demotech, inc.ratio was 216.7 percent. these results indicate that rrgs remain conservative in terms...

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Analysis of Risk Retention GroupsThird Quarter 2015

Demotech, Inc.

December 2015

www.demotech.com Volume 5 Issue 5

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ISSN 2168-7013 (online) Published December 17, 2015 COPYRIGHT©

2015 Demotech, Inc.

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

Contents

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

RRGs Report Financially Stable Results Through Third Quarter 2015 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups December 2015 Volume 5 Issue 5

Company Profile Pages 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

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.

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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

A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds. Based on third quarter 2015 reported financial information, RRGs have

a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to note that ownership of RRGs is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in their strengthened capital position.

Balance Sheet Analysis

During the last five years, cash and invested assets, total admitted assets and policyholders’ surplus have increased at a faster rate than total liabilities. The level of policyholders’ surplus becomes increasingly important in times of difficult economic conditions by allowing an insurer to remain solvent when facing uncertain economic conditions.

Since third quarter 2011, cash and invested assets increased 79.8 percent and total admitted assets increased 64.4 percent. More importantly, over a five year period from third quarter 2011 through third quarter 2015, RRGs collectively increased policyholders’ surplus 65.8 percent. This increase represents the addition of over $1.8 billion to policyholders’ surplus. These reported results indicate that RRGs are adequately capitalized in aggregate and able to remain solvent if faced with adverse economic conditions or increased losses.

Liquidity, as measured by liabilities to cash and invested assets, for third quarter 2015 was approximately 68.8 percent. A value less than 100 percent is considered favorable as it indicates that there was more than a dollar of net liquid assets for each dollar of total liabilities. This also indicates an increase for RRGs collectively as liquidity was reported at 66.4 percent at third quarter 2014. 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 LAE. This includes reserves for any incurred but not reported

losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for third quarter 2015 was 213.1 percent and indicates a decrease over third quarter 2014, as this ratio was 216.7 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 combined, as measured by total liabilities to policyholders’ surplus, for third quarter 2015 was 153.2 percent and indicates an increase over third quarter 2014, as this ratio was 146 percent.

The loss and LAE reserves to policyholders’ surplus ratio for third quarter 2015 was 104.6 percent and indicates an increase compared to third quarter 2014, as this ratio was 101.4 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

Regarding RRGs collectively, the ratios pertaining to the balance sheet appear to be appropriate and conservative.

Premium Written Analysis

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. RRGs collectively reported nearly $2.6 billion of direct premium written (DPW) through third quarter 2015, an increase of 6 percent over third quarter 2014. RRGs reported $1.6 billion of net premium written (NPW) through third quarter 2015, an increase of 7.6 percent over third quarter 2014. These increases are favorable and appear reasonable.

The DPW to policyholders’ surplus ratio for RRGs collectively through third quarter 2015 was 75 percent, up from 69.8 percent at third quarter 2014. The NPW to policyholders’ surplus ratio for RRGs through third quarter 2015 was 47.5 percent and indicates an increase over 2014, as this ratio was 43.6 percent. Please note that these ratios have been adjusted to reflect projected annual DPW and NPW based on third quarter results.

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RRGs Report Financially Stable Results Through Third Quarter 2015 Financial analysis of Risk Retention Groups based on reported historical results.

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

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 is relative improvement in rate adequacy.

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

Income Statement Analysis

RRGs collectively reported a $46.3 million underwriting loss through third quarter 2015. The collective underwriting losses were offset by strong investment gains and other sources of income. RRGs reported an aggregate net investment gain of $220.8 million and a net income of $167.6 million.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through third quarter 2015 was 79.1 percent, a decrease over 2014, as the loss ratio was 80.6 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, through third quarter 2015 was 19.6 percent and indicates a decrease compared to 2014, as the expense ratio was reported at 20.6 percent. This ratio measures an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through

third quarter 2015 was 98.7 percent and indicates a decrease compared to 2014, as the combined ratio was reported at 101.2 percent. This ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 percent typically indicates an underwriting profit.

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

Conclusions Based on Financial 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 financial results of RRGs appear to be

reasonable, keeping in mind that it is typical and expected that insurers’ financial ratios tend to fluctuate over time.

The 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 income, 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.

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

Douglas A Powell is a Senior Financial Analyst at Demotech, Inc. 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 [email protected].

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Company Information and Financial Results

Risk Retention Groups

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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

WAYNE WHEELER (802) 264-4575 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

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

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

ROBERT CAWLEY 410-339-5884-1 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 30 MAIN STREET, SUITE 330, BURLINGTON, VT 05401-8427

ANNE MARIE BUECHE (802) 658-9405 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) 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 Other Liability - Occurrence Domiciled

ALLIED PREMIER INSURANCE A RRG15639 5679 SOUTH REDWOOD ROAD, SUITE 25, SALT LAKE CITY, UT 84123-5464

V. J. PETITT (801) 262-3525 CTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

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

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

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

TERESA MARIE MATTHEWS (941) 373-1162 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

BRANDI MCMINN (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 FOREST CASUALTY COMPANY RRG11590 1605 MAIN STREET, SUIT 800, SARASOTA, FL 34236-5840

TERESA MARIE MATTHEWS (941) 373-1162 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

AMERICAN SAFETY RRG INC25448 1100 CIRCLE 75 PARKWAY, SUITE 925, ATLANTA, GA 30339-6012

STEPHEN RAY CRIM VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 111 NORTH HIGGINS AVENUE, SUITE 300A, MISSOULA, MT 59802

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

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

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

Analysis of Risk Retention Groups



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 5555 KIETZKE LANE, SUITE 100, RENO, NV 89511-2096

MARY KATHLEEN THOMPSON (602) 263-6682 NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

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

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

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

SUSIE PUGH 205-980-0009 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

BAY INSURANCE RISK RETENTION GROUP, INC.15582 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

STEPHEN E. MCCARTHY (802) 652-1569 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

ALICIA M. RUBALCABA (802) 264-2062 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

STEPHEN E. MCCARTHY (802) 652-1569 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability 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 2929 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85012-2761

MATTHEW D. R. TAKAMINE (808) 521-1121 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 20007

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

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 4 GREENWICH OFFICE PARK, 2ND FLOOR, GREENWICH, CT 06831

NANCY VELASQUEZ 303-625-2909- MTPhoneStatement 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

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

CHEROKEE GUARANTEE COMPANY INC., RRG14388 18835 N. THOMPSON PEAK PARKWAY, SUITE 210, SCOTTSDALE, AZ 85255

TEMPERANCE WICK ROBINS 480-320-2978- AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

JASON L. PALMER (808) 521-0723 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

MICHELE EMMONS (802) 371-2221 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 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

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

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 2600 MEIDINGER TOWER, 462 SOUTH FOURTH STREET, LOUISVILLE, KY 40202-3452

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

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

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

COMMUNITY HOSPITAL RRG11259 2551 WASHINGTON ROAD OFFICE, SUITE 810, UPPER SAINT CLAIR, PA 15241-2513

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

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

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

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8038

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

CONTINUING CARE RRG, INC.11798 126 SEVEN FARMS DRIVE, FIRST CITIZENS PLAZA, STE 1, CHARLESTON, SC 29492

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

BECKI M. MINOLI (802) 264-4576 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

ABIGAIL M. BERNIER (802) 229-5042 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

COVERYS RRG, INC.14160 ONE FINANCIAL CENTER BOSTON, MA 02111-2621

PAUL JAMES DEFRONZO (617) 526-0382 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

DAVID CARLETON TATLOCK (802) 861-3227 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 200 EAST ROBINSON STREET, SUITE 1180, ORLANDO, FL 32801-1963

JONATHAN J. MCKENZIE (855) 326-3408 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE14347 185 GREENWOOD ROAD NAPA, CA 94558-6270

DOUGLAS CHARLES WILL (707) 226-0100 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability - Occurence Domiciled

DUBOIS MEDICAL RRG11842 1090 VERMONT AVENUE, NW WASHINGTON, DC 20005-4905

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 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324

ANDREW CARLTON (941) 373-1113 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

ANDREW CARLTON 941-373-1113 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 INSURANCE EXCHANGE RRG (EPIX)11714 13620 LINCOLN WAY, SUITE 230, AUBURN, CA 95603

MICHAEL ANDREW KOLLATH 916-772-2080 VTPhoneStatement 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

EXCELA RECIPROCAL RRG15337 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

FAIRWAY PHYSICIANS INS CO RRG11840 29899 AGOURA ROAD, SUITE 110, AGOURA HILLS, CA 91301-2493

ROBERT KENNETH WILEY (818) 889-7240 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

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

STEPHANIE ANN LEFKOWSKI (602) 427-3287 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

SARAH J. ROLLINS (802) 371-2216 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

GABLES RISK RETENTION GROUP, INC.14032 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

JAY E. CURTIS (802) 658-9466 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

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 307 FALLS STREET, SUITE A, GREENVILLE, SC 29601-2829

PHILLIP M. BARNHILL (802) 371-2271 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GLOBAL HAWK INSURANCE COMPANY RRG11948 ONE MILL STREET, CHACE MILL SUITE 324, BURLINGTON, VT 05401

STEPHEN BROWN 802-497-2740 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

GOLDEN INS CO RRG11145 3993 HOWARD HUGHES PARKWAY, SUITE 250, LAS VEGAS, NV 89169-6754

MINDY WALSER (802) 865-4331 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 (941) 373-1113 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GRACO RRG INC11581 360 CONCORD STREET, SUITE 106, CHARLESTON, SC 29401-6303

COURTNEY CHRISTINE FLYNN (843) 414-9714 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

BRETT BELT (843) 577-1361 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

JACQUELINE MARIE COURVILL (802) 658-9405 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 CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)

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

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

HEALTH NETWORK PROVIDERS MUT INS CO11813 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

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


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 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

DANIEL THANH NGUYEN (802) 264-2072 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 CHESHIRE, CT 06410-1253

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

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

MICHAEL ANTHONY HEISER (202) 326-5360 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

INDIANA HEALTHCARE RECIP RRG11692 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

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 (Occurrence) Domiciled

IQS INSURANCE RISK RETENTION GROUP, INC.15080 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

ERIK RICHARD STUMPF (802) 264-4580 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

J.M. WOODWORTH RRG, INC.12594 1100 WEST TOWN & COUNTRY ROAD, SUITE 1400, ORANGE, CA 92868-4655

DOUGLAS JOSEPH HAUSER (714) 571-1864 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

JOHN P. GIMINIANI (802) 864-2040 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) 652-1559 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

LAMMICO RRG, INC.14444 ONE GALLERIA BOULEVARD, SUITE 700, METAIRIE, LA 70001-7510

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 89123

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

RICHARD THOMAS MAGSAM (402) 399-3406 NEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) 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

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 PLAZA V, 901 SOUTH MOPAC EXPRESSWAY, SUITE 500, AUSTIN, TX 78746-5776

BRETT PAUL LAROCK (512) 425-5800 DCPhoneStatement Contact Primary Line of Business Medical Professional 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

COURTNEY CHRISTINE FLYNN (843) 414-9714 DEPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled




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

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

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

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

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

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

MED MAL RISK RETENTION GROUP, INC.14446 14382 US HIGHWAY 19 SOUTH THOMASVILLE, GA 31757-4801

JOHN A. SMITH III (229) 226-1937 TNPhoneStatement 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

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

PATRICIA L. HENDERSON (802) 860-1133 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 P.O. BOX 22556 CHARLESTON, SC 29413-2556

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

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

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

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

GLENN MCBROOM (802) 264-4714 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

JOAN M. HUSSEY (802) 864-2744 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

DANIEL THANH NGUYEN (802) 264-2072 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NASW RISK RETENTION GROUP, INC.14366 1401 EYE STREET, NW, SUITE 600, WASHINGTON, DC 20005-2225

THOMAS P. ADAMCZAK (802) 660-7706 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

MEGAN M. A. DAVIDSON (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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




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

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

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 610 WEST SAINT GEORGES AVENUE, SUITE 618, LINDEN, NJ 07036-5646

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 20007

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

DUSTIN PARTLOW (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

TERESA MARIE MATTHEWS (941) 373-1162 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

TONIA A. EPPS (843) 577-1034 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

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

OASIS RECIPROCAL RISK RETENTION GROUP13644 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

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

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

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

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

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

KATHERINE ANN EHMANN (847) 653-8730 ILPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 575 S SALIMAN ROAD, CARSON CITY, NV 89701

RENEA LOUIE 775-887-2480 TNPhoneStatement Contact Primary Line of Business Commercial Auto Liability 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 2929 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85012-2761

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 1441 MAIN STREET, SUITE 806, COLUMBIA, SC 29201-2848

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

P&S INSURANCE RISK RETENTION GROUP, INC.15583 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

MICHAEL JOHN COULTER (843) 614-3135 SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability 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

PALLADIUM RISK RETENTION GROUP, INC.15279 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

ZACHARY CARL WILLIAMS (802) 264-3361 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

MEGAN E. OGDEN (843) 225-7168 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PELICAN INS RRG11587 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

CHRISTOPHER PLUMPTON (802) 863-2281 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

TERESA MARIE MATTHEWS (941) 373-1162 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 1101 EAST CUMBERLAND AVENUE, SUITE 301-I, TAMPA, FL 33602-4217

KIMBERLY E. WACK (602) 427-3251 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

JOSEPH JOHN CONNOLLY (802) 861-3043 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

GERGANA PENCHEVA (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





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

PONCE DE LEON LTC RRG, INC.11809 1100 W. TOWN & COUNTRY RD. SUITE 1400, ORANGE, CA 92868

DOUGLAS JOSEPH HAUSER 714-571-1864 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 11880 COLLEGE BOULEVARD, SUITE 300, OVERLAND PARK, KS 66210-2141

DEANNA R. OLSON 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 Medical Professional Liability (Claims-made) Domiciled

PREMIER INSURANCE EXCHANGE RRG10101 12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052

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

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

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

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 100 BROOKWOOD PLACE BIRMINGHAM, AL 35209-6811

ELLEN MARCHMAN CHANDLER (205) 445-2638 DCPhoneStatement Contact Primary Line of Business Domiciled

PROBUILDERS SPECIALTY INS CO RRG11671 10375 EAST HARVARD AVENUE, SUITE 550, DENVER, CO 80231-3967

HUGH B. MCCREERY (303) 306-0002 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

DUSTIN BLASIUS (808) 540-4318 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) 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 191 JEWEL BASIN COURT, SUITE 4A, BIGFORK, MT 59911-6294


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

JOHN A. SMITH III (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 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

JEFFREY M. CALLANE (802) 264-4719 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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




SAGE RISK RETENTION GROUP, INC.15631 3651 LINDELL ROAD, SUITE D1152, LAS VEGAS, NV 89103-1254

JONATHAN J. MCKENZIE (855) 326-3408 NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability 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

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

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 3651 LINDELL ROAD, SUITE D1152, LAS VEGAS, NV 89103-1254

JONATHAN J. MCKENZIE (855) 326-3408 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

ASHLEY A. LAMELL (802) 864-2035 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

SELECT MD RRG14136 191 JEWEL BASIN COURT, SUITE 4A, BIGFORK, MT 59911-6294


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

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

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

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

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

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

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

TERESA MARIE MATTHEWS (941) 373-1162 NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 2233 WISCONSIN AVE., N.W., SUITE 310, WASHINGTON, DC 20007

CHARLES HALSTEAD-JOHNSO 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

CHARLES A. WANNER (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

KYLE ADAM METAYER (802) 264-4710 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

STATES SELF-INSURERS RRG44075 222 SOUTH NINTH STREET, SUITE 2700, MINNEAPOLIS, MN 55402-3332

LYNN MAJIWA (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 M. MINOLI (802) 264-4576 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 2647 WATERFRONT PARKWAY EAST DRIVE, SUITE 300, INDIANAPOLIS, IN 46214-2060

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

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

PAULA A. FRENCH (802) 371-2321 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

DANIEL S. SCOTT (802) 652-1559 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

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

UNITED EDUCATORS INS RRG INC10020 7700 WISCONSIN AVENUE, SUITE 500, BETHESDA, MD 20814-3556

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 (941) 373-1113 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

STEPHEN CHONG (808) 540-4323 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 191 JEWEL BASIN COURT, SUITE 4A, BIGFORK, MT 59911-6294


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 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


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 $2,456,729 $0 $3,666,546$1,209,817 $571,566 $198,855 $1,118,500$348,079 $2,548,046 ($98)

ADVANCED PHYSICIANS INS RRG INC12166 $1,665,849 $0 $1,773,548$107,699 $113,757 $56,657 $217,637$47,223 $1,555,911 $0

AEGIS HEALTHCARE RRG, INC.12252 $2,507,024 $110,886 $5,178,895$2,560,985 $1,444,822 $239,373 $2,240,180$555,985 $2,938,715 $1

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $5,813,101 $0 $6,636,223$823,122 $593,907 $100,773 $1,626,845$932,165 $5,009,378 $0

AGRI INSURANCE EXCHANGE RRG28380 $16,451,270 $0 $16,471,208$19,938 $1,868,000 $236,535 $2,609,127$504,592 $13,862,081 ($689)

ALLEGIANT INS CO INC A RRG11965 $15,404,773 $2,506,488 $21,006,056$3,094,795 $8,804,546 $0 $13,984,896$5,180,350 $7,021,160 $503

ALLIANCE OF NONPROFITS FOR INS RRG10023 $63,451,063 $0 $82,447,894$18,996,831 $35,989,659 $14,912,898 $52,997,863$2,095,306 $29,450,031 $377

ALLIED PREMIER INSURANCE A RRG15639 $5,670,402 $0 $6,227,196$556,794 $1,057,659 $3,736,401 $4,976,753$182,693 $1,250,443 $0

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $42,646,920 $933,036 $47,519,768$3,939,812 $18,326,604 $7,660,100 $28,233,658$2,246,954 $19,286,109 $1,069

ALLIED SERVICES RISK RETENTION GROUP12013 $6,177,106 $0 $6,976,299$799,193 $2,125,118 $759,863 $3,175,673$290,692 $3,800,626 $13

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $41,451,677 $0 $43,062,509$1,610,832 $24,274,464 $4,057,335 $30,490,442$2,158,643 $12,572,067 $363

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $865,238 $0 $880,238$15,000 $267,461 $0 $271,211$3,750 $609,027 $0

AMERICAN CONTRACTORS INS CO RRG12300 $8,860,381 $0 $37,063,136$28,202,755 $0 $0 $28,628,746$28,628,746 $8,434,390 $0

AMERICAN EXCESS INS EXCHANGE RRG10903 $352,832,513 $0 $355,529,806$2,697,293 $126,558,883 $14,993,259 $145,607,227$4,055,085 $209,922,579 ($3,286)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $6,429,074 $0 $8,360,742$1,931,668 $2,614,323 $849,782 $4,048,200$584,095 $4,312,542 ($592)

AMERICAN SAFETY RRG INC25448 $7,494,638 $0 $9,852,927$2,358,289 $3,217,802 $281,839 $3,429,970($69,671) $6,422,957 $0

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $20,912,493 $0 $22,803,337$1,890,844 $12,528,035 $987,735 $16,298,971$2,783,201 $6,504,366 $75

AMERIGUARD RRG INC12171 $12,577,698 $0 $13,171,035$593,337 $5,097,946 $0 $5,755,735$657,789 $7,415,300 ($244)

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $97,354,473 $0 $126,916,217$29,561,744 $62,643,593 $23,754,073 $92,712,290$6,314,624 $34,203,927 $0

ARCHITECTS & ENGINEERS INS CO RRG44148 $12,324,528 $0 $19,368,123$7,043,595 $3,826,305 $2,088,418 $10,883,592$4,968,869 $8,484,531 ($658)

ARCOA RISK RETENTION GROUP, INC.13177 $12,987,818 $0 $13,773,886$786,068 $8,534,801 $0 $8,909,322$374,521 $4,864,564 ($41)

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $2,424,131 $0 $3,558,651$1,134,520 $150,000 $398,331 $738,932$190,601 $2,819,719 $0

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,327,762 $0 $1,350,060$22,298 $286,223 $0 $321,243$35,020 $1,028,817 ($187)


14425 $1,039,936 $0 $1,475,600$435,664 $17,608 $14,934 $466,180$433,638 $1,009,420 $0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $12,275,694 $8,011 $12,379,277$95,572 $3,458,868 $1,229,831 $5,656,432$967,733 $6,722,846 ($744)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $17,206,538 $0 $17,824,511$617,973 $5,539,074 $2,670,664 $9,364,627$1,154,889 $8,459,884 ($10)

