38.49 340.26 44.8958.79 7.24 68.65 38.987.26 107.63

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 10.57 10,932.77 1.0111.68 0.00 0.00 0.000.00 0.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 29.70 481.70 26.2837.60 4.29 30.90 56.6211.92 87.52

INDEMNITY INSURANCE CORPORATION, RRG12018 203.70 155.32 107.76340.93 232.29 40.18 28.67232.29 68.84

INDIANA HEALTHCARE RECIP RRG11692 48.28 264.90 70.8190.55 30.28 70.48 11.6130.28 82.09

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 81.02 249.06 91.04183.72 0.04 59.44 25,332.460.04 25,391.90

IRONSHORE RISK RETENTION GROUP, INC.14375 315.02 1,168.96 4.57168.23 7.61 60.69 -47.16152.28 13.53

J.M. WOODWORTH RRG, INC.12594 109.40 121.17 495.52656.87 70.52 104.35 82.63137.58 186.97

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 49.17 247.96 65.1579.43 19.70 157.77 8.4819.23 166.25

KENTUCKY HOSPITAL INS CO RRG11939 61.60 207.58 95.91122.64 29.92 80.11 16.9552.84 97.06

LAKE STREET RRG INC11803 48.91 242.94 72.2485.83 20.70 92.29 20.6020.70 112.88

LAMMICO RRG, INC.14444 2.07 10,923.94 0.932.11 0.10 1,051.78 2,634.082.02 3,685.86

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 104.88 189.12 163.65324.59 114.88 80.01 35.08170.50 115.09

LENDERS PROTECTION ASSUR CO RRG11500 2.21 0.00 0.002.19 0.00 0.00 0.009.71 0.00

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 802.82 13.63 -181.42-198.58 -27.15 119.45 22.61-27.15 142.06

LIFE SERVICES NETWORK RECIP INS RRG11958 46.27 369.74 44.3375.83 17.79 0.38 27.6932.42 28.08

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 0.01 0.00 0.000.01 0.00 0.00 2,777,350.000.03 2,777,350.00

LVHN RRG11684 100.51 0.00 0.00797.64 -34.41 0.00 -23.80-34.41 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 111.22 209.26 86.06200.29 79.79 84.64 11.08115.27 95.71

MARATHON FIN INS CO INC RRG11117 334.21 5,707.65 2.33443.87 299.05 0.00 -1.69299.05 0.00

MCIC VERMONT INC RRG10697 652.79 124.43 213.881,737.26 502.79 54.13 25.432,530.41 79.56

MD RISK RETENTION GROUP, INC.12355 37.05 277.97 55.4157.06 20.67 7.63 11.6323.00 19.26


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

MEDAMERICA MUTUAL RRG INC26257 67.57 249.68 81.33137.22 50.49 78.20 0.7166.18 78.91

MEDPRO RRG RISK RETENTION GROUP13589 153.04 349.54 51.94277.85 14.10 80.36 -51.89281.99 28.46

MEDSTAR LIABILITY LTD INS CO INC RRG10124 71.04 202.36 115.67166.29 43.42 85.00 20.8974.09 105.89

MENTAL HEALTH RISK RETENTION GROUP44237 54.22 251.33 75.12102.36 19.85 29.23 11.3144.00 40.54

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 117.73 114.37 220.87297.40 71.63 41.59 33.9871.63 75.57

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 97.04 466.21 33.23150.32 162.99 53.74 11.67178.64 65.41

MMIC RRG, INC.14062 12.67 0.00 0.005.98 0.17 0.00 1,712.015.99 1,712.01

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 99.23 218.03 31.5568.26 -1.98 -50.54 -392.84-1.98 -443.38

MOUNTAIN LAUREL RRG INC11547 101.03 119.52 141.98171.44 0.92 2.08 1,971.2028.09 1,973.28

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 60.41 212.67 114.53147.15 51.96 95.14 5.3856.53 100.53

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 55.50 232.17 83.83108.02 38.53 56.80 7.3840.55 64.19

NASW RISK RETENTION GROUP, INC.14366 174.10 4,234.05 1.45106.76 9.63 46.68 359.46160.45 406.14

NATIONAL ASSISTED LIVING RRG, INC.11806 60.00 232.34 96.64134.71 23.54 60.00 48.5023.54 108.50

NATIONAL BUILDERS & CONTRACTORS INS12235 91.84 134.22 183.45226.14 23.46 48.21 46.4133.65 94.62

NATIONAL CATHOLIC RRG10083 84.79 140.91 245.09292.82 16.73 112.11 50.9651.17 163.07

NATIONAL CONTRACTORS INS CO INC RRG12293 155.74 109.10 181.04307.60 25.36 257.32 275.9368.03 533.25

NATIONAL GUARDIAN RISK RETENTION GROUP36072 109.26 111.21 151.83184.48 44.93 95.19 3.57231.90 98.76

NATIONAL HOME INSURANCE CO RRG44016 72.91 714.91 37.87197.42 -0.01 90.83 -43,216.11-0.03 -43,125.29

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 83.87 250.00 36.2175.93 23.07 49.50 33.6349.89 83.13

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 85.36 0.00 0.00109.46 0.00 0.00 0.002.04 0.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 15.28 522,749.86 0.0216.68 4.32 0.25 115.454.84 115.71

NCMIC RISK RETENTION GROUP, INC.14130 90.29 834.37 8.2562.17 23.99 69.25 -36.43242.65 32.82

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 75.57 149.71 188.59213.35 -94.26 89.66 -26.5872.42 63.08

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 65.41 4,937.26 4.17134.83 19.94 56.94 35.7081.54 92.64

NEW STAR RISK RETENTION GROUP, INC.12532 50.63 323.79 59.9698.30 0.00 51.34 430,819.510.00 430,870.85

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 121.15 92.93 294.68331.77 87.60 65.03 39.44117.06 104.47

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 95.52 195.03 360.83672.15 185.38 73.14 11.41306.80 84.55

OASIS RECIPROCAL RISK RETENTION GROUP13644 96.47 169.67 194.53318.39 1.78 59.79 997.990.00 1,057.78

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 72.03 77.50 166.5993.00 -11.80 46.94 -313.77-15.89 -266.82

OCEAN RRG INC10158 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

OCEANUS INS CO A RRG12189 82.03 172.56 192.27272.17 55.30 70.19 52.5778.25 122.76

OLYMPIA RISK RETENTION GROUP, INC.13062 321.74 46.23 38.9957.98 0.00 0.00 0.000.00 0.00

OMS NATL INS CO RRG44121 60.92 216.07 92.67121.98 15.79 75.94 37.0412.26 112.98

OOIDA RISK RETENTION GROUP INC10353 133.97 222.44 92.01274.18 45.23 76.09 12.47129.22 88.56

OPHTHALMIC MUTUAL INS CO RRG44105 39.19 449.85 34.0860.08 11.19 27.93 31.7213.01 59.66

ORANGE COUNTY MEDICAL RECIP INS RRG12183 26.81 493.33 22.1129.25 15.22 15.01 8.5815.22 23.59

ORDINARY MUTUAL A RRG CORP10171 57.69 210.94 106.47129.55 0.00 0.00 0.000.00 0.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 81.46 250.81 64.62132.04 58.89 60.06 31.5075.82 91.56

PACE RRG INC11575 261.41 79.36 191.30396.87 10.81 143.62 11.19122.10 154.81

PARATRANSIT INSURANCE COMPANY, RRG44130 56.41 271.98 70.96108.87 13.37 80.00 29.1617.66 109.16

PCH MUTUAL INSURANCE COMPANY, RRG11973 76.70 289.02 76.99170.66 -1.75 -79.04 -910.1640.80 -989.20

PEACE CHURCH RRG INC11846 39.75 326.35 44.3457.52 20.29 65.00 17.0822.49 82.07

PEDIATRICANS INS RRG OF AMER11772 92.13 111.68 1,138.351,171.36 0.00 0.00 0.000.00 0.00

PELICAN INS RRG11587 25.74 626.10 21.2634.27 16.43 40.56 45.0919.89 85.65

PHOEBE RECIPROCAL RRG12004 34.97 336.55 42.6150.15 12.39 69.69 20.5712.39 90.26


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 221.45 228.95 91.75465.16 136.07 31.78 43.19257.41 74.97

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 112.46 157.96 350.05621.82 147.05 64.68 39.04147.05 103.72

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 78.15 142.74 212.33236.86 0.79 74.00 1,605.975.12 1,679.97

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 87.12 303.51 93.31246.73 47.00 68.18 9.4776.65 77.65

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 58.10 256.46 75.27112.17 15.69 76.00 19.9415.56 95.94

PHYSICIANS REIMBURSEMENT RRG10934 67.47 164.04 155.59172.20 26.46 90.38 27.0626.46 117.44

PHYSICIANS SPECIALTY LTD RRG11513 66.94 176.54 142.53168.44 17.05 65.94 42.32182.50 108.27

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 53.43 415.48 21.6047.95 10.93 296.09 85.850.00 381.94

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 47.00 317.64 58.9888.05 54.07 68.99 10.5369.76 79.52

PINE TREE INS RECIPROCAL RRG12348 42.42 324.90 45.6462.90 18.41 124.19 24.1722.62 148.36

PINELANDS INS CO RRG INC12198 366.22 58.64 141.16303.13 54.78 82.89 11.63182.62 94.52

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 36.38 284.97 54.3156.30 0.00 59.26 0.000.00 0.00

PINNACLE RRG INC11858 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PLICO RISK RETENTION GROUP, INC.14205 3.22 69,091.46 0.153.27 0.31 134.68 149.133.14 283.80

PONCE DE LEON LTC RRG, INC.11809 48.65 286.27 58.4181.36 24.28 72.67 42.7826.50 115.45

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 157.03 149.08 191.54448.38 107.78 64.20 24.73127.54 88.94

PREFERRED PHYSICIANS MEDICAL RRG44083 45.99 289.34 61.4481.76 13.15 61.21 17.7618.63 78.96

PREFERRED PROFESSIONAL RRG14919 9.22 0.00 0.0010.16 0.00 0.00 0.000.00 0.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 94.03 239.77 129.23291.34 50.96 74.91 68.3550.96 143.25

PROAIR RISK RETENTION GROUP, INC.13179 238.10 218.37 12.4364.64 32.10 39.61 35.1251.37 74.72

PROBUILDERS SPECIALTY INS CO RRG11671 224.30 50.28 217.45245.26 0.00 0.00 0.000.00 0.00

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 76.15 378.58 82.92239.06 240.28 70.00 15.38341.02 85.38

PROFESSIONAL MEDICAL INS RRG INC10840 1.68 0.00 0.001.56 0.00 0.00 0.000.00 0.00

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP12608 12.69 1,986.45 5.3413.46 0.29 67.91 261.775.76 329.69

PROFESSIONALS RISK RETENTION GROUP, INC.13067 194.23 251.71 58.23284.69 40.83 110.70 3.03322.20 113.74

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 27.69 536.21 25.1437.32 21.35 57.00 27.4438.04 84.44

RED CLAY RISK RETENTION GROUP, INC.13078 73.27 201.97 65.7097.23 48.72 4.32 11.4555.94 15.76

RED ROCK RISK RETENTION GROUP, INC.13736 57.00 216.17 83.32102.66 6.01 62.91 82.1318.49 145.04

REPUBLIC RRG12019 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

RESTORATION RISK RETENTION GROUP, INC.12209 71.39 197.16 126.02177.37 34.66 53.54 17.8141.24 71.35

RPX RRG14135 28.09 2,177.25 5.6534.56 22.04 60.20 42.4744.09 102.66

SAINT LUKE'S HLTH SYSTEM RRG11712 36.08 335.74 45.1654.69 1.29 95.71 309.597.99 405.30

SAMARITAN RISK RETENTION GROUP, INC.12511 62.15 377.96 40.3394.73 40.84 90.79 7.7640.84 98.55

SCHUYKILL CROSSING RECIPROCAL RRG11808 67.60 170.91 132.54153.13 0.30 23.19 1,318.860.02 1,342.05

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 73.53 182.24 148.71199.27 84.12 63.84 32.37111.61 96.21

SECURITY AMERICA RRG INC11267 49.72 323.24 41.5766.81 36.78 27.45 56.8350.83 84.27

SELECT MD RRG14136 111.97 327.04 46.74171.17 32.03 119.35 29.99192.01 149.35

SENTINEL ASSUR RRG INC12005 55.41 309.16 45.9578.72 34.99 91.60 25.3740.37 116.96

SIGMA RRG, INC.13557 63.50 186.91 108.89129.25 0.00 83.33 0.000.00 0.00

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 95.27 142.83 295.03401.44 95.92 75.07 5.9495.92 81.00

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 408.86 132.40 68.21369.21 251.65 65.21 20.07310.10 85.28

SPIRIT MOUNTAIN INS CO RRG INC10754 48.90 300.80 60.7589.36 26.06 -0.24 67.8937.23 67.65

ST CHARLES INS CO RRG11114 39.76 312.45 52.6165.36 7.75 0.00 65.377.75 65.37

ST LUKES HEALTH NETWORK INS CO RRG11688 84.63 133.25 271.89306.62 11.01 147.83 53.9811.01 201.81

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 39.53 0.00 0.0013.68 11.31 0.00 82.8111.31 82.81


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

STATES SELF-INSURERS RRG44075 57.65 195.65 111.30125.53 4.33 86.26 27.9824.57 114.24

STICO MUT INS CO RRG10476 59.57 410.70 43.29105.90 23.08 40.49 40.9426.41 81.43

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 6.22 0.00 0.006.28 0.00 0.00 0.00275.88 0.00

SUNLAND RISK RETENTION GROUP, INC.14026 929.53 134.84 24.51307.20 42.29 27.36 18.81422.92 46.16

SUPERIOR INS CO RRG11669 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

TERRA INS CO RRG10113 70.43 1,026.22 13.6598.68 39.37 15.42 26.5858.88 42.00

TERRAFIRMA RISK RETENTION GROUP LLC14395 16.66 3,716.09 3.1619.56 24.25 39.00 22.6824.25 61.68

THE HEALTHCARE UNDERWRITING CO RRG10152 336.38 53.70 277.26500.84 217.12 134.32 5.00217.12 139.32

TITAN INS CO INC RRG11153 26.23 0.00 0.0032.99 8.24 0.00 9.8025.55 9.80

TITLE INDUSTRY ASSURANCE CO RRG10084 79.79 203.87 80.32130.67 13.09 170.17 -68.94135.38 101.24

UNITED CENTRAL PA RRG11548 73.13 169.85 146.30181.73 70.32 88.79 4.1170.32 92.89

UNITED CONTRACTORS INS CO INC RRG12280 138.05 86.40 811.07967.39 153.66 74.56 67.23175.54 141.79

UNITED EDUCATORS INS RRG INC10020 67.11 177.46 143.94171.42 9.91 73.62 42.9213.20 116.54

UNITED HOME INSURANCE CO A RRG10712 67.68 0.00 0.0083.62 0.00 0.00 0.000.00 0.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 50.49 308.40 53.1182.70 31.77 47.14 47.8240.78 94.96

UV INSURANCE RISK RETENTION GROUP, INC.13988 71.15 269.48 52.35100.37 62.78 -0.92 37.1262.78 36.20

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 5.66 0.00 0.005.98 1.56 0.00 426.091.56 426.09

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 110.06 259.44 118.20337.50 58.49 -141.25 21.10295.43 -120.15

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 41.71 281.28 59.2669.53 0.06 80.00 4,364.520.10 4,444.52

WARREN RRG INC11802 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

WELLSPAN RRG11682 113.80 108.01 219.74270.09 99.38 53.68 2.8899.38 56.55

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 67.15 160.41 162.23174.74 0.00 76.39 0.000.00 0.00

WESTERN INS RRG INC11978 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

WESTERN PACIFIC MUT INS CO RRG40940 27.25 832.21 16.1036.51 1.46 35.57 117.941.73 153.51

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 22.10 1,158.80 10.1025.86 14.69 66.39 39.2114.69 105.59

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 93.37 254.14 127.88303.46 74.79 45.00 29.93117.72 74.93


®

Additional Analysis of RRGs Assigned a Financial Stability Rating®

Risk Retention Groups

®

P&C - 2-Page Profiles provided courtesy of SNL Financial.

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Visit www.snl.com for more information.

NAIC # COMPANY FSR

Financial Stability Ratings (FSRs) - Risk Retention Groups®

as of 11/16/2013

12252 AEGIS Healthcare RRG, Inc. A

11710 Allied Professionals Insurance Company, RRG A'

11534 American Trucking and Transportation Insurance Company, RRG A

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

33677 Attorneys Insurance Mutual of the South, Inc RRG A

11825 CARE RRG, Inc. A

15089 CareNext Risk Retention Group, Inc. A

11976 Centurion Medical Liability Protective RRG, Inc. A

12167 Charitable Service Providers Reciprocal RRG A

14388 Cherokee Guarantee Company Inc., RRG A

10075 Consumer Specialties Insurance Company RRG 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

13014 Lancet Indemnity Risk Retention Group, Inc. A

11806 National Assisted Living RRG, Inc. A

36072 National Guardian Risk Retention Group A

10234 National Service Contract Insurance Company (RRG) A

15208 Onyx Insurance Company, Inc., a Risk Retention Group A

44130 Paratransit Insurance Company, RRG A'

11973 PCH Mutual Insurance Company, RRG A

11809 Ponce de Leon LTC RRG, Inc. A

12613 Premier Physicians Insurance Company, a Risk Retention Group A

13557 Sigma RRG, Inc. A

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

®

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,472 2,860 3,329 3,288 4,026Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,222 1,371 1,148 1,200 1,180

Geographic Focus: Geography Minimum NPW Total Liabilities 1,250 1,489 2,181 2,087 2,845NAIC Ownership Structure: Risk Retention Group Net Income 164 183 -224 85 143Tax Identification Number : 20-1516551 Total Revenue 1,056 1,070 652 918 936

Direct Premiums Written 1,694 1,624 1,561 1,602 1,675Net Premiums Written 988 978 615 890 909

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 988 978 615 890 921

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,740Demotech Financial Strength Rating A 11/11/13 Affirm Loss & LAE Reserves/ NPE (%) 135.19 136.76 239.78 191.14 183.95S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.43 20.42 -26.06 -1.41 4.72Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.81 0.71 0.54 0.74 0.77Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Price Pete Poore Auditor Johnson Lambert LLPPhone : (410) 583-5458x1458 Actuary Towers Watson & Co.Fax : (443) 921-2508 CEO --Email : [email protected] CFO --

President Isabella Marie Firth

PROFITABILITY RATIOS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Net Yield on Invested Assets 4.18 5.82 2.14 1.35 0.64Net Investment Income/Earned Premiums 7.39 9.42 6.05 3.22 1.60Return on Average Equity (C&S) 15.70 14.88 -17.36 7.45 12.21Return on Avg Assets 5.06 5.43 -6.29 2.22 3.72Loss and LAE Ratio 41.70 53.42 95.23 57.30 50.42Expense Ratio 41.41 30.35 65.55 47.73 45.79Loss Ratio 35.63 34.49 83.83 51.12 44.45Combined Ratio 83.10 83.77 160.78 105.03 96.21Operating Ratio 75.71 74.36 154.73 101.81 94.63Investment ratio 7.39 9.42 6.05 3.22 1.58

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Cash, Short-Term Investments / Liabilities 20.76 35.71 23.11 90.14 32.08Cash, Common & Liquid Bonds / Liabilities 122.99 114.16 78.45 116.10 91.10Cash & Short-Term Investments / C&S 21.24 38.77 43.91 156.79 77.34Liabilities / Liquid Assets (IRIS Ratio) 81.00 88.00 127.00 90.00 124.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 140.15 122.77 95.89 148.07 94.72Cash From Underwriting ($000) -69 500 43 133 74Net Cash From Operations ($000) 71 339 80 271 71Underwriting Cash Flow Ratio 93.69 192.45 105.08 112.58 108.60Operating Cash Flow Ratio 94.45 239.17 105.08 102.10 109.89Unassigned Funds / Total Assets 18.44 21.17 11.48 12.76 9.92

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2010Y 2011Y 2012Y

GPW to Policyholders' Surplus3 900 --- 118 136 133NPW to Policyholders' Surplus 300 --- 71 54 74Change in Net Premiums Written 33 -33 -1 -37* 45*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 75 105* 123*

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 5 9 2 2* 1 4*

MSA: Baltimore-Towson, MD (Metro)

Distribution Channel: Direct Response

81.088.0

127.0

90.0

124.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2009Y 2010Y 2011Y 2012Y 2013L2

Liquidity ($000)Total Assets Total Liabilities Liabilities / Liquid Assets (IRIS Ratio)

83.1 83.8

160.8

105.096.2

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

2009Y 2010Y 2011Y 2012Y 2013L2

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 5.9 2.2* 1.4*

Loss Adjustment Expense Ratio 6.07 18.94 11.39 6.18 5.97 Gross Change in Policyholders' Surplus 50 -10 12 -16* 5Net Commission Ratio 16.01 15.33 23.89 16.95 NA Net Change in Adj Policyholders' Surplus 25 -10 12 -16* 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 88 127* 90Tax, License & Fees Ratio 4.08 4.86 7.52 5.23 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 21.31 10.16 34.15 25.55 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -7 -14Gross Premiums Written ($000)3 1,694 1,624 1,561 1,602 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -36 -46 -12Loss & Loss Adj Expense ($000) 412 522 585 510 465 Est Curr Resv Defi/Policyholders' Surplus 25 --- -38 -106 5Other Underwriting Exp Incurred ($000) 409 297 403 425 416 *Indicates an unusual value.Net Underwriting Gains ($000) 167 159 -374 -45 41 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.34 60.20 39.39 55.53 NA complements of each ratio.Effective Tax Rate 29.93 33.57 NM 22.89 21.39

Pre-Tax Operating Margin 22.19 23.44 -51.60 -1.75 5.90 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth -2.51 15.72 16.40 -1.25 2.16

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -17.28 19.11 46.49 -4.30 1.21

Reinsurance Recoverable ex US Aff 0 0 1 -31 NA Net Premiums Written Growth 186.88 -1.09 -37.11 44.71 NMRetention Ratio (NPW/GPW) (%)3 58.34 60.20 39.39 55.53 NA Pre-Tax Operating Income Growth 118.50 7.00 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 NA Net Income Growth 55.98 11.39 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -20.10 26.22 28.95 -6.21 3.89Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 123.93 -4.16 -3.88 2.64 5.55Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 8.60 3.25 -2.69 -3.47 6.22

Capital & Surplus Five-year CAGR 20.39 10.81 5.14 4.11 3.21Admitted Assets Five-year CAGR 13.53 6.48 -0.38 -1.09 5.28

ASBESTOS/ENVIRONMENTAL RESV 2009Y 2010Y 2011Y 2012Y 2013L2

One-Year Survival Ratio (%) Asbestos NA NA NA NA NA Environmental NA NA NA NA NA Combined NA NA NA NA NA

Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Asbestos NA NA NA NA NA Capital and Surplus 1,222 1,371 1,148 1,200 1,180 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,200 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 289 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA 415.96 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA 207.98 NA

Change in Loss & LAE Resv / Reserves -20.10 26.22 28.95 -6.21 3.89 Realized Capital Gains (Losses) 0 24 0 126 1261 Yr Loss Reserve Dev / 1Y Prior C&S -16.30 -22.36 -7.10 -13.60 NA Net Unrealized Capital Gains (Losses) 54 -17 1 -37 -782 Yr Loss Reserve Dev / 2Y Prior C&S 2.96 -36.46 -46.11 -11.82 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 135.19 136.76 239.78 191.14 183.95 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -16.89 -27.93 -15.85 -17.56 NA Net Premiums Written / Avg C&S (%) 94.61 79.61 47.61 77.86 77.67IBNR/ Total Reserves 86.62 53.19 36.44 48.91 NA Liabilities / Capital & Surplus (%) 102.33 108.58 189.97 173.93 241.08Reserves/ Equity 89.80 100.97 155.51 139.54 147.41 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.09 -2.58 NA

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

208.0

0200400600800

1,0001,2001,4001,600

2008Y 2009Y 2010Y 2011Y 2012Y

Capital ($000) & Capital Ratios (%)ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))

58.3 60.2

39.4

55.5

0200400600800

1,0001,2001,4001,6001,800

2009Y 2010Y 2011Y 2012Y 2013L2

Premiums ($000) Net Premiums Written Gross Premiums Written Retention Ratio (NPW/GPW)

1 Operating Leverage = Net Premiums Written / Policyholder Surplus 2 Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.

when an inter-company pooling arrangement exists.

AEGIS Healthcare RRG Inc. (Baltimore, MD)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 0 0 442 1,321 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,694 1,624 1,561 1,602 1,675Common Stocks 1,278 1,168 1,207 0 58 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,694 1,624 1,561 1,602 1,675Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -706 -646 -946 -712 -766Occupied Properties 0 0 0 0 0 Net Premiums Written 988 978 615 890 909Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -13Properties for Sale 0 0 0 0 0 Net Premiums Earned 988 978 615 890 921

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 259 532 504 1,882 913 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,537 1,700 1,711 2,323 2,292 Net Losses Paid - Commercial 629 53 406 290 NAPremiums & Considerations Due 0 0 0 0 628 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 63 0 276 0 0 Net Losses Paid 629 53 406 290 NAAll Other Admitted Assets 871 1,160 1,343 964 1,107 Net LAE Paid 59 181 54 55 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,472 2,860 3,329 3,288 4,026 Change in Loss Reserves - Commercial -277 284 110 165 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1 4 16 0 NA

Unpaid Losses 1,006 1,290 1,675 1,564 1,629 Net Change in Loss and LAE Reserves -276 288 125 165 NAUnpaid Loss Adj Expenses 91 95 111 111 111 Losses and LAE Incurred 412 522 585 510 465

Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,740 Other Underwriting Expense Incurred 409 297 403 425 416Unearned Premiums 0 0 0 -127 679 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 275 313 314 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 114 104 121 105 112 Net Underwriting Gain (Loss) 167 159 -374 -45 41Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 40 0 0 120 0 Total underwriting deductions 821 819 989 934 881

Total Liabilities 1,250 1,489 2,181 2,087 2,845

Income ($000)Total Capital and Surplus Net Investment Income 73 92 37 29 15

Common Capital Stock 154 154 146 151 151 Net Realized Capital Gains (Losses) 0 24 0 126 126Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -6 0 0 0 0Unassigned Surplus 456 605 382 419 400 Income after cap gains (loss) before tax 234 275 -336 110 182Other Including Gross Contributed 612 612 620 630 630 Federal Income Tax 70 92 -112 25 39

Capital & Surplus 1,222 1,371 1,148 1,200 1,180 Net Income 164 183 -224 85 143

Total Liabilities and C&S 2,472 2,860 3,329 3,288 4,026 Pre-tax Operating Income 234 251 -336 -16 55

Memo: Total Revenue 1,056 1,094 652 1,045 1,062Memo: Affiliated Investments ($000) Memo: Paid Expenses 462 488 450 484 NA

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 0 542Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Class 5 0 0 0 0 0

Net Investment Income 73 92 37 29 15 Class 6 0 0 0 0 0R li d C it l G i 0 24 0 126 126Realized Capital Gains 0 24 0 126 126Unrealized Capital Gains 54 -17 1 -37 -78Total Cash & Investments 1,537 1,700 1,711 2,323 2,292Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 542 1,622Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,278 1,168 1,207 0 58Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA

Top 5 States by DPW - 2012Y Top Lines of Business by DPW - 2012Y SECURITIES ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0

LT BONDS & STOCKS SUMMARY ($000) Carr Value Fair Value Actual Cost Par Value Total

LT Bond 442 442 442 435 1,760Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 442 442 442 435 --

ASSET QUALITY (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 19.01 57.64Common Stocks / C&S 104.62 85.19 105.12 0.00 4.89Unaff common stock/Invested Assets 83.12 68.72 70.54 0.00 2.52

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Maryland 1,602 Cash/Invested Assets 16.88 31.28 29.46 80.99 39.842. Alaska 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 0.00 0.00 0.00 15.59

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Reinsurance recoverable/Total Assets 2.54 0.00 8.27 0.00 0.00

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 14.68 1.90 -3.79 -1.86 All other admitted assets/Total Assets 35.25 40.57 40.33 29.33 27.49National DPW ($000) 757 1,694 1,624 1,561 1,602 Invested Assets/Total Assets 62.21 59.43 51.39 70.67 56.92Adjusted Loss Ratio 30.98 20.78 20.76 33.02 28.39 Investment Income/Total Assets 2.95 3.22 1.12 0.87 0.36

5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 6 - The Securities and Bond section are held at carrying valueh i t li t i t

Investment Portfolio (%) - 2012

Bonds - 19.0% Preferred Stocks - 0.0%

Common Stocks - 0.0% Mortgage Loans - 0.0%

Other Invstmts - 81.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2

Bond Rated 3-6/Total Bond (%)

Maryland - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%


Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 18,918 22,115 24,157 31,532 33,967Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,367 9,043 11,350 13,003 13,898Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 10,551 13,072 12,808 18,529 20,069

NAIC Ownership Structure: Risk Retention Group Net Income 1,196 940 2,235 1,422 1,233Tax Identification Number : 86-1070645 Total Revenue 8,355 8,043 9,443 13,087 14,769

Direct Premiums Written 10,561 12,639 13,553 20,219 21,047Net Premiums Written 8,512 8,363 9,614 15,366 15,583

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 7,986 7,699 9,088 12,703 14,368

AM Best Financial Strength Rating A- 10/04/10 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 8,845Demotech Financial Strength Rating A' 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 56.51 74.64 73.02 52.59 54.75S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.64 16.21 31.77 19.64 17.83Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.02 0.92 0.85 1.18 1.12Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr & KnightFax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 2.29 1.80 1.67 1.50 1.41Net Investment Income/Earned Premiums 4.33 4.11 3.69 2.50 2.57Return on Average Equity (C&S) 14.88 11.06 21.71 11.77 9.57Return on Avg Assets 6.79 4.40 9.55 5.06 3.91Loss and LAE Ratio 23.13 37.93 20.93 34.61 41.32Expense Ratio 56.01 44.79 44.42 41.12 41.93Loss Ratio 11.96 14.29 8.37 13.83 18.82Combined Ratio 79.14 82.71 65.34 75.73 83.25Operating Ratio 74.52 78.24 61.44 72.70 80.46Investment ratio 4.62 4.47 3.90 3.02 2.79


Cash, Short-Term Investments / Liabilities 23.31 13.62 19.06 31.21 17.48Cash, Common & Liquid Bonds / Liabilities 164.12 155.39 173.70 155.06 148.63Cash & Short-Term Investments / C&S 29.39 19.69 21.51 44.47 25.24Liabilities / Liquid Assets (IRIS Ratio) 61.00 64.00 57.00 64.00 67.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 199.91 197.29 209.45 195.43 166.24Cash From Underwriting ($000) 2,506 3,351 3,428 6,857 3,765Net Cash From Operations ($000) 2,406 3,760 2,958 6,678 3,853Underwriting Cash Flow Ratio 143.44 166.82 154.01 176.49 133.93Operating Cash Flow Ratio 155.14 171.31 173.71 187.64 142.77Unassigned Funds / Total Assets 39.21 36.59 43.05 32.52 32.82


GPW to Policyholders' Surplus3 900 --- 140 119 155NPW to Policyholders' Surplus 300 --- 92 85 118Change in Net Premiums Written 33 -33 -2 15 60*Surplus Aid to Policyholders' Surplus 15 --- 3 3 3Two-Year Overall Operating Ratio 100 --- 76 69 68

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 1 8* 1 7* 1 5*

MSA: Los Angeles-Long Beach-Santa Ana, CA (Metro)

Distribution Channel: Broker

61.0

64.0

57.0

64.0

67.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013L2


79.1 82.7

65.3

75.783.3

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L2



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 1.8* 1.7* 1.5*

Loss Adjustment Expense Ratio 11.17 23.64 12.56 20.78 22.50 Gross Change in Policyholders' Surplus 50 -10 8 26 15Net Commission Ratio 28.32 19.00 19.19 25.24 NA Net Change in Adj Policyholders' Surplus 25 -10 8 26* 15Salaries & Benefits Ratio 0.00 0.00 0.03 0.17 NA Liabilities to Liquid Assets 100 --- 64 57 64Tax, License & Fees Ratio 3.81 3.92 4.07 3.44 NA Agents' Bal to Policyholders' Surplus 40 --- 10 8 10Admin & Other Expense Ratio 23.88 21.86 21.12 12.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -10 0Gross Premiums Written ($000)3 10,561 12,639 13,553 20,219 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -12 -11Loss & Loss Adj Expense ($000) 1,847 2,920 1,902 4,397 5,937 Est Curr Resv Defi/Policyholders' Surplus 25 --- -24 -7 8Other Underwriting Exp Incurred ($000) 4,767 3,745 4,270 6,318 6,535 *Indicates an unusual value.Net Underwriting Gains ($000) 1,372 1,034 2,916 1,988 1,897 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 80.60 66.17 70.94 76.00 NA complements of each ratio.Effective Tax Rate 31.62 31.85 31.71 40.00 46.17

Pre-Tax Operating Margin 20.83 17.13 34.64 18.13 15.56 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 16.37 16.90 9.24 30.53 19.15

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 15.45 23.89 -2.02 44.67 22.40

Reinsurance Recoverable ex US Aff 1,289 2,185 2,412 2,632 NA Net Premiums Written Growth 20.15 -1.75 14.96 59.82 49.81Retention Ratio (NPW/GPW) (%)3 80.60 66.17 70.94 76.00 NA Pre-Tax Operating Income Growth -3.48 -20.83 137.35 -27.47 -18.64Unauthorized Net Recov. (ex US Aff) (%) 11.48 20.32 27.07 32.48 NA Net Income Growth -3.71 -21.40 137.66 -36.38 -37.59Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 14.35 31.30 -2.42 26.17 34.75Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 7.60 19.68 7.23 49.19 24.40Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 36.53 20.21 14.38 19.05 18.40

Capital & Surplus Five-year CAGR 47.41 28.60 23.75 17.40 18.51Admitted Assets Five-year CAGR 40.74 23.24 18.24 18.35 18.45




Asbestos NA NA NA NA NA Capital and Surplus 8,367 9,043 11,350 13,003 13,898 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,367 9,043 11,350 13,003 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,976 1,588 1,780 2,789 NA

Risk Based Capital Ratio (TAC/ACL RBC) 423.45 569.34 637.62 466.27 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) 211.72 284.67 318.81 233.13 NA

Change in Loss & LAE Resv / Reserves 14.35 31.30 -2.42 26.17 34.75 Realized Capital Gains (Losses) 9 2 2 -3 -71 Yr Loss Reserve Dev / 1Y Prior C&S -9.58 -2.01 -9.90 0.27 NA Net Unrealized Capital Gains (Losses) 0 0 15 62 1292 Yr Loss Reserve Dev / 2Y Prior C&S -12.90 -11.93 -11.51 -10.66 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 56.51 74.64 73.02 52.59 54.75 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.54 -2.18 -9.85 0.24 NA Net Premiums Written / Avg C&S (%) 105.82 98.35 93.38 127.19 120.92IBNR/ Total Reserves 29.49 19.97 26.09 26.15 NA Liabilities / Capital & Surplus (%) 126.10 144.55 112.85 142.49 144.40Reserves/ Equity 58.54 71.11 55.29 60.89 63.64 Total Reins Recov Excl US Aff / C&S (%) 15.41 24.16 21.25 20.24 NA


295.1

211.7

284.7318.8

233.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008Y 2009Y 2010Y 2011Y 2012Y



80.6

66.270.9

76.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L2




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 14,657 18,532 19,046 22,176 24,882 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 10,561 12,639 13,553 20,219 21,047Common Stocks 0 0 760 831 1,437 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,049 -4,276 -3,939 -4,853 -5,463Occupied Properties 0 0 0 0 0 Net Premiums Written 8,512 8,363 9,614 15,366 15,583Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 525 663 526 2,663 1,215Properties for Sale 0 0 0 0 0 Net Premiums Earned 7,986 7,699 9,088 12,703 14,368

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,459 1,781 2,441 5,783 3,508 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 17,116 20,313 22,247 28,790 29,827 Net Losses Paid - Commercial 537 493 728 957 NAPremiums & Considerations Due 910 877 899 1,325 1,616 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 51 41 15 0 1,143 Net Losses Paid 537 493 728 957 NAAll Other Admitted Assets 839 883 996 1,417 1,381 Net LAE Paid 695 894 1,329 1,797 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,918 22,115 24,157 31,532 33,967 Change in Loss Reserves - Commercial 418 607 32 799 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 197 926 -187 843 NA

Unpaid Losses 3,077 3,684 3,716 4,515 5,164 Net Change in Loss and LAE Reserves 615 1,533 -155 1,642 NAUnpaid Loss Adj Expenses 1,821 2,747 2,559 3,402 3,681 Losses and LAE Incurred 1,847 2,920 1,902 4,397 5,937

Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 8,845 Other Underwriting Expense Incurred 4,767 3,745 4,270 6,318 6,535Unearned Premiums 4,309 4,972 5,498 8,161 9,097 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 396 688 194 900 690 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 295 327 282 374 536 Net Underwriting Gain (Loss) 1,372 1,034 2,916 1,988 1,897Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 653 653 559 1,176 900 Total underwriting deductions 6,614 6,665 6,172 10,715 12,472



Common Capital Stock 600 600 600 2,400 2,400 Net Realized Capital Gains (Losses) 9 2 2 -3 -7Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 7,417 8,093 10,400 10,253 11,148 Income after cap gains (loss) before tax 1,750 1,380 3,273 2,370 2,291Other Including Gross Contributed 350 350 350 350 350 Federal Income Tax 553 440 1,038 948 1,058

Capital & Surplus 8,367 9,043 11,350 13,003 13,898 Net Income 1,196 940 2,235 1,422 1,233

Total Liabilities and C&S 18,918 22,115 24,157 31,532 33,967 Pre-tax Operating Income 1,741 1,378 3,271 2,372 2,298

Memo: Total Revenue 8,364 8,045 9,445 13,084 14,763Memo: Affiliated Investments ($000) Memo: Paid Expenses 5,463 4,640 5,601 8,122 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 12,131 13,736 17,855 17,704 19,136Cash & Short Term Investments 0 0 0 0 0 Class 2 0 1,120 677 1,343 2,979All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 369 344 354 384 401 Class 6 0 0 0 0 0R li d C it l G i 9 2 2 3 7Realized Capital Gains 9 2 2 -3 -7Unrealized Capital Gains 0 0 15 62 129Total Cash & Investments 17,116 20,313 22,247 28,790 29,827Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,857 18,532 19,046 22,176 24,882Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 760 831 1,437Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.27 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 12,031 1,045 1,370 2,179 2,907Issued Political Subdivisions ($000) 0 3,685 7,194 7,094 7,981Issued State Rev Obligations ($000) 0 9,926 9,968 9,773 10,990Issued Industrial Development ($000) 0 0 0 0 297


LT Bond 22,176 22,362 22,866 20,740 88,144Common Stock 831 831 745 -- 2,407Preferred Stock 0 0 0 -- 0Total 23,006 23,193 23,611 20,740 --


Bond Avg Asset Quality (1-6) (Actual) 1.08 1.04 1.07 1.14 1.09Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.46 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 85.63 91.23 85.61 77.03 83.42Common Stocks / C&S 0.00 0.00 6.69 6.39 10.34Unaff common stock/Invested Assets 0.00 0.00 3.41 2.89 4.82

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 3,809 1. Med Prof Liab 20,219 Cash/Invested Assets 14.37 8.77 10.97 20.09 11.762. New York 2,893 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,551 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,171 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 956 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 9,839 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 4.81 3.97 3.72 4.20 4.76


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.01 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 79.19 13.27 12.08 9.40 17.16 All other admitted assets/Total Assets 4.43 3.99 4.12 4.50 4.07National DPW ($000) 9,815 10,561 12,639 13,553 20,219 Invested Assets/Total Assets 90.47 91.85 92.09 91.30 87.81Adjusted Loss Ratio 14.55 10.03 21.88 9.27 17.56 Investment Income/Total Assets 1.95 1.56 1.47 1.22 1.18





Other Invstmts - 20.1% 0.00 0.10 0.20 0.30

2009Y2010Y

2011Y

2012Y

2013L2


California - 18.8% New York - 14.3%

Florida - 7.7% Washington - 5.8%

Texas - 4.7% All other - 48.7%

Med Prof Liab - 100.0%

Total Cmbnd A&H - 0.0%

Aircraft - 0.0%

Comm'l Auto St - 0.0%

Comm'l Multi Prl - 0.0%

All Other - 0.0%


Amer Trucking & Transportation (Missoula, MT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 12,964 13,854 14,354 15,256 15,748Fourth Floor Business Focus : Commercial Property Focus Policyholder Surplus 3,239 4,217 3,914 4,423 5,262Missoula, MT 59802-4437 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,725 9,637 10,440 10,834 10,487

NAIC Ownership Structure: Risk Retention Group Net Income 257 607 -41 401 636Tax Identification Number : 33-1019877 Total Revenue 2,814 3,403 2,842 2,507 2,509



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 5,498Demotech Financial Strength Rating A 08/08/13 Affirm Loss & LAE Reserves/ NPE (%) 274.39 225.01 256.58 278.10 260.52S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.10 25.72 -8.25 6.56 12.22Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.61 0.79 0.67 0.49 0.43Fitch Financial Strength Rating -- -- -- --


Name : Patricia Lorraine Maloney Auditor Anderson ZurMuehlen & Co. P.CPhone : (406) 523-3908 Actuary Turner Consulting Inc.Fax : (406) 523-3935 CEO Kenneth Carl CrippenEmail : [email protected] CFO --

President Kenneth Carl Crippen


Net Yield on Invested Assets 3.57 3.56 3.01 2.71 2.55Net Investment Income/Earned Premiums 15.97 12.16 13.80 17.40 15.99Return on Average Equity (C&S) 9.20 17.15 -1.03 9.20 13.39Return on Avg Assets 2.23 4.72 -0.32 2.77 4.31Loss and LAE Ratio 74.35 59.05 97.69 70.32 54.21Expense Ratio 32.06 22.92 30.42 35.15 34.70Loss Ratio 28.99 10.57 51.02 -43.27 -54.98Combined Ratio 106.41 81.98 128.11 105.48 88.90Operating Ratio 92.75 68.03 113.15 87.48 71.90Investment ratio 13.66 13.95 14.96 18.00 17.01


Cash, Short-Term Investments / Liabilities 6.36 24.45 22.12 27.11 15.87Cash, Common & Liquid Bonds / Liabilities 102.17 133.58 126.25 128.98 134.78Cash & Short-Term Investments / C&S 19.09 55.87 59.00 66.41 31.62Liabilities / Liquid Assets (IRIS Ratio) 100.00 74.00 78.00 76.00 70.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 295.39 258.99 289.41 309.53 210.68Cash From Underwriting ($000) 1,226 3,494 335 -349 147Net Cash From Operations ($000) 1,334 3,800 525 243 98Underwriting Cash Flow Ratio 162.28 219.65 109.52 84.17 106.76Operating Cash Flow Ratio 180.53 224.52 116.58 75.94 119.63Unassigned Funds / Total Assets 9.59 13.83 11.77 14.90 19.76


GPW to Policyholders' Surplus3 900 --- 158 152 151NPW to Policyholders' Surplus 300 --- 79 67 49Change in Net Premiums Written 33 -33 69* -21 -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 74 86 99

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 3 6 2 8* 2 7*

MSA: Missoula, MT (Metro)


100.0

74.0 78.0 76.070.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L2


106.4

82.0

128.1

105.5

88.9

-2.000.002.004.006.008.00

10.0012.0014.0016.0018.0020.00

2009Y 2010Y 2011Y 2012Y 2013L2



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 3.6 2.8* 2.7*

Loss Adjustment Expense Ratio 45.36 48.48 46.67 113.60 109.18 Gross Change in Policyholders' Surplus 50 -10 30 -7 13Net Commission Ratio 3.91 1.45 -0.57 1.14 NA Net Change in Adj Policyholders' Surplus 25 -10 28* -4 15Salaries & Benefits Ratio 10.84 7.41 10.26 12.34 NA Liabilities to Liquid Assets 100 --- 74 78 76Tax, License & Fees Ratio 6.65 7.18 6.45 9.54 NA Agents' Bal to Policyholders' Surplus 40 --- 4 0 9Admin & Other Expense Ratio 10.67 6.88 14.28 12.13 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 11 8 -14Gross Premiums Written ($000)3 4,846 6,644 5,967 6,686 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -3 2 -12Loss & Loss Adj Expense ($000) 1,727 1,725 2,373 1,464 1,147 Est Curr Resv Defi/Policyholders' Surplus 25 --- 8 9 -31Other Underwriting Exp Incurred ($000) 637 768 801 757 781 *Indicates an unusual value.Net Underwriting Gains ($000) -41 428 -745 -139 188 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 41.00 50.41 44.11 32.20 NA complements of each ratio.Effective Tax Rate 36.88 31.92 NM 25.66 28.78

Pre-Tax Operating Margin 15.97 26.75 -11.66 11.42 23.15 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 7.82 -0.91 8.34 3.77 -1.29

Reinsurance Recoverable ex US Aff 15,875 9,727 11,467 12,060 NA Net Premiums Written Growth -48.21 68.55 -21.41 -18.20 -0.98Retention Ratio (NPW/GPW) (%)3 41.00 50.41 44.11 32.20 NA Pre-Tax Operating Income Growth -56.69 102.61 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 1.88 4.84 9.51 15.97 NA Net Income Growth -60.58 136.43 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 11.30 -4.87 -6.35 -2.63 -7.27Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -24.00 37.10 -10.19 12.04 13.91Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 15.03 6.64 6.31 4.43 4.91





Asbestos NA NA NA NA NA Capital and Surplus 3,239 4,217 3,914 4,423 5,262 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,914 4,423 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 1,219 1,010 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 321.10 438.03 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 160.55 219.02 NA

Change in Loss & LAE Resv / Reserves 11.30 -4.87 -6.35 -2.63 -7.27 Realized Capital Gains (Losses) -42 -19 107 253 3131 Yr Loss Reserve Dev / 1Y Prior C&S -10.19 11.45 8.42 -14.23 NA Net Unrealized Capital Gains (Losses) 636 453 -249 224 4022 Yr Loss Reserve Dev / 2Y Prior C&S 24.28 -2.52 2.25 -12.16 NA Dividends to Stockholders -250 -100 0 0 0Loss and LAE Reserves / NPE 274.39 225.01 256.58 278.10 260.52 Dividend Payout Ratio (%) 97.36 16.47 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -11.66 12.70 14.62 -26.76 NA Net Premiums Written / Avg C&S (%) 71.18 94.63 65.51 49.38 47.36IBNR/ Total Reserves 38.87 40.09 34.19 18.95 NA Liabilities / Capital & Surplus (%) 300.22 228.51 266.75 244.95 199.30Reserves/ Equity 197.58 144.36 145.68 125.52 104.48 Total Reins Recov Excl US Aff / C&S (%) 490.08 230.64 292.98 272.67 NA


160.6

219.0

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012Y



41.0

50.444.1

32.2

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L2




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 5,772 7,268 7,546 7,301 7,874 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,846 6,644 5,967 6,686 6,880Common Stocks 3,244 3,316 3,477 3,982 5,055 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,859 -3,295 -3,335 -4,533 -4,628Occupied Properties 0 0 0 0 0 Net Premiums Written 1,987 3,349 2,632 2,153 2,252Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -336 428 203 71 135Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,323 2,921 2,429 2,082 2,116

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 619 2,356 2,309 2,937 1,664 Underwriting Deductions ($000)Other Investments 0 0 0 0 236 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,634 12,941 13,333 14,220 14,829 Net Losses Paid - Commercial 295 658 1,099 243 NAPremiums & Considerations Due 2,745 169 0 390 833 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 169 38 214 0 Net Losses Paid 295 658 1,099 243 NAAll Other Admitted Assets 586 576 984 433 87 Net LAE Paid 782 1,378 1,660 1,371 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,964 13,854 14,354 15,256 15,748 Change in Loss Reserves - Commercial 378 -350 140 -1,143 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 272 38 -526 993 NA

Unpaid Losses 3,138 2,789 2,929 1,785 1,562 Net Change in Loss and LAE Reserves 650 -312 -387 -150 NAUnpaid Loss Adj Expenses 3,262 3,300 2,773 3,766 3,936 Losses and LAE Incurred 1,727 1,725 2,373 1,464 1,147

Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 5,498 Other Underwriting Expense Incurred 637 768 801 757 781Unearned Premiums 2,236 2,664 2,867 2,939 1,541 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 962 580 1,576 1,714 2,768 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 127 176 141 171 29 Net Underwriting Gain (Loss) -41 428 -745 -139 188Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 129 155 458 651 Total underwriting deductions 2,364 2,493 3,173 2,221 1,928



Common Capital Stock 1,996 2,072 2,072 2,072 2,072 Net Realized Capital Gains (Losses) -42 -19 107 253 313Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 173 75 50 51 33Surplus Notes 0 229 152 77 77 All Other Income 0 0 0 0 0Unassigned Surplus 1,243 1,917 1,690 2,273 3,112 Income after cap gains (loss) before tax 407 892 -224 539 894Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 150 285 -183 138 257

Capital & Surplus 3,239 4,217 3,914 4,423 5,262 Net Income 257 607 -41 401 636

Total Liabilities and C&S 12,964 13,854 14,354 15,256 15,748 Pre-tax Operating Income 449 910 -331 286 581


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 2,252 3,639 5,358 5,571 5,566Cash & Short Term Investments 0 0 0 0 0 Class 2 1,309 2,434 1,843 1,824 1,489All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 317 407 363 375 360 Class 6 20 0 0 0 0R li d C it l G i 42 19 107 253 313Realized Capital Gains -42 -19 107 253 313Unrealized Capital Gains 636 453 -249 224 402Total Cash & Investments 9,634 12,941 13,333 14,220 14,829Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 6,174 7,268 7,546 7,301 7,872Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,244 3,316 3,477 3,982 5,055Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 8.10 NM 2.32 1.35 NAPrivately Placed Bonds / C&S (%) 15.44 -39.26 4.47 2.22 NABonds Rated 3-6 / Total Bonds (%) 1.62 0.93 2.01 3.37 5.81Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 541 1,359 2,008 1,505Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,301 7,846 7,341 7,324 29,813Common Stock 3,982 3,982 3,580 -- 11,543Preferred Stock 0 0 0 -- 0Total 11,283 11,828 10,921 7,324 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Louisiana 2,196 1. Comm'l Auto St 6,686 Cash/Invested Assets 6.42 18.21 17.32 20.65 11.222. Washington 1,879 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,489 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 830 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 291 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 1.59Premiums & Cons due/Total Assets 21.17 1.22 0.00 2.55 5.29


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA -1.38 -1.01 -0.55 -0.30 All other admitted assets/Total Assets 4.52 4.16 6.85 2.84 0.55National DPW ($000) 6,376 4,846 6,644 5,967 6,686 Invested Assets/Total Assets 74.31 93.41 92.88 93.20 94.16Adjusted Loss Ratio 110.71 163.99 -65.77 169.40 4.29 Investment Income/Total Assets 2.45 2.94 2.53 2.46 2.29





Other Invstmts - 20.7% 0.00 2.00 4.00 6.00 8.00

2009Y2010Y

2011Y

2012Y

2013L2


Louisiana - 32.9% Washington - 28.1%

Montana - 22.3% Oregon - 12.4%

Ohio - 4.4% All other - 0.0%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 59,943 71,460 83,910 92,319 100,906Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 19,036 20,673 22,205 25,118 27,173Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 40,908 50,787 61,705 67,202 73,733

NAIC Ownership Structure: Risk Retention Group Net Income 1,628 933 1,240 3,732 3,706Tax Identification Number : 81-0603029 Total Revenue 25,985 27,665 32,116 33,473 36,397



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 52,656Demotech Financial Strength Rating A' 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 93.98 120.78 138.20 152.45 143.82S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.22 5.68 6.73 17.55 16.08Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.52 1.35 1.38 1.31 1.23Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk SolutionFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch




Cash, Short-Term Investments / Liabilities 10.71 10.64 10.37 10.61 10.51Cash, Common & Liquid Bonds / Liabilities 94.13 97.51 100.45 109.08 110.71Cash & Short-Term Investments / C&S 23.02 26.15 28.82 28.39 28.52Liabilities / Liquid Assets (IRIS Ratio) 99.00 98.00 99.00 81.00 82.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 115.45 114.84 113.69 128.48 107.38Cash From Underwriting ($000) 9,154 9,308 6,370 6,957 6,386Net Cash From Operations ($000) 9,878 8,880 9,124 9,201 7,008Underwriting Cash Flow Ratio 150.60 149.54 127.33 126.56 122.58Operating Cash Flow Ratio 153.64 153.41 130.13 130.40 130.97Unassigned Funds / Total Assets 10.88 5.49 2.91 1.52 1.89


GPW to Policyholders' Surplus3 900 --- 160 162 162NPW to Policyholders' Surplus 300 --- 135 138 131Change in Net Premiums Written 33 -33 -3 10 7Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 90 93 88

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 3 5 4 9 3 8

MSA: Phoenix-Mesa-Glendale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

99.0 98.0 99.0

81.0 82.0

0

20,000

40,000

60,000

80,000

100,000

120,000

2009Y 2010Y 2011Y 2012Y 2013L2


92.2

100.7

103.9

92.9

95.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2009Y 2010Y 2011Y 2012Y 2013L2



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 3.5 4.9 3.8

Loss Adjustment Expense Ratio 25.78 24.98 30.96 29.03 29.89 Gross Change in Policyholders' Surplus 50 -10 9 7 13Net Commission Ratio 17.34 20.60 20.10 20.26 NA Net Change in Adj Policyholders' Surplus 25 -10 -6 -5 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 98 99 81Tax, License & Fees Ratio 1.20 1.55 1.44 1.89 NA Agents' Bal to Policyholders' Surplus 40 --- 38 41* 2Admin & Other Expense Ratio 4.86 6.71 8.06 7.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -5 -20Gross Premiums Written ($000)3 30,001 33,162 36,078 40,753 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -14 -26Loss & Loss Adj Expense ($000) 16,952 18,421 21,546 19,403 22,121 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -48 -34Other Underwriting Exp Incurred ($000) 6,752 8,064 9,075 9,707 10,048 *Indicates an unusual value.Net Underwriting Gains ($000) 926 -835 -1,622 1,465 1,412 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 96.18 84.26 84.99 80.82 NA complements of each ratio.Effective Tax Rate 30.23 37.99 34.46 30.88 31.60



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 33.15 24.15 21.50 8.91 10.54

Reinsurance Recoverable ex US Aff 4,827 5,937 7,039 11,898 NA Net Premiums Written Growth 46.97 -3.16 9.73 7.41 -0.54Retention Ratio (NPW/GPW) (%)3 96.18 84.26 84.99 80.82 NA Pre-Tax Operating Income Growth -35.09 -48.31 26.85 191.80 211.46Unauthorized Net Recov. (ex US Aff) (%) 29.63 22.17 15.84 14.42 NA Net Income Growth 0.31 -42.69 32.92 200.95 168.63Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 25.03 30.24 26.87 6.41 11.69Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 30.37 10.53 8.79 12.96 13.18Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 41.40 35.81 27.21 20.42 16.40








Change in Loss & LAE Resv / Reserves 25.03 30.24 26.87 6.41 11.69 Realized Capital Gains (Losses) 53 325 397 1,036 1,1911 Yr Loss Reserve Dev / 1Y Prior C&S 5.16 -5.19 -5.02 -20.38 NA Net Unrealized Capital Gains (Losses) 1,020 1,999 630 1,397 1,1132 Yr Loss Reserve Dev / 2Y Prior C&S -0.44 0.29 -13.54 -25.73 NA Dividends to Stockholders -3,000 -3,949 -2,986 -4,769 -4,768Loss and LAE Reserves / NPE 93.98 120.78 138.20 152.45 143.82 Dividend Payout Ratio (%) 184.31 423.27 240.79 127.81 128.651 Yr Loss Reserve Development / NPE 3.46 -3.85 -3.58 -14.80 NA Net Premiums Written / Avg C&S (%) 154.62 134.55 137.92 132.49 127.22IBNR/ Total Reserves 30.26 28.93 26.68 18.99 NA Liabilities / Capital & Surplus (%) 214.90 245.67 277.89 267.54 271.34Reserves/ Equity 138.05 165.56 195.55 183.96 193.78 Total Reins Recov Excl US Aff / C&S (%) 25.36 28.72 31.70 47.37 NA


281.8255.3

217.5187.2

246.5

0

5,000

10,000

15,000

20,000

25,000

30,000

2008Y 2009Y 2010Y 2011Y 2012Y



96.2

84.3 85.0

80.8

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2009Y 2010Y 2011Y 2012Y 2013L2




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,147 -5,218 -5,416 -7,817 -9,040Occupied Properties 0 0 0 0 0 Net Premiums Written 28,855 27,943 30,663 32,936 33,455Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 4,224 2,293 1,664 2,361 -126Properties for Sale 0 0 0 0 0 Net Premiums Earned 24,630 25,651 28,999 30,575 33,582

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,382 5,406 6,400 7,131 7,749 Underwriting Deductions ($000)Other Investments 26 9 -23 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 40,912 51,316 61,990 72,723 77,743 Net Losses Paid - Commercial 7,357 5,014 5,376 8,702 NAPremiums & Considerations Due 8,062 7,907 9,011 8,705 10,334 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 163 286 248 0 Net Losses Paid 7,357 5,014 5,376 8,702 NAAll Other Admitted Assets 10,970 12,073 12,624 10,643 12,829 Net LAE Paid 4,334 5,461 6,972 7,916 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 59,943 71,460 83,910 92,319 100,906 Change in Loss Reserves - Commercial 3,245 7,000 7,192 1,824 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 2,016 946 2,006 960 NA

Unpaid Losses 21,018 28,018 35,210 37,034 42,226 Net Change in Loss and LAE Reserves 5,261 7,946 9,198 2,784 NAUnpaid Loss Adj Expenses 5,260 6,207 8,212 9,172 10,430 Losses and LAE Incurred 16,952 18,421 21,546 19,403 22,121

Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 52,656 Other Underwriting Expense Incurred 6,752 8,064 9,075 9,707 10,048Unearned Premiums 13,339 15,632 17,296 19,657 19,745 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 677 590 444 543 195 Net Underwriting Gain (Loss) 926 -835 -1,622 1,465 1,412Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 613 341 543 796 1,137 Total underwriting deductions 23,705 26,486 30,621 29,110 32,169


Income ($000)Total Capital and Surplus Net Investment Income 876 1,586 2,711 2,552 2,331

Common Capital Stock 16,262 19,071 21,566 24,925 26,501 Net Realized Capital Gains (Losses) 53 325 397 1,036 1,191Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 478 428 343 288 292Surplus Notes 0 0 0 0 0 All Other Income 0 0 63 58 192Unassigned Surplus 6,523 3,920 2,446 1,408 1,905 Income after cap gains (loss) before tax 2,333 1,504 1,892 5,399 5,418Other Including Gross Contributed -3,750 -2,318 -1,806 -1,215 -1,232 Federal Income Tax 705 571 652 1,667 1,712

Capital & Surplus 19,036 20,673 22,205 25,118 27,173 Net Income 1,628 933 1,240 3,732 3,706

Total Liabilities and C&S 59,943 71,460 83,910 92,319 100,906 Pre-tax Operating Income 2,280 1,179 1,495 4,363 4,228


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 19,438 27,985 35,318 40,925 41,515Cash & Short Term Investments 0 0 0 0 0 Class 2 1,785 1,792 3,694 4,988 7,360All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 320 0 0 0 0Class 4 2,636 2,380 3,815 4,227 4,321


Net Investment Income 876 1,586 2,711 2,552 2,331 Class 6 4 0 0 0 0R li d C it l G i 53 325 397 1 036 1 191Realized Capital Gains 53 325 397 1,036 1,191Unrealized Capital Gains 1,020 1,999 630 1,397 1,113Total Cash & Investments 40,912 51,316 61,990 72,723 77,743Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 32,158 42,826 50,141 53,195 58,818Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 4,346 5,102 9,672 17,297 19,214Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 5,352 2,679 2,036

Municipal SecuritiesIssued States & Territories ($000) 9,217 12,151 1,004 1,460 1,710Issued Political Subdivisions ($000) 0 0 2,410 2,001 1,121Issued State Rev Obligations ($000) 0 0 9,728 11,572 12,630Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 16,401 1. Med Prof Liab 40,753 Cash/Invested Assets 10.71 10.54 10.32 9.81 9.972. Florida 5,775 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 3,789 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Connecticut 3,057 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 2,721 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 9,010 All Other 0 Other Investments/Invested Assets 0.06 0.02 -0.04 0.00 0.00Premiums & Cons due/Total Assets 13.45 11.07 10.74 9.43 10.24







Other Invstmts - 9.8% 0.00 2.00 4.00 6.00 8.00 10.00

2009Y2010Y

2011Y

2012Y

2013L2


New York - 40.2% Florida - 14.2%

Arizona - 9.3% Connecticut - 7.5%

Texas - 6.7% All other - 22.1%



Aircraft - 0.0%



All Other - 0.0%


Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 16,279 15,157 15,724 15,646 15,053Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 8,082 7,888 8,306 7,996 7,399

Geographic Focus: Regional - Southern Quadrant Total Liabilities 8,197 7,269 7,418 7,649 7,654NAIC Ownership Structure: Risk Retention Group Net Income -6 -3 114 -557 -709Tax Identification Number : 63-0980826 Total Revenue 3,071 2,412 2,834 1,858 1,732



AM Best Financial Strength Rating -- 08/22/13 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 5,971 5,090 4,847 4,276 4,137Demotech Financial Strength Rating A 08/27/13 Affirm Loss & LAE Reserves/ NPE (%) 220.52 255.11 199.40 264.92 241.03S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.18 -2.06 1.76 -6.74 -8.01Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.35 0.28 0.32 0.23 0.25Fitch Financial Strength Rating -- -- -- --


Name : Melanie T. Dixon Auditor Saslow Lufkin & Buggy LLPPhone : (205) 980-0009 Actuary Merlinos & Associates Inc.Fax : (205) 980-9009 CEO --Email : [email protected] CFO --

President Henry Thomas Henzel


Net Yield on Invested Assets 1.42 0.78 1.10 0.45 -0.64Net Investment Income/Earned Premiums 7.87 5.24 6.26 3.67 -5.06Return on Average Equity (C&S) -0.07 -0.04 1.43 -6.76 -8.86Return on Avg Assets -0.03 -0.02 0.72 -3.56 -4.57Loss and LAE Ratio 42.57 30.34 37.38 43.46 40.96Expense Ratio 66.72 83.92 64.55 89.64 86.21Loss Ratio 14.78 22.74 9.50 -15.62 5.31Combined Ratio 109.29 114.26 101.92 133.10 127.17Operating Ratio 101.55 109.16 95.76 129.36 132.39Investment ratio 7.75 5.10 6.16 3.74 -5.22


Cash, Short-Term Investments / Liabilities 64.84 39.80 23.15 74.96 80.52Cash, Common & Liquid Bonds / Liabilities 181.71 192.41 183.78 186.34 178.63Cash & Short-Term Investments / C&S 65.77 36.68 20.67 71.71 83.30Liabilities / Liquid Assets (IRIS Ratio) 55.00 52.00 54.00 53.00 56.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 279.08 299.50 324.30 337.11 269.41Cash From Underwriting ($000) -426 -1,479 -120 27 -494Net Cash From Operations ($000) 73 -883 -36 433 -255Underwriting Cash Flow Ratio 87.01 61.15 95.23 100.79 85.70Operating Cash Flow Ratio 80.60 58.24 95.43 100.79 85.70Unassigned Funds / Total Assets 42.82 44.71 45.76 44.01 41.77


GPW to Policyholders' Surplus3 900 --- 44 41 43NPW to Policyholders' Surplus 300 --- 28 32 23Change in Net Premiums Written 33 -33 -20 18 -31Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 105* 102* 109*


MSA: Birmingham-Hoover, AL (Metro)


55.0

52.0

54.0

53.0

56.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L2


109.3 114.3101.9

133.1127.2

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 27.79 7.60 27.88 59.08 35.65 Gross Change in Policyholders' Surplus 50 -10 -2 5 -4Net Commission Ratio -1.73 -2.01 -1.72 -2.65 NA Net Change in Adj Policyholders' Surplus 25 -10 -2 5 -4Salaries & Benefits Ratio 25.10 27.69 23.79 35.92 NA Liabilities to Liquid Assets 100 --- 52 54 53Tax, License & Fees Ratio 4.63 6.13 5.52 9.61 NA Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 38.72 52.11 36.96 46.76 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -24 -8Gross Premiums Written ($000)3 3,752 3,502 3,367 3,450 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -34 -40 -18Loss & Loss Adj Expense ($000) 1,213 696 998 779 749 Est Curr Resv Defi/Policyholders' Surplus 25 --- -26 -20 -18Other Underwriting Exp Incurred ($000) 1,872 1,875 1,696 1,635 1,625 *Indicates an unusual value.Net Underwriting Gains ($000) -235 -277 -25 -622 -546 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 74.78 63.82 78.06 52.86 NA complements of each ratio.Effective Tax Rate NM NM 0.00 0.00 NM