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $1,902,236,420 $0 $1,962,666,668$60,430,248 $1,004,872,268 $57,980,378 $1,398,343,906$335,491,260 $564,322,762 $6,831

ATTORNEYS LIAB PROTECTION SOC RRG32450 $99,351,814 $0 $110,765,218$11,413,404 $50,007,354 $15,146,480 $73,910,228$8,756,394 $36,854,990 ($37)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,494,929 $0 $2,102,811$607,882 $68,142 $16,955 $794,432$709,335 $1,308,379 $16

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,849,824 $0 $3,714,505$864,681 $1,102,653 $721,003 $2,360,981$537,325 $1,353,524 $309

BAR VERMONT RISK RETENTION GROUP INC10174 $18,803,098 $0 $23,450,597$4,647,499 $4,470,209 $0 $7,240,293$2,770,084 $16,210,304 ($297)

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $582,842 $0 $686,655$103,813 $0 $0 $100,200$100,200 $586,455 $0

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $25,463,234 $0 $43,601,008$18,137,774 $24,144,039 $1,547,381 $36,748,435$11,057,015 $6,852,573 ($730)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $2,167,444 $0 $2,956,921$789,477 $153,686 $1,072,471 $1,319,833$93,676 $1,637,088 ($73)

BROADLINE RISK RETENTION GROUP, INC.13788 $78,480,210 $0 $107,773,196$29,292,986 $51,353,667 $13,845,459 $65,735,928$536,802 $42,037,268 $321

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $575,107 $0 $705,675$130,568 $0 $0 $204,915$204,915 $500,760 $0

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $104,338,514 $0 $119,155,780$14,817,266 $53,229,280 $7,137,047 $67,698,951$7,332,624 $51,456,829 $410

CALIFORNIA MEDICAL GRP INS CO RRG12180 $10,820,986 $0 $14,256,843$3,435,857 $5,495,549 $2,542,703 $8,749,606$711,354 $5,507,237 ($1,087)

CARE RRG, INC.11825 $15,555,698 $285,058 $20,907,694$5,066,938 $10,541,518 $4,093,774 $16,151,894$1,516,602 $4,755,800 ($34)

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $2,047,973 $0 $4,183,492$2,135,519 $2,448,665 $568,815 $3,088,076$70,596 $1,095,416 $64

CAREGIVERS UNITED LIAB INS CO RRG11544 $37,950,789 $107,782 $40,760,687$2,702,116 $13,398,520 $1,992,615 $16,292,536$901,401 $24,468,151 ($1,271)

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $59,115,268 $0 $72,694,526$13,579,258 $14,910,033 $2,104,113 $27,313,567$10,299,421 $45,380,961 $0






ReservesUnearned


Surplus



CASSATT RISK RETENTION GROUP INC10808 $6,445,139 $0 $24,070,062$17,624,923 $87,561 $75,000 $20,339,270$20,176,709 $3,730,792 $9

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,164,845 $0 $1,176,910$12,065 $0 $0 $19,662$19,662 $1,157,248 $0

CENTRAL PA PHYSICIANS RRG INC11694 $55,326,818 $0 $57,709,062$2,382,244 $28,180,214 $6,460,357 $36,144,437$1,503,866 $21,564,625 $133

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $18,291,368 $0 $22,098,767$3,807,399 $3,340,560 $1,750,308 $11,346,936$6,256,068 $10,751,831 ($193)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $8,397,903 $1,317,065 $15,383,557$5,668,589 $6,063,979 $4,587,808 $11,871,956$1,220,169 $3,511,601 ($717)

CIRCLE STAR INS CO RRG11839 $2,768,992 $0 $5,068,651$2,299,659 $706,012 $106,792 $3,466,790$2,653,986 $1,601,861 ($1)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,870,818 $0 $3,791,194$920,376 $770,331 $304,436 $1,631,228$556,461 $2,159,966 $84

CLARIAN HLTH RRG INC11992 $2,685,968 $0 $8,467,879$5,781,911 $0 $0 $5,648,591$5,648,591 $2,819,288 $364

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $0 $0$0 $0 $0 $0$0 $0 $0

CMIC RISK RETENTION GROUP13756 $3,603,996 $0 $4,088,457$484,461 $269,686 $434,097 $1,373,265$669,482 $2,715,192 $0

COLLEGE LIABILITY INS CO A RECIP RRG44598 $12,325,151 $0 $14,432,778$2,107,627 $3,844,037 $1,951,835 $5,844,953$49,081 $8,587,825 $1,261

COLLEGE RISK RETENTION GROUP, INC.13613 $14,180,532 $0 $22,960,290$8,779,758 $8,686,160 $5,468,682 $16,343,327$2,188,485 $6,616,963 $0

COLUMBIA NATIONAL RRG INC10803 $1,650,918 $0 $1,712,524$61,606 $0 $262,167 $570,813$308,646 $1,141,711 $0

COMCARE PRO INS RECIPROCAL RRG11864 $4,092,227 $0 $5,256,404$1,164,177 $338,625 $1,148,125 $1,572,470$85,720 $3,683,934 $0

COMMUNITIES OF FAITH RRG INC11807 $12,858,440 $0 $13,323,277$464,837 $1,268,343 $245,651 $1,616,824$102,830 $11,706,453 $0

COMMUNITY BLOOD CENTERS EXCH RRG13893 $18,641,248 $0 $19,637,895$996,647 $2,381,394 $1,031,685 $4,500,072$1,086,993 $15,137,823 ($1,812)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $64,948,861 $0 $68,278,368$3,329,507 $32,709,517 $0 $54,597,448$21,887,931 $13,680,920 $1,380

COMMUNITY HOSPITAL RRG11259 $243,987,876 $0 $257,369,297$13,381,421 $130,662,907 $10,256,432 $145,834,034$4,914,695 $111,535,261 ($7,851)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,304,760 $54,784 $5,040,332$680,788 $1,586,007 $166,238 $1,958,806$206,561 $3,081,526 ($31)

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $0 $0 $0$0 $0 $0 $0$0 $0 $0

CONTINUING CARE RRG, INC.11798 $1,313,141 $0 $5,030,464$3,717,323 $2,010,680 $436,191 $2,645,618$198,747 $2,384,846 $134

CONTRACTORS INS CO OF NORTH AMER RRG11603 $25,915,904 $0 $35,399,656$9,483,752 $4,722,678 $540,873 $7,069,914$1,806,363 $28,329,739 $185

CONTROLLED RISK INS CO OF VT RRG10341 $59,685,517 $0 $62,121,750$2,436,233 $16,685,394 $4,203,234 $25,582,532$4,693,904 $36,539,218 $0

COPIC, A RISK RETENTION GROUP14906 $720,732 $0 $720,734$2 $412 $22 $63,832$63,398 $656,902 $0

COVERYS RRG, INC.14160 $11,585,426 $0 $14,426,294$2,840,868 $761,394 $28,600 $9,212,963$8,422,969 $5,213,331 ($131)

CPA MUTUAL INS CO OF AMERICA RRG10164 $14,687,480 $0 $21,531,299$6,843,819 $7,938,290 $2,360,496 $13,552,473$3,253,687 $7,978,826 $1,251

CROSSFIT RISK RETENTION GROUP, INC.13720 $5,471,849 $0 $6,218,423$746,574 $1,404,252 $1,067,110 $3,333,632$862,270 $2,884,791 $230

CRUDEN BAY RRG INC11676 $13,352,537 $0 $14,198,189$845,652 $9,378,140 $756,164 $10,245,190$110,886 $3,953,000 $322

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $17,398,439 $0 $19,921,666$2,523,227 $6,004,493 $2,712,279 $15,932,851$7,216,079 $3,988,815 ($51)

DELAWARE PROFESSIONAL INSURANCE CO43125 $4,664,242 $0 $4,798,201$133,959 $2,739,633 $217,883 $2,999,178$41,662 $1,799,023 ($1,152)

DOCTORS & SURGEONS NATIONAL RRG13018 $8,613,612 $0 $9,997,657$1,384,045 $5,223,156 $1,234,885 $6,883,982$425,941 $3,113,674 $433

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE

14347 $6,870,720 $0 $9,191,984$2,321,264 $996,926 $2,311,805 $5,031,213$1,722,482 $4,160,771 $0

DUBOIS MEDICAL RRG11842 $10,763,127 $0 $11,947,820$1,184,693 $1,809,972 $923,633 $2,805,770$72,165 $9,142,050 ($792)

EASTERN DENTISTS INS CO RRG10115 $46,251,397 $49,956 $53,841,376$7,540,023 $21,644,000 $6,062,929 $30,584,770$2,877,841 $23,256,606 ($2,190)

ELITE TRANSPORTATION RRG INC10125 $6,040,867 $0 $11,258,136$5,217,269 $6,883,668 $1,152,481 $9,161,252$1,125,103 $2,096,884 $0

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $4,553,621 $113,784 $4,808,305$140,900 $2,310,808 $251,107 $2,823,304$261,389 $1,985,001 ($1)

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $16,615,487 $654,384 $23,302,878$6,033,007 $8,232,999 $3,092,029 $16,077,692$4,752,664 $7,225,186 $67

EMERGENCY MEDICINE RRG INC12015 $6,576,529 $0 $7,352,337$775,808 $4,467,534 $0 $4,490,534$23,000 $2,861,803 ($153)

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $29,219,674 $17,946 $31,688,825$2,451,205 $17,906,700 $2,016,588 $21,216,141$1,292,853 $10,472,684 $0

EVERGREEN USA RRG INC38466 $8,911,943 $0 $10,665,368$1,753,425 $4,026,067 $0 $4,086,817$60,750 $6,578,551 ($729)

EXCELA RECIPROCAL RRG15337 $6,451,299 $0 $7,259,229$807,930 $3,487,511 $733,453 $4,308,320$87,356 $2,950,909 $234

FAIRWAY PHYSICIANS INS CO RRG11840 $12,047,702 $2,450,262 $22,339,676$7,841,712 $11,002,699 $5,605,170 $17,257,118$649,249 $5,082,559 $561

FAITH AFFILIATED RRG INC11698 $9,010,188 $0 $10,146,379$1,136,191 $4,008,527 $1,053,752 $5,087,043$24,764 $5,059,336 ($15)






ReservesUnearned


Surplus



FIRST MEDICAL INS CO RRG11278 $98,300,577 $0 $109,441,222$11,140,645 $39,554,441 $7,779,055 $49,516,812$2,183,316 $59,924,411 $4,655

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,200,309 $0 $4,337,287$136,978 $886,703 $604,593 $1,870,838$379,542 $2,466,449 $96

FRANKLIN CASUALTY INS CO RRG10842 $3,137,229 $0 $41,735,955$38,598,726 $6,850,287 $2,390,339 $38,160,470$28,919,844 $3,575,485 $415

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,340,801 $0 $18,546,685$6,205,884 $6,512,892 $494,143 $7,076,510$69,475 $11,470,175 $18

GABLES RISK RETENTION GROUP, INC.14032 $6,890,665 $0 $9,346,062$2,455,397 $4,495,661 $1,136,773 $5,775,290$142,856 $3,570,772 $353

GEISINGER INS CORP RRG12000 $3,073,978 $0 $24,693,114$21,619,136 $864,010 $902,673 $13,256,294$11,489,611 $11,436,820 $0

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,583,231 $0 $2,744,716$161,485 $38,379 $39,550 $92,660$14,731 $2,652,056 ($30)

GLOBAL HAWK INSURANCE COMPANY RRG11948 $31,594,361 $3,286,518 $46,161,779$11,280,900 $20,631,937 $13,689,555 $39,160,121$4,838,629 $7,001,658 $3,176

GOLDEN INS CO RRG11145 $8,189,288 $0 $10,714,814$2,525,526 $1,860,534 $4,580,101 $6,860,426$419,791 $3,854,388 ($127)

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $7,215,829 $0 $7,788,662$572,833 $2,220,828 $563,000 $2,811,387$27,559 $4,977,276 ($539)

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $287,523 $0 $1,277,212$989,689 $3,000 $177,924 $612,619$431,695 $664,593 $0

GRACO RRG INC11581 $535,095 $0 $937,180$402,085 $0 $0 $383,246$383,246 $553,934 $0

GREEN HILLS INS CO RRG11941 $10,371,705 $0 $13,639,941$3,268,236 $5,916,265 $2,725,381 $9,132,110$490,464 $4,507,831 $799

GUARDIAN RRG INC11696 $5,840,267 $0 $6,436,183$595,916 $3,139,779 $280,771 $3,820,879$400,329 $2,615,305 $0

GUTHRIE RRG12014 $46,803,748 $0 $52,837,844$6,034,096 $31,194,097 $5,471,966 $36,917,764$251,701 $15,920,080 $1,934

HAMDEN ASSURANCE RRG, INC.13057 $3,296,865 $0 $100,268,397$96,971,532 $0 $0 $98,480,594$98,480,594 $1,787,803 $0

HEALTH CARE CAS RRG INC12236 $11,109,702 $0 $13,653,749$2,544,047 $6,852,514 $1,535,702 $11,482,714$3,094,498 $2,171,035 ($706)


11832 $27,510,900 $206,359 $47,266,797$19,549,538 $9,098,825 $1,841,325 $30,574,302$19,634,152 $16,692,494 $43

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,042,355 $0 $7,595,590$1,553,235 $2,774,392 $580,533 $4,323,495$968,570 $3,272,095 $0

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $73,010,686 $0 $76,358,509$3,347,823 $13,160,834 $3,203,107 $17,224,010$860,069 $59,134,499 $0

HEALTHCARE PROVIDERS INS CO RRG11683 $73,982,390 $0 $76,420,033$2,437,643 $23,731,986 $4,911,732 $34,218,608$5,574,890 $42,201,425 $0

HEARTLAND HEALTHCARE RECIP RRG11998 $13,751,683 $0 $14,218,222$466,539 $5,518,908 $685,688 $6,296,256$91,660 $7,921,966 ($3)

HERITAGE WARRANTY INS RRG INC11097 $515,473 $0 $525,473$10,000 $1,000 $13,000 $22,520$8,520 $502,953 ($2)

HOME CONSTRUCTION INS CO RRG11950 $5,186,655 $0 $5,275,110$88,455 $2,897,040 $0 $2,964,480$67,440 $2,310,630 $0

HOUSING AUTHORITY RRG INC26797 $296,765,304 $0 $308,907,663$12,142,359 $79,904,757 $13,397,917 $112,857,638$19,554,964 $196,050,025 ($2,571)

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $323,788,023 $2,645,945 $339,269,629$12,835,661 $57,144,743 $12,617,674 $86,258,643$16,496,226 $253,010,986 ($12,021)

INDIANA HEALTHCARE RECIP RRG11692 $31,532,043 $0 $31,845,975$313,932 $14,217,059 $1,522,769 $16,177,178$437,350 $15,668,797 $17

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $4,130,110 $0 $4,883,483$753,373 $2,135,832 $1,097,157 $3,364,736$131,747 $1,518,747 $375

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $599,710 $0 $1,835,969$1,236,259 $265,150 $216,250 $518,618$37,218 $1,317,351 $30

IRONSHORE RISK RETENTION GROUP, INC.14375 $457,573 $0 $2,782,022$2,324,449 $226,875 $64,661 $1,936,562$1,645,026 $845,460 ($19)

J.M. WOODWORTH RRG, INC.12594 $7,531,630 $1,310,383 $9,853,621$1,011,608 $8,652,310 $248,035 $8,972,015$71,670 $881,606 $896

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $43,446,272 $0 $46,596,954$3,150,682 $19,354,390 $1,596,660 $21,564,112$613,062 $25,032,842 $142

KENTUCKY HOSPITAL INS CO RRG11939 $19,209,345 $0 $19,520,339$310,994 $9,292,893 $780,758 $12,061,131$1,987,480 $7,459,208 ($2,269)

LAKE STREET RRG INC11803 $2,013,606 $0 $2,075,413$61,807 $941,893 $58,012 $1,025,968$26,063 $1,049,445 $0

LAMMICO RRG, INC.14444 $5,941,120 $0 $6,023,171$82,051 $54,640 $11,094 $265,959$200,225 $5,757,212 $8

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $12,260,792 $1,169,762 $19,833,569$6,403,015 $9,290,628 $4,505,851 $13,694,427($102,052) $6,139,142 $1,406

LENDERS PROTECTION ASSUR CO RRG11500 $2,371,954 $0 $2,411,181$39,227 $0 $0 $33,221$33,221 $2,377,960 $0

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,401,674 $0 $7,782,784$381,110 $2,784,015 $300,183 $3,495,594$411,396 $4,287,190 $495

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $2,052,620 $0 $3,025,197$972,577 $86,897 $55,301 $1,159,317$1,017,119 $1,865,880 $0

LVHN RRG11684 $51,242,837 $0 $66,078,771$14,835,934 $0 $0 $61,078,771$61,078,771 $5,000,000 $3,987

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $3,059,172 $0 $4,596,110$1,536,938 $1,317,569 $819,750 $2,674,617$537,298 $1,921,493 $0

MARATHON FIN INS CO INC RRG11117 $2,268,662 $0 $6,350,234$4,081,572 $35,000 $252,146 $4,055,352$3,768,206 $2,294,882 $0

MCIC VERMONT INC RRG10697 $1,560,775,906 $0 $1,646,921,309$86,145,403 $963,395,463 $73,448,586 $1,151,341,942$114,497,893 $495,579,367 $121,665






ReservesUnearned


Surplus



MD RISK RETENTION GROUP, INC.12355 $18,265,426 $443,228 $20,052,063$1,343,409 $6,892,606 $265,000 $7,498,252$340,646 $12,553,811 ($87)

MED MAL RISK RETENTION GROUP, INC.14446 $3,751,421 $0 $4,608,312$856,891 $606,886 $1,170,740 $2,687,653$910,027 $1,920,659 ($15)

MEDAMERICA MUTUAL RRG INC26257 $90,677,630 $0 $102,277,714$11,600,084 $39,253,929 $5,701,585 $58,762,087$13,806,573 $43,515,627 $0

MEDPRO RRG RISK RETENTION GROUP13589 $49,292,138 $0 $78,773,023$29,480,885 $3,347,183 $1,148,090 $71,346,059$66,850,786 $7,426,964 ($2,256)

MENTAL HEALTH RISK RETENTION GROUP44237 $27,590,314 $0 $28,673,657$1,083,343 $9,682,054 $1,817,290 $13,621,505$2,122,161 $15,052,152 ($1,978)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,458,404 $0 $6,343,451$1,885,047 $2,884,725 $770,993 $4,675,817$1,020,099 $1,667,632 ($313)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $44,842 $0 $257,864$213,022 $0 $0 $0$0 $257,864 ($1,120)

MMIC RRG, INC.14062 $207,681 $0 $615,463$407,782 $0 $637 $17,466$16,829 $597,997 $0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $912,730 $0 $2,256,585$1,343,855 $491,000 $109,083 $631,848$31,765 $1,624,737 ($8)

MOUNTAIN LAUREL RRG INC11547 $18,871,330 $0 $19,602,150$730,820 $8,278,726 $3,494,842 $12,687,753$914,185 $6,914,397 $1,583

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $106,116,068 $0 $110,019,717$3,903,649 $50,655,712 $6,605,804 $61,051,268$3,789,752 $48,968,449 ($351)

NASW RISK RETENTION GROUP, INC.14366 $982,800 $66,006 $3,095,417$2,046,611 $183,062 $166,328 $1,786,987$1,437,597 $1,308,430 $48

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,748,471 $0 $8,167,373$418,902 $3,146,925 $881,368 $4,383,946$355,653 $3,783,428 ($1)

NATIONAL BUILDERS & CONTRACTORS INS12235 $2,863,274 $0 $3,065,934$202,660 $1,496,511 $0 $1,409,755($86,756) $1,656,179 $0

NATIONAL CATHOLIC RRG10083 $62,713,841 $0 $67,959,532$5,245,691 $39,140,840 $6,672,539 $51,201,151$5,387,772 $16,758,381 $1,140

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $7,157,850 $1,956,831 $12,165,779$3,051,098 $4,168,089 $237,575 $5,617,190$1,211,526 $6,548,589 ($4,454)

NATIONAL HOME INSURANCE CO RRG44016 $22,567,595 $0 $25,638,770$3,071,175 $5,518,446 $9,905,775 $17,214,012$1,789,791 $8,424,758 ($180)

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $6,712,455 $212,875 $12,509,789$5,584,459 $2,369,340 $1,698,799 $5,283,085$1,214,946 $7,226,704 ($321)

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $5,488,440 $230,043 $6,729,258$1,010,775 $0 $0 $3,709,578$3,709,578 $3,019,679 $0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $12,832,768 $88,667 $13,733,866$812,431 $0 $1,814,909 $1,946,366$131,457 $11,787,500 $0