Pre-Tax Operating Margin -0.47 -6.61 4.93 -29.85 -37.00 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 1.74 -6.89 3.74 -0.50 -1.23

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -1.21 -11.33 2.05 3.12 8.07

Reinsurance Recoverable ex US Aff 4,251 3,832 4,835 3,185 NA Net Premiums Written Growth -5.72 -20.35 17.60 -30.62 -28.16Retention Ratio (NPW/GPW) (%)3 74.78 63.82 78.06 52.86 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 19.64 16.73 2.79 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -5.30 -14.75 -4.77 -11.78 -10.92Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -3.28 -6.68 -3.85 2.46 4.63Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -1.98 -4.67 -4.37 -2.45 -1.93

Capital & Surplus Five-year CAGR -0.20 -1.61 1.84 -2.23 -3.26Admitted Assets Five-year CAGR -1.12 -3.15 -1.38 -2.34 -2.60




Asbestos NA NA NA NA NA Capital and Surplus 8,082 7,888 8,306 7,996 7,399 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,082 7,888 8,306 7,996 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,010 974 941 938 NA



Change in Loss & LAE Resv / Reserves -5.30 -14.75 -4.77 -11.78 -10.92 Realized Capital Gains (Losses) -69 150 -26 -2 -21 Yr Loss Reserve Dev / 1Y Prior C&S -18.84 -22.37 -23.85 -8.42 NA Net Unrealized Capital Gains (Losses) 633 11 -253 249 -102 Yr Loss Reserve Dev / 2Y Prior C&S -31.30 -34.10 -40.00 -18.00 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 220.52 255.11 199.40 264.92 241.03 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -50.90 -78.77 -70.46 -39.02 NA Net Premiums Written / Avg C&S (%) 35.95 28.87 33.10 22.14 23.56IBNR/ Total Reserves 24.60 23.32 38.46 39.50 NA Liabilities / Capital & Surplus (%) 101.42 92.15 89.31 95.66 103.45Reserves/ Equity 73.88 64.53 58.36 53.47 55.91 Total Reins Recov Excl US Aff / C&S (%) 52.60 48.58 58.21 39.83 NA


371.0

400.1 405.0

441.2426.1

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012Y



74.8

63.8

78.1

52.9

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013L2




Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -946 -1,267 -739 -1,626 -1,645Occupied Properties 873 846 820 794 781 Net Premiums Written 2,806 2,235 2,628 1,824 1,885Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -45 -61 -41 32 57Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,850 2,295 2,669 1,791 1,828

Total Real Estate 873 846 820 794 781 Net Adm Cash,Cash Equi, Short-Term Inv 5,315 2,893 1,717 5,734 6,163 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 15,768 14,832 14,452 15,048 14,453 Net Losses Paid - Commercial 517 1,083 228 162 NAPremiums & Considerations Due 72 69 71 93 26 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 21 0 960 263 387 Net Losses Paid 517 1,083 228 162 NAAll Other Admitted Assets 419 256 240 242 187 Net LAE Paid 1,144 494 1,013 1,678 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 16,279 15,157 15,724 15,646 15,053 Change in Loss Reserves - Commercial -96 -561 26 -442 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -352 -320 -269 -620 NA

Unpaid Losses 3,115 2,554 2,580 2,138 2,707 Net Change in Loss and LAE Reserves -448 -881 -243 -1,062 NAUnpaid Loss Adj Expenses 2,856 2,536 2,267 2,138 1,429 Losses and LAE Incurred 1,213 696 998 779 749

Loss & Loss Adj Exp Reserves 5,971 5,090 4,847 4,276 4,137 Other Underwriting Expense Incurred 1,872 1,875 1,696 1,635 1,625Unearned Premiums 1,202 1,142 1,100 1,133 1,228 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 566 541 918 1,717 1,765 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 345 384 405 431 476 Net Underwriting Gain (Loss) -235 -277 -25 -622 -546Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 113 112 147 92 48 Total underwriting deductions 3,086 2,572 2,694 2,413 2,373


Income ($000)Total Capital and Surplus Net Investment Income 221 117 165 67 -95

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -69 150 -26 -2 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 6,971 6,777 7,195 6,885 6,288 Income after cap gains (loss) before tax -83 -9 114 -557 -643Other Including Gross Contributed 1,111 1,111 1,111 1,111 1,111 Federal Income Tax -78 -6 0 0 66

Capital & Surplus 8,082 7,888 8,306 7,996 7,399 Net Income -6 -3 114 -557 -709

Total Liabilities and C&S 16,279 15,157 15,724 15,646 15,053 Pre-tax Operating Income -14 -159 140 -555 -641


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 10,848 7,632 9,557 9,907 6,490Cash & Short Term Investments 0 0 0 0 0 Class 2 252 251 252 250 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 221 117 165 67 -95 Class 6 0 0 0 0 0R li d C it l G i 69 150 26 2 2Realized Capital Gains -69 150 -26 -2 -2Unrealized Capital Gains 633 11 -253 249 -10Total Cash & Investments 15,768 14,832 14,452 15,048 14,453Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 7,883 9,809 10,158 6,490 5,672Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,697 1,283 1,758 2,030 1,837Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 873 846 820 794 781

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) 100.00 100.00 100.00 100.00 NA




Municipal SecuritiesIssued States & Territories ($000) 1,209 0 490 0 0Issued Political Subdivisions ($000) 2,567 1,052 348 0 0Issued State Rev Obligations ($000) 2,901 1,085 752 513 4,779Issued Industrial Development ($000) 802 792 770 766 1,031





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Alabama 3,438 1. Oth, Prod Liab Cmbnd 3,450 Cash/Invested Assets 33.71 19.50 11.88 38.10 42.642. Tennessee 12 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 10.80 10.73 9.87 9.93 10.553. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 5.53 5.71 5.67 5.27 5.40



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 1.06 -1.44 -2.81 -4.10 -3.91 All other admitted assets/Total Assets 2.57 1.69 1.53 1.55 1.24National DPW ($000) 3,880 3,752 3,502 3,367 3,450 Invested Assets/Total Assets 96.86 97.86 91.91 96.18 96.01Adjusted Loss Ratio 29.71 41.66 -7.54 54.04 5.86 Investment Income/Total Assets 1.36 0.77 1.05 0.43 -0.63





Other Invstmts - 43.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Alabama - 99.6% Tennessee - 0.4%

Alaska - 0.0% Arkansas - 0.0%


Oth, Prod Liab Cmbnd - 100.0%


Aircraft - 0.0%



All Other - 0.0%


CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 35,604 33,340 11,784 13,631 15,482Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,154 4,307 4,802 4,678 4,650Washington, DC 20007-4104 Geographic Focus: Regional - Southern Quadrant Total Liabilities 31,451 29,033 6,981 8,952 10,832

NAIC Ownership Structure: Risk Retention Group Net Income 346 155 535 87 78Tax Identification Number : 52-2395338 Total Revenue 1,626 1,356 1,249 3,094 4,870

Direct Premiums Written 6,928 6,124 4,802 6,186 6,883Net Premiums Written 1,386 1,225 960 5,084 5,614


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 6,968Demotech Financial Strength Rating A 08/19/13 Affirm Loss & LAE Reserves/ NPE (%) 1,629.34 1,892.51 631.45 159.94 119.52S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.32 6.80 16.70 2.72 2.39Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.33 0.28 0.20 1.09 1.21Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor Shores Tagman Butler & Co P.A.Phone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Daniel L. Hafendorfer




Cash, Short-Term Investments / Liabilities 23.52 26.08 35.26 37.90 46.48Cash, Common & Liquid Bonds / Liabilities 39.08 38.41 138.48 127.48 118.52Cash & Short-Term Investments / C&S 178.11 175.78 51.26 72.53 108.26Liabilities / Liquid Assets (IRIS Ratio) 310.00 306.00 72.00 78.00 84.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 112.22 116.30 598.23 314.63 131.58Cash From Underwriting ($000) 600 -416 252 2,132 4,121Net Cash From Operations ($000) 948 -574 285 1,923 4,103Underwriting Cash Flow Ratio 172.78 66.91 126.15 201.70 372.38Operating Cash Flow Ratio 143.44 90.37 138.45 218.69 383.04Unassigned Funds / Total Assets 4.90 5.69 20.30 16.64 14.47


GPW to Policyholders' Surplus3 900 --- 142 100 132NPW to Policyholders' Surplus 300 --- 28 20 109Change in Net Premiums Written 33 -33 -12 -22 429*Surplus Aid to Policyholders' Surplus 15 --- 12 12 6Two-Year Overall Operating Ratio 100 --- 74 59 70


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

310.0 306.0

72.0 78.0 84.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013L2


76.584.1

46.1

87.695.4

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 23.42 20.54 24.91 39.46 23.78 Gross Change in Policyholders' Surplus 50 -10 4 12 -3Net Commission Ratio -32.12 -21.60 -73.45 1.38 NA Net Change in Adj Policyholders' Surplus 25 -10 4 12 -3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 306* 72 78Tax, License & Fees Ratio 2.55 1.88 2.92 0.42 NA Agents' Bal to Policyholders' Surplus 40 --- 15 8 10Admin & Other Expense Ratio 67.95 47.05 86.65 15.80 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -18 -9Gross Premiums Written ($000)3 6,928 6,124 4,802 6,186 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -31 -26Loss & Loss Adj Expense ($000) 582 731 337 2,070 3,157 Est Curr Resv Defi/Policyholders' Surplus 25 --- -154 296* 546*Other Underwriting Exp Incurred ($000) 532 335 155 894 1,601 *Indicates an unusual value.Net Underwriting Gains ($000) 412 221 630 -9 -35 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 20.00 20.00 82.18 NA complements of each ratio.Effective Tax Rate 32.32 46.51 29.57 30.96 30.68


Admitted Assets Growth -5.17 -6.36 -64.66 15.67 29.44

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -5.38 -7.69 -75.95 28.23 52.70

Reinsurance Recoverable ex US Aff 21,443 21,894 19,091 14,334 NA Net Premiums Written Growth -24.54 -11.60 -21.59 429.34 93.61Retention Ratio (NPW/GPW) (%)3 20.00 20.00 20.00 82.18 NA Pre-Tax Operating Income Growth 470.01 -43.38 161.30 -82.83 -64.59Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 484.54 -55.25 244.90 -83.82 -67.95Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -4.76 -3.41 -81.80 28.84 55.25Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -24.54 -11.60 -21.59 28.82 24.33Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 67.73 47.06 -25.42 -23.83 -20.26

Capital & Surplus Five-year CAGR 32.26 13.50 5.81 1.97 1.00Admitted Assets Five-year CAGR 60.00 38.65 -19.04 -19.03 -16.44




Asbestos NA NA NA NA NA Capital and Surplus 4,154 4,307 4,802 4,678 4,650 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,154 4,307 4,802 4,678 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,326 1,296 1,089 933 NA



Change in Loss & LAE Resv / Reserves -4.76 -3.41 -81.80 28.84 55.25 Realized Capital Gains (Losses) 0 0 2 -5 01 Yr Loss Reserve Dev / 1Y Prior C&S -8.71 -2.29 -18.27 -9.02 NA Net Unrealized Capital Gains (Losses) 4 -2 -39 89 52 Yr Loss Reserve Dev / 2Y Prior C&S -2.22 -11.20 -30.96 -25.58 NA Dividends to Stockholders 0 0 0 -300 -300Loss and LAE Reserves / NPE 1,629.34 1,892.51 631.45 159.94 119.52 Dividend Payout Ratio (%) 0.00 0.00 0.00 346.76 385.261 Yr Loss Reserve Development / NPE -24.57 -7.38 -70.20 -14.65 NA Net Premiums Written / Avg C&S (%) 33.36 28.76 21.18 106.17 119.40IBNR/ Total Reserves 7.13 6.85 29.78 37.86 NA Liabilities / Capital & Surplus (%) 757.19 674.08 145.38 191.37 232.92Reserves/ Equity 591.95 551.40 90.02 119.07 149.83 Total Reins Recov Excl US Aff / C&S (%) 516.25 508.34 397.54 306.41 NA


146.9 156.6 166.1

220.6250.7

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012Y



20.0 20.0 20.0

82.2

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L2




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 2,717 1,905 6,259 6,459 5,845 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,928 6,124 4,802 6,186 6,883Common Stocks 0 0 947 1,560 1,959 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,542 -4,899 -3,841 -1,102 -1,269Occupied Properties 0 0 0 0 0 Net Premiums Written 1,386 1,225 960 5,084 5,614Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -141 -62 -161 2,129 891Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,526 1,287 1,121 2,955 4,723

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,398 7,571 2,462 3,393 5,034 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 10,115 9,475 9,667 11,412 12,838 Net Losses Paid - Commercial 482 443 287 449 NAPremiums & Considerations Due 1,121 637 371 454 811 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 20,502 19,462 850 490 438 Net Losses Paid 482 443 287 449 NAAll Other Admitted Assets 3,866 3,764 895 1,274 1,395 Net LAE Paid 442 439 470 374 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 35,604 33,340 11,784 13,631 15,482 Change in Loss Reserves - Commercial -257 24 -229 455 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -84 -174 -191 792 NA

Unpaid Losses 15,943 15,987 2,965 3,419 4,588 Net Change in Loss and LAE Reserves -341 -151 -420 1,247 NAUnpaid Loss Adj Expenses 8,644 7,762 1,359 2,151 2,380 Losses and LAE Incurred 582 731 337 2,070 3,157

Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 6,968 Other Underwriting Expense Incurred 532 335 155 894 1,601Unearned Premiums 3,535 3,223 484 2,613 2,790 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,888 1,021 1,010 238 230 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 748 520 619 531 845 Net Underwriting Gain (Loss) 412 221 630 -9 -35Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 692 519 546 0 0 Total underwriting deductions 1,114 1,066 491 2,964 4,758



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains (Losses) 0 0 2 -5 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 1,743 1,896 2,392 2,268 2,240 Income after cap gains (loss) before tax 512 290 759 125 112Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal Income Tax 165 135 224 39 34

Capital & Surplus 4,154 4,307 4,802 4,678 4,650 Net Income 346 155 535 87 78

Total Liabilities and C&S 35,604 33,340 11,784 13,631 15,482 Pre-tax Operating Income 512 290 757 130 112

Memo: Total Revenue 1,626 1,356 1,250 3,090 4,870Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,155 1,166 87 1,125 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 205 4,892 3,580 6,259 6,459Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 100 69 128 139 147 Class 6 0 0 0 0 0R li d C it l G i 0 0 2 5 0Realized Capital Gains 0 0 2 -5 0Unrealized Capital Gains 4 -2 -39 89 5Total Cash & Investments 10,115 9,475 9,667 11,412 12,838Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,892 3,580 6,259 6,459 5,845Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 947 1,560 1,959Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 1,803 1,360






Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 1,297 1. Med Prof Liab 6,186 Cash/Invested Assets 73.14 79.90 25.46 29.73 39.212. New York 1,276 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. California 1,032 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 553 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 480 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 0.49 -13.99 -22.20 -16.27 All other admitted assets/Total Assets 10.86 11.29 7.60 9.35 9.01National DPW ($000) 9,181 6,928 6,124 4,802 6,186 Invested Assets/Total Assets 28.41 28.42 82.04 83.73 82.92Adjusted Loss Ratio 44.92 18.28 35.09 4.82 -17.54 Investment Income/Total Assets 0.28 0.21 1.08 1.02 0.95





Other Invstmts - 29.7% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Florida - 21.0% New York - 20.6%

California - 16.7% Texas - 8.9%

Kentucky - 7.8% All other - 25.0%



Aircraft - 0.0%



All Other - 0.0%


CareNext RRG Inc. (Purchase, NY)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2500 Westchester Avenue NAIC Company Code : 15089 Total Assets NA NA NA NA 1,830Fourth Floor Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 574Purchase, NY 10577-2540 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 1,256

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA NA NATax Identification Number : 46-2358912 Total Revenue NA NA NA NA NA

Direct Premiums Written NA NA NA NA NANet Premiums Written NA NA NA NA NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 156Demotech Financial Strength Rating A 08/15/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA NA NAFitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor --Phone : (480) 682-4983 Actuary --Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Richard Kaplan


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA NAReturn on Average Equity (C&S) NA NA NA NA NAReturn on Avg Assets NA NA NA NA NALoss and LAE Ratio NA NA NA NA NAExpense Ratio NA NA NA NA NALoss Ratio NA NA NA NA NACombined Ratio NA NA NA NA NAOperating Ratio NA NA NA NA NAInvestment ratio NA NA NA NA NA

Policyholder Dividend Ratio NA NA NA NA NA CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Cash, Short-Term Investments / Liabilities NA NA NA NA 86.63Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 86.63Cash & Short-Term Investments / C&S NA NA NA NA 189.55Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 115.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 253.07Cash From Underwriting ($000) NA NA NA NA NANet Cash From Operations ($000) NA NA NA NA NAUnderwriting Cash Flow Ratio NA NA NA NA NAOperating Cash Flow Ratio NA NA NA NA NAUnassigned Funds / Total Assets NA NA NA NA -7.79


GPW to Policyholders' Surplus3 900 --- NA NA NANPW to Policyholders' Surplus 300 --- NA NA NAChange in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 0

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 NA NA NA

MSA: New York-Northern New Jersey-Long Island, NY-NJ-PA (Metro)

Distribution Channel: --

115.0

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2009Y 2010Y 2011Y 2012Y 2013L2


0.000.100.200.300.400.500.600.700.800.901.00

2009Y 2010Y 2011Y 2012Y 2013L2



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA NA Gross Change in Policyholders' Surplus 50 -10 NA NA NANet Commission Ratio NA NA NA NA NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NASalaries & Benefits Ratio NA NA NA NA NA Liabilities to Liquid Assets 100 --- NA NA NATax, License & Fees Ratio NA NA NA NA NA Agents' Bal to Policyholders' Surplus 40 --- NA NA NAAdmin & Other Expense Ratio NA NA NA NA NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA NA Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA NA *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA NA complements of each ratio.Effective Tax Rate NA NA NA NA NA

Pre-Tax Operating Margin NA NA NA NA NA GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA NA Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 574 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA NA NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA NA NA

Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA NA1 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA NA2 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA NA Dividends to Stockholders NA NA NA NA NALoss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA NA1 Yr Loss Reserve Development / NPE NA NA NA NA NA Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA NA Liabilities / Capital & Surplus (%) NA NA NA NA 218.81Reserves/ Equity NA NA NA NA 27.13 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA NA


00000111111

2008Y 2009Y 2010Y 2011Y 2012Y



00000111111

2009Y 2010Y 2011Y 2012Y 2013L2




CareNext RRG Inc. (Purchase, NY)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds NA NA NA NA 0 Personal P&C Direct Premiums NA NA NA NA NAPreferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA NACommon Stocks NA NA NA NA 0 Accident & Health Direct Premiums NA NA NA NA NA

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA NAReal Estate Loans Less First Liens NA NA NA NA 0

Total Mortgage Loans NA NA NA NA 0 Net Reinsurance Premiums5 NA NA NA NA NAOccupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA NAIncome Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA NAProperties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA NA

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 1,088 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA NASubtotals, Cash & Invested Assets NA NA NA NA 1,088 Net Losses Paid - Commercial NA NA NA NA NAPremiums & Considerations Due NA NA NA NA 573 Net Losses Paid - A&H NA NA NA NA NAReinsurance Recoverable NA NA NA NA 52 Net Losses Paid NA NA NA NA NAAll Other Admitted Assets NA NA NA NA 117 Net LAE Paid NA NA NA NA NASeparate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA NATotal Net Admitted Assets NA NA NA NA 1,830 Change in Loss Reserves - Commercial NA NA NA NA NA

Change in Loss Reserves - A&H NA NA NA NA NALiabilities Change in LAE Reserves NA NA NA NA NA

Unpaid Losses NA NA NA NA 156 Net Change in Loss and LAE Reserves NA NA NA NA NAUnpaid Loss Adj Expenses NA NA NA NA 0 Losses and LAE Incurred NA NA NA NA NA

Loss & Loss Adj Exp Reserves NA NA NA NA 156 Other Underwriting Expense Incurred NA NA NA NA NAUnearned Premiums NA NA NA NA 274 Other Underwriting Deductions NA NA NA NA NATotal Reinsurance Liabilities NA NA NA NA 798 Net Income Protected Cells NA NA NA NA NACommissions, Other Exp & Taxes NA NA NA NA 28 Net Underwriting Gain (Loss) NA NA NA NA NAPayable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA NAOther Liabilities NA NA NA NA 0 Total underwriting deductions NA NA NA NA NA

Total Liabilities NA NA NA NA 1,256

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA NA

Common Capital Stock NA NA NA NA 116 Net Realized Capital Gains (Losses) NA NA NA NA NAPreferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA NASurplus Notes NA NA NA NA 600 All Other Income NA NA NA NA NAUnassigned Surplus NA NA NA NA -142 Income after cap gains (loss) before tax NA NA NA NA NAOther Including Gross Contributed NA NA NA NA 0 Federal Income Tax NA NA NA NA NA

Capital & Surplus NA NA NA NA 574 Net Income NA NA NA NA NA

Total Liabilities and C&S NA NA NA NA 1,830 Pre-tax Operating Income NA NA NA NA NA

Memo: Total Revenue NA NA NA NA NAMemo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA NA

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA NACash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA NAAll Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA NAClass 4 NA NA NA NA NA

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Class 5 NA NA NA NA NA

Net Investment Income NA NA NA NA NA Class 6 NA NA NA NA NAR li d C it l G i NA NA NA NA NARealized Capital Gains NA NA NA NA NAUnrealized Capital Gains NA NA NA NA NATotal Cash & Investments NA NA NA NA 1,088Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 0Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 0Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA NA

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA NA

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA NAIssued Political Subdivisions ($000) NA NA NA NA NAIssued State Rev Obligations ($000) NA NA NA NA NAIssued Industrial Development ($000) NA NA NA NA NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 0.00Common Stocks / C&S NA NA NA NA 0.00Unaff common stock/Invested Assets NA NA NA NA 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.00Cash/Invested Assets NA NA NA NA 100.00Mortgage & Real Estate / C&S NA NA NA NA 0.00Mortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets NA NA NA NA 0.00Real Estate/Invested Assets NA NA NA NA 0.00

All Other All Other Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 31.30

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Reinsurance recoverable/Total Assets NA NA NA NA 2.85

Market Share Ratio NA NA NA NA NA Rec from parent,sub or aff./Total Assets NA NA NA NA 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA NA 6.40National DPW ($000) NA NA NA NA NA Invested Assets/Total Assets NA NA NA NA 59.45Adjusted Loss Ratio NA NA NA NA NA Investment Income/Total Assets NA NA NA NA NA



0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2



Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2700 North Third Street NAIC Company Code : 11976 Total Assets 10,547 12,979 14,707 15,755 15,082Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,973 5,653 6,096 8,402 8,619Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,574 7,325 8,611 7,353 6,463

NAIC Ownership Structure: Stock Company Net Income 1,420 505 816 2,924 2,898Tax Identification Number : 20-1145017 Total Revenue 3,816 4,311 4,055 4,043 4,536



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,502Demotech Financial Strength Rating A 08/20/13 Affirm Loss & LAE Reserves/ NPE (%) 107.01 106.54 162.36 176.20 134.65S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 57.29 12.10 19.58 58.82 51.67Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.75 0.77 0.58 0.43 0.55Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Cas Actuarial Consultants Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Vicente M. Juan


Net Yield on Invested Assets 3.14 2.58 2.56 2.07 1.73Net Investment Income/Earned Premiums 5.85 5.27 7.81 7.19 4.71Return on Average Equity (C&S) 36.99 9.27 13.83 44.01 37.45Return on Avg Assets 14.89 4.34 5.84 18.96 18.59Loss and LAE Ratio 23.96 69.50 53.23 -18.79 -8.89Expense Ratio 20.32 18.77 25.12 23.27 19.61Loss Ratio 23.50 52.26 42.52 -26.22 -9.61Combined Ratio 44.28 88.27 78.35 4.48 10.72Operating Ratio 38.26 82.67 71.04 -2.43 5.58Investment ratio 6.03 5.60 7.32 6.92 5.13


Cash, Short-Term Investments / Liabilities 28.46 19.31 18.56 71.68 21.51Cash, Common & Liquid Bonds / Liabilities 144.07 134.53 136.06 246.26 184.27Cash & Short-Term Investments / C&S 31.89 25.02 26.22 62.73 16.13Liabilities / Liquid Assets (IRIS Ratio) 69.00 74.00 73.00 56.00 53.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 162.02 138.27 148.69 219.82 182.97Cash From Underwriting ($000) 2,176 2,358 2,201 1,637 1,115Net Cash From Operations ($000) 2,068 1,453 2,232 1,713 67Underwriting Cash Flow Ratio 243.87 238.61 216.78 181.16 136.01Operating Cash Flow Ratio 265.76 305.93 228.98 192.35 179.63Unassigned Funds / Total Assets 22.50 23.53 23.77 36.83 39.91


GPW to Policyholders' Surplus3 900 --- 78 67 45NPW to Policyholders' Surplus 300 --- 77 58 43Change in Net Premiums Written 33 -33 17 -18 3Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 62 77 34




69.074.0 73.0

56.053.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L2


44.3

88.378.4

4.510.7

0.005.00

10.0015.0020.0025.0030.0035.0040.0045.0050.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 0.46 17.24 10.72 7.43 0.73 Gross Change in Policyholders' Surplus 50 -10 14 8 38Net Commission Ratio 9.21 9.21 11.51 10.35 NA Net Change in Adj Policyholders' Surplus 25 -10 14 8 38*Salaries & Benefits Ratio 3.64 3.20 4.65 5.12 NA Liabilities to Liquid Assets 100 --- 74 73 56Tax, License & Fees Ratio 1.82 1.58 2.17 1.46 NA Agents' Bal to Policyholders' Surplus 40 --- 4 3 1Admin & Other Expense Ratio 5.65 4.77 6.78 6.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -19 -11 -40Gross Premiums Written ($000)3 3,825 4,399 4,099 3,751 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -35 -42Loss & Loss Adj Expense ($000) 862 2,837 2,011 -710 -383 Est Curr Resv Defi/Policyholders' Surplus 25 --- -50 -55 -15Other Underwriting Exp Incurred ($000) 754 814 889 846 921 *Indicates an unusual value.Net Underwriting Gains ($000) 1,982 431 878 3,646 3,777 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 97.04 98.59 86.32 96.95 NA complements of each ratio.Effective Tax Rate 33.80 27.10 31.41 30.21 31.43


Admitted Assets Growth 24.19 23.06 13.31 7.13 -3.38

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 10.20 31.43 17.55 -14.61 -28.87

Reinsurance Recoverable ex US Aff 200 293 332 402 NA Net Premiums Written Growth 22.18 16.85 -18.42 2.78 18.67Retention Ratio (NPW/GPW) (%)3 97.04 98.59 86.32 96.95 NA Pre-Tax Operating Income Growth 164.34 -70.01 75.07 238.43 229.52Unauthorized Net Recov. (ex US Aff) (%) 25.00 24.91 25.60 25.37 NA Net Income Growth 871.34 -64.42 61.44 258.49 240.04Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 5.80 55.58 19.40 -27.60 -35.90Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 20.58 15.01 -6.83 -8.49 8.12Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 85.77 29.87 18.91 11.58 6.83





Asbestos NA NA NA NA NA Capital and Surplus 4,973 5,653 6,096 8,402 8,619 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,973 5,653 6,096 8,402 NA Combined NA NA NA NA NA ACL Risk Based Capital 394 689 653 457 NA

Risk Based Capital Ratio (TAC/ACL RBC) 1,262.29 821.04 933.09 1,839.90 NA


Change in Loss & LAE Resv / Reserves 5.80 55.58 19.40 -27.60 -35.90 Realized Capital Gains (Losses) -54 33 35 282 2271 Yr Loss Reserve Dev / 1Y Prior C&S -39.16 -18.58 -11.18 -40.44 NA Net Unrealized Capital Gains (Losses) 118 175 47 -127 -3122 Yr Loss Reserve Dev / 2Y Prior C&S -40.91 -53.01 -34.94 -41.82 NA Dividends to Stockholders 0 0 -420 -490 -490Loss and LAE Reserves / NPE 107.01 106.54 162.36 176.20 134.65 Dividend Payout Ratio (%) 0.00 0.00 51.49 16.76 16.911 Yr Loss Reserve Development / NPE -37.37 -22.64 -16.73 -65.18 NA Net Premiums Written / Avg C&S (%) 96.69 79.58 60.01 54.74 60.73IBNR/ Total Reserves 27.09 22.54 25.24 31.19 NA Liabilities / Capital & Surplus (%) 112.08 129.57 141.27 87.51 74.99Reserves/ Equity 70.52 96.52 106.89 56.14 52.23 Total Reins Recov Excl US Aff / C&S (%) 4.02 5.18 5.45 4.78 NA


469.0

631.1

410.5466.5

919.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012Y



97.098.6

86.3

96.9

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2009Y 2010Y 2011Y 2012Y 2013L2




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 5,407 6,415 7,997 7,866 9,734 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,825 4,399 4,099 3,751 4,371Common Stocks 1,036 1,949 2,120 0 901 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -113 -62 -561 -115 327Occupied Properties 0 0 0 0 0 Net Premiums Written 3,712 4,337 3,538 3,636 4,699Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 113 255 -240 -145 384Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,599 4,082 3,778 3,782 4,315

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,586 1,414 1,598 5,271 1,390 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 8,030 9,779 11,716 13,136 12,024 Net Losses Paid - Commercial 232 370 396 487 NAPremiums & Considerations Due 105 228 183 84 198 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 232 370 396 487 NAAll Other Admitted Assets 2,412 2,972 2,808 2,534 2,860 Net LAE Paid 438 517 556 601 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 10,547 12,979 14,707 15,755 15,082 Change in Loss Reserves - Commercial 614 1,763 1,210 -1,478 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -422 186 -151 -320 NA

Unpaid Losses 2,370 4,133 5,343 3,865 3,771 Net Change in Loss and LAE Reserves 192 1,949 1,059 -1,798 NAUnpaid Loss Adj Expenses 1,137 1,323 1,172 852 731 Losses and LAE Incurred 862 2,837 2,011 -710 -383

Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,502 Other Underwriting Expense Incurred 754 814 889 846 921Unearned Premiums 1,572 1,827 1,587 1,442 2,070 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -93 -245 259 154 -282 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 157 250 214 165 154 Net Underwriting Gain (Loss) 1,982 431 878 3,646 3,777Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 430 37 35 875 20 Total underwriting deductions 1,617 3,651 2,900 136 538



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) -54 33 35 282 227Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 2,373 3,053 3,496 5,802 6,019 Income after cap gains (loss) before tax 2,145 693 1,189 4,190 4,226Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal Income Tax 725 188 374 1,266 1,328

Capital & Surplus 4,973 5,653 6,096 8,402 8,619 Net Income 1,420 505 816 2,924 2,898

Total Liabilities and C&S 10,547 12,979 14,707 15,755 15,082 Pre-tax Operating Income 2,199 660 1,155 3,908 3,999


Bonds 0 0 0 0 0





Net Investment Income 217 228 276 262 222 Class 6 0 0 0 0 0R li d C it l G i 54 33 35 282 227Realized Capital Gains -54 33 35 282 227Unrealized Capital Gains 118 175 47 -127 -312Total Cash & Investments 8,030 9,779 11,716 13,136 12,024Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,407 6,492 7,997 12,837 9,619Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,036 1,949 2,120 0 901Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,919 0 0 0 783Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,537 2,424 0 0 0


LT Bond 7,866 7,866 7,475 7,218 30,425Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 7,866 7,866 7,475 7,218 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 1,972 1. Med Prof Liab 3,751 Cash/Invested Assets 19.75 14.46 13.64 40.12 11.562. Arizona 1,661 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 119 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 76.29 18.13 10.26 10.60 All other admitted assets/Total Assets 22.87 22.90 19.09 16.09 18.96National DPW ($000) 3,172 3,825 4,399 4,099 3,751 Invested Assets/Total Assets 76.13 75.34 79.66 83.38 79.73Adjusted Loss Ratio 27.99 22.23 50.76 48.23 -25.22 Investment Income/Total Assets 2.06 1.76 1.88 1.66 1.47





Other Invstmts - 40.1% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Texas - 52.6% Arizona - 44.3% Michigan - 3.2%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Charitable Svc Prvdrs Recpl (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

15255 North 40th Street NAIC Company Code : 12167 Total Assets 2,458 3,257 3,521 3,779 3,586Suite 109 Business Focus : P&C Minimum NPW Policyholder Surplus 2,117 2,899 3,244 3,430 2,672Phoenix, AZ 85032-4638 Geographic Focus: Geography Minimum NPW Total Liabilities 342 358 277 349 915

NAIC Ownership Structure: Risk Retention Group Net Income 714 683 579 573 560Tax Identification Number : 20-8095873 Total Revenue 1,124 1,116 985 958 1,014

Direct Premiums Written 1,349 1,327 1,338 1,088 1,106Net Premiums Written 1,093 1,048 916 898 985

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,093 1,048 916 898 959

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 314 325 206 210 327Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 23.27 32.07 46.71 26.78 27.06S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 37.50 26.87 18.55 16.34 17.22Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.52 0.36 0.28 0.26 0.37Fitch Financial Strength Rating -- -- -- --


Name : Richard P. Marshall Auditor Brown Smith Wallace LLCPhone : (602) 952-9532 Actuary Milliman Inc.Fax : (602) 952-8789 CEO --Email : [email protected] CFO Matthew Luger

President David Barger Ellis




Cash, Short-Term Investments / Liabilities 55.38 41.13 69.80 49.44 18.07Cash, Common & Liquid Bonds / Liabilities 664.46 836.86 NM 990.34 350.63Cash & Short-Term Investments / C&S 8.93 5.08 5.95 5.03 6.19Liabilities / Liquid Assets (IRIS Ratio) 15.00 12.00 8.00 10.00 28.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 764.50 958.58 1,714.21 1,696.73 402.25Cash From Underwriting ($000) 572 559 538 245 506Net Cash From Operations ($000) 632 648 651 333 593Underwriting Cash Flow Ratio 262.09 228.17 196.59 155.89 237.66Operating Cash Flow Ratio 254.38 228.17 196.59 160.25 245.53Unassigned Funds / Total Assets 72.72 78.90 82.80 82.06 65.32


GPW to Policyholders' Surplus3 900 --- 46 41 32NPW to Policyholders' Surplus 300 --- 36 28 26Change in Net Premiums Written 33 -33 -4 -13 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 36 39 41



Distribution Channel: Independent Agency

15.0

12.0

8.010.0

28.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013L2


38.842.5

49.0 47.6 49.5

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 0.38 4.22 5.81 2.69 8.74 Gross Change in Policyholders' Surplus 50 -10 37 12 6Net Commission Ratio 0.00 0.00 0.00 -0.13 NA Net Change in Adj Policyholders' Surplus 25 -10 37* 12 6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 12 8 10Tax, License & Fees Ratio 1.70 5.35 1.72 1.57 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 27.41 31.94 32.27 42.14 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -1 -6Gross Premiums Written ($000)3 1,349 1,327 1,338 1,088 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -4 -2Loss & Loss Adj Expense ($000) 106 54 138 36 120 Est Curr Resv Defi/Policyholders' Surplus 25 --- -7 1 -2Other Underwriting Exp Incurred ($000) 318 391 311 391 365 *Indicates an unusual value.Net Underwriting Gains ($000) 669 603 467 470 474 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 81.00 78.98 68.49 82.50 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 3.38 -1.59


Admitted Assets Growth 26.22 32.46 8.11 7.35 -8.93

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 2.99 4.81 -22.73 26.18 16.39

Reinsurance Recoverable ex US Aff 132 120 148 107 NA Net Premiums Written Growth 41.28 -4.04 -12.59 -2.05 34.23Retention Ratio (NPW/GPW) (%)3 81.00 78.98 68.49 82.50 NA Pre-Tax Operating Income Growth 88.34 -4.28 -20.01 -1.01 -10.67Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 160.41 -4.24 -15.34 -0.89 -10.82Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 24.81 3.48 -36.70 2.07 28.34Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.14 -1.59 0.80 -18.69 1.83Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -23.30 -6.28 1.14 -0.37 -2.04






Risk Based Capital Ratio (TAC/ACL RBC) 1,917.71 1,878.52 2,485.35 2,069.33 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) 958.85 939.26 1,242.68 1,034.66 NA

Change in Loss & LAE Resv / Reserves 24.81 3.48 -36.70 2.07 28.34 Realized Capital Gains (Losses) 13 13 42 63 221 Yr Loss Reserve Dev / 1Y Prior C&S -12.68 -6.76 -0.93 -5.52 NA Net Unrealized Capital Gains (Losses) 44 98 57 48 -162 Yr Loss Reserve Dev / 2Y Prior C&S -12.03 -12.68 -3.87 -2.13 NA Dividends to Stockholders 0 0 -290 -324 -959Loss and LAE Reserves / NPE 23.27 32.07 46.71 26.78 27.06 Dividend Payout Ratio (%) 0.00 0.00 50.10 56.57 171.301 Yr Loss Reserve Development / NPE -18.76 -13.64 -2.95 -19.94 NA Net Premiums Written / Avg C&S (%) 58.49 42.02 31.70 27.62 32.04IBNR/ Total Reserves 40.38 43.17 65.78 57.89 NA Liabilities / Capital & Surplus (%) 16.13 12.35 8.53 10.17 34.24Reserves/ Equity 14.84 11.21 6.34 6.12 12.25 Total Reins Recov Excl US Aff / C&S (%) 6.24 4.14 4.56 3.12 NA


592.9

958.9 939.3

1,242.7

1,034.7

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



81.0 79.068.5

82.5

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013L2




Charitable Svc Prvdrs Recpl (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 1,737 2,386 2,512 2,605 2,332 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,349 1,327 1,338 1,088 1,106Common Stocks 344 462 674 679 711 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -256 -279 -422 -190 -121Occupied Properties 0 0 0 0 0 Net Premiums Written 1,093 1,048 916 898 985Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 26Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,093 1,048 916 898 959

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 189 147 193 173 165 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,269 2,996 3,379 3,456 3,208 Net Losses Paid - Commercial 12 1 195 1 NAPremiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 162 215 56 250 202 Net Losses Paid 12 1 195 1 NAAll Other Admitted Assets 27 46 86 73 177 Net LAE Paid 31 43 62 31 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,458 3,257 3,521 3,779 3,586 Change in Loss Reserves - Commercial 89 9 -111 11 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -27 1 -8 -7 NA

Unpaid Losses 237 246 135 147 218 Net Change in Loss and LAE Reserves 62 11 -119 4 NAUnpaid Loss Adj Expenses 77 79 70 63 109 Losses and LAE Incurred 106 54 138 36 120

Loss & Loss Adj Exp Reserves 314 325 206 210 327 Other Underwriting Expense Incurred 318 391 311 391 365Unearned Premiums 0 0 0 0 470 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 25 23 53 19 17 Net Underwriting Gain (Loss) 669 603 467 470 474Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 2 10 17 120 100 Total underwriting deductions 424 445 449 428 485

Total Liabilities 342 358 277 349 915


Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 13 13 42 63 22Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 125 125 125 125 125 All Other Income 0 0 0 0 0Unassigned Surplus 1,788 2,570 2,915 3,101 2,343 Income after cap gains (loss) before tax 714 683 579 593 551Other Including Gross Contributed 204 204 204 204 204 Federal Income Tax 0 0 0 20 -9



Memo: Total Revenue 1,137 1,129 1,028 1,021 1,036Memo: Affiliated Investments ($000) Memo: Paid Expenses 343 436 343 458 NA

Bonds 0 0 0 0 0





Net Investment Income 32 67 69 61 55 Class 6 0 0 0 0 0R li d C it l G i 13 13 42 63 22Realized Capital Gains 13 13 42 63 22Unrealized Capital Gains 44 98 57 48 -16Total Cash & Investments 2,269 2,996 3,379 3,456 3,208Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,737 2,386 2,512 2,605 2,332Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 344 462 674 679 711Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 707 1. Med Prof Liab 1,088 Cash/Invested Assets 8.33 4.91 5.71 4.99 5.152. Colorado 381 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 0.68 174.09 0.45 -4.65 All other admitted assets/Total Assets 1.10 1.41 2.43 1.93 4.92National DPW ($000) 1,334 1,349 1,327 1,338 1,088 Invested Assets/Total Assets 92.31 91.99 95.98 91.45 89.44Adjusted Loss Ratio 18.95 6.04 0.13 14.49 0.45 Investment Income/Total Assets 1.29 2.07 1.96 1.61 1.53





Other Invstmts - 5.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Arizona - 65.0% Colorado - 35.0%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA NA NA 4,775 4,509Suite 220 Business Focus : Commercial Lines Focus Policyholder Surplus NA NA NA 1,512 1,585Scottsdale, AZ 85255-6255 Geographic Focus: National Total Liabilities NA NA NA 3,263 2,924

NAIC Ownership Structure: Stock Company Net Income NA NA NA -133 NATax Identification Number : 45-5591447 Total Revenue NA NA NA 937 NA

Direct Premiums Written NA NA NA 3,964 NANet Premiums Written NA NA NA 2,806 NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 937 NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 710 2,191Demotech Financial Strength Rating A 08/20/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 1.86 NAFitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor Saslow Lufkin & Buggy LLPPhone : (480) 682-4983 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA 0.02 NAReturn on Average Equity (C&S) NA NA NA NA NAReturn on Avg Assets NA NA NA NA NALoss and LAE Ratio NA NA NA 75.91 NAExpense Ratio NA NA NA 7.66 NALoss Ratio NA NA NA 37.12 NACombined Ratio NA NA NA 83.57 NAOperating Ratio NA NA NA 83.52 NAInvestment ratio NA NA NA 0.06 NA

Policyholder Dividend Ratio NA NA NA 0.00 NA CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Cash, Short-Term Investments / Liabilities NA NA NA 34.18 29.40Cash, Common & Liquid Bonds / Liabilities NA NA NA 79.93 131.72Cash & Short-Term Investments / C&S NA NA NA 73.78 54.22Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 172.00 111.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 86.76 90.57Cash From Underwriting ($000) NA NA NA 691 NANet Cash From Operations ($000) NA NA NA 540 NAUnderwriting Cash Flow Ratio NA NA NA 880.13 NAOperating Cash Flow Ratio NA NA NA 1,049.38 NAUnassigned Funds / Total Assets NA NA NA 0.25 1.89


GPW to Policyholders' Surplus3 900 --- NA NA 262NPW to Policyholders' Surplus 300 --- NA NA 186Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA




172.0

111.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L2


83.6

0.000.100.200.300.400.500.600.700.800.901.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio NA NA NA 38.79 NA Gross Change in Policyholders' Surplus 50 -10 NA NA 999*Net Commission Ratio NA NA NA 0.83 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA 999*Salaries & Benefits Ratio NA NA NA 0.00 NA Liabilities to Liquid Assets 100 --- NA NA 172*Tax, License & Fees Ratio NA NA NA 1.87 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 171*Admin & Other Expense Ratio NA NA NA 4.96 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Gross Premiums Written ($000)3 NA NA NA 3,964 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA 711 NA Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 215 NA *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 11 NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 70.78 NA complements of each ratio.Effective Tax Rate NA NA NA NM NA

Pre-Tax Operating Margin NA NA NA 1.19 NA GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA 345 NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA 70.78 NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA 0 NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA 0 NA Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,512 1,585 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,512 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 157 NA



Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA 0 NA1 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA 0 NA2 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 NALoss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA 0.00 NA1 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA 36.24 NA Liabilities / Capital & Surplus (%) NA NA NA 215.83 184.44Reserves/ Equity NA NA NA 46.96 138.21 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 22.82 NA


482.3

0200400600800

1,0001,2001,4001,600

2008Y 2009Y 2010Y 2011Y 2012Y



70.8

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2009Y 2010Y 2011Y 2012Y 2013L2




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds NA NA NA 411 1,014 Personal P&C Direct Premiums NA NA NA 0 NAPreferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,964 NACommon Stocks NA NA NA 366 745 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,964 NAReal Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -1,158 NAOccupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 2,806 NAIncome Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 1,869 NAProperties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 937 NA

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,115 859 Underwriting Deductions ($000)Other Investments NA NA NA 0 -3 Net Losses Paid - Personal NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 1,893 2,616 Net Losses Paid - Commercial NA NA NA 0 NAPremiums & Considerations Due NA NA NA 2,582 1,038 Net Losses Paid - A&H NA NA NA 0 NAReinsurance Recoverable NA NA NA 0 477 Net Losses Paid NA NA NA 0 NAAll Other Admitted Assets NA NA NA 300 378 Net LAE Paid NA NA NA 363 NASeparate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 NATotal Net Admitted Assets NA NA NA 4,775 4,509 Change in Loss Reserves - Commercial NA NA NA 348 NA

Change in Loss Reserves - A&H NA NA NA 0 NALiabilities Change in LAE Reserves NA NA NA 0 NA

Unpaid Losses NA NA NA 348 1,077 Net Change in Loss and LAE Reserves NA NA NA 348 NAUnpaid Loss Adj Expenses NA NA NA 362 1,114 Losses and LAE Incurred NA NA NA 711 NA

Loss & Loss Adj Exp Reserves NA NA NA 710 2,191 Other Underwriting Expense Incurred NA NA NA 215 NAUnearned Premiums NA NA NA 1,869 697 Other Underwriting Deductions NA NA NA 0 NATotal Reinsurance Liabilities NA NA NA 557 2 Net Income Protected Cells NA NA NA 0 NACommissions, Other Exp & Taxes NA NA NA 128 21 Net Underwriting Gain (Loss) NA NA NA 11 NAPayable to Parent, Subs & Affiliates NA NA NA 0 0 Policyholder Dividends (PHD) NA NA NA 0 NAOther Liabilities NA NA NA 0 12 Total underwriting deductions NA NA NA 926 NA

Total Liabilities NA NA NA 3,263 2,924

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 1 NA

Common Capital Stock NA NA NA 1,500 1,500 Net Realized Capital Gains (Losses) NA NA NA 0 NAPreferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 NASurplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 NAUnassigned Surplus NA NA NA 12 85 Income after cap gains (loss) before tax NA NA NA 11 NAOther Including Gross Contributed NA NA NA 0 0 Federal Income Tax NA NA NA 144 NA

Capital & Surplus NA NA NA 1,512 1,585 Net Income NA NA NA -133 NA

Total Liabilities and C&S NA NA NA 4,775 4,509 Pre-tax Operating Income NA NA NA 11 NA

Memo: Total Revenue NA NA NA 937 NAMemo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 578 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 1,127Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Class 5 NA NA NA NA 0

Net Investment Income NA NA NA 1 NA Class 6 NA NA NA NA 0R li d C it l G i NA NA NA 0 NARealized Capital Gains NA NA NA 0 NAUnrealized Capital Gains NA NA NA 0 NATotal Cash & Investments NA NA NA 1,893 2,616Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,127 2,246Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 366 745Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) NA NA NA 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0


LT Bond 411 411 413 400 1,636Common Stock 366 366 365 -- 1,097Preferred Stock 0 0 0 -- 0Total 777 777 778 400 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 21.74 38.76Common Stocks / C&S NA NA NA 24.19 47.01Unaff common stock/Invested Assets NA NA NA 19.33 28.49

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Tennessee 478 1. Med Prof Liab 3,964 Cash/Invested Assets NA NA NA 58.94 32.862. New Jersey 398 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Pennsylvania 350 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 329 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. New Mexico 304 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 2,106 All Other 0 Other Investments/Invested Assets NA NA NA 0.00 -0.11Premiums & Cons due/Total Assets NA NA NA 54.08 23.03

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Reinsurance recoverable/Total Assets NA NA NA 0.00 10.57

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 6.28 8.39National DPW ($000) NA NA NA NA 3,964 Invested Assets/Total Assets NA NA NA 39.63 58.01Adjusted Loss Ratio NA NA NA NA 31.39 Investment Income/Total Assets NA NA NA 0.01 NA





Other Invstmts - 58.9% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Tennessee - 12.0% New Jersey - 10.1%

Pennsylvania - 8.8% Texas - 8.3%

New Mexico - 7.7% All other - 53.1%



Aircraft - 0.0%



All Other - 0.0%


Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2386 Airport Road NAIC Company Code : 10075 Total Assets 6,772 6,252 5,674 5,365 5,601Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,643 3,589 3,405 3,373 3,298

Geographic Focus: Geography Minimum NPW Total Liabilities 3,129 2,664 2,269 1,992 2,302NAIC Ownership Structure: Risk Retention Group Net Income -187 13 -64 15 0Tax Identification Number : 03-0310577 Total Revenue 831 821 685 547 480

Direct Premiums Written 1,522 1,326 1,166 944 1,081Net Premiums Written 640 616 561 405 425

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 677 679 602 496 434

AM Best Financial Strength Rating B 04/03/12 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,666Demotech Financial Strength Rating A 08/28/13 Affirm Loss & LAE Reserves/ NPE (%) 380.31 368.61 347.05 360.71 394.48S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -5.39 -1.39 -7.21 -3.90 -3.80Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.17 0.16 0.12 0.13Fitch Financial Strength Rating -- -- -- --


Name : Paula A. French Auditor Johnson Lambert LLPPhone : (802) 371-2321 Actuary Financial Risk Analysts LLCFax : (802) 229-6280 CEO --Email : [email protected] CFO --

President D. Christopher Cathcart


Net Yield on Invested Assets 2.54 2.34 1.49 1.09 0.98Net Investment Income/Earned Premiums 24.05 23.09 14.80 12.53 10.80Return on Average Equity (C&S) -5.31 0.36 -1.84 0.44 -0.01Return on Avg Assets -2.74 0.19 -1.05 0.27 -0.01Loss and LAE Ratio 74.84 45.50 60.07 29.08 25.47Expense Ratio 80.27 91.28 102.30 131.91 116.65Loss Ratio -3.61 17.09 -50.18 22.51 76.58Combined Ratio 155.11 136.78 162.37 160.99 142.12Operating Ratio 132.36 115.83 148.58 150.78 131.53Investment ratio 22.75 20.95 13.79 10.22 10.60


Cash, Short-Term Investments / Liabilities 47.92 53.40 67.35 66.76 80.21Cash, Common & Liquid Bonds / Liabilities 227.85 261.92 277.99 272.92 261.70Cash & Short-Term Investments / C&S 41.15 39.64 44.87 39.43 55.99Liabilities / Liquid Assets (IRIS Ratio) 53.00 46.00 45.00 45.00 47.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 499.24 344.04 364.60 377.08 257.49Cash From Underwriting ($000) -960 -418 -833 -780 426Net Cash From Operations ($000) -648 -143 -696 -697 503Underwriting Cash Flow Ratio 41.25 60.06 41.83 34.91 -329.11Operating Cash Flow Ratio 32.05 50.04 41.83 34.91 -329.10Unassigned Funds / Total Assets 44.44 48.96 52.93 55.90 52.44


GPW to Policyholders' Surplus3 900 --- 37 34 28NPW to Policyholders' Surplus 300 --- 17 16 12Change in Net Premiums Written 33 -33 -4 -9 -28Surplus Aid to Policyholders' Surplus 15 --- 1 2 2Two-Year Overall Operating Ratio 100 --- 124* 131* 149*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

53.0

46.045.0 45.0

47.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009Y 2010Y 2011Y 2012Y 2013L2


155.1

136.8

162.4 161.0

142.1

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 78.44 28.41 110.25 6.58 -51.11 Gross Change in Policyholders' Surplus 50 -10 -2 -5 -1Net Commission Ratio 8.38 18.07 18.16 20.15 NA Net Change in Adj Policyholders' Surplus 25 -10 1 -2 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 46 45 45Tax, License & Fees Ratio 3.84 4.09 14.18 10.65 NA Agents' Bal to Policyholders' Surplus 40 --- 3 2 2Admin & Other Expense Ratio 68.05 69.12 69.96 101.11 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -12 -5Gross Premiums Written ($000)3 1,522 1,326 1,166 944 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -19 -10Loss & Loss Adj Expense ($000) 506 309 362 144 110 Est Curr Resv Defi/Policyholders' Surplus 25 --- -6 -9 -10Other Underwriting Exp Incurred ($000) 514 562 574 534 496 *Indicates an unusual value.Net Underwriting Gains ($000) -344 -192 -334 -182 -173 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 42.06 46.41 48.13 42.87 NA complements of each ratio.Effective Tax Rate NM 58.78 NM -3.79 103.50

Pre-Tax Operating Margin -22.83 -6.09 -36.59 -23.99 -26.49 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth -3.07 -7.68 -9.25 -5.45 -1.22

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -8.15 -14.87 -14.83 -12.19 -1.06

Reinsurance Recoverable ex US Aff 8,357 2,565 2,734 2,604 NA Net Premiums Written Growth -32.84 -3.83 -8.86 -27.89 -12.78Retention Ratio (NPW/GPW) (%)3 42.06 46.41 48.13 42.87 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -9.83 -15.70 -11.86 -9.87 -6.40Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -27.22 -12.84 -12.11 -19.05 2.21Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 3.61 -1.38 -6.24 -8.93 -7.19

Capital & Surplus Five-year CAGR -1.52 -0.98 -2.83 -3.81 -3.42Admitted Assets Five-year CAGR 0.65 -1.15 -4.28 -5.91 -5.08







Change in Loss & LAE Resv / Reserves -9.83 -15.70 -11.86 -9.87 -6.40 Realized Capital Gains (Losses) -134 81 119 146 1371 Yr Loss Reserve Dev / 1Y Prior C&S -9.44 -11.25 -11.93 -4.79 NA Net Unrealized Capital Gains (Losses) 297 25 6 -42 -322 Yr Loss Reserve Dev / 2Y Prior C&S -9.90 -7.15 -18.99 -10.14 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 380.31 368.61 347.05 360.71 394.48 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -49.95 -60.43 -71.11 -32.86 NA Net Premiums Written / Avg C&S (%) 18.19 17.18 16.13 12.02 12.72IBNR/ Total Reserves 40.62 45.30 19.52 23.29 NA Liabilities / Capital & Surplus (%) 85.88 74.23 66.62 59.07 69.80Reserves/ Equity 67.25 57.55 53.46 48.65 50.50 Total Reins Recov Excl US Aff / C&S (%) 229.38 71.48 80.29 77.21 NA


430.4

319.8

456.1 438.7464.3

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



42.1

46.4

48.1

42.9

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013L2




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 2,888 3,218 2,608 2,497 2,358 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,522 1,326 1,166 944 1,081Common Stocks 1,535 1,095 884 567 638 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,522 1,326 1,166 944 1,081Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -882 -711 -605 -539 -655Occupied Properties 0 0 0 0 0 Net Premiums Written 640 616 561 405 425Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -37 -63 -41 -92 -8Properties for Sale 0 0 0 0 0 Net Premiums Earned 677 679 602 496 434

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,499 1,422 1,528 1,330 1,847 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,922 5,735 5,020 4,393 4,843 Net Losses Paid - Commercial 373 343 255 260 NAPremiums & Considerations Due 108 100 76 51 135 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 401 171 299 646 253 Net Losses Paid 373 343 255 260 NAAll Other Admitted Assets 340 247 278 275 370 Net LAE Paid 537 351 352 64 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,772 6,252 5,674 5,365 5,601 Change in Loss Reserves - Commercial -398 -227 -557 -148 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -7 -158 312 -31 NA

Unpaid Losses 1,339 1,112 555 407 511 Net Change in Loss and LAE Reserves -404 -385 -245 -180 NAUnpaid Loss Adj Expenses 1,111 953 1,265 1,234 1,155 Losses and LAE Incurred 506 309 362 144 110

Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,666 Other Underwriting Expense Incurred 514 562 574 534 496Unearned Premiums 410 347 306 215 215 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 17 22 36 25 81 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 252 229 106 111 340 Net Underwriting Gain (Loss) -344 -192 -334 -182 -173Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,020 871 936 678 607



Common Capital Stock 41 39 38 36 36 Net Realized Capital Gains (Losses) -134 81 119 146 137Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,010 3,061 3,003 2,999 2,937 Income after cap gains (loss) before tax -324 31 -132 14 10Other Including Gross Contributed 592 489 364 338 326 Federal Income Tax -137 18 -68 -1 10

Capital & Surplus 3,643 3,589 3,405 3,373 3,298 Net Income -187 13 -64 15 0

Total Liabilities and C&S 6,772 6,252 5,674 5,365 5,601 Pre-tax Operating Income -190 -50 -251 -131 -127

Memo: Total Revenue 696 902 804 692 617Memo: Affiliated Investments ($000) Memo: Paid Expenses 865 948 1,063 603 NA

Bonds 0 0 0 0 0





Net Investment Income 154 142 83 51 46 Class 6 0 0 0 0 0R li d C it l G i 134 81 119 146 137Realized Capital Gains -134 81 119 146 137Unrealized Capital Gains 297 25 6 -42 -32Total Cash & Investments 5,922 5,735 5,020 4,393 4,843Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,095 4,459 3,894 3,541 3,540Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,535 1,095 884 567 638Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Colorado 272 1. Oth, Prod Liab Cmbnd 944 Cash/Invested Assets 25.32 24.80 30.44 30.27 38.132. Wisconsin 161 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Illinois 108 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Louisiana 70 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 66 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 3.99 -5.18 -7.86 -14.45 -17.25 All other admitted assets/Total Assets 5.03 3.95 4.91 5.12 6.61National DPW ($000) 2,091 1,522 1,326 1,166 944 Invested Assets/Total Assets 87.45 91.73 88.48 81.89 86.47Adjusted Loss Ratio 43.10 299.57 3.04 -53.59 -103.26 Investment Income/Total Assets 2.27 2.27 1.46 0.94 0.82





Other Invstmts - 30.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Colorado - 28.8% Wisconsin - 17.0%

Illinois - 11.4% Louisiana - 7.4%

California - 7.0% All other - 28.4%



Aircraft - 0.0%



All Other - 0.0%


Continuing Care RRG Inc. (Moncks Corner, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

223-B Heatley Street NAIC Company Code : 11798 Total Assets 6,166 3,635 4,595 3,695 5,220Moncks Corner, SC 29461-3781 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,804 2,561 3,365 2,937 3,062

Geographic Focus: Regional - Western Quadrant Total Liabilities 2,362 1,074 1,230 758 2,158NAIC Ownership Structure: Risk Retention Group Net Income -394 -1,329 787 -451 -46Tax Identification Number : 20-0221911 Total Revenue 4,898 5,218 3,890 2,733 3,631



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 412 535 98 629Demotech Financial Strength Rating A 08/19/13 Affirm Loss & LAE Reserves/ NPE (%) 22.06 32.21 39.99 37.20 23.60S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -14.29 -49.34 23.31 -18.47 -2.33Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.28 2.04 1.16 0.93 1.07Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 1.23 0.01 0.03 -0.08 -0.11Net Investment Income/Earned Premiums 0.52 0.00 0.02 -0.05 -0.03Return on Average Equity (C&S) -9.54 -43.40 26.80 -14.71 -1.54Return on Avg Assets -5.37 -19.31 14.20 -8.78 -0.90Loss and LAE Ratio 68.40 89.41 39.25 55.43 60.49Expense Ratio 44.33 39.61 43.19 65.35 46.48Loss Ratio 39.50 69.06 21.20 45.78 39.56Combined Ratio 112.73 129.02 82.44 120.77 106.97Operating Ratio 112.21 129.02 82.42 120.83 107.00Investment ratio 0.52 0.00 0.02 -0.05 -0.03


Cash, Short-Term Investments / Liabilities 46.05 187.57 205.07 68.20 42.76Cash, Common & Liquid Bonds / Liabilities 46.05 187.57 205.07 68.20 42.76Cash & Short-Term Investments / C&S 28.59 78.66 74.96 17.60 30.13Liabilities / Liquid Assets (IRIS Ratio) 217.00 53.00 49.00 147.00 234.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA 508.10 468.43 536.75 82.19Cash From Underwriting ($000) -1,204 838 489 -2,178 -703Net Cash From Operations ($000) -1,170 840 491 -2,177 -673Underwriting Cash Flow Ratio 77.71 113.00 115.57 55.68 78.85Operating Cash Flow Ratio 77.71 113.00 115.57 55.68 78.85Unassigned Funds / Total Assets -16.45 -64.49 -33.87 -58.36 -40.59


GPW to Policyholders' Surplus3 900 --- 227 127 109NPW to Policyholders' Surplus 300 --- 204 116 93Change in Net Premiums Written 33 -33 7 -25 -30Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 121* 109* 98


MSA: Charleston-North Charleston-Summerville, SC (Metro)

Distribution Channel: Broker

217.0

53.0 49.0

147.0

234.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L2


112.7

129.0

82.4

120.8107.0

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 28.90 20.35 18.06 9.64 20.92 Gross Change in Policyholders' Surplus 50 -10 -33* 31 -13*Net Commission Ratio 8.83 9.08 9.24 9.78 NA Net Change in Adj Policyholders' Surplus 25 -10 -35* 31* -18*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 53 49 147*Tax, License & Fees Ratio 4.69 4.74 4.51 5.25 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 30.81 25.79 29.44 50.31 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 3 -12Gross Premiums Written ($000)3 5,453 5,820 4,276 3,209 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 -12Loss & Loss Adj Expense ($000) 3,330 4,663 1,526 1,514 2,179 Est Curr Resv Defi/Policyholders' Surplus 25 --- -16 -10 -1Other Underwriting Exp Incurred ($000) 2,158 2,066 1,679 1,785 1,522 *Indicates an unusual value.Net Underwriting Gains ($000) -620 -1,514 683 -568 -99 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 89.27 89.62 90.92 85.13 NA complements of each ratio.Effective Tax Rate NM NM -14.96 NM NM

Pre-Tax Operating Margin -12.05 -28.96 17.61 -20.72 -1.91 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 9.14 -41.05 26.43 -19.59 -0.19

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 40.49 -54.54 14.55 -38.36 -3.62

Reinsurance Recoverable ex US Aff -817 79 -15 10 NA Net Premiums Written Growth 8.35 7.14 -25.47 -29.72 12.73Retention Ratio (NPW/GPW) (%)3 89.27 89.62 90.92 85.13 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NM NM 29.93 -81.66 -39.32Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 0.22 6.72 -26.53 -24.94 0.97Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -3.43 -19.75 -12.10 -21.07 -8.69

Capital & Surplus Five-year CAGR 23.49 -5.27 -1.70 -6.79 -4.76Admitted Assets Five-year CAGR 8.31 -11.20 -5.23 -11.08 -6.51







Change in Loss & LAE Resv / Reserves NM NM 29.93 -81.66 -39.32 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -0.25 0.00 3.44 -12.15 NA Net Unrealized Capital Gains (Losses) 2 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -4.91 -0.25 0.00 -11.87 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 22.06 32.21 39.99 37.20 23.60 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -0.21 0.00 2.26 -14.97 NA Net Premiums Written / Avg C&S (%) 117.87 170.27 132.28 89.11 109.76IBNR/ Total Reserves NA 48.27 40.21 23.13 NA Liabilities / Capital & Surplus (%) 62.09 41.93 36.55 25.81 70.46Reserves/ Equity 0.00 16.09 15.91 3.34 20.53 Total Reins Recov Excl US Aff / C&S (%) -21.48 3.08 -0.45 0.34 NA


310.8

253.6

185.2

288.9

213.4

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2008Y 2009Y 2010Y 2011Y 2012Y



89.3 89.6

90.9

85.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L2




Continuing Care RRG Inc. (Moncks Corner, SC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,453 5,820 4,276 3,209 3,430Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -585 -604 -388 -477 -156Occupied Properties 0 0 0 0 0 Net Premiums Written 4,868 5,216 3,887 2,732 3,274Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -328Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,868 5,216 3,887 2,732 3,602

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,088 2,014 2,523 517 923 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,088 2,014 2,523 517 923 Net Losses Paid - Commercial 1,932 3,248 892 1,447 NAPremiums & Considerations Due 0 9 0 -18 1,159 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 216 0 0 0 0 Net Losses Paid 1,932 3,248 892 1,447 NAAll Other Admitted Assets 4,863 1,611 2,073 3,196 3,138 Net LAE Paid 1,408 1,003 510 516 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,166 3,635 4,595 3,695 5,220 Change in Loss Reserves - Commercial -9 354 -68 -197 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -1 58 192 -252 NA