NCMIC RISK RETENTION GROUP, INC.14130 $3,575,975 $0 $6,633,642$3,057,667 $1,155,403 $361,361 $2,609,427$1,092,663 $4,024,215 ($50)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $2,523,874 $0 $2,576,176$52,302 $1,229,267 $31,998 $1,599,636$338,371 $976,540 $73

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $15,548,936 $0 $17,844,334$2,295,398 $577,886 $8,233,671 $12,007,315$3,195,758 $5,837,019 $10

NEW STAR RISK RETENTION GROUP, INC.12532 $8,253,229 $0 $11,289,269$3,036,040 $3,047,898 $1,992,799 $5,367,913$327,216 $5,921,356 $0

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $17,503,211 $0 $26,243,814$8,740,603 $16,679,155 $4,077,680 $21,502,814$745,979 $4,741,000 $275

OASIS RECIPROCAL RISK RETENTION GROUP13644 $9,842,656 $0 $13,366,480$3,523,824 $5,613,449 $1,542,408 $9,327,620$2,171,763 $4,038,860 ($27)

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $77,302 $0 $478,862$401,560 $391,535 $0 $413,285$21,750 $65,578 $164

OCEANUS INS CO A RRG12189 $50,826,276 $0 $63,116,928$12,290,652 $37,016,483 $15,503,226 $51,954,205($565,504) $11,162,723 ($1,018)

OMS NATL INS CO RRG44121 $355,646,386 $140,286 $389,725,197$33,938,525 $122,114,284 $44,996,746 $178,676,256$11,565,226 $211,048,941 $0

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $11,133,072 $1,750,927 $21,920,678$9,036,679 $6,188,158 $9,063,921 $17,544,744$2,292,665 $4,375,934 $958

OOIDA RISK RETENTION GROUP INC10353 $52,643,948 $0 $95,035,756$42,391,808 $38,283,910 $10,436,278 $78,457,351$29,737,163 $16,578,405 $778

OPHTHALMIC MUTUAL INS CO RRG44105 $257,720,315 $0 $268,241,299$10,520,984 $38,424,290 $25,920,762 $76,386,716$12,041,664 $191,854,583 ($4,330)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $6,602,822 $0 $6,643,265$40,443 $1,241,126 $185,740 $1,517,596$90,730 $5,125,669 ($77)

ORDINARY MUTUAL A RRG CORP10171 $3,200,888 $0 $3,106,534($94,354) $1,918,532 $0 $2,071,012$152,480 $1,035,522 $1

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $0 $0 $0$0 $0 $0 $0$0 $0 $573

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $125,019 $0 $866,101$741,082 $0 $0 $320,336$320,336 $545,765 $0

PACE RRG INC11575 $4,828,007 $988,963 $10,834,526$5,017,556 $1,890,253 $3,062 $7,848,969$5,955,654 $2,985,557 $15

PALLADIUM RISK RETENTION GROUP, INC.15279 $37,932,642 $0 $52,219,164$14,286,522 $16,309,219 $6,764,728 $46,185,330$23,111,383 $6,033,834 $0

PARATRANSIT INSURANCE COMPANY, RRG44130 $21,193,260 $0 $23,213,985$2,020,725 $7,892,613 $1,744,389 $11,019,193$1,382,191 $12,194,792 $26

PCH MUTUAL INSURANCE COMPANY, RRG11973 $5,907,597 $267,654 $7,350,467$1,175,216 $2,582,973 $1,168,792 $4,829,086$1,077,321 $2,521,381 ($308)

PEACE CHURCH RRG INC11846 $20,741,764 $0 $21,679,397$937,633 $5,260,260 $723,179 $6,458,872$475,433 $15,220,525 $271

PELICAN INS RRG11587 $17,755,752 $0 $17,805,477$49,725 $2,966,323 $520,224 $4,632,967$1,146,420 $13,172,511 $129

PHOEBE RECIPROCAL RRG12004 $5,775,068 $0 $5,985,758$210,690 $1,431,745 $94,305 $1,590,706$64,656 $4,395,052 ($5)






ReservesUnearned


Surplus



PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $6,819,029 $0 $11,462,932$4,643,903 $4,167,171 $2,364,737 $9,607,189$3,075,281 $1,855,743 $0

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,067,486 $970,659 $6,986,532$948,387 $2,548,054 $1,029,845 $5,645,231$2,067,332 $1,341,301 $1

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $1,973,058 $0 $3,433,858$1,460,800 $1,399,663 $478,177 $1,995,364$117,524 $1,438,494 $133

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $78,278,120 $0 $87,562,264$9,284,144 $37,337,509 $7,345,290 $63,278,201$18,595,402 $24,284,063 ($1,537)

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $34,476,517 $0 $37,489,938$3,013,421 $11,063,279 $6,699,206 $18,527,408$764,923 $18,962,530 $124

PHYSICIANS REIMBURSEMENT RRG10934 $28,837,262 $0 $30,063,115$1,225,853 $18,469,318 $646,575 $19,401,541$285,648 $10,661,574 ($2,223)

PHYSICIANS SPECIALTY LTD RRG11513 $11,077,645 $0 $11,932,338$854,693 $5,689,525 $0 $7,014,040$1,324,515 $4,918,298 ($299)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,457,090 $0 $2,384,508$927,418 $657,408 $289,457 $1,080,612$133,747 $1,303,896 ($61)

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $13,489,327 $0 $14,572,671$1,083,344 $3,502,033 $1,050,890 $4,720,639$167,716 $9,852,032 ($1,819)

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $7,352,270 $0 $9,897,981$2,545,711 $1,961,791 $793,297 $5,416,728$2,661,640 $4,481,253 ($139)

PONCE DE LEON LTC RRG, INC.11809 $8,789,290 $18,312 $9,404,641$597,039 $4,390,376 $461,090 $4,907,492$56,026 $4,497,149 $267

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $39,303,079 $21,228,865 $90,357,073$29,825,129 $50,414,432 $14,802,588 $80,707,364$15,490,344 $9,649,709 $2,772

PREFERRED PHYSICIANS MEDICAL RRG44083 $201,552,449 $0 $210,173,717$8,621,268 $67,313,160 $8,951,698 $91,744,828$15,479,970 $118,428,889 ($2,477)

PREFERRED PROFESSIONAL RRG14919 $620,338 $0 $774,661$154,323 $46,623 $19,854 $234,797$168,320 $539,864 $0

PREMIER INSURANCE EXCHANGE RRG10101 $0 $0 $0$0 $0 $0 $0$0 $0 $0

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $8,167,050 $1,427,663 $11,420,050$1,825,337 $4,364,951 $2,395,089 $8,858,923$2,098,883 $2,561,129 $1,261

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 $10,006,265 $0 $10,006,406$141 $0 $0 $3,014$3,014 $10,003,392 $0

PROBUILDERS SPECIALTY INS CO RRG11671 $11,398,737 $0 $13,791,984$2,393,247 $79,997 $0 $1,841,050$1,761,053 $11,950,934 $0

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $7,880,924 $0 $8,033,942$153,018 $3,326,902 $662,943 $5,000,906$1,011,061 $3,033,036 ($8)


12608 $2,076,259 $0 $2,146,002$69,743 $82,901 $4,542 $102,443$15,000 $2,043,559 $0

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,374,931 $507,384 $3,987,226$1,104,911 $808,719 $736,635 $2,927,879$1,382,525 $1,059,347 $180

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $6,283,598 $0 $6,406,673$123,075 $1,035,312 $234,164 $1,301,328$31,852 $5,105,345 $1

RED CLAY RISK RETENTION GROUP, INC.13078 $5,426,480 $0 $7,351,897$1,925,417 $3,285,921 $462,169 $3,953,010$204,920 $3,398,887 $299

RED ROCK RISK RETENTION GROUP, INC.13736 $5,561,115 $0 $6,118,686$557,571 $2,220,665 $302,750 $2,613,807$90,392 $3,504,879 $0

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

RESTORATION RISK RETENTION GROUP, INC.12209 $59,539,641 $0 $68,024,597$8,484,956 $36,856,382 $6,140,516 $48,804,659$5,807,761 $19,219,938 ($615)

RPX RRG14135 $4,924,761 $150,027 $5,075,443$655 $144,557 $3,267 $719,824$572,000 $4,355,619 ($354)

SAGE RISK RETENTION GROUP, INC.15631 $549,652 $0 $1,937,928$1,388,276 $120,198 $654,716 $932,582$157,668 $1,005,094 $0

SAINT LUKE'S HLTH SYSTEM RRG11712 $11,694,334 $0 $14,076,822$2,382,488 $3,890,622 $971,499 $4,957,740$95,619 $9,119,082 $1

SAMARITAN RISK RETENTION GROUP, INC.12511 $28,332,706 $0 $30,532,236$2,199,530 $6,558,303 $5,707,203 $13,843,035$1,577,529 $16,689,200 $379

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $10,309,739 $0 $12,609,459$2,299,720 $5,348,842 $1,764,238 $8,649,521$1,536,441 $3,959,938 $284

SECURITY AMERICA RRG INC11267 $4,281,009 $0 $5,647,354$1,366,345 $1,795,070 $830,479 $3,120,042$494,493 $2,527,312 $0

SELECT MD RRG14136 $1,525,426 $129,616 $2,137,794$482,752 $758,865 $382,849 $1,483,213$341,499 $654,581 ($1)

SENTINEL ASSUR RRG INC12005 $14,627,836 $0 $17,682,886$3,055,050 $7,491,173 $2,207,273 $9,796,534$98,088 $7,886,352 $43

SIGMA RRG, INC.13557 $14,354,960 $0 $15,218,956$863,996 $8,344,568 $502,059 $8,938,517$91,890 $6,280,439 ($38)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $75,410,106 $0 $76,084,765$674,659 $42,764,490 $0 $54,198,068$11,433,578 $21,886,697 ($5,242)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $28,400,679 $0 $68,909,100$40,508,421 $34,362,875 $22,659,355 $57,230,837$208,607 $11,678,263 $0

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $6,462,486 $0 $6,870,979$408,493 $1,615,180 $863,004 $3,493,700$1,015,516 $3,377,279 ($827)

ST CHARLES INS CO RRG11114 $13,138,483 $0 $13,572,706$434,223 $1,792,153 $25,928 $2,287,047$468,966 $11,285,659 $0

ST LUKES HEALTH NETWORK INS CO RRG11688 $55,086,060 $0 $59,232,603$4,146,543 $41,761,944 $2,557,477 $44,358,447$39,026 $14,874,156 ($207)

STATES SELF-INSURERS RRG44075 $25,952,589 $0 $27,431,510$1,478,921 $11,569,600 $1,491,170 $18,338,268$5,277,498 $9,093,242 $1,009

STICO MUT INS CO RRG10476 $22,019,072 $0 $24,292,405$2,273,333 $6,568,237 $5,687,645 $13,011,187$755,305 $11,281,218 $115






ReservesUnearned


Surplus



SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $708,864 $0 $746,135$37,271 $0 $0 $40,513$40,513 $705,622 $0

SUNLAND RISK RETENTION GROUP, INC.14026 $2,540,782 $0 $5,870,959$3,330,177 $477,522 $126,972 $4,522,955$3,918,461 $1,348,004 ($85)

TERRA INS CO RRG10113 $22,896,752 $0 $30,269,554$7,372,802 $2,280,413 $1,894,959 $11,772,294$7,596,922 $18,497,260 $0

TERRAFIRMA RISK RETENTION GROUP LLC14395 $6,132,707 $0 $6,207,744$75,037 $803,704 $500,306 $1,370,862$66,852 $4,836,882 $69

THE HEALTHCARE UNDERWRITING CO RRG10152 $97,548,061 $0 $154,731,532$57,183,471 $85,040,539 $29,128,249 $122,606,386$8,437,598 $32,125,146 ($9,794)

TITAN INS CO INC RRG11153 $49,344,833 $0 $52,830,525$3,485,692 $0 $11,340,903 $14,034,006$2,693,103 $38,796,519 $0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,041,359 $275,040 $6,452,656$1,136,257 $1,423,676 $305,012 $2,419,362$690,674 $4,033,294 $214

UNITED CENTRAL PA RRG11548 $16,731,874 $0 $17,870,818$1,138,944 $8,244,968 $1,028,048 $9,341,524$68,508 $8,529,294 $463

UNITED EDUCATORS INS RRG INC10020 $811,318,269 $0 $880,622,531$69,304,262 $435,187,990 $86,111,308 $595,932,493$74,633,195 $284,690,038 ($2,633)

UNITED HOME INSURANCE CO A RRG10712 $1,003,979 $0 $1,603,979$600,000 $0 $461,679 $498,462$36,783 $1,105,517 $0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $4,345,064 $0 $5,216,182$871,118 $1,901,083 $1,003,001 $3,983,919$1,079,835 $1,232,263 $0

UV INSURANCE RISK RETENTION GROUP, INC.13988 $1,057,558 $0 $1,257,558$200,000 $450,827 $133,333 $653,940$69,780 $603,618 $15

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,552,298 $0 $2,612,576$60,278 $0 $8,922 $32,781$23,859 $2,579,795 $0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,493,281 $0 $1,692,422$199,141 $305,282 $303,124 $779,464$171,058 $912,958 ($1)

WELLSPAN RRG11682 $16,739,115 $0 $25,341,254$8,602,139 $16,300,329 $2,181,250 $18,537,689$56,110 $6,803,565 ($869)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $4,133,313 $0 $6,002,741$1,869,428 $2,818,980 $966,627 $4,462,415$676,808 $1,540,326 ($14)

WESTERN PACIFIC MUT INS CO RRG40940 $132,102,391 $0 $133,780,743$1,678,352 $10,185,038 $14,867,310 $30,737,151$5,684,803 $103,043,592 ($1,220)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,887,399 $0 $2,964,483$77,084 $278,385 $234,968 $570,377$57,024 $2,394,106 $11

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $13,526,930 $0 $15,816,022$2,289,092 $6,233,962 $838,465 $9,910,406$2,837,979 $5,905,616 ($4)


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 $593,849 $484,888 $123,708$367,806 $71,737 $0 $138,065$172,361

ADVANCED PHYSICIANS INS RRG INC12166 $191,372 $191,372 $50,236$144,443 ($100,223) $35,264 ($64,959)$194,430

AEGIS HEALTHCARE RRG, INC.12252 $1,689,302 $944,136 $486,360$704,762 ($106,719) $6,408 ($66,658)$325,121

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,551,677 $403,593 $225,000$302,820 $37,589 $133,871 $171,460$40,231

AGRI INSURANCE EXCHANGE RRG28380 $946,139 $946,139 ($368,718)$709,604 $926,399 $437,000 $1,008,899$151,923

ALLEGIANT INS CO INC A RRG11965 $8,974,733 $3,334,383 $1,660,870$3,334,383 $1,054,733 $135,889 $955,416$618,780

ALLIANCE OF NONPROFITS FOR INS RRG10023 $31,250,611 $22,825,646 $14,526,186$20,776,914 ($47,398) $985,316 $1,087,039$6,298,126

ALLIED PREMIER INSURANCE A RRG15639 $6,203,188 $5,660,495 $1,180,710$2,038,991 ($710,943) $8,255 ($702,687)$1,569,224

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $17,965,192 $11,244,620 $6,491,628$10,539,860 ($529,759) $409,781 ($89,784)$4,577,991

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 $546,477$758,466 $32,383 $444,811 $477,194$179,606

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $6,503,523 $5,541,514 $3,289,032$4,967,487 ($211,108) $624,678 $113,633$1,889,563

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($52,878) $221 ($52,657)$52,878

AMERICAN CONTRACTORS INS CO RRG12300 $50,937,673 $0 $0$0 $611,825 $48,855 $339,002($611,825)

AMERICAN EXCESS INS EXCHANGE RRG10903 $23,902,987 $22,230,656 $9,117,344$16,818,701 $3,749,304 $7,225,210 $10,974,514$3,952,053

AMERICAN FOREST CASUALTY COMPANY RRG11590 $1,694,934 $1,260,608 $349,741$1,210,174 $388,323 $203,840 $449,374$472,110

AMERICAN SAFETY RRG INC25448 $561,733 $328,227 $203,796$373,873 ($695,346) $41,443 ($677,277)$865,423

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $4,188,127 $2,624,176 $4,128,981$4,937,315 ($350,470) $433,847 $309,797$1,158,804

AMERIGUARD RRG INC12171 $2,075,838 $2,075,838 $1,612,739$2,075,838 $249,943 $0 $162,463$213,156

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $34,684,594 $29,825,173 $22,803,403$30,436,922 ($1,232,158) $2,831,589 $1,223,157$8,865,677

ARCHITECTS & ENGINEERS INS CO RRG44148 $3,514,143 $895,252 $614,706$878,151 $83,284 $169,719 $252,577$180,161

ARCOA RISK RETENTION GROUP, INC.13177 $7,840,600 $7,840,600 $3,413,605$7,840,600 $1,003,783 $146,298 $747,553$3,423,212

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $741,600 $669,562 $0$626,904 $322,096 $10,415 $332,511$304,808

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 ($186,675)$0 $64,287 $13,467 $77,754$122,388


14425 $817,402 $67,296 $13,313$59,892 $13,953 $321 $9,420$32,626

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $2,660,597 $2,660,597 $726,069$1,817,888 ($577,621) $220,699 ($356,922)$1,669,440

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,060,885 $3,560,885 $1,607,375$2,617,458 ($83,054) $356,635 $269,694$1,093,137

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $346,907,217 $225,920,588 $191,280,618$168,498,324 ($44,848,027) $61,729,136 $23,514,522$22,065,733

ATTORNEYS LIAB PROTECTION SOC RRG32450 $35,234,292 $24,179,156 $15,287,159$22,215,579 $148,775 $2,404,532 $2,054,679$6,779,645

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,135,658 ($15,265) $31,927($3,709) ($49,469) $0 ($32,155)$13,833

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,401,740 $811,071 $543,161$767,532 ($331,605) $1,215 ($222,560)$555,976

BAR VERMONT RISK RETENTION GROUP INC10174 $0 $0 $607,929$1,474,420 ($318,109) ($612,429) ($534,807)$1,184,600

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $0 $0 $0$0 ($176,914) $0 ($69,662)$176,914

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $15,185,577 $6,003,600 $3,962,321$4,456,219 $191,665 $117,751 $204,164$302,233

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $659,733 $560,824 ($9,672)$561,583 $151,128 $39,562 $129,513$420,127

BROADLINE RISK RETENTION GROUP, INC.13788 $20,852,731 $18,562,731 $12,880,021$14,068,882 ($307,385) $1,172,100 $1,007,424$1,496,246

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $0 $0 $0$0 ($115,992) $0 ($680)$115,992

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $21,212,393 $13,717,087 $13,101,057$14,586,653 $159,908 $2,039,568 $1,429,476$1,325,688

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,726,490 $3,726,490 $433,004$2,724,503 $1,730,679 $103,924 $1,127,328$560,820

CARE RRG, INC.11825 $7,525,816 $6,595,688 $4,226,203$5,869,611 $74,701 $176,386 $186,805$1,568,707

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $2,187,871 $1,326,148 $607,333$1,508,121 $229,701 $20,757 $185,181$671,087

CAREGIVERS UNITED LIAB INS CO RRG11544 $4,942,014 $4,554,455 $2,985,584$3,981,023 $449,955 ($30,788) $126,529$545,484

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $22,617,571 $7,819,483 $4,418,631$6,134,432 ($171,267) $1,326,184 $1,154,917$1,887,069

CASSATT RISK RETENTION GROUP INC10808 $27,803,502 $100,000 $95,610$75,000 ($250,189) $20,521 ($151,581)$229,579



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $0 $0 $0$0 ($47,729) $470 $39,766$47,729

CENTRAL PA PHYSICIANS RRG INC11694 $11,274,645 $11,274,645 $7,291,941$9,365,462 ($793,961) $2,401,526 $827,662$2,867,482

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $6,862,405 $3,403,150 $1,041,919$2,918,539 $970,226 $229,295 $845,245$906,394

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $4,899,227 $4,899,227 $1,838,846$3,387,644 $750,812 $30,059 $386,670$331,448

CIRCLE STAR INS CO RRG11839 $8,746,433 $437,321 $247,056$330,529 $580,928 $0 $372,915($497,455)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,899,331 $462,708 $220,227$424,412 ($9,930) $4,402 $34,970$214,115

CLARIAN HLTH RRG INC11992 $20,480,284 $0 $474,694$0 ($3,095,730) $3,733 ($38,349)$2,621,036

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $0 $0$0 $0 $0 $0$0

CMIC RISK RETENTION GROUP13756 $1,325,428 $122,017 $33,436($9,173) ($11,598) ($15,638) ($27,236)($31,011)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $2,607,195 $2,607,195 $1,954,295$1,750,286 ($754,027) $252,002 ($501,997)$550,018

COLLEGE RISK RETENTION GROUP, INC.13613 $6,618,842 $5,829,991 $2,452,457$3,831,157 $74,109 $212,200 $286,309$1,304,591

COLUMBIA NATIONAL RRG INC10803 $159,180 $159,180 $0$155,112 $60,895 $1,139 $40,322$94,217

COMCARE PRO INS RECIPROCAL RRG11864 $1,682,120 $1,682,120 $462,750$1,104,426 $300,165 $58,335 $358,500$341,511

COMMUNITIES OF FAITH RRG INC11807 $926,485 $926,485 $381,270$680,834 ($39,218) $550,684 $483,057$338,782

COMMUNITY BLOOD CENTERS EXCH RRG13893 $1,949,249 $2,097,530 ($219,808)$2,500,421 $2,050,209 $135,409 $2,185,618$670,020

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $0 $0 $1,380,174$0 ($2,241,983) $780,551 ($1,461,432)$861,809

COMMUNITY HOSPITAL RRG11259 $45,463,850 $41,025,725 $13,604,833$30,769,294 $11,956,932 $3,447,387 $15,550,133$5,207,528

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $555,208 $241,817 $245,579$373,051 ($233,127) $50,648 ($116,726)$360,599

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $0 $0 $0$0 $0 $0 $0$0

CONTINUING CARE RRG, INC.11798 $4,248,791 $4,002,856 $2,319,142$3,566,665 $209,307 ($454) $137,551$1,038,216

CONTRACTORS INS CO OF NORTH AMER RRG11603 $4,621,143 $2,125,726 $1,145,457$2,123,983 $287,819 ($6,804) $182,660$690,707

CONTROLLED RISK INS CO OF VT RRG10341 $122,275,346 $16,812,938 $5,625,000$12,609,704 ($513,295) $338,219 ($115,550)$7,497,999

COPIC, A RISK RETENTION GROUP14906 $0 $0 $320$433 ($61,388) ($14,250) ($75,638)$61,501

COVERYS RRG, INC.14160 $11,641,767 $469,851 $468,994$547,188 $509,895 $70,179 $456,219($431,701)

CPA MUTUAL INS CO OF AMERICA RRG10164 $6,572,607 $2,971,202 $3,101,309$2,476,609 ($1,360,672) ($217,911) ($976,150)$735,971

CROSSFIT RISK RETENTION GROUP, INC.13720 $2,486,287 $1,864,716 $547,666$1,504,476 $207,364 $35,314 $192,678$749,446

CRUDEN BAY RRG INC11676 $3,000,000 $3,000,000 $2,243,835$2,243,836 ($230,792) ($39,982) ($270,774)$230,792

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $6,783,121 $3,402,541 $1,656,315$2,273,917 $150,349 $34,138 $206,793$467,253

DELAWARE PROFESSIONAL INSURANCE CO43125 ($6,876) ($6,876) $199,352$664,274 ($172,524) $80,994 ($91,530)$637,447

DOCTORS & SURGEONS NATIONAL RRG13018 $2,357,871 $4,648,467 $2,014,418$5,354,536 $1,744,718 $63,925 $1,808,643$1,595,400

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE14347 $9,002,861 $2,950,520 $1,301,326$638,715 ($183,138) ($182,069) ($360,674)($479,473)

DUBOIS MEDICAL RRG11842 $1,011,550 $1,011,550 ($238,896)$801,250 $808,210 $56,585 $970,158$231,936

EASTERN DENTISTS INS CO RRG10115 $9,126,761 $7,783,766 $2,868,451$8,395,667 $1,676,410 $895,826 $1,798,025$3,850,806

ELITE TRANSPORTATION RRG INC10125 $5,592,915 $4,080,906 $2,562,995$3,172,437 ($145,165) $52,556 $114,813$754,607

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,683,293 $986,119 $565,762$735,011 $69,335 $47,913 $74,804$99,914

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $5,636,164 $5,227,985 $2,698,287$4,573,214 $90,076 $244,315 $137,801$1,784,851

EMERGENCY MEDICINE RRG INC12015 $38,728 $38,728 $461,775$950,041 ($108,390) $222,822 $75,092$596,656

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $4,424,688 $3,597,381 $2,667,424$3,627,919 ($242,757) $524,132 $21,099$1,203,252

EVERGREEN USA RRG INC38466 ($10,180) ($171,428) ($635,640)$460,030 $131,993 $37,950 $104,050$963,677

EXCELA RECIPROCAL RRG15337 $2,909,896 $2,909,896 $1,936,297$2,176,443 $32,340 $5,163 $36,793$207,806

FAIRWAY PHYSICIANS INS CO RRG11840 $10,039,665 $8,474,701 $5,707,389$7,617,657 ($716,455) $347,174 ($369,281)$2,626,723

FAITH AFFILIATED RRG INC11698 $1,568,631 $1,455,631 $1,092,043$1,018,495 ($313,588) $128,895 ($103,618)$240,040

FIRST MEDICAL INS CO RRG11278 $10,391,000 $10,391,000 $6,984,182$7,764,743 $404,068 ($308,155) $95,912$376,493

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $903,427 $903,427 $229,667$690,701 $150,518 $29,782 $178,840$310,516

FRANKLIN CASUALTY INS CO RRG10842 $41,449,299 $41,449,299 $1,608,030$2,445,437 ($79,792) $10,443 ($69,349)$917,199



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Expenses

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $1,976,573 $1,976,573 $1,363,501$1,482,430 ($63,675) ($720,207) ($783,882)$182,604

GABLES RISK RETENTION GROUP, INC.14032 $2,986,486 $2,986,486 $1,718,719$2,345,434 $377,377 $30,687 $268,427$249,338

GEISINGER INS CORP RRG12000 $16,307,565 $1,203,565 $500,000$873,313 ($51,484) $317 ($51,168)$424,797

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $195,865 $117,303 $8,108$100,704 $16,971 $0 $9,611$75,625

GLOBAL HAWK INSURANCE COMPANY RRG11948 $27,836,797 $19,559,441 $15,738,575$17,779,823 ($1,533,434) $324,189 ($754,393)$3,574,681

GOLDEN INS CO RRG11145 $3,691,650 $3,691,650 $919,695$2,517,349 $699,856 $136,448 $478,579$897,868

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $2,252,000 $2,252,000 $446,636$1,689,000 $1,061,575 $32,703 $1,094,278$180,789

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $136,684 $131,478 $15,968$515,829 $109,683 $572 $75,628$390,178

GRACO RRG INC11581 $1,618,406 $0 $0$0 $0 $990 $0($49,873)

GREEN HILLS INS CO RRG11941 $3,647,323 $3,647,323 $1,260,395$2,532,027 $631,379 $328 $316,991$640,253

GUARDIAN RRG INC11696 $1,123,084 $1,123,084 $724,188$842,313 ($41,077) $30,700 $10,896$159,202

GUTHRIE RRG12014 $7,302,588 $7,302,588 $4,754,740$5,531,224 $382,420 $54,684 $437,104$394,064

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $103,288 $10,916 $114,204($103,288)

HEALTH CARE CAS RRG INC12236 $7,522,303 $2,711,421 $1,517,206$2,461,621 $127,192 $68,087 $145,152$817,223


11832 $30,304,622 $2,865,378 $2,122,827$3,102,618 $947,531 $114,805 $801,419($4,956,855)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,131,528 $810,781 $149,301$653,699 $222,987 $79,404 $47,180$281,412

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $5,217,717 $4,517,814 ($1,132,603)$5,530,905 $5,004,563 $505,964 $5,510,527$1,658,945

HEALTHCARE PROVIDERS INS CO RRG11683 $6,099,474 $5,975,093 $3,796,850$5,590,874 ($1,049,049) $1,157,196 $147,823$2,843,073

HEARTLAND HEALTHCARE RECIP RRG11998 $2,742,751 $2,742,751 $1,279,333$2,057,063 $74,629 $275,987 $350,625$703,101

HERITAGE WARRANTY INS RRG INC11097 $0 $0 $26,148$16,049 ($55,622) $781 ($36,195)$45,523

HOME CONSTRUCTION INS CO RRG11950 $0 $0 $0$0 ($118,080) $183,118 $94,418$118,080

HOUSING AUTHORITY RRG INC26797 $23,521,796 $23,121,457 $16,266,074$23,060,549 ($2,044,340) $5,862,590 $3,818,250$8,838,815

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $63,159,755 $21,847,544 $10,691,466$22,788,030 $3,675,948 $6,637,041 $7,332,982$8,420,616

INDIANA HEALTHCARE RECIP RRG11692 $6,091,077 $6,091,077 $3,461,180$4,568,307 $237,181 $382,998 $584,497$869,946

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $1,457,359 $1,457,359 $590,250$1,075,969 $29,393 $10,383 $39,776$456,326

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $432,500 $432,500 $113,583$323,750 $91,396 $0 $91,396$118,771

IRONSHORE RISK RETENTION GROUP, INC.14375 $2,008,484 $100,424 $59,696$85,280 ($120,457) $616 ($119,841)$146,041

J.M. WOODWORTH RRG, INC.12594 $141,434 $740,489 $1,647,862$1,830,892 ($71,886) $74,132 $2,247$254,916

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $5,339,599 $4,677,867 $3,714,307$3,103,262 ($1,026,530) $887,414 ($125,486)$415,485

KENTUCKY HOSPITAL INS CO RRG11939 $5,418,364 $2,572,379 $365,956$1,791,622 $643,503 $477,553 $968,395$782,163

LAKE STREET RRG INC11803 $229,546 $229,546 $174,035$171,534 ($107,776) $0 ($107,776)$105,275

LAMMICO RRG, INC.14444 $457,003 $17,043 $42,052$14,419 $3,029 $86,176 $89,205($30,662)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $9,231,990 $7,324,790 $5,917,853$6,830,462 ($1,922,050) $81,383 $893,964$2,834,659

LENDERS PROTECTION ASSUR CO RRG11500 $222,180 $0 $0$0 ($39,132) $39,276 $2,955$35,799

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,566,079 $716,734 $1,039,730$416,550 ($906,214) $111,372 ($801,982)$283,034

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $2,435,128 $121,754 $47,211$70,450 $174,067 ($56,288) $117,779($150,828)

LVHN RRG11684 $10,336,245 $10,336,245 $3,989,749$0 ($900,677) $900,677 $0$579,399

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,782,241 $1,294,722 $728,269$1,052,793 $190,406 $17,568 $127,946$134,118

MARATHON FIN INS CO INC RRG11117 $4,297,157 $4,297,157 $0($116,072) ($45,156) ($105,527) ($114,876)($70,916)

MCIC VERMONT INC RRG10697 $229,102,847 $218,771,814 $171,835,344$147,906,152 ($49,149,650) $48,893,929 $0$25,220,458

MD RISK RETENTION GROUP, INC.12355 $3,746,040 $3,746,040 $2,001,000$2,800,839 $355,817 $291,942 $499,799$444,022

MED MAL RISK RETENTION GROUP, INC.14446 $5,155,729 $5,155,729 $8,463$206,007 ($10,134) $13,332 $83,921$207,678

MEDAMERICA MUTUAL RRG INC26257 $28,358,576 $22,364,642 $13,030,512$16,663,057 $2,459,500 $1,896,318 $2,769,274$1,173,045



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MEDPRO RRG RISK RETENTION GROUP13589 $101,777,031 ($1,436,529) ($469,275)($711,342) ($978,353) $1,365 ($619,722)$736,286

MENTAL HEALTH RISK RETENTION GROUP44237 $8,323,711 $3,308,675 $794,339$2,863,839 $1,686,136 $377,158 $1,433,888$383,364

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $1,477,596 $1,238,994 $282,100$1,066,977 $25,277 $244,394 $177,983$759,599

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $994,168 ($4,414,916) ($1,111,948)($4,298,471) ($3,433,075) $72 ($3,326,523)$246,551

MMIC RRG, INC.14062 $30,565 $982 $0$786 ($38,874) $0 ($25,657)$39,660

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $120,000 $120,000 $90,000$107,957 ($114,601) $0 ($1,127)$132,308

MOUNTAIN LAUREL RRG INC11547 $38,739,099 $4,688,305 $2,156,647$3,887,264 ($292,640) $223,472 ($69,168)$2,023,257

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $24,547,652 $22,423,214 $15,801,918$16,817,410 ($1,096,777) $2,984,442 $1,905,054$2,112,269

NASW RISK RETENTION GROUP, INC.14366 $4,460,381 $267,622 $138,697$233,845 $66,165 $0 $2,626$28,983

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,409,272 $1,409,272 $888,536$1,480,894 ($104,115) $12,497 ($91,651)$696,472

NATIONAL BUILDERS & CONTRACTORS INS12235 $105,583 $105,583 $76,270$165,804 ($32,289) $60,123 $32,862$121,823

NATIONAL CATHOLIC RRG10083 $19,400,220 $8,802,104 $8,028,368$8,358,331 ($2,141,135) $1,294,507 ($812,836)$2,471,098

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $11,448,911 $1,750,799 ($3,681,894)($3,243,945) $4,393 $71,160 $97,553$433,556

NATIONAL HOME INSURANCE CO RRG44016 ($832) ($428) $2,856,708$2,273,526 ($1,185,704) $482,053 ($155,481)$602,522

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,469,320 $2,499,386 $852,030$2,482,189 $655,282 $54,141 $478,546$974,877

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $227,384 $0 $84,000$0 ($355,327) $37,288 ($378,746)$271,327

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $657,563 $575,063 $0$518,875 ($4,694) $188,282 $853,973$523,569

NCMIC RISK RETENTION GROUP, INC.14130 $6,350,045 $609,550 $371,014$602,543 $679,895 ($2,939) $86,572($448,366)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $558,059 $339,621 $264,852$584,465 $149,018 $10,265 $136,457$170,595

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $9,513,297 $2,330,067 $667,547$1,382,290 $233,893 $79,185 $143,208$480,850

NEW STAR RISK RETENTION GROUP, INC.12532 $2,575,905 $2,575,905 $1,015,999$1,827,852 $239,548 $7,373 $780,347$572,305

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $6,801,085 $5,704,454 $3,833,943$5,823,885 ($100,240) $171,264 $68,904$2,090,182

OASIS RECIPROCAL RISK RETENTION GROUP13644 $623,014 $2,706,325 $759,641$2,021,987 $660,453 $142,550 $803,002$601,893

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $0 $0 $164,592$0 ($307,075) ($621) ($307,696)$142,482

OCEANUS INS CO A RRG12189 $24,020,576 $17,885,857 $11,834,115$17,777,842 ($2,755,614) $937,650 ($1,058,975)$8,699,341

OMS NATL INS CO RRG44121 $59,488,736 $56,046,788 $35,374,684$46,933,200 ($1,672,591) $4,821,786 $2,834,240$13,231,107

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $12,427,594 $12,427,594 $5,687,396$7,968,240 ($1,344,522) $10,883 ($1,276,431)$3,625,366

OOIDA RISK RETENTION GROUP INC10353 $43,107,473 $15,087,615 $14,165,597$14,215,124 ($4,165,438) $237,895 ($2,622,571)$4,214,965

OPHTHALMIC MUTUAL INS CO RRG44105 $35,310,597 $30,697,098 $9,141,099$28,559,610 $10,307,773 $6,225,858 $11,516,962$9,110,738

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $716,740 $716,740 $265,500$531,000 $164,732 ($14,447) $150,285$100,768

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 ($117,760) ($44,025) ($185,541)$117,760

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $0 $0 $0$0 $0 $0 $0$0

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $0 $0 $0$0 ($104,888) $0 $43,795$104,888

PACE RRG INC11575 $5,399,715 $112,949 $153,477$109,887 ($228,181) $54,371 ($107,745)$184,591

PALLADIUM RISK RETENTION GROUP, INC.15279 $28,487,872 $26,727,572 $16,371,758$19,988,916 $1,904,826 $278,181 $1,418,941$1,712,332

PARATRANSIT INSURANCE COMPANY, RRG44130 $3,870,621 $2,569,777 $2,051,272$2,735,028 ($130,707) $631,781 $440,107$814,463

PCH MUTUAL INSURANCE COMPANY, RRG11973 $2,575,438 $1,693,460 $651,294$1,271,938 ($179,274) $83,088 ($45,335)$799,918

PEACE CHURCH RRG INC11846 $3,224,876 $2,902,388 $1,714,314$2,179,209 ($284,313) $238,556 $472,983$749,208

PELICAN INS RRG11587 $1,813,877 $1,277,281 $566,543$965,479 ($702,862) $898,226 $195,364$1,101,798

PHOEBE RECIPROCAL RRG12004 $377,220 $377,220 $181,719$282,915 ($37,094) $103,342 $66,248$138,290

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $6,640,044 $3,926,042 $2,196,889$3,795,725 ($2,611) $22,125 $102,321$1,601,447

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $1,940,523 $1,390,523 $699,078$1,456,423 ($316,961) $51,045 ($235,823)$1,074,306

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $927,616 $617,179 $452,522$725,582 ($397,255) $8,045 ($320,524)$670,315

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $12,613,066 $8,572,425 $2,304,247$6,062,114 $2,333,283 ($46,300) $1,500,523$1,424,584

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $4,173,550 $3,883,926 $2,561,675$3,370,625 ($560,452) $844,840 $111,746$1,354,834



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Expenses

PHYSICIANS REIMBURSEMENT RRG10934 $2,565,215 $2,565,215 $878,917$1,918,640 ($342,048) $475,446 $88,065$1,381,771

PHYSICIANS SPECIALTY LTD RRG11513 $1,891,589 $189,159 ($152,914)$189,159 $72,730 $287,272 $269,722$269,343

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $470,968 $390,940$380,715 ($310,656) $2,186 ($203,847)$300,431

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,435,885 $4,162,755 $133,556$3,111,865 $2,464,761 $1,211,701 $3,676,462$513,548

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $5,023,648 $1,059,660 $300,228$770,396 $76,685 $54,083 $129,224$393,483

PONCE DE LEON LTC RRG, INC.11809 $914,920 $866,231 $1,087,170$668,094 ($503,775) $221,343 ($282,432)$84,699

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $25,145,058 $23,363,281 $15,929,053$23,685,240 $791,748 $30,895 $884,322$6,964,438

PREFERRED PHYSICIANS MEDICAL RRG44083 $27,665,304 $20,307,593 $12,357,732$19,615,525 $2,817,933 $7,045,562 $7,663,433$4,439,860

PREFERRED PROFESSIONAL RRG14919 $284,726 $29,897 $20,073$22,303 ($43,256) $0 ($43,256)$45,486

PREMIER INSURANCE EXCHANGE RRG10101 $0 $0 $0$0 $0 $0 $0$0

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $3,410,115 $3,410,115 $2,943,787$3,349,230 ($1,149,949) $125,268 ($1,024,860)$1,555,392

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 $0 $0 $0$0 ($24,770) $29,395 $3,251$24,770

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 $0$0 ($1,273,442) $152,528 ($1,126,674)$1,246,858

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $4,563,590 $2,651,772 $1,368,251$1,988,829 $88,129 $1,251 $31,421$532,449


12608 $0 $0 $0$0 ($43,947) $0 ($25,183)$43,947

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,946,541 $359,481 $487,442$163,145 ($526,898) $11,026 ($378,838)$202,601

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,755,780 $929,020 $363,131$694,856 ($35,095) $42,093 $6,998$366,820

RED CLAY RISK RETENTION GROUP, INC.13078 $1,794,746 $1,794,746 $756,200$1,059,534 ($124,685) $9,463 ($124,331)$428,020

RED ROCK RISK RETENTION GROUP, INC.13736 $1,211,000 $1,211,000 $750,000$908,250 ($119,009) $9,297 ($32,424)$277,259

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

RESTORATION RISK RETENTION GROUP, INC.12209 $12,555,054 $10,921,128 $7,392,355$9,177,248 $135,295 $1,188,863 $1,120,513$1,649,598

RPX RRG14135 ($37,500) ($56,250) ($381,014)$227,455 $411,610 $0 $299,730$196,859

SAGE RISK RETENTION GROUP, INC.15631 $878,862 $878,862 $123,280$224,146 $7,764 $0 $5,047$93,102

SAINT LUKE'S HLTH SYSTEM RRG11712 $3,110,897 $1,971,222 $1,416,352$1,384,985 ($544,262) $52,242 ($333,557)$512,895

SAMARITAN RISK RETENTION GROUP, INC.12511 $6,780,378 $6,780,378 $4,809,682$6,456,721 $706,174 ($761,449) ($314,011)$940,865