Unpaid Losses 0 354 285 89 122 Net Change in Loss and LAE Reserves -10 412 123 -449 NAUnpaid Loss Adj Expenses 0 58 250 9 506 Losses and LAE Incurred 3,330 4,663 1,526 1,514 2,179

Loss & Loss Adj Exp Reserves 0 412 535 98 629 Other Underwriting Expense Incurred 2,158 2,066 1,679 1,785 1,522Unearned Premiums 0 0 0 0 494 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,033 -79 15 -10 259 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 1,299 695 680 658 776 Net Underwriting Gain (Loss) -620 -1,514 683 -568 -99Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 30 46 0 12 0 Total underwriting deductions 5,488 6,729 3,205 3,300 3,700

Total Liabilities 2,362 1,074 1,230 758 2,158

Income ($000)Total Capital and Surplus Net Investment Income 25 0 1 -1 -1

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 4 2 1 3 30Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,015 -2,344 -1,557 -2,157 -2,119 Income after cap gains (loss) before tax -590 -1,511 685 -566 -69Other Including Gross Contributed 4,819 4,905 4,922 5,094 5,181 Federal Income Tax -196 -182 -102 -115 -23

Capital & Surplus 3,804 2,561 3,365 2,937 3,062 Net Income -394 -1,329 787 -451 -46

Total Liabilities and C&S 6,166 3,635 4,595 3,695 5,220 Pre-tax Operating Income -590 -1,511 685 -566 -69


Bonds 0 0 0 0 0





Net Investment Income 25 0 1 -1 -1 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 2 0 0 0 0Total Cash & Investments 1,088 2,014 2,523 517 923Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 1,745 1. Med Prof Liab 2,407 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 810 2. Oth, Prod Liab Cmbnd 802 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 275 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Indiana 101 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kansas 74 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 204 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 0.26 0.00 -0.48 22.21


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 149.26 26.52 7.91 -3.19 -10.35 All other admitted assets/Total Assets 78.86 44.32 45.11 86.49 60.12National DPW ($000) 5,441 5,453 5,820 4,276 3,209 Invested Assets/Total Assets 17.64 55.42 54.89 13.99 17.68Adjusted Loss Ratio 41.02 35.26 61.89 19.27 38.98 Investment Income/Total Assets 0.41 0.00 0.02 -0.04 -0.02





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


California - 54.4% Arizona - 25.3%

North Carolina - 8.6% Indiana - 3.1%

Kansas - 2.3% All other - 6.4%




Aircraft - 0.0%


All Other - 0.0%


Doctors & Surgeons Natl RRG (Lawrenceville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

3370 Sugarloaf Parkway NAIC Company Code : 13018 Total Assets 2,918 4,828 7,583 9,956 11,275Suite G-2/302 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,276 2,033 2,209 2,589 2,588Lawrenceville, GA 30044-5486 Geographic Focus: National Total Liabilities 1,642 2,795 5,375 7,367 8,687

NAIC Ownership Structure: Risk Retention Group Net Income 6 168 76 279 -163Tax Identification Number : 68-0656137 Total Revenue 1,014 2,360 3,157 4,013 4,676

Direct Premiums Written 1,294 3,928 5,146 6,538 6,964Net Premiums Written 798 2,549 4,008 4,896 5,285

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 958 2,283 3,007 3,839 4,509

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,270Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 46.46 53.41 72.14 82.29 78.26S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.75 17.10 7.48 17.34 -11.05Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 1.25 1.81 1.89 2.04Fitch Financial Strength Rating -- -- -- --


Name : Sara Mary Carpenter Auditor Munninghoff Lange & CompanyPhone : (706) 232-9591x12 Actuary Merlinos & Associates Inc.Fax : (706) 232-0195 CEO --Email : [email protected] CFO --

President William Peter Graper


Net Yield on Invested Assets 1.98 1.63 2.46 2.59 2.23Net Investment Income/Earned Premiums 6.23 2.10 3.00 3.56 3.25Return on Average Equity (C&S) 0.51 11.35 3.49 11.33 -6.23Return on Avg Assets 0.21 3.93 1.22 3.19 -1.64Loss and LAE Ratio 63.87 52.70 51.33 53.09 68.02Expense Ratio 49.30 35.45 36.22 31.60 35.92Loss Ratio 45.36 36.15 20.45 31.65 52.29Combined Ratio 113.17 88.16 87.55 84.69 103.94Operating Ratio 107.99 85.81 83.55 80.16 100.13Investment ratio 5.19 2.35 4.00 4.54 3.81


Cash, Short-Term Investments / Liabilities 135.53 30.91 8.55 8.13 11.72Cash, Common & Liquid Bonds / Liabilities 253.53 131.47 104.97 97.85 100.58Cash & Short-Term Investments / C&S 174.46 42.50 20.80 23.13 39.33Liabilities / Liquid Assets (IRIS Ratio) 62.00 75.00 95.00 102.00 99.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 193.53 164.43 124.92 121.10 116.65Cash From Underwriting ($000) 614 837 1,997 1,956 2,130Net Cash From Operations ($000) 651 769 2,083 2,170 2,326Underwriting Cash Flow Ratio 514.74 174.99 225.74 168.42 167.49Operating Cash Flow Ratio 514.74 189.20 231.20 168.42 167.49Unassigned Funds / Total Assets 4.74 6.35 5.14 6.72 5.74


GPW to Policyholders' Surplus3 900 --- 193 233 253NPW to Policyholders' Surplus 300 --- 125 181 189Change in Net Premiums Written 33 -33 219* 57* 22Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 91 84 81


MSA: Atlanta-Sandy Springs-Marietta, GA (Metro)


62.0

75.0

95.0102.0 99.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L2


113.2

88.2 87.6 84.7

103.9

-8.00-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 18.52 16.55 30.88 21.44 15.73 Gross Change in Policyholders' Surplus 50 -10 59* 9 17Net Commission Ratio 18.33 12.81 14.67 16.05 NA Net Change in Adj Policyholders' Surplus 25 -10 13 4 13Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 75 95 102*Tax, License & Fees Ratio 1.25 0.82 0.61 0.66 NA Agents' Bal to Policyholders' Surplus 40 --- 31 54* 60*Admin & Other Expense Ratio 29.71 21.82 20.95 14.89 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 28* 0 -2Gross Premiums Written ($000)3 1,294 3,928 5,146 6,538 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 16 20* -1Loss & Loss Adj Expense ($000) 612 1,203 1,544 2,038 3,067 Est Curr Resv Defi/Policyholders' Surplus 25 --- 22 -8 -3Other Underwriting Exp Incurred ($000) 393 904 1,452 1,547 1,898 *Indicates an unusual value.Net Underwriting Gains ($000) -47 176 12 254 -456 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 61.70 64.90 77.88 74.88 NA complements of each ratio.Effective Tax Rate 34.00 33.87 53.42 33.99 NM

Pre-Tax Operating Margin 0.87 10.74 5.13 10.66 -6.19 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2



Reinsurance Recoverable ex US Aff 199 776 472 537 NA Net Premiums Written Growth -31.40 219.39 57.21 22.16 17.79Retention Ratio (NPW/GPW) (%)3 61.70 64.90 77.88 74.88 NA Pre-Tax Operating Income Growth -95.65 NM -36.13 164.26 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 48.58 0.00 0.00 NA Net Income Growth -91.84 NM -55.07 269.67 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 1,920.03 129.36 67.74 15.13 46.06Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -9.55 203.64 31.02 27.04 20.02Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NM 368.52 266.41 44.60

Capital & Surplus Five-year CAGR NA 26.35 21.67 20.77 17.35Admitted Assets Five-year CAGR NA 67.96 65.17 57.76 34.76







Change in Loss & LAE Resv / Reserves 1,920.03 129.36 67.74 15.13 46.06 Realized Capital Gains (Losses) 0 1 0 -4 191 Yr Loss Reserve Dev / 1Y Prior C&S 0.41 27.98 0.10 -2.13 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 16.32 20.15 -0.78 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 46.46 53.41 72.14 82.29 78.26 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.52 15.64 0.07 -1.22 NA Net Premiums Written / Avg C&S (%) 67.11 171.98 185.26 198.40 201.88IBNR/ Total Reserves 40.47 28.27 23.35 37.78 NA Liabilities / Capital & Surplus (%) 128.72 137.48 243.37 284.54 335.72Reserves/ Equity 59.92 86.24 133.16 130.77 165.04 Total Reins Recov Excl US Aff / C&S (%) 15.60 38.17 21.37 20.74 NA


1,248.7

365.9240.3

167.9 161.00

500

1,000

1,500

2,000

2,500

3,000

2008Y 2009Y 2010Y 2011Y 2012Y



61.7 64.9

77.9 74.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013L2




Doctors & Surgeons Natl RRG (Lawrenceville, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 351 2,787 5,145 6,327 7,718 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,294 3,928 5,146 6,538 6,964Common Stocks 33 24 38 283 2 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -495 -1,379 -1,139 -1,642 -1,679Occupied Properties 0 0 0 0 0 Net Premiums Written 798 2,549 4,008 4,896 5,285Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -160 266 1,000 1,057 776Properties for Sale 0 0 0 0 0 Net Premiums Earned 958 2,283 3,007 3,839 4,509

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,226 864 459 599 1,018 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,610 3,674 5,642 7,209 8,738 Net Losses Paid - Commercial -145 233 60 803 NAPremiums & Considerations Due 36 632 1,192 1,547 1,139 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 30 29 0 0 0 Net Losses Paid -145 233 60 803 NAAll Other Admitted Assets 242 493 749 1,014 990 Net LAE Paid 31 105 172 791 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,918 4,828 7,583 9,956 11,275 Change in Loss Reserves - Commercial 580 592 555 412 NA


Unpaid Losses 589 1,182 1,737 2,149 2,978 Net Change in Loss and LAE Reserves 727 865 1,312 445 NAUnpaid Loss Adj Expenses 175 572 1,204 1,237 1,292 Losses and LAE Incurred 612 1,203 1,544 2,038 3,067

Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,270 Other Underwriting Expense Incurred 393 904 1,452 1,547 1,898Unearned Premiums 687 953 1,953 3,010 3,220 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 109 349 357 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 87 88 308 590 837 Net Underwriting Gain (Loss) -47 176 12 254 -456Payable to Parent, Subs & Affiliates 20 0 63 -36 2 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 84 0 0 69 0 Total underwriting deductions 1,006 2,107 2,995 3,585 4,966



Common Capital Stock 500 500 500 500 500 Net Realized Capital Gains (Losses) 0 1 0 -4 19Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 6 24 30 0 -5Unassigned Surplus 138 307 390 669 647 Income after cap gains (loss) before tax 9 254 162 423 -271Other Including Gross Contributed 638 1,226 1,319 1,420 1,441 Federal Income Tax 3 86 87 144 -108

Capital & Surplus 1,276 2,033 2,209 2,589 2,588 Net Income 6 168 76 279 -163

Total Liabilities and C&S 2,918 4,828 7,583 9,956 11,275 Pre-tax Operating Income 9 253 162 428 -289

Memo: Total Revenue 1,015 2,361 3,158 4,008 4,695Memo: Affiliated Investments ($000) Memo: Paid Expenses 340 1,056 1,517 1,925 NA

Bonds 0 0 0 0 0





Net Investment Income 50 54 120 174 172 Class 6 0 0 0 0 0R li d C it l G i 0 1 0 4 19Realized Capital Gains 0 1 0 -4 19Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 2,610 3,674 5,642 7,209 8,738Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,904 2,787 5,145 6,327 7,718Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 33 24 38 283 2Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 2,342 1. Med Prof Liab 6,538 Cash/Invested Assets 85.27 23.51 8.14 8.31 11.652. Michigan 1,364 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 853 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Illinois 410 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 202 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 1.87 3.62DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 8.29 10.21 9.88 10.19 8.79National DPW ($000) 1,430 1,294 3,928 5,146 6,538 Invested Assets/Total Assets 89.45 76.11 74.40 72.40 77.50Adjusted Loss Ratio 3.30 29.77 25.30 14.79 23.47 Investment Income/Total Assets 1.70 1.11 1.59 1.75 1.52





Other Invstmts - 8.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


New York - 35.8% Michigan - 20.9%

Florida - 13.0% Illinois - 6.3%




Aircraft - 0.0%



All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA NA NA 2,743 3,677Suite Six Business Focus : Commercial Lines Focus Policyholder Surplus NA NA NA 1,802 1,868Washington, DC 20009-1013 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities NA NA NA 941 1,809

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA -11 20Tax Identification Number : 45-4057491 Total Revenue NA NA NA 1,012 292

Direct Premiums Written NA NA NA 3,023 3,196Net Premiums Written NA NA NA 1,004 -446

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 1,004 282

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 769 1,036Demotech Financial Strength Rating A 08/19/13 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 260.44S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA 5.89Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.56 -0.24Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : -- CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA NA NA 0.28Net Investment Income/Earned Premiums NA NA NA 0.81 -2.19Return on Average Equity (C&S) NA NA NA NA 1.12Return on Avg Assets NA NA NA NA 0.55Loss and LAE Ratio NA NA NA 76.57 97.19Expense Ratio NA NA NA 18.88 NMLoss Ratio NA NA NA 38.77 -83.53Combined Ratio NA NA NA 95.45 NMOperating Ratio NA NA NA 94.63 NMInvestment ratio NA NA NA 0.81 NA

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Cash, Short-Term Investments / Liabilities NA NA NA 114.64 55.00Cash, Common & Liquid Bonds / Liabilities NA NA NA 250.64 207.70Cash & Short-Term Investments / C&S NA NA NA 59.88 53.26Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 40.00 51.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 526.49 258.40Cash From Underwriting ($000) NA NA NA 632 -372Net Cash From Operations ($000) NA NA NA 596 -329Underwriting Cash Flow Ratio NA NA NA 2,034.89 661.96Operating Cash Flow Ratio NA NA NA 2,237.00 661.65Unassigned Funds / Total Assets NA NA NA 0.97 2.53


GPW to Policyholders' Surplus3 900 --- NA NA 168NPW to Policyholders' Surplus 300 --- NA NA 56Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA




40.0

51.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013L2


95.4

0.00.00

0.20

0.40

0.60

0.80

1.00

1.20

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio NA NA NA 37.79 180.72 Gross Change in Policyholders' Surplus 50 -10 NA NA 3Net Commission Ratio NA NA NA -13.29 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA 2Salaries & Benefits Ratio NA NA NA 0.00 NA Liabilities to Liquid Assets 100 --- NA NA 40Tax, License & Fees Ratio NA NA NA 9.57 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 0Admin & Other Expense Ratio NA NA NA 22.61 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Gross Premiums Written ($000)3 NA NA NA 3,023 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA 769 274 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 190 -89 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 46 97 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 33.22 NA complements of each ratio.Effective Tax Rate NA NA NA 118.29 82.03

Pre-Tax Operating Margin NA NA NA 5.32 36.61 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth NA NA NA NA -7.73

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth NA NA NA NA -20.10

Reinsurance Recoverable ex US Aff NA NA NA 1,689 NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA 33.22 NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA 35.37Reinsurance Payable on Losses, LAE NA NA NA 0 NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA 0 NA Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,802 1,868 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,802 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 377 NA



Change in Loss & LAE Resv / Reserves NA NA NA NA 35.37 Realized Capital Gains (Losses) NA NA NA 6 61 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA 9 192 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 260.44 Dividend Payout Ratio (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA -24.61IBNR/ Total Reserves NA NA NA 44.14 NA Liabilities / Capital & Surplus (%) NA NA NA 52.23 96.82Reserves/ Equity NA NA NA 42.68 55.45 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 93.75 NA


239.0

0200400600800

1,0001,2001,4001,6001,8002,000

2008Y 2009Y 2010Y 2011Y 2012Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))33.2

-1,000-500

0500

1,0001,5002,0002,5003,0003,500

2009Y 2010Y 2011Y 2012Y 2013L2




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds NA NA NA 1,050 2,145 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,023 3,196Common Stocks NA NA NA 229 413 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,023 3,196Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -2,019 -3,642Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 1,004 -446Income Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 0 -728Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 1,004 282

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,079 995 Underwriting Deductions ($000)Other Investments NA NA NA 1 5 Net Losses Paid - Personal NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 2,359 3,558 Net Losses Paid - Commercial NA NA NA 0 NAPremiums & Considerations Due NA NA NA 0 0 Net Losses Paid - A&H NA NA NA 0 NAReinsurance Recoverable NA NA NA 350 21 Net Losses Paid NA NA NA 0 NAAll Other Admitted Assets NA NA NA 33 98 Net LAE Paid NA NA NA 0 NASeparate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 NATotal Net Admitted Assets NA NA NA 2,743 3,677 Change in Loss Reserves - Commercial NA NA NA 389 NA

Change in Loss Reserves - A&H NA NA NA 0 NALiabilities Change in LAE Reserves NA NA NA 380 NA

Unpaid Losses NA NA NA 389 526 Net Change in Loss and LAE Reserves NA NA NA 769 NAUnpaid Loss Adj Expenses NA NA NA 380 510 Losses and LAE Incurred NA NA NA 769 274

Loss & Loss Adj Exp Reserves NA NA NA 769 1,036 Other Underwriting Expense Incurred NA NA NA 190 -89Unearned Premiums NA NA NA 0 341 Other Underwriting Deductions NA NA NA 0 0Total Reinsurance Liabilities NA NA NA 0 256 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 167 133 Net Underwriting Gain (Loss) NA NA NA 46 97Payable to Parent, Subs & Affiliates NA NA NA 2 -2 Policyholder Dividends (PHD) NA NA NA 0 0Other Liabilities NA NA NA 3 44 Total underwriting deductions NA NA NA 959 185

Total Liabilities NA NA NA 941 1,809

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 8 10

Common Capital Stock NA NA NA 0 0 Net Realized Capital Gains (Losses) NA NA NA 6 6Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA 27 93 Income after cap gains (loss) before tax NA NA NA 60 113Other Including Gross Contributed NA NA NA 1,775 1,775 Federal Income Tax NA NA NA 70 92

Capital & Surplus NA NA NA 1,802 1,868 Net Income NA NA NA -11 20

Total Liabilities and C&S NA NA NA 2,743 3,677 Pre-tax Operating Income NA NA NA 54 107

Memo: Total Revenue NA NA NA 1,018 298Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 64 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62008Y 2009Y 2010Y 2011Y 2012Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 1,050Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Class 5 NA NA NA NA 0

Net Investment Income NA NA NA 8 10 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA 6 6Realized Capital Gains NA NA NA 6 6Unrealized Capital Gains NA NA NA 9 19Total Cash & Investments NA NA NA 2,359 3,558Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,050 2,349Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 229 413Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) NA NA NA 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 44.52 60.29Common Stocks / C&S NA NA NA 12.73 22.10Unaff common stock/Invested Assets NA NA NA 9.72 11.60

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Illinois 1,062 1. Med Prof Liab 3,023 Cash/Invested Assets NA NA NA 45.72 27.962. Ohio 572 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Indiana 551 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 356 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Delaware 238 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 245 All Other 0 Other Investments/Invested Assets NA NA NA 0.04 0.15Premiums & Cons due/Total Assets NA NA NA 0.00 0.00

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Reinsurance recoverable/Total Assets NA NA NA 12.75 0.57

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 1.22 2.66National DPW ($000) NA NA NA NA 3,023 Invested Assets/Total Assets NA NA NA 86.03 96.78Adjusted Loss Ratio NA NA NA NA 46.59 Investment Income/Total Assets NA NA NA 0.30 0.27





Other Invstmts - 45.8% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Illinois - 35.1% Ohio - 18.9%

Indiana - 18.2% Michigan - 11.8%

Delaware - 7.9% All other - 8.1%



Aircraft - 0.0%



All Other - 0.0%


Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 12,525 13,729 22,902 21,100 20,705Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,649 4,823 6,324 6,002 6,336Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 8,877 8,906 16,578 15,098 14,369

NAIC Ownership Structure: Risk Retention Group Net Income -392 400 635 -301 -276Tax Identification Number : 20-1141933 Total Revenue 4,163 6,042 6,147 4,273 3,838



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 7,935Demotech Financial Strength Rating A 08/20/13 Affirm Loss & LAE Reserves/ NPE (%) 147.87 109.18 121.30 198.92 221.85S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -4.84 4.84 12.51 -11.54 -10.54Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.17 1.14 1.01 0.62 0.62Fitch Financial Strength Rating -- -- -- --


Name : Brian Troy Winch Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1105 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.45 2.63 2.14 1.62 1.93Net Investment Income/Earned Premiums 4.63 4.47 3.54 6.12 6.06Return on Average Equity (C&S) -11.01 9.44 11.42 -4.74 -4.43Return on Avg Assets -3.14 2.85 3.80 -1.32 -1.27Loss and LAE Ratio 56.74 50.83 45.01 56.42 42.29Expense Ratio 48.85 52.77 43.57 52.50 54.92Loss Ratio 44.83 29.78 16.66 21.08 -2.91Combined Ratio 105.60 103.60 88.58 128.33 120.09Operating Ratio 100.62 99.37 84.76 122.74 113.51Investment ratio 4.98 4.22 3.82 5.59 6.58


Cash, Short-Term Investments / Liabilities 28.63 7.00 24.09 22.29 21.08Cash, Common & Liquid Bonds / Liabilities 103.03 95.60 70.02 74.08 78.40Cash & Short-Term Investments / C&S 69.66 12.93 63.15 56.06 47.80Liabilities / Liquid Assets (IRIS Ratio) 96.00 104.00 142.00 130.00 123.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.54 179.02 181.35 156.62 129.02Cash From Underwriting ($000) 1,296 -19 1,961 -2,119 -2,048Net Cash From Operations ($000) 1,535 256 2,226 -2,533 -2,564Underwriting Cash Flow Ratio 152.44 99.64 141.26 62.97 64.32Operating Cash Flow Ratio 146.49 99.64 141.26 55.92 56.25Unassigned Funds / Total Assets -9.02 -4.42 2.24 1.13 2.77


GPW to Policyholders' Surplus3 900 --- 160 138 74NPW to Policyholders' Surplus 300 --- 114 101 62Change in Net Premiums Written 33 -33 28 17 -42*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 100 92 100


MSA: Las Vegas-Paradise, NV (Metro)


96.0104.0

142.0130.0

123.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L2


105.6 103.6

88.6

128.3120.1

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 11.91 21.04 28.35 35.33 45.19 Gross Change in Policyholders' Surplus 50 -10 32 31 -5Net Commission Ratio 12.62 11.48 9.82 9.57 NA Net Change in Adj Policyholders' Surplus 25 -10 14 23 -4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 104* 142* 130*Tax, License & Fees Ratio 4.28 3.66 5.55 5.66 NA Agents' Bal to Policyholders' Surplus 40 --- 12 6 5Admin & Other Expense Ratio 31.95 37.63 28.20 37.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 25* -10 -9Gross Premiums Written ($000)3 7,303 7,715 8,724 4,452 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -31 12 -22Loss & Loss Adj Expense ($000) 2,250 2,947 2,665 2,283 1,523 Est Curr Resv Defi/Policyholders' Surplus 25 --- 38* 6 -56Other Underwriting Exp Incurred ($000) 2,085 2,891 2,787 1,938 2,147 *Indicates an unusual value.Net Underwriting Gains ($000) -369 -40 469 -174 -69 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.43 71.00 73.32 82.93 NA complements of each ratio.Effective Tax Rate NM -27.06 32.10 NM NM

Pre-Tax Operating Margin -4.13 3.39 11.31 -17.17 -17.09 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 7.08 9.61 66.82 -7.87 -7.66


Reinsurance Recoverable ex US Aff 5,426 5,779 5,980 2,988 NA Net Premiums Written Growth 13.79 28.35 16.77 -42.28 -64.32Retention Ratio (NPW/GPW) (%)3 58.43 71.00 73.32 82.93 NA Pre-Tax Operating Income Growth NM NM 239.05 NM NMUnauthorized Net Recov. (ex US Aff) (%) 72.82 69.44 78.08 55.02 NA Net Income Growth NM NM 58.69 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 3.44 0.47 NA Loss & Loss Adj Exp Reserves Growth 23.24 2.96 18.98 -0.40 -4.25Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 3.76 5.64 9.18 -47.40 5.60Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 36.22 12.57 22.89 16.53 14.69








Change in Loss & LAE Resv / Reserves 23.24 2.96 18.98 -0.40 -4.25 Realized Capital Gains (Losses) -316 110 240 120 1231 Yr Loss Reserve Dev / 1Y Prior C&S -8.68 25.46 -9.56 -9.44 NA Net Unrealized Capital Gains (Losses) 642 123 -67 26 -362 Yr Loss Reserve Dev / 2Y Prior C&S -13.87 -31.35 12.11 -22.22 NA Dividends to Stockholders 24 0 0 0 0Loss and LAE Reserves / NPE 147.87 109.18 121.30 198.92 221.85 Dividend Payout Ratio (%) NM 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.14 16.02 -7.79 -14.75 NA Net Premiums Written / Avg C&S (%) 119.98 129.21 115.09 58.08 62.80IBNR/ Total Reserves 8.98 13.40 21.62 25.86 NA Liabilities / Capital & Surplus (%) 243.28 184.67 262.16 251.55 226.77Reserves/ Equity 173.84 135.42 122.88 128.95 125.23 Total Reins Recov Excl US Aff / C&S (%) 148.71 119.83 94.57 49.78 NA


176.2 168.5 165.7

211.6

258.8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012Y



58.4

71.0 73.382.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2009Y 2010Y 2011Y 2012Y 2013L2




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,036 -2,238 -2,028 -739 -1,086Occupied Properties 0 0 0 0 0 Net Premiums Written 4,268 5,478 6,396 3,692 3,909Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 302 -320 475 -356 308Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,966 5,797 5,921 4,047 3,601

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,542 623 3,993 3,365 3,029 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,145 8,514 11,609 11,597 11,658 Net Losses Paid - Commercial 362 1,817 560 1,308 NAPremiums & Considerations Due 493 558 357 322 120 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 82 260 754 611 528 Net Losses Paid 362 1,817 560 1,308 NAAll Other Admitted Assets 2,805 4,397 10,182 8,571 8,399 Net LAE Paid 692 942 866 1,006 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,525 13,729 22,902 21,100 20,705 Change in Loss Reserves - Commercial 1,416 -90 427 -455 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -220 278 812 424 NA

Unpaid Losses 4,655 4,564 4,991 4,536 3,983 Net Change in Loss and LAE Reserves 1,196 188 1,239 -31 NAUnpaid Loss Adj Expenses 1,688 1,967 2,779 3,203 3,952 Losses and LAE Incurred 2,250 2,947 2,665 2,283 1,523

Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 7,935 Other Underwriting Expense Incurred 2,085 2,891 2,787 1,938 2,147Unearned Premiums 1,773 1,453 1,929 1,573 1,101 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 374 84 27 2,670 706 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 350 838 943 170 403 Net Underwriting Gain (Loss) -369 -40 469 -174 -69Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 786 824Other Liabilities 37 0 5,910 2,945 4,224 Total underwriting deductions 4,335 5,837 5,452 4,221 3,670



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -316 110 240 120 123Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,130 -607 514 239 573 Income after cap gains (loss) before tax -488 315 935 -613 -533Other Including Gross Contributed 4,778 5,429 5,810 5,763 5,763 Federal Income Tax -97 -85 300 -312 -258

Capital & Surplus 3,649 4,823 6,324 6,002 6,336 Net Income -392 400 635 -301 -276

Total Liabilities and C&S 12,525 13,729 22,902 21,100 20,705 Pre-tax Operating Income -172 205 695 -734 -656


Bonds 0 0 0 0 0





Net Investment Income 197 245 226 226 237 Class 6 0 0 0 0 0R li d C it l G i 316 110 240 120 123Realized Capital Gains -316 110 240 120 123Unrealized Capital Gains 642 123 -67 26 -36Total Cash & Investments 9,145 8,514 11,609 11,597 11,658Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,617 4,631 6,106 4,711 5,011Total Preferred Stock (incl Nonadmitted) 0 0 0 412 409Total Common Stock (incl Nonadmitted) 1,987 3,260 1,510 3,109 3,225Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 3,414 3,386 2,264 3,574 2,598Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 4,711 4,711 4,643 4,310 18,375Common Stock 3,109 3,109 2,894 -- 9,112Preferred Stock 412 412 407 -- 1,231Total 8,232 8,232 7,944 4,310 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 6.87 6.451. Ohio 895 1. Med Prof Liab 4,431 Cash/Invested Assets 27.79 7.32 34.40 29.01 25.982. Indiana 872 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 820 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 606 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Oklahoma 392 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 28.52 12.35 4.79 -9.05 All other admitted assets/Total Assets 22.39 32.03 44.46 40.62 40.56National DPW ($000) 7,039 7,303 7,715 8,424 4,431 Invested Assets/Total Assets 73.02 62.02 50.69 54.96 56.31Adjusted Loss Ratio 50.86 50.96 36.14 12.12 28.24 Investment Income/Total Assets 1.58 1.78 0.99 1.07 1.14





Other Invstmts - 29.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Ohio - 20.2% Indiana - 19.7%

Florida - 18.5% Kentucky - 13.7%

Oklahoma - 8.9% All other - 19.1%



Aircraft - 0.0%



All Other - 0.0%


Global Hawk Insurance Co. RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

84 Pine Street NAIC Company Code : 11948 Total Assets 5,914 7,474 9,768 14,224 19,478Suite 450 Business Focus : Commercial Property Focus Policyholder Surplus 3,117 4,171 4,348 4,671 4,978Burlington, VT 05401-4467 Geographic Focus: Regional - Western Quadrant Total Liabilities 2,797 3,303 5,419 9,553 14,500

NAIC Ownership Structure: Risk Retention Group Net Income -28 1,387 221 294 -343Tax Identification Number : 20-0073152 Total Revenue 671 2,734 4,047 6,218 8,401



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 6,291Demotech Financial Strength Rating A 08/28/13 Affirm Loss & LAE Reserves/ NPE (%) 240.71 55.46 48.39 44.36 50.39S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.99 40.45 5.74 6.29 -14.05Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.60 0.87 1.15 1.75 2.38Fitch Financial Strength Rating -- -- -- --


Name : Stephen M. Brown Auditor Saslow Lufkin & Buggy LLPPhone : (802) 651-0168 Actuary CapRisk Consulting GroupFax : (802) 651-0175 CEO --Email : [email protected] CFO --

President Jasbir S. Thandi


Net Yield on Invested Assets 0.64 0.41 0.61 0.25 0.11Net Investment Income/Earned Premiums 1.28 0.55 0.82 0.27 0.10Return on Average Equity (C&S) -0.99 40.45 5.74 6.29 -7.21Return on Avg Assets -0.57 20.82 2.66 2.54 -2.33Loss and LAE Ratio 48.06 13.14 62.88 64.25 80.60Expense Ratio 20.74 27.42 26.16 23.76 19.45Loss Ratio -37.90 1.06 47.92 47.66 72.42Combined Ratio 68.79 40.57 89.04 88.01 100.05Operating Ratio 65.08 39.83 88.01 87.65 99.90Investment ratio 3.71 0.74 1.03 0.36 0.15


Cash, Short-Term Investments / Liabilities 36.03 190.17 138.55 113.06 96.47Cash, Common & Liquid Bonds / Liabilities 133.04 190.17 138.55 113.06 96.47Cash & Short-Term Investments / C&S 32.33 150.63 172.67 231.24 280.99Liabilities / Liquid Assets (IRIS Ratio) 52.00 53.00 72.00 88.00 104.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 146.65 190.43 142.24 115.35 101.33Cash From Underwriting ($000) -677 2,870 1,809 3,211 5,407Net Cash From Operations ($000) -643 2,882 1,834 3,218 5,403Underwriting Cash Flow Ratio 52.04 297.26 158.08 182.07 213.11Operating Cash Flow Ratio 51.33 297.26 158.62 182.59 213.52Unassigned Funds / Total Assets -29.82 -10.44 -7.45 -3.05 -2.85


GPW to Policyholders' Surplus3 900 --- 87 124 188NPW to Policyholders' Surplus 300 --- 87 115 175Change in Net Premiums Written 33 -33 93* 38* 64*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 44 69 88


MSA: Burlington-South Burlington, VT (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