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $6,350,116 $4,930,270 $3,030,340$4,628,702 ($248,915) $170,396 $78,137$1,847,277

SECURITY AMERICA RRG INC11267 $2,135,326 $1,283,962 $387,322$1,492,797 $50,140 ($33,342) $11,384$1,055,335

SELECT MD RRG14136 $1,536,984 $1,536,984 $186,435$80,593 ($300,707) $169 ($198,355)$194,865

SENTINEL ASSUR RRG INC12005 $4,309,516 $3,971,216 $2,134,545$2,983,494 $124,554 $125,474 $282,470$724,395

SIGMA RRG, INC.13557 $337 $337 $1,978,363$2,014,915 ($178,799) ($197,084) ($247,577)$215,351

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $0 $0 ($5,241,667)$0 $5,137,732 $3,148,217 $6,122,071$103,935

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $36,258,821 $32,172,470 $20,739,006$28,636,972 $4,168,673 $129,569 $2,854,096$8,550,095

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $2,364,409 $1,992,993 $12,831$1,619,573 $808,752 $10,454 $91,876$797,990

ST CHARLES INS CO RRG11114 $1,138,186 $1,138,186 $0$1,131,671 $721,047 $311,519 $717,065$410,624

ST LUKES HEALTH NETWORK INS CO RRG11688 $1,622,108 $1,622,108 $8,681,651$10,434,109 $941,274 $729,606 $1,690,234$811,184

STATES SELF-INSURERS RRG44075 $10,537,421 $1,546,000 $2,323,085$1,546,000 ($524,921) $306,662 ($218,259)($17,190)

STICO MUT INS CO RRG10476 $3,339,210 $2,651,405 $1,088,970$2,641,598 $21,421 $352,394 $368,400$1,531,207

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $1,978,963 $0 $0$0 ($169,004) $353 $70,288$169,004

SUNLAND RISK RETENTION GROUP, INC.14026 $5,435,476 $5,435,476 $200,974$416,576 $194,717 $605 $119,206$20,885

TERRA INS CO RRG10113 $11,298,415 $7,424,268 $934,064$5,529,309 $1,845,737 $247,236 $1,753,631$2,749,508

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,204,684 $1,204,684 $344,761$883,950 $202,806 $21,477 $241,933$336,383

THE HEALTHCARE UNDERWRITING CO RRG10152 $43,692,373 $43,692,373 $20,333,775$31,740,901 $9,234,185 $32,266 $10,062,354$2,172,941

TITAN INS CO INC RRG11153 $23,450,382 $4,910,469 $0$3,268,130 $2,874,733 $474,267 $3,905,904$393,397

TITLE INDUSTRY ASSURANCE CO RRG10084 $4,905,619 $487,219 $374,202$474,141 $320,234 $14,202 $218,223($220,295)



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UNITED CENTRAL PA RRG11548 $4,112,184 $4,112,184 $2,723,647$3,084,138 $49,182 $289,395 $338,577$311,309

UNITED EDUCATORS INS RRG INC10020 $132,933,704 $114,431,520 $82,400,404$105,560,398 $2,122,281 $15,550,717 $17,782,447$21,037,713

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$100,377 $20,097 $3,033 $16,347$80,280

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $1,679,605 $1,304,995 $602,007$1,123,081 $145,841 $11,306 $92,335$375,233

UV INSURANCE RISK RETENTION GROUP, INC.13988 $400,000 $400,000 $93,645$300,000 ($5,183) $0 ($5,183)$211,538

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $17,062 $17,062 $0$38,332 ($3,397) ($9,963) ($7,195)$41,729

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,212,496 $240,074 $146,219$184,005 ($69,607) $8,050 ($51,353)$107,393

WELLSPAN RRG11682 $8,725,000 $8,725,000 $5,322,917$6,543,750 $889,834 $257,272 $1,147,106$330,999

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $2,401,180 $1,288,836 $398,081$1,306,998 $497,486 $18,260 $515,746$411,431

WESTERN PACIFIC MUT INS CO RRG40940 $2,902,661 $2,430,197 $3,158,116$4,024,761 ($1,506,433) $3,547,333 $1,657,922$2,373,078

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $222,452 $222,452 $137,428$166,467 ($147,143) $2,680 ($144,463)$176,182

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $6,426,478 $3,132,099 $981,649$2,337,264 ($464,037) $391,021 $66,448$1,819,652


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 45.53 429.82 22.4343.90 19.03 33.63 35.5523.31 69.18

ADVANCED PHYSICIANS INS RRG INC12166 13.06 1,464.39 7.3113.99 12.30 34.78 101.6012.30 136.38

AEGIS HEALTHCARE RRG, INC.12252 89.36 173.52 49.1776.23 32.13 69.01 34.4457.48 103.45

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 27.99 978.79 11.8632.48 8.06 74.30 9.9730.98 84.27

AGRI INSURANCE EXCHANGE RRG28380 15.86 880.69 13.4818.82 6.83 -51.96 16.066.83 -35.90

ALLEGIANT INS CO INC A RRG11965 90.78 174.96 125.40199.18 47.49 49.81 18.56127.82 68.37

ALLIANCE OF NONPROFITS FOR INS RRG10023 83.53 176.30 122.21179.96 77.51 69.92 27.59106.11 97.51

ALLIED PREMIER INSURANCE A RRG15639 87.77 536.13 84.58398.00 452.68 57.91 27.72496.08 85.63

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 66.20 232.70 95.02146.39 58.30 61.59 40.7193.15 102.30

ALLIED SERVICES RISK RETENTION GROUP12013 51.41 290.67 55.9183.56 26.71 72.05 17.7026.71 89.75

AMERICAN ASSOC OF OTHODONTISTS RRG10232 73.56 170.76 193.08242.53 44.08 66.21 34.1051.73 100.31

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 31.35 323.50 43.9244.53 0.00 0.00 0.000.00 0.00

AMERICAN CONTRACTORS INS CO RRG12300 323.11 0.00 0.00339.43 0.00 0.00 0.00603.93 0.00

AMERICAN EXCESS INS EXCHANGE RRG10903 41.27 278.79 60.2969.36 10.59 54.21 17.7811.39 71.99

AMERICAN FOREST CASUALTY COMPANY RRG11590 62.97 245.92 60.6293.87 29.23 28.90 37.4539.30 66.35

AMERICAN SAFETY RRG INC25448 45.77 232.91 50.1053.40 5.11 54.51 263.678.75 318.18

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 77.94 166.93 192.61250.59 40.34 83.63 44.1664.39 127.79

AMERIGUARD RRG INC12171 45.76 246.72 68.7577.62 27.99 77.69 10.2727.99 87.96

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 95.23 155.41 183.15271.06 87.20 74.92 29.73101.41 104.65

ARCHITECTS & ENGINEERS INS CO RRG44148 88.31 322.10 45.10128.28 10.55 70.00 20.1241.42 90.12

ARCOA RISK RETENTION GROUP, INC.13177 68.60 152.17 175.45183.15 161.18 43.54 43.66161.18 87.20

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 30.48 1,616.09 5.3226.21 23.75 0.00 45.5226.30 45.52

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 24.19 463.89 27.8231.22 0.00 0.00 0.000.00 0.00

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.14425 44.83 5,906.04 1.7446.18 6.67 22.23 48.4880.98 70.71

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 46.08 354.90 51.4584.14 39.58 39.94 62.7539.58 102.69

ATTORNEYS INSURANCE MUTUAL RRG INC22670 54.42 310.64 65.47110.69 42.09 61.41 30.7059.82 92.11

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 73.51 189.30 178.07247.79 40.03 113.52 9.7761.47 123.29

ATTORNEYS LIAB PROTECTION SOC RRG32450 74.39 198.67 135.69200.54 65.61 68.81 28.0495.60 96.85

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 53.14 2,193.84 5.2160.72 -1.17 -860.80 -90.6286.80 -951.42

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 82.85 258.45 81.47174.43 59.92 70.77 68.55177.44 139.32

BAR VERMONT RISK RETENTION GROUP INC10174 38.51 420.63 27.5844.66 0.00 41.23 0.000.00 0.00

BAY INSURANCE RISK RETENTION GROUP, INC.15582 17.19 0.00 0.0017.09 0.00 0.00 0.000.00 0.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 144.32 105.46 352.34536.27 87.61 88.92 5.03221.60 93.95

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 60.89 1,410.31 9.3980.62 34.26 -1.72 74.9140.30 73.19

BROADLINE RISK RETENTION GROUP, INC.13788 83.76 152.82 122.16156.38 44.16 91.55 8.0649.61 99.61

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 35.63 0.00 0.0040.92 0.00 0.00 0.000.00 0.00

CALIFORNIA HEALTHCARE INS CO INC RRG44504 64.88 196.02 103.44131.56 26.66 89.82 9.6641.22 99.48

CALIFORNIA MEDICAL GRP INS CO RRG12180 80.86 196.90 99.79158.87 67.67 15.89 15.0567.67 30.94

CARE RRG, INC.11825 103.83 147.57 221.66339.63 138.69 72.00 23.78158.25 95.79

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 150.79 83.64 223.54281.91 121.06 40.27 50.60199.73 90.88

CAREGIVERS UNITED LIAB INS CO RRG11544 42.93 283.25 54.7666.59 18.61 75.00 11.9820.20 86.97

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 46.20 396.48 32.8660.19 17.23 72.03 24.1349.84 96.16

CASSATT RISK RETENTION GROUP INC10808 315.58 7,360.74 2.35545.17 2.68 127.48 229.58745.24 357.06

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 1.69 0.00 0.001.70 0.00 0.00 0.000.00 0.00

CENTRAL PA PHYSICIANS RRG INC11694 65.33 196.33 130.68167.61 52.28 77.86 25.4352.28 103.29


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 62.03 547.55 31.07105.53 31.65 35.70 26.6363.83 62.33

CHEROKEE GUARANTEE COMPANY INC., RRG14388 141.37 138.49 172.68338.08 139.52 54.28 6.77139.52 61.05

CIRCLE STAR INS CO RRG11839 125.20 392.20 44.07216.42 27.30 74.75 -113.75546.02 -39.00

CLAIM PROFESSIONALS LIAB INS CO RRG12172 56.82 372.67 35.6675.52 21.42 51.89 46.2787.93 98.16

CLARIAN HLTH RRG INC11992 210.30 0.00 0.00200.36 0.00 0.00 0.00726.43 0.00

CLINIC MUTUAL INSURANCE CO RRG43770 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

CMIC RISK RETENTION GROUP13756 38.10 1,336.37 9.9350.58 4.49 -364.50 -25.4248.82 -389.92

COLLEGE LIABILITY INS CO A RECIP RRG44598 47.42 320.63 44.7668.06 30.36 111.66 21.1030.36 132.75

COLLEGE RISK RETENTION GROUP, INC.13613 115.25 163.25 131.27246.99 88.11 64.01 22.38100.03 86.39

COLUMBIA NATIONAL RRG INC10803 34.58 0.00 0.0050.00 13.94 0.00 59.1913.94 59.19

COMCARE PRO INS RECIPROCAL RRG11864 38.43 1,208.48 9.1942.68 45.66 41.90 20.3045.66 62.20

COMMUNITIES OF FAITH RRG INC11807 12.57 1,013.80 10.8313.81 7.91 56.00 36.577.91 92.57

COMMUNITY BLOOD CENTERS EXCH RRG13893 24.14 782.79 15.7329.73 13.86 -8.79 31.9412.88 23.15

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 84.06 198.56 239.09399.08 0.00 0.00 0.000.00 0.00

COMMUNITY HOSPITAL RRG11259 59.77 186.73 117.15130.75 36.78 44.22 12.6940.76 56.91

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 45.50 271.42 51.4763.57 7.85 65.83 149.1218.02 214.95

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

CONTINUING CARE RRG, INC.11798 201.47 65.31 84.31110.93 167.85 65.02 25.94178.16 90.96

CONTRACTORS INS CO OF NORTH AMER RRG11603 27.28 548.75 16.6724.96 7.50 53.93 32.4916.31 86.42

CONTROLLED RISK INS CO OF VT RRG10341 42.86 357.71 45.6670.01 46.01 44.61 44.60334.64 89.21

COPIC, A RISK RETENTION GROUP14906 8.86 174,934.95 0.069.72 0.00 73.90 0.000.00 0.00

COVERYS RRG, INC.14160 79.52 1,521.61 14.60176.72 9.01 85.71 -91.88223.31 -6.17

CPA MUTUAL INS CO OF AMERICA RRG10164 92.27 185.02 99.49169.86 37.24 125.22 24.7782.38 149.99

CROSSFIT RISK RETENTION GROUP, INC.13720 60.92 389.66 48.68115.56 64.64 36.40 40.1986.19 76.59

CRUDEN BAY RRG INC11676 76.73 142.38 237.24259.18 75.89 100.00 7.6975.89 107.69

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 91.58 289.76 150.53399.44 85.30 72.84 13.73170.05 86.57

DELAWARE PROFESSIONAL INSURANCE CO43125 64.30 170.25 152.28166.71 -0.38 30.01 -9,270.61-0.38 -9,240.60

DOCTORS & SURGEONS NATIONAL RRG13018 79.92 164.91 167.75221.09 149.29 37.62 34.3275.73 71.94

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE14347 73.23 689.19 23.96120.92 70.91 203.74 -16.25216.37 187.49

DUBOIS MEDICAL RRG11842 26.07 594.66 19.8030.69 11.06 -29.82 22.9311.06 -6.89

EASTERN DENTISTS INS CO RRG10115 66.13 213.69 93.07131.51 33.47 34.17 49.4739.24 83.64

ELITE TRANSPORTATION RRG INC10125 151.65 87.76 328.28436.90 194.62 80.79 18.49266.73 99.28

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 62.00 197.06 116.41142.23 49.68 76.97 10.13185.56 87.11

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 96.76 201.82 113.95222.52 72.36 59.00 34.1478.01 93.14

EMERGENCY MEDICINE RRG INC12015 68.28 147.21 156.11156.91 1.35 48.61 1,540.631.35 1,589.24

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 72.61 163.18 170.98202.59 34.35 73.52 33.4542.25 106.97

EVERGREEN USA RRG INC38466 45.86 221.36 61.2062.12 -2.61 -138.17 -562.15-0.15 -700.32

EXCELA RECIPROCAL RRG15337 66.78 184.98 118.18146.00 98.61 88.97 7.1498.61 96.11

FAIRWAY PHYSICIANS INS CO RRG11840 143.24 109.50 216.48339.54 166.74 74.92 30.99197.53 105.92

FAITH AFFILIATED RRG INC11698 56.46 224.78 79.23100.55 28.77 107.22 16.4931.00 123.71

FIRST MEDICAL INS CO RRG11278 50.37 248.52 66.0182.63 17.34 89.95 3.6217.34 93.57

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 44.54 473.70 35.9575.85 36.63 33.25 34.3736.63 67.62

FRANKLIN CASUALTY INS CO RRG10842 1,216.38 45.80 191.591,067.28 1,159.26 65.76 2.211,159.26 67.97

FREDERICKSBURG PROFESSIONAL RISK EXC12016 57.34 189.48 56.7861.69 17.23 91.98 9.2417.23 101.22

GABLES RISK RETENTION GROUP, INC.14032 83.81 153.27 125.90161.74 83.64 73.28 8.3583.64 81.63


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

GEISINGER INS CORP RRG12000 431.24 355.78 7.55115.91 10.52 57.25 35.29142.59 92.55

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 3.59 6,730.84 1.453.49 4.42 8.05 64.477.39 72.52

GLOBAL HAWK INSURANCE COMPANY RRG11948 123.95 153.13 294.67559.30 279.35 88.52 18.28397.57 106.80

GOLDEN INS CO RRG11145 83.77 440.16 48.27177.99 95.78 36.53 24.3295.78 60.86

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 38.96 324.92 44.6256.48 45.25 26.44 8.0345.25 34.47

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 213.07 9,584.10 0.4592.18 19.78 3.10 296.7620.57 299.86

GRACO RRG INC11581 71.62 0.00 0.0069.19 0.00 0.00 0.00292.17 0.00

GREEN HILLS INS CO RRG11941 88.05 175.31 131.24202.58 80.91 49.78 17.5580.91 67.33

GUARDIAN RRG INC11696 65.42 186.01 120.05146.10 42.94 85.98 14.1842.94 100.15

GUTHRIE RRG12014 78.88 150.04 195.94231.89 45.87 85.96 5.4045.87 91.36

HAMDEN ASSURANCE RRG, INC.13057 2,987.10 0.00 0.005,508.47 0.00 0.00 0.000.00 0.00

HEALTH CARE CAS RRG INC12236 103.36 162.13 315.63528.91 124.89 61.63 30.14346.48 91.77

HEALTH CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)11832 111.14 302.36 54.51183.16 17.17 68.42 -172.99181.55 -104.57

HEALTH NETWORK PROVIDERS MUT INS CO11813 71.55 217.79 84.79132.13 24.78 22.84 34.7134.58 57.55

HEALTH PROVIDERS INS RECIPROCAL RRG10080 23.59 554.76 22.2629.13 7.64 -20.48 36.728.82 16.24

HEALTHCARE PROVIDERS INS CO RRG11683 46.25 311.74 56.2481.08 14.16 67.91 47.5814.45 115.49

HEARTLAND HEALTHCARE RECIP RRG11998 45.79 249.17 69.6779.48 34.62 62.19 25.6334.62 87.83

HERITAGE WARRANTY INS RRG INC11097 4.37 51,547.30 0.204.48 0.00 162.93 0.000.00 0.00

HOME CONSTRUCTION INS CO RRG11950 57.16 179.03 125.38128.30 0.00 0.00 0.000.00 0.00

HOUSING AUTHORITY RRG INC26797 38.03 371.40 40.7657.57 11.79 70.54 38.2312.00 108.76

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 26.64 566.61 22.5934.09 8.64 46.92 38.5424.96 85.46

INDIANA HEALTHCARE RECIP RRG11692 51.30 221.79 90.73103.24 38.87 75.77 14.2838.87 90.05

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 81.47 193.37 140.63221.55 95.96 54.86 31.3195.96 86.17

IQS INSURANCE RISK RETENTION GROUP, INC.15080 86.48 226.18 20.1339.37 32.83 35.08 27.4632.83 62.55

IRONSHORE RISK RETENTION GROUP, INC.14375 423.22 201.69 26.83229.05 11.88 70.00 145.42237.56 215.42

J.M. WOODWORTH RRG, INC.12594 119.12 87.05 981.431,017.69 83.99 90.00 34.4316.04 124.43

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 49.63 224.48 77.3286.14 18.69 119.69 8.8821.33 128.57

KENTUCKY HOSPITAL INS CO RRG11939 62.79 206.71 124.58161.69 34.49 20.43 30.4172.64 50.83

LAKE STREET RRG INC11803 50.95 213.78 89.7597.76 21.87 101.46 45.8621.87 147.32

LAMMICO RRG, INC.14444 4.48 10,873.21 0.954.62 0.30 291.64 -179.917.94 111.73

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 111.69 131.97 151.33223.07 119.31 86.64 38.70150.38 125.34

LENDERS PROTECTION ASSUR CO RRG11500 1.40 0.00 0.001.40 0.00 0.00 0.009.34 0.00

LIFE SERVICES NETWORK RECIP INS RRG11958 47.23 265.86 64.9481.54 16.72 249.61 39.4936.53 289.09

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 56.48 2,362.13 4.6662.13 6.53 67.01 -123.88130.51 -56.87

LVHN RRG11684 119.19 0.00 0.001,221.58 206.72 0.00 5.61206.72 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 87.43 232.18 68.57139.19 67.38 69.17 10.3692.75 79.53

MARATHON FIN INS CO INC RRG11117 178.76 6,481.89 1.53176.71 187.25 0.00 -1.65187.25 -1.65

MCIC VERMONT INC RRG10697 73.77 162.01 194.40232.32 44.14 116.18 11.5346.23 127.71

MD RISK RETENTION GROUP, INC.12355 41.05 265.00 54.9059.73 29.84 71.44 11.8529.84 83.30

MED MAL RISK RETENTION GROUP, INC.14446 71.64 618.14 31.60139.93 268.44 4.11 4.03268.44 8.14

MEDAMERICA MUTUAL RRG INC26257 64.80 231.00 90.21135.04 51.39 78.20 5.2565.17 83.45

MEDPRO RRG RISK RETENTION GROUP13589 144.74 1,472.65 45.07960.64 -19.34 65.97 -51.251,370.37 14.72

MENTAL HEALTH RISK RETENTION GROUP44237 49.37 284.96 64.3290.50 21.98 27.74 11.5955.30 39.32

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 104.88 154.55 172.98280.39 74.30 26.44 61.3188.60 87.75

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 0.00 0.00 0.000.00 -1,712.11 25.87 -5.58385.54 20.28


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

MMIC RRG, INC.14062 8.41 0.00 0.002.92 0.16 0.00 4,038.705.11 4,038.70

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 69.23 185.89 30.2238.89 7.39 83.37 110.267.39 193.62

MOUNTAIN LAUREL RRG INC11547 67.23 227.95 119.73183.50 67.80 55.48 43.16560.27 98.64

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 57.53 209.48 103.45124.67 45.79 93.96 9.4250.13 103.38

NASW RISK RETENTION GROUP, INC.14366 181.83 536.87 13.99136.57 20.45 59.31 10.83340.90 70.14

NATIONAL ASSISTED LIVING RRG, INC.11806 56.58 246.22 83.18115.87 37.25 60.00 49.4237.25 109.42

NATIONAL BUILDERS & CONTRACTORS INS12235 49.24 191.33 90.3685.12 6.38 46.00 115.386.38 161.38

NATIONAL CATHOLIC RRG10083 81.64 160.23 233.56305.53 52.52 96.05 28.07115.76 124.13

NATIONAL GUARDIAN RISK RETENTION GROUP36072 78.48 171.73 63.6585.78 26.74 113.50 24.76174.83 138.26

NATIONAL HOME INSURANCE CO RRG44016 76.28 408.95 65.50204.33 -0.01 125.65 -140,776.17-0.01 -140,650.52

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 78.71 283.30 32.7973.11 34.59 34.33 39.0075.68 73.33

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 67.59 0.00 0.00122.85 0.00 0.00 0.007.53 0.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 15.17 0.00 0.0016.51 4.88 0.00 91.055.58 91.05

NCMIC RISK RETENTION GROUP, INC.14130 72.97 309.50 28.7164.84 15.15 61.57 -73.56157.80 -11.98

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 63.38 205.32 125.88163.81 34.78 45.32 50.2357.15 95.55

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 77.22 2,690.66 9.90205.71 39.92 48.29 20.64162.98 68.93

NEW STAR RISK RETENTION GROUP, INC.12532 65.04 270.78 51.4790.65 43.50 55.58 22.2243.50 77.80

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 122.85 104.94 351.81453.55 120.32 65.83 36.64143.45 102.47

OASIS RECIPROCAL RISK RETENTION GROUP13644 94.77 175.34 138.99230.95 67.01 37.57 22.2415.43 59.81

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 534.64 19.74 597.05630.22 0.00 0.00 0.000.00 0.00

OCEANUS INS CO A RRG12189 102.22 137.31 331.61465.43 160.23 66.57 48.64215.19 115.20

OMS NATL INS CO RRG44121 50.24 291.24 57.8684.66 26.56 75.37 23.6128.19 98.98

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 157.59 179.91 141.41400.94 284.00 71.38 29.17284.00 100.55

OOIDA RISK RETENTION GROUP INC10353 149.03 137.51 230.93473.25 91.01 99.65 27.94260.02 127.59

OPHTHALMIC MUTUAL INS CO RRG44105 29.64 670.72 20.0339.81 16.00 32.01 29.6818.40 61.69

ORANGE COUNTY MEDICAL RECIP INS RRG12183 22.98 532.00 24.2129.61 13.98 50.00 14.0613.98 64.06

ORDINARY MUTUAL A RRG CORP10171 64.70 166.84 185.27200.00 0.00 0.00 0.000.00 0.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

P&S INSURANCE RISK RETENTION GROUP, INC.15583 256.23 0.00 0.0058.69 0.00 0.00 0.000.00 0.00

PACE RRG INC11575 162.57 255.42 63.31262.90 3.78 139.67 163.43180.86 303.10

PALLADIUM RISK RETENTION GROUP, INC.15279 121.76 232.58 270.30765.44 442.96 81.90 6.41472.14 88.31

PARATRANSIT INSURANCE COMPANY, RRG44130 51.99 268.52 64.7290.36 21.07 75.00 31.6931.74 106.69

PCH MUTUAL INSURANCE COMPANY, RRG11973 81.74 228.71 102.44191.53 67.16 51.20 47.24102.14 98.44

PEACE CHURCH RRG INC11846 31.14 394.31 34.5642.44 19.07 78.67 25.8121.19 104.48

PELICAN INS RRG11587 26.09 598.58 22.5235.17 9.70 58.68 86.2613.77 144.94

PHOEBE RECIPROCAL RRG12004 27.54 403.36 32.5836.19 8.58 64.23 36.668.58 100.89

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 140.89 163.64 224.56517.70 211.56 57.88 40.79357.81 98.67

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 111.40 198.88 189.97420.88 103.67 48.00 77.26144.67 125.26

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 101.13 140.97 97.30138.71 42.90 62.37 108.6164.49 170.98

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 80.84 209.65 153.75260.58 35.30 38.01 16.6251.94 54.63

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 53.74 311.63 58.3497.71 20.48 76.00 34.8822.01 110.88

PHYSICIANS REIMBURSEMENT RRG10934 67.28 156.14 173.23181.98 24.06 45.81 53.8724.06 99.68

PHYSICIANS SPECIALTY LTD RRG11513 63.32 194.70 115.68142.61 3.85 -80.84 142.3938.46 61.55

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 74.16 221.64 50.4282.88 36.12 102.69 63.790.00 166.48

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 35.00 385.19 35.5547.92 42.25 4.29 12.3455.18 16.63


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 73.67 374.77 43.78120.88 23.65 38.97 37.13112.10 76.10

PONCE DE LEON LTC RRG, INC.11809 55.83 200.19 97.63109.12 19.26 162.73 9.7820.34 172.50

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 205.35 77.96 522.45836.37 242.11 67.25 29.81260.58 97.06

PREFERRED PHYSICIANS MEDICAL RRG44083 45.52 299.43 56.8477.47 17.15 63.00 21.8623.36 84.86

PREFERRED PROFESSIONAL RRG14919 37.85 1,330.54 8.6443.49 5.54 90.00 152.1452.74 242.14

PREMIER INSURANCE EXCHANGE RRG10101 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 108.47 187.11 170.43345.90 133.15 87.89 45.61133.15 133.51

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 0.03 0.00 0.000.03 0.00 0.00 0.000.00 0.00

PROBUILDERS SPECIALTY INS CO RRG11671 16.15 14,248.96 0.6715.41 0.00 0.00 0.000.00 0.00

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 63.46 236.88 109.69164.88 87.43 68.80 20.08150.46 88.88

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP12608 4.93 2,504.50 4.065.01 0.00 0.00 0.000.00 0.00

PROFESSIONALS RISK RETENTION GROUP, INC.13067 123.28 293.67 76.34276.39 33.93 298.78 56.36278.15 355.14

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 20.71 606.93 20.2825.49 18.20 52.26 39.4834.39 91.74

RED CLAY RISK RETENTION GROUP, INC.13078 72.85 165.14 96.68116.30 52.80 71.37 23.8552.80 95.22

RED ROCK RISK RETENTION GROUP, INC.13736 47.00 250.43 63.3674.58 34.55 82.58 22.9034.55 105.47

REPUBLIC RRG12019 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

RESTORATION RISK RETENTION GROUP, INC.12209 81.97 161.54 191.76253.93 56.82 80.55 15.1065.32 95.66

RPX RRG14135 14.62 3,406.80 3.3216.53 -1.29 -167.51 -349.97-0.86 -517.48

SAGE RISK RETENTION GROUP, INC.15631 169.67 457.29 11.9692.79 87.44 55.00 10.5987.44 65.59

SAINT LUKE'S HLTH SYSTEM RRG11712 42.39 300.58 42.6654.37 21.62 102.26 26.0234.11 128.28

SAMARITAN RISK RETENTION GROUP, INC.12511 48.86 432.01 39.3082.95 40.63 74.49 13.8840.63 88.37

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 83.90 192.75 135.07218.43 124.50 65.47 37.47160.36 102.94

SECURITY AMERICA RRG INC11267 72.88 238.49 71.03123.45 50.80 25.95 82.1984.49 108.14

SELECT MD RRG14136 97.23 201.01 115.93226.59 234.80 231.33 12.68234.80 244.01

SENTINEL ASSUR RRG INC12005 66.97 195.27 94.99124.22 50.36 71.55 18.2454.65 89.79

SIGMA RRG, INC.13557 62.27 172.03 132.87142.32 0.01 98.19 63,902.370.01 64,000.56

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 71.87 176.34 195.39247.63 0.00 0.00 0.000.00 0.00

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 201.51 82.65 294.25490.06 275.49 72.42 26.58310.48 99.00

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 54.06 400.11 47.82103.45 59.01 0.79 40.0470.01 40.83

ST CHARLES INS CO RRG11114 17.41 733.11 15.8820.27 10.09 0.00 36.0810.09 36.08

ST LUKES HEALTH NETWORK INS CO RRG11688 80.53 131.90 280.77298.22 10.91 83.20 50.0110.91 133.21

STATES SELF-INSURERS RRG44075 70.66 224.32 127.23201.67 17.00 150.26 -1.11115.88 149.15

STICO MUT INS CO RRG10476 59.09 335.24 58.22115.33 23.50 41.22 57.7529.60 98.97

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 5.72 0.00 0.005.74 0.00 0.00 0.00280.46 0.00

SUNLAND RISK RETENTION GROUP, INC.14026 178.01 532.08 35.42335.53 403.22 48.24 0.38403.22 48.63

TERRA INS CO RRG10113 51.41 1,004.06 12.3363.64 40.14 16.89 37.0361.08 53.93

TERRAFIRMA RISK RETENTION GROUP LLC14395 22.35 763.06 16.6228.34 24.91 39.00 27.9224.91 66.93

THE HEALTHCARE UNDERWRITING CO RRG10152 125.69 114.71 264.72381.65 136.01 64.06 4.97136.01 69.04

TITAN INS CO INC RRG11153 28.44 0.00 0.0036.17 12.66 0.00 8.0160.44 8.01

TITLE INDUSTRY ASSURANCE CO RRG10084 47.99 354.11 35.3059.98 12.08 78.92 -45.21121.63 33.71

UNITED CENTRAL PA RRG11548 55.83 202.93 96.67109.52 48.21 88.31 7.5748.21 95.88

UNITED EDUCATORS INS RRG INC10020 73.45 186.43 152.86209.33 40.20 78.06 18.3846.69 96.44

UNITED HOME INSURANCE CO A RRG10712 49.65 0.00 0.0045.09 0.00 0.00 0.000.00 0.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 91.69 228.56 154.28323.30 105.90 53.60 28.75136.30 82.36

UV INSURANCE RISK RETENTION GROUP, INC.13988 61.83 234.58 74.69108.34 66.27 31.22 52.8866.27 84.10


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 1.28 0.00 0.001.27 0.66 0.00 244.570.66 244.57

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 52.20 489.15 33.4485.38 26.30 79.46 44.73132.81 124.20

WELLSPAN RRG11682 110.74 102.69 239.59272.47 128.24 81.34 3.79128.24 85.14

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 107.96 146.62 183.01289.71 83.67 30.46 31.92155.89 62.38

WESTERN PACIFIC MUT INS CO RRG40940 23.27 1,297.02 9.8829.83 2.36 78.47 97.652.82 176.12

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 19.75 1,037.20 11.6323.82 9.29 82.56 79.209.29 161.76

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 73.26 216.99 105.56167.81 53.04 42.00 58.10108.82 100.10


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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 3,329 3,288 3,132 4,180 5,179Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,148 1,200 1,498 3,014 2,939

Geographic Focus: Geography Minimum NPW Total Liabilities 2,181 2,087 1,634 1,166 2,240NAIC Ownership Structure: Risk Retention Group Net Income -224 85 302 112 180Tax Identification Number : 20-1516551 Total Revenue 652 918 989 939 945

Direct Premiums Written 1,561 1,602 1,660 1,629 1,689Net Premiums Written 615 890 977 914 923

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 615 890 977 914 920

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,785 1,675 1,466 1,056 1,445Demotech Financial Strength Rating A 11/05/15 Affirm Loss & LAE Reserves/ NPE (%) 239.78 191.14 163.27 159.92 134.34S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -26.06 -1.41 35.18 9.19 8.60Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.54 0.74 0.65 0.30 0.31Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Robert Cawley Auditor Johnson Lambert LLPPhone : (410) 339-5884x1884 Actuary Towers Watson & Co.Fax : (410) 339-5897 CEO --Email : [email protected] CFO --

President Isabella Marie Firth

PROFITABILITY RATIOS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Net Yield on Invested Assets 2.14 1.35 0.51 1.14 1.20Net Investment Income/Earned Premiums 6.05 3.22 1.19 2.72 2.76Return on Average Equity (C&S) -17.36 7.45 23.27 6.87 6.46Return on Avg Assets -6.29 2.22 7.90 2.86 3.63Loss and LAE Ratio 95.23 57.30 13.06 38.27 35.26Expense Ratio 65.55 47.73 41.35 48.07 41.30Loss Ratio 83.83 51.12 7.43 35.05 10.99Combined Ratio 160.78 105.03 54.41 86.34 76.56Operating Ratio 154.73 101.81 53.22 83.61 73.79Investment ratio 6.05 3.22 1.19 2.72 2.77

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Cash, Short-Term Investments / Liabilities 23.11 90.14 37.32 24.25 41.87Cash, Common & Liquid Bonds / Liabilities 78.45 116.10 152.53 166.07 111.91Cash & Short-Term Investments / C&S 43.91 156.79 40.70 9.38 31.91Liabilities / Liquid Assets (IRIS Ratio) 127.00 90.00 72.00 60.00 89.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 95.89 148.07 175.01 268.73 148.86Cash From Underwriting ($000) 43 133 -5 -353 591Net Cash From Operations ($000) 80 271 -59 -312 603Underwriting Cash Flow Ratio 105.08 112.58 99.42 69.67 244.10Operating Cash Flow Ratio 105.08 102.10 108.27 69.67 249.53Unassigned Funds / Total Assets 11.48 12.76 22.91 19.93 14.28

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2012Y 2013Y 2014Y

GPW to Policyholders' Surplus3 900 --- 133 111 54NPW to Policyholders' Surplus 300 --- 74 65 30Change in Net Premiums Written 33 -33 45* 10 -6Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 123* 76 68

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 I t t Yi ld 6 5 3 1 4* 0 5* 1 2*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

127.0

90.0

72.060.0

89.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3

Liquidity ($000)Total Assets Total Liabilities Liabilities / Liquid Assets (IRIS Ratio)

160.8

105.0

54.4

86.376.6

-20.00-15.00-10.00-5.000.005.00

10.0015.0020.0025.0030.00

2011Y 2012Y 2013Y 2014Y 2015L3

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Investment Yield 6.5 3 1.4* 0.5* 1.2*

Loss Adjustment Expense Ratio 11.39 6.18 5.63 3.23 24.27 Gross Change in Policyholders' Surplus 50 -10 5 25 101*Net Commission Ratio 23.89 16.95 16.49 16.80 NA Net Change in Adj Policyholders' Surplus 25 -10 3 25 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 90 72 60Tax, License & Fees Ratio 7.52 5.23 5.15 4.94 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 34.15 25.55 19.72 26.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -47 -23Gross Premiums Written ($000)3 1,561 1,602 1,660 1,629 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -43 -96Loss & Loss Adj Expense ($000) 585 510 128 350 324 Est Curr Resv Defi/Policyholders' Surplus 25 --- 5 11 -9Other Underwriting Exp Incurred ($000) 403 425 404 439 381 *Indicates an unusual value.Net Underwriting Gains ($000) -374 -45 445 125 214 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 39.39 55.53 58.84 56.13 NA complements of each ratio.Effective Tax Rate NM 22.89 33.85 25.79 24.86

Pre-Tax Operating Margin -51.60 -1.75 46.23 15.95 25.37 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 16.40 -1.25 -4.73 33.45 59.01

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 46.49 -4.30 -21.73 -28.65 18.90

Reinsurance Recoverable ex US Aff 1 -31 -32 225 NA Net Premiums Written Growth -37.11 44.71 9.82 -6.43 -3.02Retention Ratio (NPW/GPW) (%)3 39.39 55.53 58.84 56.13 NA Pre-Tax Operating Income Growth NM NM NM -67.22 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM 255.24 -62.93 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 28.95 -6.21 -12.48 -27.97 13.26Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -3.88 2.64 3.65 -1.92 3.73Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -2.69 -3.47 1.57 -1.39 1.35

Capital & Surplus Five-year CAGR 5.14 4.11 7.91 19.80 19.92Admitted Assets Five-year CAGR -0.38 -1.09 4.32 11.08 9.57

ASBESTOS/ENVIRONMENTAL RESV 2011Y 2012Y 2013Y 2014Y 2015L3

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) 2011Y 2012Y 2013Y 2014Y 2015L3

Asbestos NA NA NA NA NA Capital and Surplus 1,148 1,200 1,498 3,014 2,939 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,200 1,498 3,014 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 289 239 211 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA 415.96 627.48 1,429.84 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA 207.98 313.74 714.92 NA

Change in Loss & LAE Resv / Reserves 28.95 -6.21 -12.48 -27.97 13.26 Realized Capital Gains (Losses) 0 126 0 1 01 Yr Loss Reserve Dev / 1Y Prior C&S -7.10 -13.60 -46.89 -22.69 NA Net Unrealized Capital Gains (Losses) 1 -37 -4 4 -142 Yr Loss Reserve Dev / 2Y Prior C&S -46.11 -11.82 -43.31 -95.99 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 239.78 191.14 163.27 159.92 134.34 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -15.85 -17.56 -57.59 -37.18 NA Net Premiums Written / Avg C&S (%) 47.61 77.86 75.21 56.07 33.09IBNR/ Total Reserves 36.44 48.91 53.36 63.35 NA Liabilities / Capital & Surplus (%) 189.97 173.93 109.05 38.68 76.23Reserves/ Equity 155.51 139.54 97.83 35.03 49.17 Total Reins Recov Excl US Aff / C&S (%) 0.09 -2.58 -2.14 7.47 NA

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

208.0

313.7

714.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Y

Capital ($000) & Capital Ratios (%)ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))

39.4

55.5 58.8 56.1

0200400600800

1,0001,2001,4001,6001,800

2011Y 2012Y 2013Y 2014Y 2015L3

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) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 0 442 1,465 1,390 1,260 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,561 1,602 1,660 1,629 1,689Common Stocks 1,207 0 191 263 309 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,561 1,602 1,660 1,629 1,689Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -946 -712 -683 -714 -767Occupied Properties 0 0 0 0 0 Net Premiums Written 615 890 977 914 923Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 3Properties for Sale 0 0 0 0 0 Net Premiums Earned 615 890 977 914 920

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 504 1,882 610 283 938 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,711 2,323 2,266 1,936 2,507 Net Losses Paid - Commercial 406 290 282 705 NAPremiums & Considerations Due 0 0 0 0 179 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 276 0 0 1 111 Net Losses Paid 406 290 282 705 NAAll Other Admitted Assets 1,343 964 866 2,243 2,382 Net LAE Paid 54 55 55 55 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 3,329 3,288 3,132 4,180 5,179 Change in Loss Reserves - Commercial 110 165 -209 -384 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 16 0 0 -26 NA

Unpaid Losses 1,675 1,564 1,355 971 1,213 Net Change in Loss and LAE Reserves 125 165 -209 -410 NAUnpaid Loss Adj Expenses 111 111 111 85 231 Losses and LAE Incurred 585 510 128 350 324

Loss & Loss Adj Exp Reserves 1,785 1,675 1,466 1,056 1,445 Other Underwriting Expense Incurred 403 425 404 439 381Unearned Premiums 0 -127 -189 -252 239 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 275 313 300 258 434 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 121 105 57 94 122 Net Underwriting Gain (Loss) -374 -45 445 125 214Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 120 0 9 0 Total underwriting deductions 989 934 532 789 705

Total Liabilities 2,181 2,087 1,634 1,166 2,240

Income ($000)Total Capital and Surplus Net Investment Income 37 29 12 25 25

Common Capital Stock 146 151 151 151 151 Net Realized Capital Gains (Losses) 0 126 0 1 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 382 419 717 833 740 Income after cap gains (loss) before tax -336 110 457 151 240Other Including Gross Contributed 620 630 630 2,030 2,048 Federal Income Tax -112 25 155 39 60

Capital & Surplus 1,148 1,200 1,498 3,014 2,939 Net Income -224 85 302 112 180

Total Liabilities and C&S 3,329 3,288 3,132 4,180 5,179 Pre-tax Operating Income -336 -16 457 150 240

Memo: Total Revenue 652 1,045 989 940 945Memo: Affiliated Investments ($000) Memo: Paid Expenses 450 484 520 469 NA

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 542 1,691 1,390Cash & 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) 2011Y 2012Y 2013Y 2014Y 2015L3 Class 5 0 0 0 0 0

Net Investment Income 37 29 12 25 25 Class 6 0 0 0 0 0Net Investment Income 37 29 12 25 25 Class 6 0 0 0 0 0Realized Capital Gains 0 126 0 1 0Unrealized Capital Gains 1 -37 -4 4 -14Total Cash & Investments 1,711 2,323 2,266 1,936 2,507Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 542 1,691 1,390 1,260Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,207 0 191 263 309Total 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

Top 5 States by DPW - 2014Y Top Lines of Business by DPW - 2014Y SECURITIES ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

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 1,390 1,390 1,415 1,355 5,551Common Stock 263 263 258 -- 784Preferred Stock 0 0 0 -- 0Total 1,653 1,653 1,673 1,355 --

ASSET QUALITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

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 19.01 64.66 71.82 50.26Common Stocks / C&S 105.12 0.00 12.75 8.72 10.52Unaff common stock/Invested Assets 70.54 0.00 8.43 13.58 12.33

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 1,629 Cash/Invested Assets 29.46 80.99 26.91 14.60 37.412. 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 3.45

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Reinsurance recoverable/Total Assets 8.27 0.00 0.00 0.02 2.14

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 1.90 -3.79 -1.86 17.02 -0.79 All other admitted assets/Total Assets 40.33 29.33 27.64 53.66 46.00National DPW ($000) 1,624 1,561 1,602 1,660 1,629 Invested Assets/Total Assets 51.39 70.67 72.36 46.32 48.41Adjusted Loss Ratio 20.76 33.02 28.39 4.37 19.67 Investment Income/Total Assets 1.12 0.87 0.37 0.60 0.49

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 value

Investment Portfolio (%) - 2014

Bonds - 71.8% Preferred Stocks - 0.0%

Common Stocks - 13.6% Mortgage Loans - 0.0%

Other Invstmts - 14.6% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3

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%

p p y y gwhen an inter-company pooling arrangement exists.

Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 24,157 31,532 36,901 39,857 47,520Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 11,350 13,003 14,294 14,311 19,286Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 12,808 18,529 22,608 25,546 28,234

NAIC Ownership Structure: Stock Company Net Income 2,235 1,422 1,047 -601 -840Tax Identification Number : 86-1070645 Total Revenue 9,443 13,087 15,693 14,621 14,403

Direct Premiums Written 13,553 20,219 21,567 22,549 23,306Net Premiums Written 9,614 15,366 15,707 12,488 14,284

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 9,088 12,703 15,231 14,169 13,898

AM Best Financial Strength Rating A- 10/24/14 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 6,275 7,917 11,035 16,269 18,327Demotech Financial Strength Rating A 11/13/15 Affirm Loss & LAE Reserves/ NPE (%) 73.02 52.59 62.37 96.45 121.18S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 31.77 19.64 11.43 -12.69 -7.35Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.85 1.18 1.10 0.87 0.74Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Mark M. Harnden CPA PCPhone : (714) 571-1864 Actuary Perr&Knight Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 1.67 1.50 1.51 1.33 1.36Net Investment Income/Earned Premiums 3.69 2.50 2.94 3.62 3.53Return on Average Equity (C&S) 21.71 11.77 7.68 -4.31 -5.70Return on Avg Assets 9.55 5.06 3.03 -1.54 -2.01Loss and LAE Ratio 20.93 34.61 49.93 75.85 70.10Expense Ratio 44.42 41.12 41.59 45.21 40.21Loss Ratio 8.37 13.83 23.88 33.79 30.94Combined Ratio 65.34 75.73 91.52 121.06 110.31Operating Ratio 61.44 72.70 88.48 117.87 106.68Investment ratio 3.90 3.02 3.03 3.19 3.63


Cash, Short-Term Investments / Liabilities 19.06 31.21 16.20 28.96 24.39Cash, Common & Liquid Bonds / Liabilities 173.70 155.06 143.10 140.72 157.09Cash & Short-Term Investments / C&S 21.51 44.47 25.63 51.69 35.70Liabilities / Liquid Assets (IRIS Ratio) 57.00 64.00 69.00 72.00 66.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.45 195.43 197.38 193.97 164.11Cash From Underwriting ($000) 3,428 6,857 3,625 1,529 1,458Net Cash From Operations ($000) 2,958 6,678 4,162 2,634 2,573Underwriting Cash Flow Ratio 154.01 176.49 131.12 113.14 112.94Operating Cash Flow Ratio 173.71 187.64 134.81 113.57 113.75Unassigned Funds / Total Assets 43.05 32.52 31.28 26.50 22.17


GPW to Policyholders' Surplus3 900 --- 155 151 158NPW to Policyholders' Surplus 300 --- 118 110 87Change in Net Premiums Written 33 -33 60* 2 -20Surplus Aid to Policyholders' Surplus 15 --- 3 3 9Two-Year Overall Operating Ratio 100 --- 68 81 103*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

57.064.0

69.072.0

66.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2011Y 2012Y 2013Y 2014Y 2015L3


65.375.7

91.5

121.1110.3

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 12.56 20.78 26.05 42.06 39.17 Gross Change in Policyholders' Surplus 50 -10 15 10 0Net Commission Ratio 19.19 25.24 25.33 24.41 NA Net Change in Adj Policyholders' Surplus 25 -10 15 10 -7Salaries & Benefits Ratio 0.03 0.17 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 64 69 72Tax, License & Fees Ratio 4.07 3.44 3.75 6.14 NA Agents' Bal to Policyholders' Surplus 40 --- 10 15 11Admin & Other Expense Ratio 21.12 12.27 12.51 14.66 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 14 27*Gross Premiums Written ($000)3 13,553 20,219 21,567 22,549 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -11 5 35*Loss & Loss Adj Expense ($000) 1,902 4,397 7,605 10,747 9,743 Est Curr Resv Defi/Policyholders' Surplus 25 --- 8 4 -17Other Underwriting Exp Incurred ($000) 4,270 6,318 6,532 5,646 5,743 *Indicates an unusual value.Net Underwriting Gains ($000) 2,916 1,988 1,095 -2,224 -1,588 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 70.94 76.00 72.83 55.38 NA complements of each ratio.Effective Tax Rate 31.71 40.00 32.78 NM NM

Pre-Tax Operating Margin 34.64 18.13 9.92 -12.12 -7.52 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 9.24 30.53 17.03 8.01 21.05

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth -2.02 44.67 22.02 13.00 12.11

Reinsurance Recoverable ex US Aff 2,412 2,632 6,477 9,678 NA Net Premiums Written Growth 14.96 59.82 2.22 -20.50 10.53Retention Ratio (NPW/GPW) (%)3 70.94 76.00 72.83 55.38 NA Pre-Tax Operating Income Growth 137.35 -27.47 -34.38 NM NMUnauthorized Net Recov. (ex US Aff) (%) 27.07 32.48 16.21 11.74 NA Net Income Growth 137.66 -36.38 -26.38 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -2.42 26.17 39.38 47.42 31.23Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 7.23 49.19 6.66 4.56 4.83Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 14.38 19.05 19.86 19.35 17.28

Capital & Surplus Five-year CAGR 23.75 17.40 14.96 11.33 16.36Admitted Assets Five-year CAGR 18.24 18.35 17.82 16.07 16.90




Asbestos NA NA NA NA NA Capital and Surplus 11,350 13,003 14,294 14,311 19,286 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 11,350 13,003 14,294 14,311 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,780 2,789 1,436 2,391 NA

Risk Based Capital Ratio (TAC/ACL RBC) 637.62 466.27 995.67 598.49 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 318.81 233.13 497.83 299.24 NA

Change in Loss & LAE Resv / Reserves -2.42 26.17 39.38 47.42 31.23 Realized Capital Gains (Losses) 2 -3 1 642 -181 Yr Loss Reserve Dev / 1Y Prior C&S -9.90 0.27 13.70 27.38 NA Net Unrealized Capital Gains (Losses) 15 62 270 -553 -1262 Yr Loss Reserve Dev / 2Y Prior C&S -11.51 -10.66 4.96 34.94 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 73.02 52.59 62.37 96.45 121.18 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.85 0.24 11.69 27.62 NA Net Premiums Written / Avg C&S (%) 93.38 127.19 115.30 89.45 96.94IBNR/ Total Reserves 26.09 26.15 19.86 22.55 NA Liabilities / Capital & Surplus (%) 112.85 142.49 158.17 178.51 146.39Reserves/ Equity 55.29 60.89 77.20 113.68 95.02 Total Reins Recov Excl US Aff / C&S (%) 21.25 20.24 45.31 67.63 NA


284.7318.8

233.1

497.8

299.2

02,0004,0006,0008,000

10,00012,00014,00016,000

2010Y 2011Y 2012Y 2013Y 2014Y



70.976.0 72.8

55.4

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 19,046 22,176 26,881 26,986 33,943 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 13,553 20,219 21,567 22,549 23,306Common Stocks 760 831 1,808 985 1,818 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,939 -4,853 -5,860 -10,062 -9,022Occupied Properties 0 0 0 0 0 Net Premiums Written 9,614 15,366 15,707 12,488 14,284Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 526 2,663 475 -1,681 386Properties for Sale 0 0 0 0 0 Net Premiums Earned 9,088 12,703 15,231 14,169 13,898

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,441 5,783 3,663 7,398 6,886 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 22,247 28,790 32,352 35,369 42,647 Net Losses Paid - Commercial 728 957 1,928 2,214 NAPremiums & Considerations Due 899 1,325 2,075 1,568 1,762 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 15 0 1,061 920 933 Net Losses Paid 728 957 1,928 2,214 NAAll Other Admitted Assets 996 1,417 1,414 1,968 2,177 Net LAE Paid 1,329 1,797 2,559 3,299 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 24,157 31,532 36,901 39,857 47,520 Change in Loss Reserves - Commercial 32 799 1,710 2,573 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -187 843 1,408 2,660 NA

Unpaid Losses 3,716 4,515 6,225 8,798 9,724 Net Change in Loss and LAE Reserves -155 1,642 3,118 5,233 NAUnpaid Loss Adj Expenses 2,559 3,402 4,810 7,470 8,603 Losses and LAE Incurred 1,902 4,397 7,605 10,747 9,743

Loss & Loss Adj Exp Reserves 6,275 7,917 11,035 16,269 18,327 Other Underwriting Expense Incurred 4,270 6,318 6,532 5,646 5,743Unearned Premiums 5,498 8,161 8,636 6,955 7,660 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 194 900 1,052 1,060 1,163 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 282 374 806 183 55 Net Underwriting Gain (Loss) 2,916 1,988 1,095 -2,224 -1,588Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 559 1,176 1,078 1,078 1,029 Total underwriting deductions 6,172 10,715 14,137 16,393 15,486



Common Capital Stock 600 2,400 2,400 2,400 2,400 Net Realized Capital Gains (Losses) 2 -3 1 642 -18Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 5,000 All Other Income 0 0 0 0 0Unassigned Surplus 10,400 10,253 11,544 10,561 10,536 Income after cap gains (loss) before tax 3,273 2,370 1,557 -1,130 -1,102Other Including Gross Contributed 350 350 350 1,350 1,350 Federal Income Tax 1,038 948 510 -529 -262

Capital & Surplus 11,350 13,003 14,294 14,311 19,286 Net Income 2,235 1,422 1,047 -601 -840

Total Liabilities and C&S 24,157 31,532 36,901 39,857 47,520 Pre-tax Operating Income 3,271 2,372 1,557 -1,772 -1,084

Memo: Total Revenue 9,445 13,084 15,694 15,263 14,384Memo: Affiliated Investments ($000) Memo: Paid Expenses 5,601 8,122 8,460 9,603 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 17,855 17,704 19,136 26,595 27,385Cash & Short Term Investments 0 0 0 0 0 Class 2 677 1,343 2,979 287 181All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 354 384 462 453 505 Class 6 0 0 0 0 0Net Investment Income 354 384 462 453 505 Class 6 0 0 0 0 0Realized Capital Gains 2 -3 1 642 -18Unrealized Capital Gains 15 62 270 -553 -126Total Cash & Investments 22,247 28,790 32,352 35,369 42,647Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 19,046 22,176 26,881 27,565 35,648Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 760 831 1,808 985 1,818Total 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 0.27 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) 1,370 2,179 2,907 3,802 3,150Issued Political Subdivisions ($000) 7,194 7,094 7,981 8,467 7,401Issued State Rev Obligations ($000) 9,968 9,773 10,990 14,612 12,158Issued Industrial Development ($000) 0 0 297 0 4,277


LT Bond 26,986 27,086 28,400 25,505 107,978Common Stock 985 985 1,004 -- 2,974Preferred Stock 0 0 0 -- 0Total 27,971 28,071 29,404 25,505 --


Bond Avg Asset Quality (1-6) (Actual) 1.07 1.14 1.01 1.01 1.00Bonds Rated 3-6 / C&S 0.00 0.46 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 85.61 77.03 83.09 76.30 79.59Common Stocks / C&S 6.69 6.39 12.65 6.88 9.43Unaff common stock/Invested Assets 3.41 2.89 5.59 2.78 4.26

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 4,611 1. Med Prof Liab 22,549 Cash/Invested Assets 10.97 20.09 11.32 20.92 16.152. New York 3,039 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,646 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,205 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 1,094 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,954 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 3.72 4.20 5.62 3.93 3.71


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 0.08 0.00DPW 5 Yr CAGR 12.08 9.40 17.16 17.05 16.38 All other admitted assets/Total Assets 4.12 4.50 3.83 4.94 4.58National DPW ($000) 12,639 13,553 20,219 21,567 22,549 Invested Assets/Total Assets 92.09 91.30 87.67 88.74 89.75Adjusted Loss Ratio 21.88 9.27 17.56 33.03 28.12 Investment Income/Total Assets 1.47 1.22 1.25 1.14 1.06





Other Invstmts - 20.9% 0.00 0.10 0.20 0.30

2011Y2012Y

2013Y

2014Y

2015L3


California - 20.4% New York - 13.5%

Florida - 7.3% Washington - 5.3%

Texas - 4.9% All other - 48.6%

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) 2011Y 2012Y 2013Y 2014Y 2015L3

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 14,354 15,256 19,762 23,546 22,803Suite 300A Business Focus : Commercial Property Focus Policyholder Surplus 3,914 4,423 5,665 6,850 6,504Missoula, MT 59802-4401 Geographic Focus: Regional - Western Quadrant Total Liabilities 10,440 10,834 14,098 16,697 16,299

NAIC Ownership Structure: Risk Retention Group Net Income -41 401 340 689 550Tax Identification Number : 33-1019877 Total Revenue 2,842 2,507 4,503 8,008 7,548



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,702 5,552 7,655 10,085 12,528Demotech Financial Strength Rating A 11/25/15 Affirm Loss & LAE Reserves/ NPE (%) 256.58 278.10 141.40 111.30 156.13S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -8.25 6.56 5.40 4.76 5.55Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.67 0.49 0.81 1.08 1.08Fitch 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 3.01 2.71 1.91 1.61 1.72Net Investment Income/Earned Premiums 13.80 17.40 6.34 4.03 5.07Return on Average Equity (C&S) -1.03 9.20 6.42 10.97 8.12Return on Avg Assets -0.32 2.77 2.15 3.34 2.32Loss and LAE Ratio 97.69 70.32 81.47 84.75 78.09Expense Ratio 30.42 35.15 19.26 17.53 24.15Loss Ratio 51.02 -43.27 60.98 36.06 29.65Combined Ratio 128.11 105.48 100.73 102.29 102.23Operating Ratio 113.15 87.48 93.61 98.33 97.17Investment ratio 14.96 18.00 7.12 3.96 5.06


Cash, Short-Term Investments / Liabilities 22.12 27.11 40.25 18.89 17.79Cash, Common & Liquid Bonds / Liabilities 126.25 128.98 136.14 120.36 122.16Cash & Short-Term Investments / C&S 59.00 66.41 100.16 46.05 44.59Liabilities / Liquid Assets (IRIS Ratio) 78.00 76.00 73.00 82.00 78.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 289.41 309.53 263.63 225.17 154.73Cash From Underwriting ($000) 335 -349 3,734 -280 2,128Net Cash From Operations ($000) 525 243 3,950 -139 2,323Underwriting Cash Flow Ratio 109.52 84.17 280.87 94.50 148.97Operating Cash Flow Ratio 116.58 75.94 290.96 99.96 156.23Unassigned Funds / Total Assets 11.77 14.90 17.23 15.90 14.53


GPW to Policyholders' Surplus3 900 --- 151 146 158NPW to Policyholders' Surplus 300 --- 49 81 108Change in Net Premiums Written 33 -33 -18 113* 62*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 99 89 94


MSA: Missoula, MT (Metro)


78.0

76.0

73.0

82.0

78.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3


128.1

105.5 100.7 102.3 102.2

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 46.67 113.60 20.49 48.69 48.43 Gross Change in Policyholders' Surplus 50 -10 13 28 21Net Commission Ratio -0.57 1.14 -0.36 -1.97 NA Net Change in Adj Policyholders' Surplus 25 -10 15 26* 8Salaries & Benefits Ratio 10.26 12.34 7.74 7.99 NA Liabilities to Liquid Assets 100 --- 76 73 82Tax, License & Fees Ratio 6.45 9.54 5.49 6.43 NA Agents' Bal to Policyholders' Surplus 40 --- 9 2 38Admin & Other Expense Ratio 14.28 12.13 6.39 5.09 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -24 0Gross Premiums Written ($000)3 5,967 6,686 8,254 10,853 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -44 -17Loss & Loss Adj Expense ($000) 2,373 1,464 3,333 6,408 5,481 Est Curr Resv Defi/Policyholders' Surplus 25 --- -31 2 83*Other Underwriting Exp Incurred ($000) 801 757 884 1,302 1,691 *Indicates an unusual value.Net Underwriting Gains ($000) -745 -139 -126 -149 -153 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 44.11 32.20 55.62 68.39 NA complements of each ratio.Effective Tax Rate NM 25.66 37.98 28.78 2.39

Pre-Tax Operating Margin -11.66 11.42 6.35 3.73 4.98 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3


REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 8.34 3.77 30.13 18.44 21.47

Reinsurance Recoverable ex US Aff 11,467 12,060 10,018 9,881 NA Net Premiums Written Growth -21.41 -18.20 113.24 61.68 -12.58Retention Ratio (NPW/GPW) (%)3 44.11 32.20 55.62 68.39 NA Pre-Tax Operating Income Growth NM NM -0.07 4.58 NMUnauthorized Net Recov. (ex US Aff) (%) 9.51 15.97 17.22 15.67 NA Net Income Growth NM NM -15.23 102.75 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -6.35 -2.63 37.90 31.74 29.52Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -10.19 12.04 23.45 31.50 -6.68Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 6.31 4.43 9.34 11.42 13.94








Change in Loss & LAE Resv / Reserves -6.35 -2.63 37.90 31.74 29.52 Realized Capital Gains (Losses) 107 253 262 669 1871 Yr Loss Reserve Dev / 1Y Prior C&S 8.42 -14.23 -24.06 -0.18 NA Net Unrealized Capital Gains (Losses) -249 224 1,076 -144 -8922 Yr Loss Reserve Dev / 2Y Prior C&S 2.25 -12.16 -44.20 -16.86 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 256.58 278.10 141.40 111.30 156.13 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 14.62 -26.76 -26.01 -0.13 NA Net Premiums Written / Avg C&S (%) 65.51 49.38 86.77 118.15 103.45IBNR/ Total Reserves 34.19 18.95 21.85 39.36 NA Liabilities / Capital & Surplus (%) 266.75 244.95 248.87 243.76 250.59Reserves/ Equity 145.68 125.52 135.14 147.24 192.61 Total Reins Recov Excl US Aff / C&S (%) 292.98 272.67 176.85 144.26 NA


160.6

219.0 228.6 230.8

01,0002,0003,0004,0005,0006,0007,0008,000

2010Y 2011Y 2012Y 2013Y 2014Y



44.1

32.2

55.6

68.4

0

2,000

4,000

6,000

8,000

10,000

12,000

2011Y 2012Y 2013Y 2014Y 2015L3




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 7,546 7,301 7,152 9,973 11,023 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,967 6,686 8,254 10,853 10,729Common Stocks 3,477 3,982 6,403 7,133 6,983 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,335 -4,533 -3,663 -3,431 -3,724Occupied Properties 0 0 0 0 0 Net Premiums Written 2,632 2,153 4,591 7,423 7,004Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 203 71 500 -138 -15Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,429 2,082 4,091 7,560 7,019