52.0 53.0

72.0

88.0

104.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L2


68.8

40.6

89.0 88.0100.1

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 85.95 12.08 14.96 16.59 8.18 Gross Change in Policyholders' Surplus 50 -10 34 4 7Net Commission Ratio 6.14 11.22 14.14 16.66 NA Net Change in Adj Policyholders' Surplus 25 -10 32* 1 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 53 72 88Tax, License & Fees Ratio 1.10 2.19 2.41 2.22 NA Agents' Bal to Policyholders' Surplus 40 --- 14 25 30Admin & Other Expense Ratio 13.50 14.01 9.61 4.89 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 6 -4Gross Premiums Written ($000)3 2,081 3,637 5,403 8,790 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -24 1 11Loss & Loss Adj Expense ($000) 311 357 2,519 3,981 6,761 Est Curr Resv Defi/Policyholders' Surplus 25 --- 44* 83* -11Other Underwriting Exp Incurred ($000) 388 990 1,307 1,943 2,308 *Indicates an unusual value.Net Underwriting Gains ($000) -52 1,367 180 272 -680 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.00 99.27 92.44 93.03 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 NM

Pre-Tax Operating Margin -4.19 50.73 5.47 4.73 -7.95 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2



Reinsurance Recoverable ex US Aff 167 287 -129 -272 NA Net Premiums Written Growth 149.60 92.75 38.34 63.72 87.45Retention Ratio (NPW/GPW) (%)3 90.00 99.27 92.44 93.03 NA Pre-Tax Operating Income Growth NM NM -84.04 32.89 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM -84.04 32.89 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -34.71 -6.89 56.43 94.34 146.87Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NM 74.75 48.56 62.69 97.22Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 254.44 4.36 -2.35 4.47 20.18






Risk Based Capital Ratio (TAC/ACL RBC) 1,279.96 1,446.27 1,157.14 509.49 NA


Change in Loss & LAE Resv / Reserves -34.71 -6.89 56.43 94.34 146.87 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -3.02 -13.83 6.43 -3.70 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 13.32 -23.87 1.05 11.21 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 240.71 55.46 48.39 44.36 50.39 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.09 -15.89 6.70 -2.60 NA Net Premiums Written / Avg C&S (%) 66.20 105.30 129.52 174.96 249.48IBNR/ Total Reserves 67.41 27.30 26.70 13.40 NA Liabilities / Capital & Surplus (%) 89.73 79.21 124.63 204.53 291.26Reserves/ Equity 45.74 31.83 47.75 86.39 126.37 Total Reins Recov Excl US Aff / C&S (%) 5.36 6.88 -2.97 -5.82 NA


134.3

640.0723.1

578.6

254.7

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012Y



90.0

99.3

92.4 93.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013L2




Global Hawk Insurance Co. RRG (Burlington, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,081 3,637 5,403 8,790 12,923Common Stocks 2,713 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -208 -26 -408 -613 -1,059Occupied Properties 0 0 0 0 0 Net Premiums Written 1,873 3,610 4,995 8,177 11,864Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 1,226 897 989 1,981 3,475Properties for Sale 0 0 0 0 0 Net Premiums Earned 647 2,714 4,006 6,196 8,389

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,008 6,282 7,508 10,801 13,989 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,721 6,282 7,508 10,801 13,989 Net Losses Paid - Commercial 715 227 1,321 1,662 NAPremiums & Considerations Due 1,571 601 1,087 1,412 2,362 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 871 1,241 Net Losses Paid 715 227 1,321 1,662 NAAll Other Admitted Assets 622 591 1,150 1,139 1,886 Net LAE Paid 268 314 449 360 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 5,914 7,474 9,768 14,224 19,478 Change in Loss Reserves - Commercial -960 -198 599 1,291 NA


Unpaid Losses 1,197 998 1,597 2,888 5,542 Net Change in Loss and LAE Reserves -672 -184 749 1,959 NAUnpaid Loss Adj Expenses 229 329 480 1,147 749 Losses and LAE Incurred 311 357 2,519 3,981 6,761

Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 6,291 Other Underwriting Expense Incurred 388 990 1,307 1,943 2,308Unearned Premiums 1,226 2,122 3,111 5,093 7,514 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -30 -286 129 272 515 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 149 139 100 153 179 Net Underwriting Gain (Loss) -52 1,367 180 272 -680Payable to Parent, Subs & Affiliates 0 1 2 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 27 0 0 0 0 Total underwriting deductions 700 1,347 3,825 5,924 9,069



Common Capital Stock 1,142 1,212 1,337 1,567 1,995 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 302 202 202 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,764 -781 -728 -434 -555 Income after cap gains (loss) before tax -28 1,387 221 294 -668Other Including Gross Contributed 3,438 3,538 3,538 3,538 3,538 Federal Income Tax 0 0 0 0 -325

Capital & Surplus 3,117 4,171 4,348 4,671 4,978 Net Income -28 1,387 221 294 -343

Total Liabilities and C&S 5,914 7,474 9,768 14,224 19,478 Pre-tax Operating Income -28 1,387 221 294 -668

Memo: Total Revenue 671 2,734 4,047 6,218 8,401Memo: Affiliated Investments ($000) Memo: Paid Expenses 615 1,314 1,794 2,251 NA

Bonds 0 0 0 0 0





Net Investment Income 24 20 41 22 12 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 3,721 6,282 7,508 10,801 13,989Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,713 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 87.05 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 72.92 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 5,915 1. Comm'l Auto St 8,790 Cash/Invested Assets 27.08 100.00 100.00 100.00 100.002. Texas 2,875 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.23 0.00 0.00DPW 5 Yr CAGR NA NA 1.21 0.27 8.13 All other admitted assets/Total Assets 10.51 7.90 11.78 8.01 9.68National DPW ($000) -1,150 2,081 3,637 5,403 8,790 Invested Assets/Total Assets 62.92 84.05 76.87 75.93 71.82Adjusted Loss Ratio 37.55 -34.24 1.00 43.49 43.38 Investment Income/Total Assets 0.41 0.27 0.42 0.16 0.06





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


California - 67.3% Texas - 32.7%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

201 South Main Street NAIC Company Code : 11832 Total Assets 136,164 154,307 158,899 42,070 39,684Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,226 7,484 8,688 9,127 14,736Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 129,939 146,823 150,211 32,944 24,948

NAIC Ownership Structure: Risk Retention Group Net Income 744 1,147 1,162 375 203Tax Identification Number : 43-2032415 Total Revenue 2,861 3,436 4,153 4,016 4,064

Direct Premiums Written 35,305 40,369 42,136 42,354 40,319Net Premiums Written 2,967 3,565 3,736 3,745 -27,522


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,277Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 3,135.50 3,133.13 2,843.53 574.35 241.29S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.51 23.43 22.01 5.12 2.77Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.48 0.43 0.41 -1.87Fitch Financial Strength Rating -- -- -- --


Name : Peter M. Feeney Auditor BDO USA LLPPhone : (734) 996-2700 Actuary Demotech Inc.Fax : (734) 996-1261 CEO --Email : [email protected] CFO --

President Peter M. Feeney


Net Yield on Invested Assets 0.20 1.77 2.54 1.90 1.51Net Investment Income/Earned Premiums 0.85 7.48 11.90 9.50 -1.17Return on Average Equity (C&S) 12.58 16.55 14.30 4.11 1.79Return on Avg Assets 0.58 0.81 0.76 0.73 0.52Loss and LAE Ratio 73.08 75.00 79.79 110.12 110.63Expense Ratio -16.28 -15.81 -15.93 -12.84 NMLoss Ratio 57.59 52.50 57.91 69.13 69.66Combined Ratio 56.80 59.19 63.86 97.28 NMOperating Ratio 55.91 50.78 51.87 87.56 NMInvestment ratio 0.89 8.41 11.99 9.72 NA


Cash, Short-Term Investments / Liabilities 7.52 2.07 2.09 10.38 8.78Cash, Common & Liquid Bonds / Liabilities 10.93 11.15 12.47 59.53 99.90Cash & Short-Term Investments / C&S 157.00 40.66 36.17 37.48 14.87Liabilities / Liquid Assets (IRIS Ratio) 832.00 805.00 721.00 101.00 61.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 94.59 96.15 96.57 1,084.97 230.38Cash From Underwriting ($000) 3,389 2,297 2,537 824 1,941Net Cash From Operations ($000) 2,843 2,275 2,373 1,101 1,772Underwriting Cash Flow Ratio -629.00 2,056.51 959.49 132.15 304.57Operating Cash Flow Ratio -758.05 2,439.75 1,213.55 138.00 304.57Unassigned Funds / Total Assets 3.76 4.14 4.78 19.08 20.50


GPW to Policyholders' Surplus3 900 --- 545 490 469NPW to Policyholders' Surplus 300 --- 48 43 41Change in Net Premiums Written 33 -33 20 5 0Surplus Aid to Policyholders' Surplus 15 --- 74* 76* 75*Two-Year Overall Operating Ratio 100 --- 53 51 70


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

832.0 805.0

721.0

101.061.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2009Y 2010Y 2011Y 2012Y 2013L2


56.8 59.2 63.9

97.3

0.00.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 15.49 22.50 21.88 40.99 40.97 Gross Change in Policyholders' Surplus 50 -10 20 16 5Net Commission Ratio -23.04 -19.54 -19.70 -17.24 NA Net Change in Adj Policyholders' Surplus 25 -10 20 16 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 805* 721* 101*Tax, License & Fees Ratio 1.01 0.38 0.52 0.76 NA Agents' Bal to Policyholders' Surplus 40 --- 47* 21 34Admin & Other Expense Ratio 5.75 3.35 3.26 3.64 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 4 10Gross Premiums Written ($000)3 35,305 40,767 42,568 42,796 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 3 3 12Loss & Loss Adj Expense ($000) 2,072 2,377 2,959 4,031 4,139 Est Curr Resv Defi/Policyholders' Surplus 25 --- -144 177* 1,146*Other Underwriting Exp Incurred ($000) -483 -564 -595 -481 -388 *Indicates an unusual value.Net Underwriting Gains ($000) 1,246 1,356 1,345 110 -9 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.40 8.75 8.78 8.75 NA complements of each ratio.Effective Tax Rate 41.51 29.98 37.77 16.16 23.02


Admitted Assets Growth 10.30 13.32 2.98 -73.52 12.87


Reinsurance Recoverable ex US Aff 92,840 103,693 106,689 101,581 NA Net Premiums Written Growth -0.06 20.16 4.78 0.25 NMRetention Ratio (NPW/GPW) (%)3 8.40 8.75 8.78 8.75 NA Pre-Tax Operating Income Growth -25.35 27.61 10.25 -73.93 -81.17Unauthorized Net Recov. (ex US Aff) (%) 88.93 85.68 87.88 86.02 NA Net Income Growth -34.21 54.13 1.34 -67.76 -81.90Nonaffiliated Reins Assumed / GPW (%) 0.00 0.97 1.02 1.03 NA Loss & Loss Adj Exp Reserves Growth 15.97 7.50 4.65 -91.48 13.50Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.37 14.35 4.38 0.52 -0.66Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 21.50 19.75 13.07 -20.95 -25.36

Capital & Surplus Five-year CAGR 29.77 27.80 21.81 15.78 24.06Admitted Assets Five-year CAGR 21.83 20.08 13.46 -17.65 -18.84




Asbestos NA NA NA NA NA Capital and Surplus 6,226 7,484 8,688 9,127 14,736 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 9,127 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 6,017 NA



Change in Loss & LAE Resv / Reserves 15.97 7.50 4.65 -91.48 13.50 Realized Capital Gains (Losses) 0 15 78 -20 -501 Yr Loss Reserve Dev / 1Y Prior C&S 3.59 -1.93 3.98 10.34 NA Net Unrealized Capital Gains (Losses) -36 112 42 64 -2872 Yr Loss Reserve Dev / 2Y Prior C&S 7.82 3.00 2.70 12.50 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 3,135.50 3,133.13 2,843.53 574.35 241.29 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.98 -3.79 8.04 24.53 NA Net Premiums Written / Avg C&S (%) 50.18 51.47 45.97 41.09 -243.67IBNR/ Total Reserves 3.44 3.17 3.16 40.37 NA Liabilities / Capital & Surplus (%) 2,087.09 1,961.85 1,728.88 360.97 169.30Reserves/ Equity 1,540.89 1,378.01 1,242.17 100.78 62.96 Total Reins Recov Excl US Aff / C&S (%) NM NM NM NM NA


75.8

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012Y



8.4

8.7 8.8 8.8

-40,000-30,000-20,000-10,000

010,00020,00030,00040,00050,000

2009Y 2010Y 2011Y 2012Y 2013L2




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -32,338 -36,804 -38,400 -38,609 -67,841Occupied Properties 0 0 0 0 0 Net Premiums Written 2,967 3,565 3,736 3,745 -27,522Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 132 396 28 85 -31,264Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,836 3,170 3,708 3,660 3,742

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 9,775 3,043 3,142 3,421 2,191 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,149 16,511 18,965 19,931 24,747 Net Losses Paid - Commercial 322 803 1,458 2,436 NAPremiums & Considerations Due 13,050 16,618 14,501 15,756 10,604 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 89,072 95,384 99,623 289 236 Net Losses Paid 322 803 1,458 2,436 NAAll Other Admitted Assets 19,893 25,794 25,810 6,094 4,097 Net LAE Paid 423 414 1,264 1,625 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 136,164 154,307 158,899 42,070 39,684 Change in Loss Reserves - Commercial 1,311 861 689 95 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 16 299 -453 -124 NA

Unpaid Losses 71,996 81,585 84,019 7,084 7,073 Net Change in Loss and LAE Reserves 1,326 1,160 237 -30 NAUnpaid Loss Adj Expenses 23,937 21,544 23,904 2,114 2,204 Losses and LAE Incurred 2,072 2,377 2,959 4,031 4,139

Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,277 Other Underwriting Expense Incurred -483 -564 -595 -481 -388Unearned Premiums 17,171 21,884 22,197 2,002 1,465 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 11,910 15,218 13,217 14,367 9,648 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 4,180 5,605 5,948 6,410 3,812 Net Underwriting Gain (Loss) 1,246 1,356 1,345 110 -9Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 745 987 926 967 746 Total underwriting deductions 1,589 1,813 2,364 3,550 3,751



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 15 78 -20 -50Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 5,126 6,384 7,588 8,027 8,136 Income after cap gains (loss) before tax 1,272 1,638 1,867 447 263Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal Income Tax 528 491 705 72 61

Capital & Surplus 6,226 7,484 8,688 9,127 14,736 Net Income 744 1,147 1,162 375 203

Total Liabilities and C&S 136,164 154,307 158,899 42,070 39,684 Pre-tax Operating Income 1,272 1,623 1,789 466 313

Memo: Total Revenue 2,861 3,451 4,231 3,997 4,014Memo: Affiliated Investments ($000) Memo: Paid Expenses 32 -1,370 175 714 NA

Bonds 0 0 0 0 0





Net Investment Income 25 267 445 356 322 Class 6 0 0 0 0 0R li d C it l G i 0 15 78 20 50Realized Capital Gains 0 15 78 -20 -50Unrealized Capital Gains -36 112 42 64 -287Total Cash & Investments 14,149 16,511 18,965 19,931 24,747Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,430 13,327 15,594 16,191 22,733Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 121 4,486 2,000 1,043


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 2,709 3,836Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 1,533Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 7,708 Cash/Invested Assets 69.08 18.43 16.57 17.16 8.852. Illinois 4,411 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 3,231 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Tennessee 2,467 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. North Carolina 1,838 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 22,699 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 9.58 10.77 9.13 37.45 26.72


Market Share Ratio 0.01 0.01 0.01 0.01 0.01 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA 5.73 3.59 2.14 All other admitted assets/Total Assets 14.61 16.72 16.24 14.48 10.32National DPW ($000) 34,828 35,305 40,369 42,136 42,354 Invested Assets/Total Assets 10.39 10.70 11.93 47.38 62.36Adjusted Loss Ratio 51.99 53.63 52.50 50.04 63.50 Investment Income/Total Assets 0.02 0.17 0.28 0.85 0.81





Other Invstmts - 17.2% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Michigan - 18.2% Illinois - 10.4%

Ohio - 7.6% Tennessee - 5.8%

North Carolina - 4.3% All other - 53.6%


Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 6,273 7,994 12,880 16,579 18,456Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,058 2,006 2,774 3,728 4,347Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,214 5,987 10,106 12,851 14,109

NAIC Ownership Structure: Risk Retention Group Net Income 221 337 86 -451 -896Tax Identification Number : 26-1479165 Total Revenue 1,833 4,983 6,278 9,217 9,987



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,113Demotech Financial Strength Rating A 08/19/13 Affirm Loss & LAE Reserves/ NPE (%) 24.02 29.97 48.25 60.49 68.82S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 47.55 32.01 5.36 -20.84 -35.81Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 4.60 2.69 2.33 2.45 2.51Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Alan Joseph Iezzi


Net Yield on Invested Assets 0.36 1.45 0.49 0.85 0.95Net Investment Income/Earned Premiums 0.13 1.18 0.48 0.86 0.99Return on Average Equity (C&S) 32.12 21.09 3.46 -13.88 -23.72Return on Avg Assets 7.05 4.94 0.88 -3.31 -5.63Loss and LAE Ratio 41.34 54.46 58.89 74.58 79.44Expense Ratio 15.39 33.16 38.72 34.96 33.13Loss Ratio 22.42 35.76 21.49 22.12 31.01Combined Ratio 56.74 87.63 97.61 109.54 112.57Operating Ratio 56.40 86.32 97.11 108.67 111.47Investment ratio 0.33 1.30 0.50 0.87 1.11


Cash, Short-Term Investments / Liabilities 70.03 78.94 75.73 81.33 84.66Cash, Common & Liquid Bonds / Liabilities 70.03 78.94 78.96 89.00 93.93Cash & Short-Term Investments / C&S 345.02 235.57 275.91 280.35 274.79Liabilities / Liquid Assets (IRIS Ratio) 143.00 127.00 132.00 118.00 113.00Affiliated Investments / Capital & Surplus 0.00 0.00 11.77 14.93 16.61Reserve coverage2 95.50 116.15 124.07 129.25 111.82Cash From Underwriting ($000) 2,721 362 2,842 1,768 2,194Net Cash From Operations ($000) 2,713 257 2,563 2,173 2,647Underwriting Cash Flow Ratio 279.96 112.03 168.73 124.81 120.96Operating Cash Flow Ratio 280.85 117.63 177.80 122.38 119.12Unassigned Funds / Total Assets 2.99 6.56 4.88 1.99 -0.21


GPW to Policyholders' Surplus3 900 --- 289 318 304NPW to Policyholders' Surplus 300 --- 269 233 245Change in Net Premiums Written 33 -33 11 20 41*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 75 92 103*


MSA: Las Vegas-Paradise, NV (Metro)

Distribution Channel: Broker, Direct Response

143.0

127.0 132.0118.0 113.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013L2


56.7

87.697.6

109.5 112.6

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 18.92 18.71 37.39 52.46 48.43 Gross Change in Policyholders' Surplus 50 -10 90* 38 34Net Commission Ratio 4.55 10.39 16.04 10.55 NA Net Change in Adj Policyholders' Surplus 25 -10 32* 5 -11*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 127* 132* 118*Tax, License & Fees Ratio 0.69 1.49 0.83 0.24 NA Agents' Bal to Policyholders' Surplus 40 --- 88* 102* 82*Admin & Other Expense Ratio 10.16 21.28 21.85 24.17 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 22* 9 40*Gross Premiums Written ($000)3 5,499 5,805 8,826 11,327 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -22 7 39*Loss & Loss Adj Expense ($000) 755 2,679 3,640 6,697 7,727 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -40 -17Other Underwriting Exp Incurred ($000) 750 1,793 2,504 3,197 3,613 *Indicates an unusual value.Net Underwriting Gains ($000) 322 447 37 -914 -1,613 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 88.60 93.11 73.27 80.73 NA complements of each ratio.Effective Tax Rate 32.45 34.10 35.43 NM NM

Pre-Tax Operating Margin 17.88 10.26 2.12 -7.35 -13.55 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2



Reinsurance Recoverable ex US Aff 392 2,261 2,250 3,061 NA Net Premiums Written Growth 653.26 10.94 19.63 41.40 64.74Retention Ratio (NPW/GPW) (%)3 88.60 93.11 73.27 80.73 NA Pre-Tax Operating Income Growth NM 55.96 -73.94 NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM 52.14 -74.46 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 591.14 158.31 91.98 73.01 35.57Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 750.13 5.57 52.03 28.34 45.56Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA 143.70 107.12 102.54

Capital & Surplus Five-year CAGR NA NA 75.71 64.32 52.22Admitted Assets Five-year CAGR NA NA 120.00 92.41 81.16




Asbestos NA NA NA NA NA Capital and Surplus 1,058 2,006 2,774 3,728 4,347 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,058 2,006 2,774 3,728 NA Combined NA NA NA NA NA ACL Risk Based Capital 314 798 1,199 1,566 NA



Change in Loss & LAE Resv / Reserves 591.14 158.31 91.98 73.01 35.57 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -19.95 22.02 9.27 39.61 NA Net Unrealized Capital Gains (Losses) 0 0 17 153 1902 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -22.49 7.18 39.24 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 24.02 29.97 48.25 60.49 68.82 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -5.58 4.74 3.01 12.24 NA Net Premiums Written / Avg C&S (%) 706.83 338.50 260.24 281.36 288.62IBNR/ Total Reserves 45.03 47.86 28.04 32.94 NA Liabilities / Capital & Surplus (%) 492.71 298.40 364.33 344.70 324.59Reserves/ Equity 77.31 105.33 146.27 188.29 163.65 Total Reins Recov Excl US Aff / C&S (%) 37.04 112.68 81.11 82.11 NA


306.3

168.5125.7 115.7 119.0

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



88.6 93.1

73.380.7

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L2




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 0 0 0 72 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,499 5,805 8,826 11,327 14,248Common Stocks 0 0 326 985 1,237 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -627 -400 -2,359 -2,183 -3,344Occupied Properties 0 0 0 0 0 Net Premiums Written 4,873 5,406 6,467 9,145 10,904Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 3,045 487 285 165 1,177Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,827 4,919 6,182 8,980 9,727

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,651 4,727 7,653 10,452 11,945 Underwriting Deductions ($000)Other Investments 0 0 0 200 200 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,651 4,727 7,980 11,637 13,453 Net Losses Paid - Commercial 5 1,001 483 869 NAPremiums & Considerations Due 1,334 1,756 2,834 3,048 2,311 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 486 Net Losses Paid 5 1,001 483 869 NAAll Other Admitted Assets 1,287 1,511 2,066 1,894 2,206 Net LAE Paid 51 383 1,214 2,866 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,273 7,994 12,880 16,579 18,456 Change in Loss Reserves - Commercial 405 758 846 1,117 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 295 537 1,098 1,845 NA

Unpaid Losses 493 1,252 2,098 3,215 3,063 Net Change in Loss and LAE Reserves 700 1,295 1,944 2,962 NAUnpaid Loss Adj Expenses 325 862 1,960 3,804 4,051 Losses and LAE Incurred 755 2,679 3,640 6,697 7,727

Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,113 Other Underwriting Expense Incurred 750 1,793 2,504 3,197 3,613Unearned Premiums 3,416 3,903 4,188 4,352 4,917 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 131 -1,447 -35 -127 867 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 343 647 1,046 894 610 Net Underwriting Gain (Loss) 322 447 37 -914 -1,613Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 506 771 851 712 602 Total underwriting deductions 1,505 4,471 6,144 9,894 11,340



Common Capital Stock 298 29 27 28 29 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 65 159 152Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 188 524 628 330 -40 Income after cap gains (loss) before tax 328 511 133 -677 -1,353Other Including Gross Contributed 497 1,378 2,044 3,295 4,282 Federal Income Tax 106 174 47 -226 -457

Capital & Surplus 1,058 2,006 2,774 3,728 4,347 Net Income 221 337 86 -451 -896

Total Liabilities and C&S 6,273 7,994 12,880 16,579 18,456 Pre-tax Operating Income 328 511 133 -677 -1,353


Bonds 0 0 0 0 0





Net Investment Income 6 64 31 78 108 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 17 153 190Total Cash & Investments 3,651 4,727 7,980 11,637 13,453Affiliated Cash & Investments 0 0 326 557 722Total Bonds (incl Short-Term) 0 0 0 0 72Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 326 985 1,237Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 985 985 726 -- 2,696Preferred Stock 0 0 0 -- 0Total 985 985 726 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.53Common Stocks / C&S 0.00 0.00 11.77 26.42 28.46Unaff common stock/Invested Assets 0.00 0.00 0.00 3.68 3.83

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 5,816 1. Med Prof Liab 11,327 Cash/Invested Assets 100.00 100.00 95.91 89.82 88.792. California 2,442 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 1,501 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 366 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 323 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 20.52 18.90 16.04 11.42 11.95National DPW ($000) 647 5,499 5,805 8,826 11,327 Invested Assets/Total Assets 58.21 59.13 61.96 70.19 72.89Adjusted Loss Ratio 32.10 23.50 36.90 22.13 26.35 Investment Income/Total Assets 0.10 0.80 0.24 0.47 0.58





Other Invstmts - 96.1% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Florida - 51.3% California - 21.6%

Michigan - 13.2% Georgia - 3.2%

Kentucky - 2.9% All other - 7.8%



Aircraft - 0.0%



All Other - 0.0%


National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,323 6,958 6,955 7,604 7,792Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,978 2,981 3,088 3,493 3,320Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,345 3,978 3,868 4,111 4,472






Name : Rose Patrick Auditor Porter Keadle Moore LLCPhone : (770) 255-4913 Actuary Merlinos & Associates Inc.Fax : (770) 246-8536 CEO --Email : [email protected] CFO --

President Guy Stephen Pierce




Cash, Short-Term Investments / Liabilities 159.60 23.91 12.99 13.12 8.82Cash, Common & Liquid Bonds / Liabilities 174.55 170.33 174.08 177.80 166.68Cash & Short-Term Investments / C&S 179.25 31.91 16.27 15.44 11.88Liabilities / Liquid Assets (IRIS Ratio) 57.00 61.00 59.00 56.00 60.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 182.20 187.15 193.10 201.72 186.26Cash From Underwriting ($000) 225 526 -48 344 279Net Cash From Operations ($000) 142 579 -4 457 391Underwriting Cash Flow Ratio 113.80 135.70 96.90 130.52 125.49Operating Cash Flow Ratio 120.83 138.98 104.13 135.80 129.41Unassigned Funds / Total Assets 9.79 13.07 15.27 19.37 16.35


GPW to Policyholders' Surplus3 900 --- 63 50 42NPW to Policyholders' Surplus 300 --- 63 50 42Change in Net Premiums Written 33 -33 -6 -18 -5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 92 86



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

57.0

61.0

59.0

56.0

60.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013L2


77.7

96.7 99.191.1 94.6

0.001.002.003.004.005.006.007.008.009.00

10.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 21.60 15.77 20.80 15.77 14.62 Gross Change in Policyholders' Surplus 50 -10 0 4 13Net Commission Ratio 8.80 10.01 10.90 9.76 NA Net Change in Adj Policyholders' Surplus 25 -10 -3 2 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 61 59 56Tax, License & Fees Ratio 5.02 6.16 6.74 6.20 NA Agents' Bal to Policyholders' Surplus 40 --- 3 3 2Admin & Other Expense Ratio 27.24 30.88 36.78 31.15 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -15 -12Gross Premiums Written ($000)3 2,001 1,873 1,540 1,462 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -39 -26 -21Loss & Loss Adj Expense ($000) 670 967 782 633 614 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 -34 -35Other Underwriting Exp Incurred ($000) 822 881 838 689 704 *Indicates an unusual value.Net Underwriting Gains ($000) 335 99 130 118 90 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 28.45 36.38 22.45 15.94 18.67


Admitted Assets Growth 4.36 10.05 -0.04 9.33 4.30

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -4.22 18.92 -2.76 6.28 4.54

Reinsurance Recoverable ex US Aff 0 0 0 0 NA Net Premiums Written Growth 12.05 -6.41 -17.80 -5.03 8.91Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 21.38 -40.84 16.43 19.72 -9.51Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth -30.16 7.41 55.98 10.20 20.77Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -8.90 16.17 4.79 7.16 8.38Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 12.05 -6.41 -17.80 -5.03 8.91Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 28.38 18.85 13.70 6.96 4.62








Change in Loss & LAE Resv / Reserves -8.90 16.17 4.79 7.16 8.38 Realized Capital Gains (Losses) -139 53 93 50 741 Yr Loss Reserve Dev / 1Y Prior C&S -28.01 -12.86 -15.37 -12.24 NA Net Unrealized Capital Gains (Losses) 326 83 -161 195 -1222 Yr Loss Reserve Dev / 2Y Prior C&S -42.69 -39.11 -26.02 -20.69 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 137.02 126.31 158.53 203.92 216.81 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -39.34 -19.67 -26.17 -26.24 NA Net Premiums Written / Avg C&S (%) 78.97 68.95 52.49 44.48 40.34IBNR/ Total Reserves 62.27 69.38 68.54 74.87 NA Liabilities / Capital & Surplus (%) 112.31 133.44 125.27 117.67 134.71Reserves/ Equity 75.06 87.11 88.13 83.47 96.64 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


158.2

375.0

202.5 187.9 195.0

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013L2




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 500 1,401 1,015 899 948 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,001 1,873 1,540 1,462 1,379Common Stocks 0 4,183 5,061 5,870 6,112 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,001 1,873 1,540 1,462 1,379Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 174 -74 -210 22 -30Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,828 1,947 1,750 1,440 1,409

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,338 951 502 539 394 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,838 6,536 6,578 7,309 7,455 Net Losses Paid - Commercial 518 336 367 248 NAPremiums & Considerations Due 169 76 90 76 76 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 518 336 367 248 NAAll Other Admitted Assets 315 347 288 219 261 Net LAE Paid 370 270 291 190 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,323 6,958 6,955 7,604 7,792 Change in Loss Reserves - Commercial -243 324 51 158 NA


Unpaid Losses 1,710 2,034 2,085 2,243 2,454 Net Change in Loss and LAE Reserves -218 361 124 195 NAUnpaid Loss Adj Expenses 526 563 636 673 755 Losses and LAE Incurred 670 967 782 633 614

Loss & Loss Adj Exp Reserves 2,235 2,597 2,721 2,916 3,208 Other Underwriting Expense Incurred 822 881 838 689 704Unearned Premiums 969 895 685 707 794 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 119 118 120 96 Net Underwriting Gain (Loss) 335 99 130 118 90Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 34 367 343 368 374 Total underwriting deductions 1,492 1,848 1,620 1,322 1,318



Common Capital Stock 2,329 2,420 2,454 2,502 2,527 Net Realized Capital Gains (Losses) -139 53 93 50 74Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income -8 0 -35 0 0Unassigned Surplus 619 909 1,062 1,473 1,274 Income after cap gains (loss) before tax 220 265 339 345 313Other Including Gross Contributed 0 -378 -458 -511 -511 Federal Income Tax 62 97 76 55 59



Memo: Total Revenue 1,712 2,113 1,959 1,667 1,632Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,228 1,247 1,254 986 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 499 500 1,641 1,170 899Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 31 114 152 177 149 Class 6 0 0 0 0 0R li d C it l G i 139 53 93 50 74Realized Capital Gains -139 53 93 50 74Unrealized Capital Gains 326 83 -161 195 -122Total Cash & Investments 5,838 6,536 6,578 7,309 7,455Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 500 1,641 1,170 899 948Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 4,183 5,061 5,870 6,112Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0







LT Bond 899 899 876 812 3,487Common Stock 5,870 5,870 5,793 -- 17,534Preferred Stock 0 0 0 -- 0Total 6,770 6,770 6,670 812 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. North Carolina 732 1. Oth, Prod Liab Cmbnd 1,462 Cash/Invested Assets 91.44 14.55 7.64 7.38 5.292. Florida 578 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 58 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 46 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 45 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 44.41 15.86 6.54 -0.75 -4.75 All other admitted assets/Total Assets 4.99 4.99 4.14 2.88 3.35National DPW ($000) 1,786 2,001 1,873 1,540 1,462 Invested Assets/Total Assets 92.33 93.92 94.57 96.12 95.67Adjusted Loss Ratio 26.40 15.07 33.91 23.88 28.18 Investment Income/Total Assets 0.49 1.63 2.19 2.33 1.92





Other Invstmts - 7.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


North Carolina - 50.0% Florida - 39.5%

Georgia - 3.9% South Carolina - 3.2%

Virginia - 3.1% All other - 0.2%



Aircraft - 0.0%



All Other - 0.0%


National Guardian RRG (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 15,912 16,442 15,823 16,314 17,066Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,662 4,626 5,529 5,980 5,999

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 12,250 11,816 10,294 10,334 11,067NAIC Ownership Structure: Risk Retention Group Net Income 127 889 890 516 533Tax Identification Number : 38-2848487 Total Revenue 716 2,607 2,672 2,744 2,897

Direct Premiums Written 11,335 11,953 12,140 13,150 14,712Net Premiums Written 676 2,102 2,555 2,507 2,836


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 9,108Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 2,104.56 437.85 392.75 348.77 325.27S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.93 29.95 24.30 12.87 13.32Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.45 0.46 0.42 0.47Fitch Financial Strength Rating -- -- -- --


Name : Mark A. Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik K. KingEmail : [email protected] CFO --

President Mark A. Burnheimer


Net Yield on Invested Assets 1.03 1.89 1.21 1.39 1.20Net Investment Income/Earned Premiums 19.79 10.52 5.66 6.33 4.69Return on Average Equity (C&S) 3.59 22.94 18.12 9.24 9.19Return on Avg Assets 0.65 5.22 5.25 3.04 3.12Loss and LAE Ratio 32.59 44.67 43.48 70.82 76.69Expense Ratio 46.78 18.12 14.82 7.74 0.15Loss Ratio -25.89 12.16 14.60 34.88 38.34Combined Ratio 79.37 62.79 58.30 78.56 76.83Operating Ratio 56.42 53.53 52.58 72.42 72.02Investment ratio 22.95 9.27 5.72 6.14 4.81


Cash, Short-Term Investments / Liabilities 10.25 34.94 29.18 39.07 18.64Cash, Common & Liquid Bonds / Liabilities 101.27 123.12 130.90 141.86 94.38Cash & Short-Term Investments / C&S 34.27 89.24 54.33 67.51 34.38Liabilities / Liquid Assets (IRIS Ratio) 94.00 86.00 85.00 70.00 79.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 113.56 126.29 125.34 139.84 96.42Cash From Underwriting ($000) -2,114 450 -1,282 652 -1,180Net Cash From Operations ($000) -1,891 834 -1,638 737 -994Underwriting Cash Flow Ratio 48.29 158.53 63.12 157.87 36.38Operating Cash Flow Ratio 52.56 139.65 82.17 180.52 42.99Unassigned Funds / Total Assets 13.59 19.01 25.46 27.46 26.36


GPW to Policyholders' Surplus3 900 --- 265 223 222NPW to Policyholders' Surplus 300 --- 45 46 42Change in Net Premiums Written 33 -33 211* 22 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 55 53 63


MSA: Traverse City, MI (Micro)


94.086.0 85.0

70.0

79.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L2


79.4

62.858.3

78.6 76.8

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 58.48 32.51 28.88 35.94 38.34 Gross Change in Policyholders' Surplus 50 -10 26 20 8Net Commission Ratio -140.19 -26.30 -21.06 -35.49 NA Net Change in Adj Policyholders' Surplus 25 -10 26* 20 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 86 85 70Tax, License & Fees Ratio 44.36 15.58 12.54 13.28 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 142.61 28.85 23.35 29.94 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -47 -26 -7Gross Premiums Written ($000)3 12,197 12,259 12,348 13,259 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -112 -71 -30Loss & Loss Adj Expense ($000) 190 1,066 1,099 1,831 2,119 Est Curr Resv Defi/Policyholders' Surplus 25 --- 228* 223* 6Other Underwriting Exp Incurred ($000) 316 381 379 194 4 *Indicates an unusual value.Net Underwriting Gains ($000) 77 939 1,050 560 640 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 5.54 17.15 20.69 18.91 NA complements of each ratio.Effective Tax Rate 54.08 32.55 30.35 27.93 31.04


Admitted Assets Growth -12.72 3.33 -3.76 3.10 3.46

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -16.93 -3.54 -12.88 0.38 0.83

Reinsurance Recoverable ex US Aff -351 -868 -142 -125 NA Net Premiums Written Growth -83.00 211.20 21.55 -1.88 12.74Retention Ratio (NPW/GPW) (%)3 5.54 17.15 20.69 18.91 NA Pre-Tax Operating Income Growth -46.10 451.56 2.91 -39.79 -17.74Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -72.92 597.90 0.17 -42.04 -26.32Nonaffiliated Reins Assumed / GPW (%) 7.07 2.49 1.69 0.82 NA Loss & Loss Adj Exp Reserves Growth -20.14 -4.21 -6.86 -5.11 2.12Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -0.16 5.45 1.56 8.32 19.64Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 7.87 2.62 -3.29 -5.57 -5.62

Capital & Surplus Five-year CAGR 5.62 9.23 12.18 14.39 14.58Admitted Assets Five-year CAGR 7.32 4.25 0.70 -0.60 -0.85







Change in Loss & LAE Resv / Reserves -20.14 -4.21 -6.86 -5.11 2.12 Realized Capital Gains (Losses) 67 158 84 -3 01 Yr Loss Reserve Dev / 1Y Prior C&S -65.05 -46.91 -25.94 -6.89 NA Net Unrealized Capital Gains (Losses) 18 13 13 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -89.60 -111.60 -70.70 -30.30 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 2,104.56 437.85 392.75 348.77 325.27 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -388.99 -72.00 -47.48 -14.74 NA Net Premiums Written / Avg C&S (%) 19.05 54.25 51.98 44.89 48.85IBNR/ Total Reserves 42.88 40.29 39.65 38.22 NA Liabilities / Capital & Surplus (%) 334.52 255.43 186.19 172.80 184.48Reserves/ Equity 284.50 215.73 168.12 147.49 151.83 Total Reins Recov Excl US Aff / C&S (%) -9.58 -18.76 -2.57 -2.09 NA


82.2

123.7

168.1

210.2236.5

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012Y



5.5

17.1

20.718.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013L2




National Guardian RRG (Traverse City, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -10,660 -9,851 -9,584 -10,643 -11,876Occupied Properties 0 0 0 0 0 Net Premiums Written 676 2,102 2,555 2,507 2,836Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 93 -284 28 -78 72Properties for Sale 0 0 0 0 0 Net Premiums Earned 583 2,386 2,527 2,585 2,763

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,255 4,128 3,004 4,037 2,063 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 12,562 13,535 11,891 12,459 10,129 Net Losses Paid - Commercial 1,440 523 903 1,175 NAPremiums & Considerations Due 361 76 83 1,535 4,265 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 2,027 2,075 3,109 1,661 2,039 Net Losses Paid 1,440 523 903 1,175 NAAll Other Admitted Assets 963 756 741 660 633 Net LAE Paid 1,377 982 880 1,131 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,912 16,442 15,823 16,314 17,066 Change in Loss Reserves - Commercial -1,591 -233 -534 -273 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -1,037 -206 -150 -202 NA

Unpaid Losses 6,665 6,433 5,899 5,625 5,702 Net Change in Loss and LAE Reserves -2,627 -439 -684 -475 NAUnpaid Loss Adj Expenses 3,753 3,547 3,396 3,195 3,406 Losses and LAE Incurred 190 1,066 1,099 1,831 2,119

Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 9,108 Other Underwriting Expense Incurred 316 381 379 194 4Unearned Premiums 334 50 78 0 1,397 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 880 868 142 125 183 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 192 204 232 184 206 Net Underwriting Gain (Loss) 77 939 1,050 560 640Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 425 715 548 1,204 173 Total underwriting deductions 506 1,447 1,478 2,025 2,123



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) 67 158 84 -3 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 500 500 All Other Income 0 0 0 0 0Unassigned Surplus 2,162 3,126 4,029 4,480 4,499 Income after cap gains (loss) before tax 277 1,318 1,278 716 773Other Including Gross Contributed 400 400 400 400 400 Federal Income Tax 150 429 388 200 240


Total Liabilities and C&S 15,912 16,442 15,823 16,314 17,066 Pre-tax Operating Income 210 1,160 1,194 719 773

Memo: Total Revenue 783 2,765 2,756 2,741 2,897Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,648 1,408 1,287 1,420 NA

Bonds 0 0 0 0 0





Net Investment Income 134 221 145 159 133 Class 6 60 0 0 0 0R li d C it l G i 67 158 84 3 0Realized Capital Gains 67 158 84 -3 0Unrealized Capital Gains 18 13 13 0 0Total Cash & Investments 12,562 13,535 11,891 12,459 10,129Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 11,222 10,441 10,471 10,622 8,383Total Preferred Stock (incl Nonadmitted) 117 137 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 1,065 895

Municipal SecuritiesIssued States & Territories ($000) 0 292 288 304 279Issued Political Subdivisions ($000) 0 106 216 664 2,428Issued State Rev Obligations ($000) 0 0 21 271 518Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 3.19 2.95 0.00 0.00 0.001. Illinois 3,307 1. Med Prof Liab 13,150 Cash/Invested Assets 9.99 30.50 25.26 32.41 20.362. Missouri 2,008 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 1,978 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 1,675 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Delaware 1,009 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 6.76 0.77 -2.25 -4.52 -0.30 All other admitted assets/Total Assets 6.05 4.60 4.68 4.04 3.71National DPW ($000) 11,354 11,335 11,953 12,140 13,150 Invested Assets/Total Assets 78.95 82.32 75.15 76.37 59.35Adjusted Loss Ratio 33.67 46.38 30.29 23.36 36.87 Investment Income/Total Assets 0.84 1.34 0.91 0.97 0.78





Other Invstmts - 32.4% 0.00 0.20 0.40 0.60 0.80

2009Y2010Y

2011Y

2012Y

2013L2


Illinois - 25.1% Missouri - 15.3% Virginia - 15.0%

Ohio - 12.7% Delaware - 7.7% All other - 24.1%



Aircraft - 0.0%



All Other - 0.0%


Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 15,317 14,503 9,363 12,554 12,297Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 13,945 12,444 7,654 10,807 10,539Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 1,372 2,059 1,709 1,747 1,758

NAIC Ownership Structure: Risk Retention Group Net Income -197 77 28 28 42Tax Identification Number : 99-0319305 Total Revenue 1,455 -134 1,016 816 849

Direct Premiums Written 748 622 501 953 986Net Premiums Written 629 505 390 843 876

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,321 -422 841 696 714

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 320 25 20 20 2Demotech Financial Strength Rating A 08/28/13 Affirm Loss & LAE Reserves/ NPE (%) 33.17 NM 2.60 2.87 2.49S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -2.57 2.33 -1.33 -0.40 -0.06Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.05 0.04 0.05 0.08 0.08Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor PricewaterhouseCoopers LLPPhone : (802) 479-7801 Actuary GPW Actuarial Services Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Mark H. Mishler


Net Yield on Invested Assets 0.92 2.02 1.48 1.17 1.17Net Investment Income/Earned Premiums 21.37 56.97 44.85 14.20 15.42Return on Average Equity (C&S) -1.40 0.56 0.29 0.32 0.41Return on Avg Assets -1.24 0.51 0.23 0.26 0.35Loss and LAE Ratio 77.22 NM 29.30 13.03 4.14Expense Ratio 126.62 -159.72 230.06 90.21 94.33Loss Ratio 77.22 NM 29.30 13.03 4.14Combined Ratio 203.84 NM 259.37 103.24 98.46Operating Ratio 193.66 NM 238.58 86.03 79.56Investment ratio 10.18 NA 20.79 17.20 18.90


Cash, Short-Term Investments / Liabilities 729.52 322.65 389.41 392.82 383.98Cash, Common & Liquid Bonds / Liabilities NM 680.42 538.25 686.31 654.26Cash & Short-Term Investments / C&S 71.78 53.38 86.96 63.50 64.04Liabilities / Liquid Assets (IRIS Ratio) 10.00 15.00 19.00 15.00 15.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 1,121.70 738.18 635.96 753.87 695.37Cash From Underwriting ($000) -1,527 790 -603 -118 -427Net Cash From Operations ($000) -269 1,156 -346 -4 -290Underwriting Cash Flow Ratio 24.93 -262.80 43.85 87.49 67.21Operating Cash Flow Ratio 24.73 -204.19 41.76 87.49 67.21Unassigned Funds / Total Assets 63.93 57.17 37.39 28.82 27.24


GPW to Policyholders' Surplus3 900 --- 5 7 9NPW to Policyholders' Surplus 300 --- 4 5 8Change in Net Premiums Written 33 -33 -20 -23 116*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 104* 42 137*




10.0

15.0

19.0

15.0 15.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013L2


203.8

0.0

259.4

103.2 98.5

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -11* -38* 41Net Commission Ratio 13.00 10.04 4.93 0.77 NA Net Change in Adj Policyholders' Surplus 25 -10 -11* -38* 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 15 19 15Tax, License & Fees Ratio 7.23 8.73 11.72 6.51 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 106.38 -178.49 213.41 82.92 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 0 0Gross Premiums Written ($000)3 739 615 500 953 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 -2 0Loss & Loss Adj Expense ($000) 1,020 349 246 91 30 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 797 716 864 761 826 *Indicates an unusual value.Net Underwriting Gains ($000) -496 35 -302 -155 -141 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 85.12 82.10 77.99 88.46 NA complements of each ratio.Effective Tax Rate NM 56.28 0.00 0.00 0.00

Pre-Tax Operating Margin -24.82 NM -12.54 -4.35 -0.72 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth -7.21 -5.31 -35.44 34.08 30.21

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -40.19 50.05 -16.98 2.21 -1.30

Reinsurance Recoverable ex US Aff 0 0 -32 -13 NA Net Premiums Written Growth 22.68 -19.79 -22.76 116.39 60.67Retention Ratio (NPW/GPW) (%)3 85.12 82.10 77.99 88.46 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 NA Net Income Growth NM NM -64.06 0.56 NMNonaffiliated Reins Assumed / GPW (%) -1.26 -1.15 -0.20 0.00 NA Loss & Loss Adj Exp Reserves Growth -39.79 -92.18 -20.00 0.00 -89.00Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 17.37 -16.94 -19.45 90.39 50.45Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -25.13 -19.65 -22.41 -16.43 -11.33

Capital & Surplus Five-year CAGR 5.50 -0.16 -10.45 -4.90 -5.60Admitted Assets Five-year CAGR -1.48 -4.95 -13.53 -7.14 -6.56






RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) 1,889.12 1,838.43 944.04 1,688.12 NA

Change in Loss & LAE Resv / Reserves -39.79 -92.18 -20.00 0.00 -89.00 Realized Capital Gains (Losses) -12 -146 155 63 481 Yr Loss Reserve Dev / 1Y Prior C&S -2.22 -2.29 -0.04 0.00 NA Net Unrealized Capital Gains (Losses) -51 111 214 51 -2032 Yr Loss Reserve Dev / 2Y Prior C&S -3.86 -3.73 -2.29 -0.04 NA Dividends to Stockholders 0 0 -5,000 0 0Loss and LAE Reserves / NPE 33.17 NM 2.60 2.87 2.49 Dividend Payout Ratio (%) 0.00 0.00 NM 0.00 0.001 Yr Loss Reserve Development / NPE -23.92 NM -0.59 0.00 NA Net Premiums Written / Avg C&S (%) 4.47 3.65 4.08 9.60 8.46IBNR/ Total Reserves 100.00 100.00 100.00 100.00 NA Liabilities / Capital & Surplus (%) 9.84 16.54 22.33 16.17 16.68Reserves/ Equity 2.29 0.20 0.26 0.19 0.02 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 -0.42 -0.12 NA


1,457.3

1,889.1 1,838.4

944.0

1,688.1

02,0004,0006,0008,000

10,00012,00014,00016,000

2008Y 2009Y 2010Y 2011Y 2012Y



85.1

82.1

78.0

88.5

0

200

400

600

800

1,000

1,200

2009Y 2010Y 2011Y 2012Y 2013L2




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 3,612 6,705 2,318 4,944 4,560 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 748 622 501 953 986Common Stocks 580 661 226 183 191 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 748 622 501 953 986Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -119 -117 -111 -110 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 629 505 390 843 876Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -692 926 -451 147 161Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,321 -422 841 696 714

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 10,010 6,643 6,656 6,862 6,749 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,201 14,008 9,200 11,989 11,500 Net Losses Paid - Commercial 1,231 643 251 91 NAPremiums & Considerations Due 116 49 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 87 87 88 88 88 Net Losses Paid 1,231 643 251 91 NAAll Other Admitted Assets 405 282 40 45 114 Net LAE Paid 0 0 0 0 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,317 14,503 9,363 12,554 12,297 Change in Loss Reserves - Commercial -211 -295 -5 0 NA


Unpaid Losses 320 25 20 20 2 Net Change in Loss and LAE Reserves -211 -295 -5 0 NAUnpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 1,020 349 246 91 30

Loss & Loss Adj Exp Reserves 320 25 20 20 2 Other Underwriting Expense Incurred 797 716 864 761 826Unearned Premiums 946 1,873 1,422 1,569 1,652 Other Underwriting Deductions 0 -1,522 32 0 0Total Reinsurance Liabilities 0 0 33 13 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 161 235 146 104 Net Underwriting Gain (Loss) -496 35 -302 -155 -141Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,817 -457 1,143 851 855



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains (Losses) -12 -146 155 63 48Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 9,792 8,292 3,501 3,618 3,350 Income after cap gains (loss) before tax -373 177 28 28 42Other Including Gross Contributed 4,122 4,122 4,122 7,159 7,159 Federal Income Tax -176 100 0 0 0

Capital & Surplus 13,945 12,444 7,654 10,807 10,539 Net Income -197 77 28 28 42

Total Liabilities and C&S 15,317 14,503 9,363 12,554 12,297 Pre-tax Operating Income -361 323 -127 -35 -6

Memo: Total Revenue 1,444 -280 1,171 879 898Memo: Affiliated Investments ($000) Memo: Paid Expenses 803 660 819 874 NA

Bonds 0 0 0 0 0





Net Investment Income 134 287 175 120 135 Class 6 0 0 0 0 0R li d C it l G i 12 146 155 63 48Realized Capital Gains -12 -146 155 63 48Unrealized Capital Gains -51 111 214 51 -203Total Cash & Investments 14,201 14,008 9,200 11,989 11,500Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,612 6,705 2,318 4,944 4,560Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 580 661 226 183 191Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 5,164 2,435 0 1,802 2,946Issued Political Subdivisions ($000) 0 0 5,341 67 1,163Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 633 0 448 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 190 1. Oth, Prod Liab Cmbnd 953 Cash/Invested Assets 70.48 47.42 72.35 57.24 58.692. Arizona 99 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 47 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Illinois 46 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. North Carolina 42 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 3.31 0.53 0.38 3.44 4.83DPW 5 Yr CAGR -23.15 -22.95 -13.34 -18.68 -9.75 All other admitted assets/Total Assets 2.65 1.94 0.43 0.36 0.93National DPW ($000) 638 748 622 501 953 Invested Assets/Total Assets 92.72 96.59 98.26 95.50 93.52Adjusted Loss Ratio -0.41 -33.46 NM 0.00 0.00 Investment Income/Total Assets 0.88 1.98 1.87 0.95 1.10





Other Invstmts - 57.2% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Texas - 19.9% Arizona - 10.4%

Virginia - 5.0% Illinois - 4.8%

North Carolina - 4.4% All other - 55.5%



Aircraft - 0.0%



All Other - 0.0%


Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 21,244 22,091 23,250 23,274 23,345Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 8,003 8,552 9,170 10,580 11,176Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 13,240 13,539 14,080 12,694 12,168

NAIC Ownership Structure: Risk Retention Group Net Income 233 442 604 1,093 1,081Tax Identification Number : 36-3584321 Total Revenue 3,309 3,404 3,546 3,498 3,430



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,931Demotech Financial Strength Rating A' 08/28/13 Affirm Loss & LAE Reserves/ NPE (%) 391.87 389.52 366.83 344.52 304.60S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.67 4.36 8.44 13.97 11.92Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.34 0.32 0.33 0.28 0.29Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe III


Net Yield on Invested Assets 3.68 3.41 3.02 2.68 2.12Net Investment Income/Earned Premiums 24.19 24.12 20.37 19.18 13.94Return on Average Equity (C&S) 3.31 5.51 6.80 11.06 10.27Return on Avg Assets 1.17 2.08 2.70 4.69 4.64Loss and LAE Ratio 49.27 45.90 22.09 -17.37 -15.46Expense Ratio 39.09 28.99 29.73 29.62 27.42Loss Ratio 41.62 42.28 17.46 -22.75 -15.79Combined Ratio 110.97 111.30 94.58 71.92 70.46Operating Ratio 85.98 87.27 73.48 52.56 55.38Investment ratio 24.99 24.03 21.10 19.37 15.08


Cash, Short-Term Investments / Liabilities 8.00 15.69 15.22 12.16 26.02Cash, Common & Liquid Bonds / Liabilities 144.48 153.21 153.19 171.35 188.61Cash & Short-Term Investments / C&S 13.23 24.84 23.37 14.58 28.33Liabilities / Liquid Assets (IRIS Ratio) 62.00 59.00 58.00 52.00 50.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.56 211.37 223.87 294.09 227.49Cash From Underwriting ($000) 202 1,003 983 650 346Net Cash From Operations ($000) 252 1,074 390 -357 -669Underwriting Cash Flow Ratio 106.85 162.28 164.39 124.31 112.32Operating Cash Flow Ratio 90.59 120.76 111.33 95.52 88.04Unassigned Funds / Total Assets 19.28 20.38 21.39 26.75 28.84


GPW to Policyholders' Surplus3 900 --- 49 50 44NPW to Policyholders' Surplus 300 --- 32 33 28Change in Net Premiums Written 33 -33 0 11 -2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 80 63

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 I t t Yi ld 6 5 3 3 4 3 0 2 7*

MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, Independent Agency

62.059.0 58.0

52.0 50.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013L2


111.0 111.3

94.6

71.9 70.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2009Y 2010Y 2011Y 2012Y 2013L2



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Investment Yield 6.5 3 3.4 3.0 2.7*

Loss Adjustment Expense Ratio 7.65 3.62 4.63 5.38 0.33 Gross Change in Policyholders' Surplus 50 -10 7 7 15Net Commission Ratio 1.46 1.67 1.77 1.72 NA Net Change in Adj Policyholders' Surplus 25 -10 5 6 14Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 59 58 52Tax, License & Fees Ratio 6.30 4.73 6.30 6.03 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 31.34 22.59 21.65 21.87 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -22 -36Gross Premiums Written ($000)3 4,304 4,162 4,570 4,665 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -41 -40 -61Loss & Loss Adj Expense ($000) 1,308 1,261 646 -509 -462 Est Curr Resv Defi/Policyholders' Surplus 25 --- -21 -20 -18Other Underwriting Exp Incurred ($000) 1,072 793 900 877 887 *Indicates an unusual value.Net Underwriting Gains ($000) 274 693 1,377 2,565 2,567 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 63.73 65.74 66.26 63.47 NA complements of each ratio.Effective Tax Rate 32.43 19.08 29.77 30.93 31.41




Reinsurance Recoverable ex US Aff 5,877 4,465 5,444 7,453 NA Net Premiums Written Growth -3.24 -0.25 10.69 -2.24 7.33Retention Ratio (NPW/GPW) (%)3 63.73 65.74 66.26 63.47 NA Pre-Tax Operating Income Growth -53.21 6.43 114.14 84.09 74.35Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 82.63 89.81 36.59 80.85 77.49Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -1.49 -0.73 0.00 -20.59 -22.24Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 2.55 -3.31 9.82 2.06 9.59Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 2.19 1.80 1.33 -1.35 -1.85








Change in Loss & LAE Resv / Reserves -1.49 -0.73 0.00 -20.59 -22.24 Realized Capital Gains (Losses) 16 197 111 202 3211 Yr Loss Reserve Dev / 1Y Prior C&S -24.51 -17.96 -21.54 -35.76 NA Net Unrealized Capital Gains (Losses) 455 145 -32 151 1342 Yr Loss Reserve Dev / 2Y Prior C&S -37.70 -40.58 -39.77 -60.60 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 391.87 389.52 366.83 344.52 304.60 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -59.78 -52.32 -63.01 -111.81 NA Net Premiums Written / Avg C&S (%) 38.89 34.08 34.09 29.97 30.73IBNR/ Total Reserves 67.89 65.20 63.56 56.41 NA Liabilities / Capital & Surplus (%) 165.43 158.32 153.54 119.98 108.87Reserves/ Equity 128.38 119.27 111.23 76.56 70.96 Total Reins Recov Excl US Aff / C&S (%) 73.43 52.21 59.37 70.44 NA


452.6525.1

643.5 629.9

761.2

0

2,000

4,000

6,000

8,000

10,000

12,000

2008Y 2009Y 2010Y 2011Y 2012Y



63.7

65.766.3

63.5

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2009Y 2010Y 2011Y 2012Y 2013L2




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,561 -1,426 -1,542 -1,704 -1,802Occupied Properties 0 0 0 0 0 Net Premiums Written 2,743 2,736 3,028 2,961 3,236Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 88 -11 105 28 244Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,655 2,747 2,923 2,933 2,991

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,059 2,125 2,143 1,543 3,166 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 18,702 20,146 20,857 21,004 21,570 Net Losses Paid - Commercial 1,237 1,143 550 1,335 NAPremiums & Considerations Due 1,586 1,548 1,871 1,699 1,372 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 508 0 19 238 141 Net Losses Paid 1,237 1,143 550 1,335 NAAll Other Admitted Assets 447 398 504 333 261 Net LAE Paid 226 192 96 256 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 21,244 22,091 23,250 23,274 23,345 Change in Loss Reserves - Commercial -132 18 -40 -2,002 NA


Unpaid Losses 10,011 10,028 9,989 7,987 7,885 Net Change in Loss and LAE Reserves -155 -75 0 -2,100 NAUnpaid Loss Adj Expenses 265 172 211 113 46 Losses and LAE Incurred 1,308 1,261 646 -509 -462

Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,931 Other Underwriting Expense Incurred 1,072 793 900 877 887Unearned Premiums 1,454 1,443 1,548 1,576 1,551 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 448 336 319 456 160 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 164 174 213 227 239 Net Underwriting Gain (Loss) 274 693 1,377 2,565 2,567Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 600 1,000 1,250 1,750 1,750Other Liabilities 898 1,385 1,800 2,334 2,288 Total underwriting deductions 2,380 2,054 1,546 368 425



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 16 197 111 202 321Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -9 -3 6 -3 -13Unassigned Surplus 4,095 4,502 4,974 6,226 6,733 Income after cap gains (loss) before tax 345 547 860 1,582 1,576Other Including Gross Contributed 3,908 4,050 4,196 4,354 4,444 Federal Income Tax 112 104 256 489 495

Capital & Surplus 8,003 8,552 9,170 10,580 11,176 Net Income 233 442 604 1,093 1,081

Total Liabilities and C&S 21,244 22,091 23,250 23,274 23,345 Pre-tax Operating Income 329 350 750 1,380 1,255


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 13,797 14,888 15,193 14,903 14,565Cash & Short Term Investments 0 0 0 0 0 Class 2 102 0 0 670 1,119All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 663 660 617 568 451 Class 6 0 0 0 0 0R li d C it l G i 16 197 111 202 321Realized Capital Gains 16 197 111 202 321Unrealized Capital Gains 455 145 -32 151 134Total Cash & Investments 18,702 20,146 20,857 21,004 21,570Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,888 15,193 15,573 15,685 15,143Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,183 3,427 3,853 4,523 4,641Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 1,247 472







Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Virginia 657 1. Comm'l Auto St 4,665 Cash/Invested Assets 5.66 10.55 10.27 7.35 14.682. Utah 527 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Kentucky 453 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Missouri 383 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 346 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 7.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Virginia - 14.1% Utah - 11.3% Kentucky - 9.7%

Missouri - 8.2% Nebraska - 7.4% All other - 49.3%



Aircraft - 0.0%



All Other - 0.0%


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

1605 Main Street NAIC Company Code : 11973 Total Assets 11,225 10,373 8,566 8,169 9,195Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,720 2,520 2,538 3,383 3,397Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 9,505 7,853 6,028 4,786 5,798

NAIC Ownership Structure: Risk Retention Group Net Income -1,667 537 32 609 555Tax Identification Number : 20-1065673 Total Revenue 4,466 3,102 2,360 2,676 1,659



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,615Demotech Financial Strength Rating A 08/20/13 Affirm Loss & LAE Reserves/ NPE (%) 118.56 231.21 215.71 145.72 220.12S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -98.51 42.83 -1.15 29.41 18.25Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.62 0.97 0.90 0.74 0.37Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 955-0793 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 1.08 0.89 0.67 0.94 0.99Net Investment Income/Earned Premiums 1.79 2.92 2.28 2.78 5.86Return on Average Equity (C&S) -65.61 28.15 1.26 20.28 16.45Return on Avg Assets -15.70 4.92 0.36 7.35 6.67Loss and LAE Ratio 120.52 41.77 57.27 12.75 -24.93Expense Ratio 35.14 41.00 46.82 45.54 86.67Loss Ratio 79.39 22.45 42.97 22.39 35.49Combined Ratio 157.90 83.29 104.10 70.57 83.29Operating Ratio 156.07 80.94 101.85 67.90 78.32Investment ratio 1.84 2.35 2.25 2.67 4.98


Cash, Short-Term Investments / Liabilities 41.17 69.17 32.49 24.61 18.90Cash, Common & Liquid Bonds / Liabilities 122.18 130.39 137.38 167.53 139.69Cash & Short-Term Investments / C&S 227.59 215.59 77.17 34.81 32.25Liabilities / Liquid Assets (IRIS Ratio) 119.00 94.00 81.00 64.00 77.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 102.29 128.91 155.75 212.74 208.38Cash From Underwriting ($000) 693 -663 -862 -211 336Net Cash From Operations ($000) 487 202 -903 -295 260Underwriting Cash Flow Ratio 123.83 82.42 76.14 90.38 112.48Operating Cash Flow Ratio 125.85 60.85 78.85 98.05 117.35Unassigned Funds / Total Assets -4.98 0.98 0.77 10.22 8.77


GPW to Policyholders' Surplus3 900 --- 141 119 94NPW to Policyholders' Surplus 300 --- 97 90 74Change in Net Premiums Written 33 -33 -46* -7 10Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 125* 90 84


MSA: North Port-Bradenton-Sarasota, FL (Metro)


119.0

94.0

81.0

64.0

77.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013L2


157.9

83.3

104.1

70.683.3

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 41.13 19.32 14.30 -9.64 -60.42 Gross Change in Policyholders' Surplus 50 -10 47 1 33Net Commission Ratio 15.93 26.51 20.34 19.02 NA Net Change in Adj Policyholders' Surplus 25 -10 38* -1 30*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 94 81 64Tax, License & Fees Ratio 2.34 5.44 4.56 4.44 NA Agents' Bal to Policyholders' Surplus 40 --- 6 7 6Admin & Other Expense Ratio 16.86 9.05 21.92 22.08 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -49 -7 -53Gross Premiums Written ($000)3 4,834 3,561 3,009 3,167 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 72* -53 -46Loss & Loss Adj Expense ($000) 5,285 1,266 1,322 332 -370 Est Curr Resv Defi/Policyholders' Surplus 25 --- -67 -12 18Other Underwriting Exp Incurred ($000) 1,445 1,143 1,067 1,141 1,093 *Indicates an unusual value.Net Underwriting Gains ($000) -2,485 761 -81 1,134 762 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 93.30 68.70 75.77 79.07 NA complements of each ratio.Effective Tax Rate NM 33.99 -715.67 31.85 25.79

Pre-Tax Operating Margin -56.04 26.34 -1.24 33.00 37.11 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 14.46 -7.59 -17.42 -4.63 15.64

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth 40.17 -17.38 -23.24 -20.61 10.88

Reinsurance Recoverable ex US Aff 1,688 1,640 1,121 1,744 NA Net Premiums Written Growth 21.54 -45.76 -6.82 9.86 -49.56Retention Ratio (NPW/GPW) (%)3 93.30 68.70 75.77 79.07 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 19.96 20.00 20.61 16.34 NA Net Income Growth NM NM -94.03 1,799.28 977.70Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 94.12 -13.19 -31.57 -25.43 -32.09Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 2.99 -26.33 -15.51 5.27 -7.19Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 76.40 56.52 15.94 -2.84 0.28





Asbestos NA NA NA NA NA Capital and Surplus 1,720 2,520 2,538 3,383 3,397 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,720 2,520 2,538 3,383 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,056 899 776 710 NA



Change in Loss & LAE Resv / Reserves 94.12 -13.19 -31.57 -25.43 -32.09 Realized Capital Gains (Losses) -1 -4 33 10 1321 Yr Loss Reserve Dev / 1Y Prior C&S 73.52 -48.97 -6.79 -52.74 NA Net Unrealized Capital Gains (Losses) 125 124 -67 160 352 Yr Loss Reserve Dev / 2Y Prior C&S 68.80 72.06 -53.11 -46.39 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 118.56 231.21 215.71 145.72 220.12 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 50.71 -27.79 -7.41 -51.35 NA Net Premiums Written / Avg C&S (%) 177.54 128.27 89.46 83.41 37.41IBNR/ Total Reserves 23.16 21.52 25.96 47.76 NA Liabilities / Capital & Surplus (%) 552.76 311.69 237.51 141.45 170.66Reserves/ Equity 409.90 242.85 164.99 92.30 76.99 Total Reins Recov Excl US Aff / C&S (%) 98.16 65.09 44.17 51.55 NA


148.9

81.4

140.1163.5

238.1

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))93.3

68.775.8 79.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L2




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -324 -1,115 -729 -663 -1,799Occupied Properties 0 0 0 0 0 Net Premiums Written 4,510 2,447 2,280 2,505 1,261Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 125 -584 -28 -102 -223Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,385 3,030 2,308 2,607 1,485

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,914 5,432 1,958 1,178 1,096 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,970 8,351 7,425 7,448 7,559 Net Losses Paid - Commercial 858 2,102 1,768 857 NAPremiums & Considerations Due 409 147 181 208 226 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 583 1,112 326 0 844 Net Losses Paid 858 2,102 1,768 857 NAAll Other Admitted Assets 2,262 763 634 513 566 Net LAE Paid 524 546 450 540 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 11,225 10,373 8,566 8,169 9,195 Change in Loss Reserves - Commercial 2,623 -1,422 -776 -273 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,280 39 -120 -792 NA

Unpaid Losses 4,968 3,938 2,409 2,136 1,917 Net Change in Loss and LAE Reserves 3,903 -1,382 -896 -1,065 NAUnpaid Loss Adj Expenses 2,081 2,181 1,778 986 698 Losses and LAE Incurred 5,285 1,266 1,322 332 -370

Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,615 Other Underwriting Expense Incurred 1,445 1,143 1,067 1,141 1,093Unearned Premiums 2,393 1,632 1,300 1,198 1,012 Other Underwriting Deductions 140 -140 0 0 0Total Reinsurance Liabilities -624 -226 278 -17 1,629 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 547 319 263 270 207 Net Underwriting Gain (Loss) -2,485 761 -81 1,134 762Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 98 16 0 320 320Other Liabilities 140 9 0 212 335 Total underwriting deductions 6,870 2,269 2,389 1,473 723



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -1 -4 33 10 132Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 100Unassigned Surplus -559 101 66 835 807 Income after cap gains (loss) before tax -2,504 813 4 894 747Other Including Gross Contributed 2,279 2,418 2,472 2,548 2,591 Federal Income Tax -837 276 -28 285 193

Capital & Surplus 1,720 2,520 2,538 3,383 3,397 Net Income -1,667 537 32 609 555

Total Liabilities and C&S 11,225 10,373 8,566 8,169 9,195 Pre-tax Operating Income -2,503 817 -29 883 615


Bonds 0 0 0 0 0





Net Investment Income 81 71 52 70 74 Class 6 0 0 0 0 0R li d C it l G i 1 4 33 10 132Realized Capital Gains -1 -4 33 10 132Unrealized Capital Gains 125 124 -67 160 35Total Cash & Investments 7,970 8,351 7,425 7,448 7,559Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,642 2,911 4,531 4,420 3,071Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,058 1,897 1,792 2,420 3,933Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 409 407 396 316Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 1,489 508 3,160 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 785 1. Oth, Prod Liab Cmbnd 3,167 Cash/Invested Assets 49.10 65.04 26.37 15.81 14.492. Pennsylvania 551 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 269 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 260 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 179 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 40.64 9.79 -0.22 -9.08 All other admitted assets/Total Assets 20.15 7.36 7.40 6.27 6.16National DPW ($000) 4,694 4,834 3,561 3,009 3,167 Invested Assets/Total Assets 71.01 80.51 86.69 91.17 82.21Adjusted Loss Ratio 28.33 62.30 27.51 42.41 30.97 Investment Income/Total Assets 0.72 0.69 0.61 0.85 0.80





Other Invstmts - 15.8% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Washington - 24.8% Pennsylvania - 17.4%

Michigan - 8.5% Georgia - 8.2%

Maryland - 5.6% All other - 35.5%



Aircraft - 0.0%



All Other - 0.0%


Ponce De Leon LTC RRG Inc. (Alpharetta, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

3655 Brookside Parkway NAIC Company Code : 11809 Total Assets 18,528 18,727 16,789 14,352 14,271Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 9,165 8,622 8,194 7,831 7,869Alpharetta, GA 30022-1429 Geographic Focus: Regional - Southern Quadrant Total Liabilities 9,363 10,104 8,595 6,521 6,402

NAIC Ownership Structure: Risk Retention Group Net Income 140 -523 -527 -471 -692Tax Identification Number : 02-0650614 Total Revenue 5,385 5,246 5,249 3,841 3,647



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 4,596Demotech Financial Strength Rating A 08/20/13 Affirm Loss & LAE Reserves/ NPE (%) 125.57 113.56 118.50 144.64 146.32S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.43 -8.79 -11.41 -6.32 -8.71Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.51 0.63 0.51 0.32 0.40Fitch Financial Strength Rating -- -- -- --


Name : Chrisy Ann Moultrie Auditor Johnson Lambert LLPPhone : (678) 781-2445 Actuary Milliman Inc.Fax : (678) 781-2450 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.97 2.20 2.14 1.77 1.63Net Investment Income/Earned Premiums 10.41 6.62 7.85 10.05 7.00Return on Average Equity (C&S) 1.71 -5.99 -6.50 -5.77 -8.72Return on Avg Assets 0.80 -2.95 -3.04 -3.05 -4.72Loss and LAE Ratio 41.24 79.38 83.17 74.83 75.56Expense Ratio 51.26 39.91 50.03 70.15 58.01Loss Ratio 13.60 43.80 38.13 30.30 27.90Combined Ratio 92.50 119.29 133.20 144.98 133.57Operating Ratio 82.30 111.94 126.55 137.88 127.00Investment ratio 10.20 7.35 6.64 7.10 6.57


Cash, Short-Term Investments / Liabilities 26.39 12.96 6.17 19.28 18.91Cash, Common & Liquid Bonds / Liabilities 181.95 160.80 167.06 203.17 205.53Cash & Short-Term Investments / C&S 26.96 15.19 6.47 16.05 15.39Liabilities / Liquid Assets (IRIS Ratio) 55.00 62.00 59.00 49.00 48.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.58 179.76 190.35 219.09 210.38Cash From Underwriting ($000) -418 -886 -2,352 -2,031 -1,866Net Cash From Operations ($000) -98 -723 -1,746 -1,198 -1,017Underwriting Cash Flow Ratio 90.81 84.81 65.82 58.28 62.57Operating Cash Flow Ratio 98.80 88.87 62.55 49.31 53.81Unassigned Funds / Total Assets 8.03 7.32 5.12 5.80 6.03


GPW to Policyholders' Surplus3 900 --- 65 55 35NPW to Policyholders' Surplus 300 --- 63 51 32Change in Net Premiums Written 33 -33 15 -23 -41*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 95 118* 129*



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

55.0

62.059.0

49.0 48.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013L2


92.5

119.3133.2

145.0133.6

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 27.64 35.59 45.04 44.53 47.66 Gross Change in Policyholders' Surplus 50 -10 -6 -5 -4Net Commission Ratio 11.59 5.55 5.69 3.63 NA Net Change in Adj Policyholders' Surplus 25 -10 -1 -6 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 62 59 49Tax, License & Fees Ratio 3.68 2.37 2.68 2.84 NA Agents' Bal to Policyholders' Surplus 40 --- 13 10 1Admin & Other Expense Ratio 36.00 31.99 41.67 63.68 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 12 2 -4Gross Premiums Written ($000)3 5,191 5,597 4,524 2,754 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -8 17 -4Loss & Loss Adj Expense ($000) 1,969 3,859 4,091 2,621 2,521 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 18 -13Other Underwriting Exp Incurred ($000) 2,398 2,154 2,084 1,737 1,817 *Indicates an unusual value.Net Underwriting Gains ($000) 407 -1,152 -1,256 -855 -1,001 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.11 96.46 92.07 89.89 NA complements of each ratio.Effective Tax Rate 75.66 NM NM 0.00 0.00

Pre-Tax Operating Margin 18.91 -14.63 -17.63 -13.43 -18.95 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2

Admitted Assets Growth 0.94 1.07 -10.35 -14.51 -6.34

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 Total Liabilities Growth -11.22 7.92 -14.94 -24.13 -11.90

Reinsurance Recoverable ex US Aff -144 -83 50 105 NA Net Premiums Written Growth -10.89 15.42 -22.86 -40.55 -15.94Retention Ratio (NPW/GPW) (%)3 90.11 96.46 92.07 89.89 NA Pre-Tax Operating Income Growth -8.19 NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -75.20 NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -12.12 7.15 -11.31 -8.54 -11.00Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -7.42 7.83 -19.18 -39.11 -16.83Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 14.51 4.91 -3.57 -10.43 -9.05

Capital & Surplus Five-year CAGR 4.74 2.88 1.27 -0.24 -0.45Admitted Assets Five-year CAGR 9.03 3.95 -1.39 -5.69 -4.89







Change in Loss & LAE Resv / Reserves -12.12 7.15 -11.31 -8.54 -11.00 Realized Capital Gains (Losses) -442 -59 171 45 -11 Yr Loss Reserve Dev / 1Y Prior C&S -14.91 11.96 2.37 -3.78 NA Net Unrealized Capital Gains (Losses) 305 394 4 150 2402 Yr Loss Reserve Dev / 2Y Prior C&S -19.86 -7.85 17.16 -3.70 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 125.57 113.56 118.50 144.64 146.32 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -24.38 22.55 4.16 -8.84 NA Net Premiums Written / Avg C&S (%) 57.06 61.84 51.37 30.30 39.47IBNR/ Total Reserves 37.31 54.33 53.56 54.82 NA Liabilities / Capital & Surplus (%) 102.16 117.19 104.90 83.27 81.36Reserves/ Equity 60.27 68.64 64.06 61.31 58.41 Total Reins Recov Excl US Aff / C&S (%) -1.57 -0.96 0.61 1.34 NA


443.4

467.2

476.0

453.2

481.4

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012Y



90.1

96.5

92.1

89.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013L2




Ponce De Leon LTC RRG Inc. (Alpharetta, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -513 -198 -359 -278 -272Occupied Properties 0 0 0 0 0 Net Premiums Written 4,677 5,399 4,165 2,476 3,132Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -96 538 -753 -1,026 -205Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,773 4,861 4,918 3,502 3,337

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,471 1,310 530 1,257 1,211 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 17,036 16,248 14,359 13,249 13,158 Net Losses Paid - Commercial 1,261 1,648 2,652 1,507 NAPremiums & Considerations Due 691 1,127 782 105 173 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 462 606 537 316 229 Net Losses Paid 1,261 1,648 2,652 1,507 NAAll Other Admitted Assets 339 747 1,111 682 710 Net LAE Paid 1,469 1,816 2,108 1,562 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,528 18,727 16,789 14,352 14,271 Change in Loss Reserves - Commercial -612 481 -776 -445 NA


Unpaid Losses 4,737 5,217 4,441 3,996 3,786 Net Change in Loss and LAE Reserves -761 395 -669 -448 NAUnpaid Loss Adj Expenses 787 701 808 805 810 Losses and LAE Incurred 1,969 3,859 4,091 2,621 2,521

Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 4,596 Other Underwriting Expense Incurred 2,398 2,154 2,084 1,737 1,817Unearned Premiums 2,536 3,074 2,321 1,295 1,658 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 312 296 317 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 887 816 708 426 148 Net Underwriting Gain (Loss) 407 -1,152 -1,256 -855 -1,001Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 105 0 0 0 0 Total underwriting deductions 4,366 6,013 6,174 4,358 4,338



Common Capital Stock 18 19 20 20 20 Net Realized Capital Gains (Losses) -442 -59 171 45 -1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,806 5,358 5,350 4,980 4,977 All Other Income 124 27 4 91 91Unassigned Surplus 1,487 1,372 859 832 860 Income after cap gains (loss) before tax 577 -827 -754 -471 -692Other Including Gross Contributed 1,853 1,874 1,965 1,999 2,011 Federal Income Tax 437 -303 -227 0 0

Capital & Surplus 9,165 8,622 8,194 7,831 7,869 Net Income 140 -523 -527 -471 -692

Total Liabilities and C&S 18,528 18,727 16,789 14,352 14,271 Pre-tax Operating Income 1,019 -768 -925 -516 -691


Bonds 0 0 0 0 0





Net Investment Income 487 357 327 249 219 Class 6 0 0 0 0 0R li d C it l G i 442 59 171 45 1Realized Capital Gains -442 -59 171 45 -1Unrealized Capital Gains 305 394 4 150 240Total Cash & Investments 17,036 16,248 14,359 13,249 13,158Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 12,828 12,815 11,668 9,579 9,299Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,737 2,123 2,161 2,413 2,648Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 1,384


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 2,412 1,941 1,787Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 2,754 1. Med Prof Liab 1,928 Cash/Invested Assets 14.50 8.06 3.69 9.49 9.202. Alaska 0 2. Oth, Prod Liab Cmbnd 826 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 17.10 2.72 0.08 -7.23 -15.50 All other admitted assets/Total Assets 1.83 3.99 6.61 4.75 4.98National DPW ($000) 5,607 5,191 5,597 4,524 2,754 Invested Assets/Total Assets 91.95 86.76 85.53 92.32 92.20Adjusted Loss Ratio 16.48 12.25 45.72 38.57 23.12 Investment Income/Total Assets 2.63 1.91 1.95 1.73 1.54





Other Invstmts - 9.5% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%




Aircraft - 0.0%


All Other - 0.0%


Premier Physicians Ins Co. (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

575 South Saliman Road NAIC Company Code : 12613 Total Assets 10,008 11,467 12,457 14,318 12,865Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,340 2,802 3,056 3,533 3,287

Geographic Focus: Regional - Western Quadrant Total Liabilities 6,667 8,665 9,401 10,785 9,577NAIC Ownership Structure: Risk Retention Group Net Income 399 -131 238 393 -218Tax Identification Number : 20-3831358 Total Revenue 5,957 4,272 5,663 4,631 4,700



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 4,248Demotech Financial Strength Rating A 08/29/13 Affirm Loss & LAE Reserves/ NPE (%) 47.66 87.53 64.23 89.45 84.21S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 19.40 -3.84 14.26 18.24 -9.42Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.93 1.46 1.99 1.39 1.30Fitch Financial Strength Rating -- -- -- --


Name : Jessica Contreras Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (775) 887-2481 CEO K. Warren VolkerEmail : [email protected] CFO --

President --


Net Yield on Invested Assets 1.32 1.11 1.02 0.96 0.61Net Investment Income/Earned Premiums 1.41 2.20 1.46 1.98 1.49Return on Average Equity (C&S) 12.44 -4.12 8.75 12.17 -6.29Return on Avg Assets 4.19 -1.24 2.08 3.06 -1.64Loss and LAE Ratio 41.82 51.71 53.10 36.45 58.28Expense Ratio 44.63 54.47 38.14 48.75 54.49Loss Ratio 26.33 19.85 15.09 1.67 19.18Combined Ratio 86.45 106.18 91.24 85.20 112.77Operating Ratio 84.89 104.02 89.64 83.06 111.40Investment ratio 1.55 2.16 1.59 2.14 1.37


Cash, Short-Term Investments / Liabilities 115.72 24.32 25.83 39.26 40.08Cash, Common & Liquid Bonds / Liabilities 115.72 38.56 101.51 101.77 111.36Cash & Short-Term Investments / C&S 230.99 75.20 79.45 119.88 116.76Liabilities / Liquid Assets (IRIS Ratio) 86.00 100.00 98.00 98.00 94.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 122.82 103.24 105.74 111.15 140.60Cash From Underwriting ($000) 990 2,155 477 1,626 -301Net Cash From Operations ($000) 781 2,113 670 1,538 -102Underwriting Cash Flow Ratio 118.58 150.91 111.19 135.08 94.34Operating Cash Flow Ratio 124.30 154.91 111.31 140.83 93.69Unassigned Funds / Total Assets 6.44 0.73 2.19 5.18 3.55


GPW to Policyholders' Surplus3 900 --- 225 236 196NPW to Policyholders' Surplus 300 --- 146 199 139Change in Net Premiums Written 33 -33 -37* 48* -19Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 95 87


MSA: Carson City, NV (Metro)


86.0

100.098.0 98.0

94.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013L2


86.4

106.2

91.285.2

112.8

-10.00

-5.00

0.00

5.00

10.00

15.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 15.48 31.86 38.01 34.78 39.10 Gross Change in Policyholders' Surplus 50 -10 -16* 9 16Net Commission Ratio 3.90 7.38 6.73 7.76 NA Net Change in Adj Policyholders' Surplus 25 -10 -19* 4 10Salaries & Benefits Ratio 9.48 19.04 13.45 16.26 NA Liabilities to Liquid Assets 100 --- 100 98 98Tax, License & Fees Ratio 0.58 1.13 0.86 1.02 NA Agents' Bal to Policyholders' Surplus 40 --- 0 1 1Admin & Other Expense Ratio 30.67 26.92 17.09 23.71 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -17 -41Gross Premiums Written ($000)3 6,459 6,297 7,217 6,929 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -43 -9Loss & Loss Adj Expense ($000) 2,453 2,162 2,960 1,652 2,702 Est Curr Resv Defi/Policyholders' Surplus 25 --- -53 -52 -29Other Underwriting Exp Incurred ($000) 2,883 2,232 2,315 2,389 2,325 *Indicates an unusual value.Net Underwriting Gains ($000) 531 -212 300 492 -390 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 65.06 84.10 70.73 NA complements of each ratio.Effective Tax Rate 35.91 NM 40.93 34.03 NM

Pre-Tax Operating Margin 10.44 -2.86 6.86 12.72 -6.96 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013L2



Reinsurance Recoverable ex US Aff -177 -2,433 -1,589 -2,628 NA Net Premiums Written Growth 11.51 -36.57 48.14 -19.25 -27.44Retention Ratio (NPW/GPW) (%)3 100.00 65.06 84.10 70.73 NA Pre-Tax Operating Income Growth NM NM NM 51.63 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM 64.92 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 6.95 -1.52 34.70 -9.58 6.70Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 11.51 -2.50 14.60 -3.99 -9.32Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 43.71 40.14 33.15 21.44 11.95





Asbestos NA NA NA NA NA Capital and Surplus 3,340 2,802 3,056 3,533 3,287 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,056 3,533 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 925 1,016 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 330.45 347.52 NA

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013L2 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 165.22 173.76 NA

Change in Loss & LAE Resv / Reserves 6.95 -1.52 34.70 -9.58 6.70 Realized Capital Gains (Losses) 0 -37 15 7 -21 Yr Loss Reserve Dev / 1Y Prior C&S 11.98 -42.75 -16.70 -40.87 NA Net Unrealized Capital Gains (Losses) 0 116 -49 76 792 Yr Loss Reserve Dev / 2Y Prior C&S 5.43 -12.49 -43.14 -8.74 NA Dividends to Stockholders -188 0 0 0 0Loss and LAE Reserves / NPE 47.66 87.53 64.23 89.45 84.21 Dividend Payout Ratio (%) 47.27 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.51 -34.15 -8.40 -27.55 NA Net Premiums Written / Avg C&S (%) 201.51 128.75 222.81 151.84 122.98IBNR/ Total Reserves 0.00 0.00 0.00 0.00 NA Liabilities / Capital & Surplus (%) 199.61 309.24 307.61 305.31 291.34Reserves/ Equity 89.20 104.72 129.33 101.16 129.23 Total Reins Recov Excl US Aff / C&S (%) -5.30 -86.83 -51.99 -74.39 NA


165.2

173.8

0500

1,0001,5002,0002,5003,0003,5004,000

2008Y 2009Y 2010Y 2011Y 2012Y



100.0

65.1

84.170.7

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013L2




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 5,295 5,924 5,030 4,550 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,459 6,297 7,217 6,929 6,295Common Stocks 0 1,234 1,190 1,711 1,797 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 -2,200 -1,148 -2,028 -2,028Occupied Properties 0 0 0 0 0 Net Premiums Written 6,459 4,097 6,069 4,901 4,267Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 592 -84 495 367 -370Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,866 4,181 5,574 4,533 4,637

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,716 2,107 2,428 4,235 3,838 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,716 8,636 9,542 10,976 10,186 Net Losses Paid - Commercial 1,384 616 77 238 NAPremiums & Considerations Due 47 4 30 21 641 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 349 65 463 1,550 802 Net Losses Paid 1,384 616 77 238 NAAll Other Admitted Assets 1,896 2,762 2,421 1,770 1,236 Net LAE Paid 876 1,592 1,864 1,793 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 10,008 11,467 12,457 14,318 12,865 Change in Loss Reserves - Commercial 161 214 764 -163 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 32 -260 254 -216 NA

Unpaid Losses 1,782 1,997 2,761 2,598 2,899 Net Change in Loss and LAE Reserves 194 -45 1,018 -379 NAUnpaid Loss Adj Expenses 1,197 937 1,192 976 1,349 Losses and LAE Incurred 2,453 2,162 2,960 1,652 2,702

Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 4,248 Other Underwriting Expense Incurred 2,883 2,232 2,315 2,389 2,325Unearned Premiums 3,158 3,074 3,569 3,937 2,996 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 257 2,433 1,589 2,912 2,052 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 117 39 37 106 8 Net Underwriting Gain (Loss) 531 -212 300 492 -390Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 156 185 252 257 273 Total underwriting deductions 5,336 4,394 5,274 4,042 5,027



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 -37 15 7 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 645 84 273 741 457 Income after cap gains (loss) before tax 622 -159 403 596 -329Other Including Gross Contributed 2,695 2,718 2,783 2,791 2,830 Federal Income Tax 223 -28 165 203 -111

Capital & Surplus 3,340 2,802 3,056 3,533 3,287 Net Income 399 -131 238 393 -218

Total Liabilities and C&S 10,008 11,467 12,457 14,318 12,865 Pre-tax Operating Income 622 -122 388 589 -327


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 5,924 5,030Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 91 90 89 97 63 Class 6 0 0 0 0 0R li d C it l G i 0 37 15 7 2Realized Capital Gains 0 -37 15 7 -2Unrealized Capital Gains 0 116 -49 76 79Total Cash & Investments 7,716 8,636 9,542 10,976 10,186Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 5,924 5,030 5,030Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 1,234 1,190 1,711 1,797Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 114 392Issued State Rev Obligations ($000) 0 0 0 1,266 968Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 61.31 62.09 45.83 44.67Common Stocks / C&S 0.00 44.04 38.93 48.44 54.67Unaff common stock/Invested Assets 0.00 14.29 12.47 15.59 17.64

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Nevada 6,687 1. Med Prof Liab 6,929 Cash/Invested Assets 100.00 24.40 25.44 38.58 37.682. California 216 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 26 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA 17.24 6.66 All other admitted assets/Total Assets 18.95 24.09 19.44 12.36 9.61National DPW ($000) 5,792 6,459 6,297 7,217 6,929 Invested Assets/Total Assets 77.10 75.31 76.60 76.66 79.18Adjusted Loss Ratio 37.35 48.15 26.16 11.99 7.38 Investment Income/Total Assets 0.91 0.79 0.71 0.68 0.49





Other Invstmts - 38.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Nevada - 96.5% California - 3.1% Arizona - 0.4%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Sigma RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 7,304 9,824 10,992 13,162 12,6751120 20th Street, NW, Suite 60 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,898 3,532 4,592 5,461 5,529Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 5,406 6,292 6,400 7,701 7,146






Name : Emi Swaim Auditor Saslow Lufkin & Buggy LLPPhone : (202) 862-5339 Actuary Aon Global Risk ConsultingFax : (847) 953-3462 CEO Richard A. Graciano Jr.Email : [email protected] CFO --

President Ross J. Nese


Net Yield on Invested Assets 0.41 0.85 -0.12 0.91 0.89Net Investment Income/Earned Premiums 0.89 1.65 -0.37 3.69 3.97Return on Average Equity (C&S) 5.33 22.77 17.07 10.80 9.36Return on Avg Assets 1.44 7.25 6.90 4.75 4.08Loss and LAE Ratio 65.98 50.14 48.61 58.93 60.37Expense Ratio 14.35 9.53 11.88 10.88 11.64Loss Ratio -72.00 43.54 37.58 37.05 35.22Combined Ratio 80.33 59.67 60.49 69.81 72.01Operating Ratio 78.86 57.43 60.84 66.13 68.04Investment ratio 1.46 2.25 -0.35 3.68 3.97


Cash, Short-Term Investments / Liabilities 86.41 103.29 119.35 123.75 144.55Cash, Common & Liquid Bonds / Liabilities 86.41 112.11 131.81 135.23 157.47Cash & Short-Term Investments / C&S 246.08 183.99 166.33 174.50 186.84Liabilities / Liquid Assets (IRIS Ratio) 116.00 89.00 76.00 74.00 54.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 95.38 121.01 134.89 140.58 159.68Cash From Underwriting ($000) 664 1,299 1,628 1,691 1,701Net Cash From Operations ($000) 376 1,287 1,044 1,592 1,481Underwriting Cash Flow Ratio 260.32 265.07 281.02 438.11 407.24Operating Cash Flow Ratio 333.95 271.68 345.13 462.10 451.50Unassigned Funds / Total Assets 1.35 6.41 11.69 13.80 14.86


GPW to Policyholders' Surplus3 900 --- 81 51 43NPW to Policyholders' Surplus 300 --- 81 51 43Change in Net Premiums Written 33 -33 61* -17 0Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 65 59 63




116.0

89.0

76.0 74.0

54.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013L2


80.3

59.7 60.5

69.8 72.0

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013L2




Loss Adjustment Expense Ratio 137.98 6.60 11.03 21.88 25.15 Gross Change in Policyholders' Surplus 50 -10 86* 30 19Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 28* 19 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 89 76 74Tax, License & Fees Ratio 2.43 2.21 2.90 2.69 NA Agents' Bal to Policyholders' Surplus 40 --- 67* 48* 43*Admin & Other Expense Ratio 11.92 7.32 8.98 8.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -24 -23 -13Gross Premiums Written ($000)3 2,120 2,849 2,351 2,344 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -78 -6 -38Loss & Loss Adj Expense ($000) 713 1,051 1,234 1,384 1,414 Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 18 -45Other Underwriting Exp Incurred ($000) 254 272 279 255 272 *Indicates an unusual value.Net Underwriting Gains ($000) 114 774 1,025 709 656 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 83.49 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 42.05 33.70 35.30 33.68 34.00




Reinsurance Recoverable ex US Aff -23 0 0 0 NA Net Premiums Written Growth -49.65 60.99 -17.49 -0.28 -0.29Retention Ratio (NPW/GPW) (%)3 83.49 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 562.42 534.04 23.74 -21.65 -35.50Unauthorized Net Recov. (ex US Aff) (%) 0.00 NA NA NA NA Net Income Growth 221.69 608.30 23.21 -18.87 -34.45Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 25.30 18.16 17.72 28.51 23.61Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -45.34 34.41 -17.49 -0.28 -0.29Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA 13.32 15.03 20.46

Capital & Surplus Five-year CAGR NA NA 51.40 42.53 42.65Admitted Assets Five-year CAGR NA NA 24.32 23.15 27.95







Change in Loss & LAE Resv / Reserves 25.30 18.16 17.72 28.51 23.61 Realized Capital Gains (Losses) 0 -19 -4 5 41 Yr Loss Reserve Dev / 1Y Prior C&S -56.15 -24.28 -23.21 -13.37 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -77.53 -6.47 -38.27 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 247.74 166.42 161.72 205.51 231.05 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -68.76 -21.99 -32.31 -26.14 NA Net Premiums Written / Avg C&S (%) 125.62 122.06 61.30 47.64 44.11IBNR/ Total Reserves 51.62 59.28 52.16 48.49 NA Liabilities / Capital & Surplus (%) 284.76 178.12 139.37 141.01 129.25Reserves/ Equity 153.82 97.68 88.45 95.58 108.89 Total Reins Recov Excl US Aff / C&S (%) -1.21 0.00 0.00 0.00 NA


0.1

232.1

355.9389.8

360.1

0

100,000

200,000

300,000

400,000

500,000

600,000

2008Y 2009Y 2010Y 2011Y 2012Y



83.5

100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013L2




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013L2 INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013L2

Assets RevenueBonds 0 555 283 133 127 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,120 2,849 2,351 2,344 2,342Common Stocks 0 0 514 751 797 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -350 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 1,770 2,849 2,351 2,344 2,342Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 689 752 -187 -4 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,081 2,097 2,538 2,349 2,342

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,671 6,499 7,638 9,530 10,330 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 4,671 7,054 8,436 10,414 11,253 Net Losses Paid - Commercial 0 215 343 50 NAPremiums & Considerations Due 1,955 2,369 2,192 2,345 1,030 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 215 343 50 NAAll Other Admitted Assets 678 402 364 403 392 Net LAE Paid 123 306 279 176 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 7,304 9,824 10,992 13,162 12,675 Change in Loss Reserves - Commercial -778 698 611 820 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,368 -168 1 338 NA

Unpaid Losses 1,552 2,250 2,861 3,681 4,254 Net Change in Loss and LAE Reserves 590 530 611 1,158 NAUnpaid Loss Adj Expenses 1,368 1,200 1,201 1,538 1,767 Losses and LAE Incurred 713 1,051 1,234 1,384 1,414

Loss & Loss Adj Exp Reserves 2,920 3,450 4,062 5,220 6,021 Other Underwriting Expense Incurred 254 272 279 255 272Unearned Premiums 1,953 2,379 2,192 2,188 1,027 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 350 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 129 135 137 118 69 Net Underwriting Gain (Loss) 114 774 1,025 709 656Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 53 327 9 175 30 Total underwriting deductions 967 1,323 1,513 1,639 1,687


Income ($000)Total Capital and Surplus Net Investment Income 16 47 -9 87 93

Common Capital Stock 1,800 2,903 3,308 3,645 3,645 Net Realized Capital Gains (Losses) 0 -19 -4 5 4Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 98 630 1,285 1,816 1,884 Income after cap gains (loss) before tax 129 802 1,012 801 753Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 54 270 357 270 256


Total Liabilities and C&S 7,304 9,824 10,992 13,162 12,675 Pre-tax Operating Income 129 821 1,016 796 749

Memo: Total Revenue 1,096 2,125 2,525 2,440 2,440Memo: Affiliated Investments ($000) Memo: Paid Expenses 380 581 565 579 NA

Bonds 0 0 0 0 0





Net Investment Income 16 47 -9 87 93 Class 6 0 0 0 0 0R li d C it l G i 0 19 4 5 4Realized Capital Gains 0 -19 -4 5 4Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 4,671 7,054 8,436 10,414 11,253Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 555 283 133 127Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 514 751 797Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 133 133 126 125 517Common Stock 751 751 708 -- 2,209Preferred Stock 0 0 0 -- 0Total 884 884 833 125 --


Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 7.87 3.35 1.28 1.12Common Stocks / C&S 0.00 0.00 11.20 13.75 14.41Unaff common stock/Invested Assets 0.00 0.00 6.10 7.21 7.08

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Pennsylvania 2,344 1. Oth, Prod Liab Cmbnd 2,344 Cash/Invested Assets 100.00 92.13 90.55 91.51 91.802. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 9.28 4.09 3.31 3.06 3.09National DPW ($000) 3,878 2,120 2,849 2,351 2,344 Invested Assets/Total Assets 63.95 71.80 76.74 79.12 88.78Adjusted Loss Ratio 89.56 -53.94 44.79 37.58 37.05 Investment Income/Total Assets 0.22 0.48 -0.08 0.66 0.73





Other Invstmts - 91.5% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013L2


Pennsylvania - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%




Aircraft - 0.0%



All Other - 0.0%


®

®

Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

Solutions as Unique as Your OrganizationDemotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution.

Contact Douglas Powell at [email protected] to discuss any needs or problems your organization is experiencing.

First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.First to issue FSRs for Title underwriters.First to have Property and Casualty insurance company rating process formally reviewed and accepted by HUD.Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs.Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed.FSRs added to SNL Financial website, www.snl.com.

Demotech, Inc. Corporate Milestones1986

1987

1989

1990

1992

1993

1994

1995

1996

2005

2007

2008

2009

2010

2011

2012

®

Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

analysis of risk retention groups - second quarter 2013

Documents

financial informationzap

financial analysisw

rrgs report

additional analysis

senior financial analyst

financial stability

courtesy of snl financial

risk retention reporter