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,309 2,937 5,674 3,154 2,900 Underwriting Deductions ($000)Other Investments 0 0 0 0 7 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 13,333 14,220 19,229 20,261 20,912 Net Losses Paid - Commercial 1,099 243 124 2,349 NAPremiums & Considerations Due 0 390 111 2,572 1,205 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 38 214 314 369 0 Net Losses Paid 1,099 243 124 2,349 NAAll Other Admitted Assets 984 433 108 345 685 Net LAE Paid 1,660 1,371 1,105 1,629 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 14,354 15,256 19,762 23,546 22,803 Change in Loss Reserves - Commercial 140 -1,143 2,371 378 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -526 993 -267 2,052 NA

Unpaid Losses 2,929 1,785 4,156 4,534 6,696 Net Change in Loss and LAE Reserves -387 -150 2,104 2,430 NAUnpaid Loss Adj Expenses 2,773 3,766 3,500 5,552 5,832 Losses and LAE Incurred 2,373 1,464 3,333 6,408 5,481

Loss & Loss Adj Exp Reserves 5,702 5,552 7,655 10,085 12,528 Other Underwriting Expense Incurred 801 757 884 1,302 1,691Unearned Premiums 2,867 2,939 3,438 3,301 988 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,576 1,714 2,604 2,503 1,802 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 141 171 214 672 369 Net Underwriting Gain (Loss) -745 -139 -126 -149 -153Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 155 458 185 136 612 Total underwriting deductions 3,173 2,221 4,217 7,709 7,172



Common Capital Stock 2,072 2,072 2,222 3,022 3,108 Net Realized Capital Gains (Losses) 107 253 262 669 187Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 50 51 32 100 126Surplus Notes 152 77 37 82 82 All Other Income 0 0 89 48 48Unassigned Surplus 1,690 2,273 3,405 3,745 3,314 Income after cap gains (loss) before tax -224 539 548 968 563Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax -183 138 208 279 13

Capital & Surplus 3,914 4,423 5,665 6,850 6,504 Net Income -41 401 340 689 550

Total Liabilities and C&S 14,354 15,256 19,762 23,546 22,803 Pre-tax Operating Income -331 286 286 299 376


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 5,358 5,571 5,566 5,371 7,349Cash & Short Term Investments 0 0 0 0 0 Class 2 1,843 1,824 1,489 1,745 2,459All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 363 375 291 299 355 Class 6 0 0 0 0 0Net Investment Income 363 375 291 299 355 Class 6 0 0 0 0 0Realized Capital Gains 107 253 262 669 187Unrealized Capital Gains -249 224 1,076 -144 -892Total Cash & Investments 13,333 14,220 19,229 20,261 20,912Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 7,546 7,301 7,152 9,973 10,188Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,477 3,982 6,403 7,133 6,983Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 948 785 249 766 1,259

Municipal SecuritiesIssued States & Territories ($000) 1,359 2,008 1,505 0 110Issued Political Subdivisions ($000) 0 0 0 100 595Issued State Rev Obligations ($000) 0 0 0 944 1,725Issued Industrial Development ($000) 0 0 0 100 0


LT Bond 9,973 10,203 10,011 9,763 39,951Common Stock 7,133 7,133 5,834 -- 20,101Preferred Stock 0 0 0 -- 0Total 17,107 17,336 15,846 9,763 --



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 Mexico 3,244 1. Comm'l Auto St 10,853 Cash/Invested Assets 17.32 20.65 29.51 15.57 13.872. Washington 2,463 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,866 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Louisiana 1,429 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Oregon 1,069 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 782 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.03Premiums & Cons due/Total Assets 0.00 2.55 0.56 10.92 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 -1.01 -0.55 -0.30 5.30 17.50 All other admitted assets/Total Assets 6.85 2.84 0.55 1.46 3.01National DPW ($000) 6,644 5,967 6,686 8,254 10,853 Invested Assets/Total Assets 92.88 93.20 97.30 86.05 91.71Adjusted Loss Ratio -65.77 169.40 4.29 37.70 24.31 Investment Income/Total Assets 2.53 2.46 1.47 1.27 1.56





Other Invstmts - 15.6% 0.00 1.00 2.00 3.00 4.00

2011Y2012Y

2013Y

2014Y

2015L3


New Mexico - 29.9% Washington - 22.7%

Montana - 17.2% Louisiana - 13.2%

Oregon - 9.8% All other - 7.2%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 83,910 92,319 104,651 122,368 126,916Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 22,205 25,118 29,236 33,016 34,204Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 61,705 67,202 75,414 89,351 92,712

NAIC Ownership Structure: Stock Company Net Income 1,240 3,732 2,822 2,346 2,366Tax Identification Number : 81-0603029 Total Revenue 32,116 33,473 38,091 38,998 40,545



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 43,422 46,206 52,207 54,648 62,644Demotech Financial Strength Rating A' 11/13/15 Affirm Loss & LAE Reserves/ NPE (%) 138.20 152.45 143.56 149.97 148.55S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 6.73 17.55 10.75 8.22 5.30Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.38 1.31 1.29 1.18 1.17Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk Solutions Global RiskFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch


Net Yield on Invested Assets 4.62 3.69 2.63 2.33 2.05Net Investment Income/Earned Premiums 8.84 7.75 5.51 5.20 4.65Return on Average Equity (C&S) 5.58 15.01 10.22 7.41 7.06Return on Avg Assets 1.56 4.13 2.83 2.09 1.97Loss and LAE Ratio 74.30 63.46 68.02 67.79 70.51Expense Ratio 29.60 29.47 29.07 29.86 29.31Loss Ratio 43.34 34.43 45.14 17.51 8.85Combined Ratio 103.90 92.93 97.09 97.65 99.82Operating Ratio 94.55 84.59 91.25 92.10 94.95Investment ratio 9.35 8.35 5.84 5.56 4.87




GPW to Policyholders' Surplus3 900 --- 162 154 142NPW to Policyholders' Surplus 300 --- 131 129 118Change in Net Premiums Written 33 -33 7 14 4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 88 87 90

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 I t t Yi ld 6 5 3 3 8 2 7* 2 3*

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

99.0

81.0 77.086.0 86.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2011Y 2012Y 2013Y 2014Y 2015L3


103.9

92.9

97.1 97.7

99.8

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2011Y 2012Y 2013Y 2014Y 2015L3



UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Investment Yield 6.5 3 3.8 2.7* 2.3*

Loss Adjustment Expense Ratio 30.96 29.03 22.88 50.28 61.66 Gross Change in Policyholders' Surplus 50 -10 13 16 13Net Commission Ratio 20.10 20.26 20.02 20.07 NA Net Change in Adj Policyholders' Surplus 25 -10 -2 3 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 81 77 86Tax, License & Fees Ratio 1.44 1.89 1.87 2.48 NA Agents' Bal to Policyholders' Surplus 40 --- 2 4 2Admin & Other Expense Ratio 8.06 7.33 7.18 7.31 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -20 -9 -5Gross Premiums Written ($000)3 36,078 40,753 44,896 47,014 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -32 -21Loss & Loss Adj Expense ($000) 21,546 19,403 24,162 24,743 27,000 Est Curr Resv Defi/Policyholders' Surplus 25 --- -34 -15 -12Other Underwriting Exp Incurred ($000) 9,075 9,707 10,960 11,654 11,771 *Indicates an unusual value.Net Underwriting Gains ($000) -1,622 1,465 398 102 -479 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 84.99 80.82 83.98 83.01 NA complements of each ratio.Effective Tax Rate 34.46 30.88 29.21 26.71 28.39

Pre-Tax Operating Margin 4.66 13.04 7.79 6.67 4.38 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3



Reinsurance Recoverable ex US Aff 7,039 11,898 12,119 11,823 NA Net Premiums Written Growth 9.73 7.41 14.47 3.51 11.58Retention Ratio (NPW/GPW) (%)3 84.99 80.82 83.98 83.01 NA Pre-Tax Operating Income Growth 26.85 191.80 -31.98 -12.36 -43.88Unauthorized Net Recov. (ex US Aff) (%) 15.84 14.42 14.89 12.02 NA Net Income Growth 32.92 200.95 -24.37 -16.88 -13.14Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 26.87 6.41 12.99 4.68 16.69Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 8.79 12.96 10.17 4.72 4.27Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 27.21 20.42 19.67 16.91 12.63








Change in Loss & LAE Resv / Reserves 26.87 6.41 12.99 4.68 16.69 Realized Capital Gains (Losses) 397 1,036 1,019 600 1,5301 Yr Loss Reserve Dev / 1Y Prior C&S -5.02 -20.38 -8.86 -4.79 NA Net Unrealized Capital Gains (Losses) 630 1,397 998 1,545 -1,4202 Yr Loss Reserve Dev / 2Y Prior C&S -13.54 -25.73 -31.63 -20.61 NA Dividends to Stockholders -2,986 -4,769 -2,404 -2,498 -2,497Loss and LAE Reserves / NPE 138.20 152.45 143.56 149.97 148.55 Dividend Payout Ratio (%) 240.79 127.81 85.18 106.48 105.511 Yr Loss Reserve Development / NPE -3.58 -14.80 -6.26 -3.84 NA Net Premiums Written / Avg C&S (%) 137.92 132.49 136.55 123.28 119.89IBNR/ Total Reserves 26.68 18.99 18.33 9.67 NA Liabilities / Capital & Surplus (%) 277.89 267.54 257.95 270.63 271.06Reserves/ Equity 195.55 183.96 178.57 165.52 183.15 Total Reins Recov Excl US Aff / C&S (%) 31.70 47.37 41.45 NA NA


217.5187.2

246.5 238.5 237.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2010Y 2011Y 2012Y 2013Y 2014Y



85.0

80.8

84.0

83.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2011Y 2012Y 2013Y 2014Y 2015L3




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,416 -7,817 -7,194 -7,988 -7,678Occupied Properties 0 0 0 0 0 Net Premiums Written 30,663 32,936 37,702 39,026 40,160Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 1,664 2,361 2,182 2,527 1,869Properties for Sale 0 0 0 0 0 Net Premiums Earned 28,999 30,575 35,521 36,499 38,291

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,400 7,131 12,583 10,873 13,135 Underwriting Deductions ($000)Other Investments -23 0 0 26 27 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 61,990 72,723 84,456 91,001 97,354 Net Losses Paid - Commercial 5,376 8,702 9,420 13,552 NAPremiums & Considerations Due 9,011 8,705 10,789 11,455 9,607 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 286 248 403 2,597 0 Net Losses Paid 5,376 8,702 9,420 13,552 NAAll Other Admitted Assets 12,624 10,643 9,002 17,315 19,955 Net LAE Paid 6,972 7,916 8,742 8,032 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 83,910 92,319 104,651 122,368 126,916 Change in Loss Reserves - Commercial 7,192 1,824 6,614 -7,160 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 2,006 960 -613 10,319 NA

Unpaid Losses 35,210 37,034 43,648 36,489 41,523 Net Change in Loss and LAE Reserves 9,198 2,784 6,001 3,159 NAUnpaid Loss Adj Expenses 8,212 9,172 8,559 18,160 21,121 Losses and LAE Incurred 21,546 19,403 24,162 24,743 27,000

Loss & Loss Adj Exp Reserves 43,422 46,206 52,207 54,648 62,644 Other Underwriting Expense Incurred 9,075 9,707 10,960 11,654 11,771Unearned Premiums 17,296 19,657 21,838 24,366 23,754 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 2,066 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 444 543 818 888 1,225 Net Underwriting Gain (Loss) -1,622 1,465 398 102 -479Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 543 796 550 7,383 5,090 Total underwriting deductions 30,621 29,110 35,123 36,397 38,771


Income ($000)Total Capital and Surplus Net Investment Income 2,711 2,552 2,076 2,028 1,866

Common Capital Stock 21,566 24,925 28,285 31,363 33,700 Net Realized Capital Gains (Losses) 397 1,036 1,019 600 1,530Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 343 288 290 263 246Surplus Notes 0 0 0 0 0 All Other Income 63 58 204 207 142Unassigned Surplus 2,446 1,408 1,826 1,674 2,897 Income after cap gains (loss) before tax 1,892 5,399 3,987 3,201 3,305Other Including Gross Contributed -1,806 -1,215 -874 -20 -2,393 Federal Income Tax 652 1,667 1,164 855 938

Capital & Surplus 22,205 25,118 29,236 33,016 34,204 Net Income 1,240 3,732 2,822 2,346 2,366

Total Liabilities and C&S 83,910 92,319 104,651 122,368 126,916 Pre-tax Operating Income 1,495 4,363 2,968 2,601 1,774


Bonds 0 0 0 0 0



Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 546 916Class 4 3,815 4,227 4,321 2,584 2,867


Net Investment Income 2,711 2,552 2,076 2,028 1,866 Class 6 0 0 0 0 0Net Investment Income 2,711 2,552 2,076 2,028 1,866 Class 6 0 0 0 0 0Realized Capital Gains 397 1,036 1,019 600 1,530Unrealized Capital Gains 630 1,397 998 1,545 -1,420Total Cash & Investments 61,990 72,723 84,456 91,001 97,354Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 50,141 53,195 51,653 64,453 74,209Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 9,672 17,297 20,219 22,549 19,583Total 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 1,328 1,713

RMBS ExposureTotal: LT Bond, Res MBS 5,352 2,679 2,036 1,109 849

Municipal SecuritiesIssued States & Territories ($000) 1,004 1,460 1,710 2,252 2,444Issued Political Subdivisions ($000) 2,410 2,001 1,121 1,193 1,109Issued State Rev Obligations ($000) 9,728 11,572 12,630 14,732 15,948Issued Industrial Development ($000) 0 0 0 457 498





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 24,158 1. Med Prof Liab 47,014 Cash/Invested Assets 10.32 9.81 14.90 11.95 13.492. Arizona 3,310 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 3,219 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Connecticut 2,866 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 2,859 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,602 All Other 0 Other Investments/Invested Assets -0.04 0.00 0.00 0.03 0.03Premiums & Cons due/Total Assets 10.74 9.43 10.31 9.36 7.57







Other Invstmts - 12.0% 0.00 2.00 4.00 6.00 8.00 10.00

2011Y2012Y

2013Y

2014Y

2015L3


New York - 51.4% Arizona - 7.0%

Florida - 6.8% Connecticut - 6.1%




Aircraft - 0.0%



All Other - 0.0%


Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 15,724 15,646 14,293 12,882 12,379Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 8,306 7,996 7,738 7,290 6,723

Geographic Focus: Regional - Southern Quadrant Total Liabilities 7,418 7,649 6,556 5,592 5,656NAIC Ownership Structure: Mutual Company Net Income 114 -557 40 -194 -39Tax Identification Number : 63-0980826 Total Revenue 2,834 1,858 2,899 2,361 2,496



AM Best Financial Strength Rating -- 08/22/13 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 4,847 4,276 3,844 3,520 3,459Demotech Financial Strength Rating A 11/25/15 Affirm Loss & LAE Reserves/ NPE (%) 199.40 264.92 137.67 165.45 143.92S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 1.76 -6.74 0.50 -3.35 -1.88Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.32 0.23 0.38 0.32 0.48Fitch Financial Strength Rating -- -- -- --


Name : Susie Pugh 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 1.10 0.45 -0.21 0.35 0.28Net Investment Income/Earned Premiums 6.26 3.67 -1.05 2.07 1.10Return on Average Equity (C&S) 1.43 -6.76 0.53 -2.60 -0.54Return on Avg Assets 0.72 -3.56 0.27 -1.40 -0.30Loss and LAE Ratio 37.38 43.46 42.87 40.40 37.86Expense Ratio 64.55 89.64 54.11 72.56 52.43Loss Ratio 9.50 -15.62 -17.50 38.57 38.21Combined Ratio 101.92 133.10 96.98 112.95 90.29Operating Ratio 95.76 129.36 98.05 110.88 88.84Investment ratio 6.16 3.74 -1.06 2.07 1.45


Cash, Short-Term Investments / Liabilities 23.15 74.96 63.73 73.53 71.09Cash, Common & Liquid Bonds / Liabilities 183.78 186.34 199.97 214.33 204.27Cash & Short-Term Investments / C&S 20.67 71.71 54.00 56.40 59.81Liabilities / Liquid Assets (IRIS Ratio) 54.00 53.00 50.00 46.00 49.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 324.30 337.11 325.22 338.08 261.81Cash From Underwriting ($000) -120 27 -1,326 -1,268 -708Net Cash From Operations ($000) -36 433 -901 -880 -365Underwriting Cash Flow Ratio 95.23 100.79 63.38 56.54 78.49Operating Cash Flow Ratio 95.43 100.79 63.38 56.54 78.49Unassigned Funds / Total Assets 45.76 44.01 46.36 47.97 45.33


GPW to Policyholders' Surplus3 900 --- 43 46 49NPW to Policyholders' Surplus 300 --- 23 38 32Change in Net Premiums Written 33 -33 -31 63* -22Surplus Aid to Policyholders' Surplus 15 --- 0 1 0Two-Year Overall Operating Ratio 100 --- 109* 110* 104*


MSA: Birmingham-Hoover, AL (Metro)


54.053.0

50.0

46.0

49.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015L3


101.9

133.1

97.0

113.0

90.3

-8.00-7.00-6.00-5.00-4.00-3.00-2.00-1.000.001.002.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 27.88 59.08 60.36 1.83 -0.35 Gross Change in Policyholders' Surplus 50 -10 -4 -3 -6Net Commission Ratio -1.72 -2.65 -2.03 -2.37 NA Net Change in Adj Policyholders' Surplus 25 -10 -4 -3 -6Salaries & Benefits Ratio 23.79 35.92 21.87 29.00 NA Liabilities to Liquid Assets 100 --- 53 50 46Tax, License & Fees Ratio 5.52 9.61 4.69 6.34 NA Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 36.96 46.76 29.59 39.59 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -8 -7 -13Gross Premiums Written ($000)3 3,367 3,450 3,529 3,592 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -18 -17Loss & Loss Adj Expense ($000) 998 779 1,256 934 932 Est Curr Resv Defi/Policyholders' Surplus 25 --- -18 13 -7Other Underwriting Exp Incurred ($000) 1,696 1,635 1,605 1,677 1,698 *Indicates an unusual value.Net Underwriting Gains ($000) -25 -622 69 -299 -169 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 78.06 52.86 84.04 64.36 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin 4.93 -29.85 1.32 -10.64 -5.35 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 3.74 -0.50 -8.64 -9.88 -6.31

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 2.05 3.12 -14.30 -14.71 -6.25

Reinsurance Recoverable ex US Aff 4,835 3,185 2,423 3,121 NA Net Premiums Written Growth 17.60 -30.62 62.64 -22.05 6.74Retention Ratio (NPW/GPW) (%)3 78.06 52.86 84.04 64.36 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 2.79 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 -4.77 -11.78 -10.10 -8.43 -10.62Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -3.85 2.46 2.29 1.79 -3.33Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -4.37 -2.45 -4.60 -7.37 -7.37

Capital & Surplus Five-year CAGR 1.84 -2.23 0.09 -2.04 -2.03Admitted Assets Five-year CAGR -1.38 -2.34 -2.23 -4.57 -4.69




Asbestos NA NA NA NA NA Capital and Surplus 8,306 7,996 7,738 7,290 6,723 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,306 7,996 7,738 7,290 NA Combined NA NA NA NA NA ACL Risk Based Capital 941 938 908 874 NA



Change in Loss & LAE Resv / Reserves -4.77 -11.78 -10.10 -8.43 -10.62 Realized Capital Gains (Losses) -26 -2 2 57 951 Yr Loss Reserve Dev / 1Y Prior C&S -23.85 -8.42 -7.18 -13.32 NA Net Unrealized Capital Gains (Losses) -253 249 -99 -216 -4892 Yr Loss Reserve Dev / 2Y Prior C&S -40.00 -18.00 -17.60 -17.10 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 199.40 264.92 137.67 165.45 143.92 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -70.46 -39.02 -19.59 -44.58 NA Net Premiums Written / Avg C&S (%) 33.10 22.14 38.96 30.88 45.63IBNR/ Total Reserves 38.46 39.50 30.98 47.43 NA Liabilities / Capital & Surplus (%) 89.31 95.66 84.72 76.70 84.14Reserves/ Equity 58.36 53.47 49.68 48.29 51.45 Total Reins Recov Excl US Aff / C&S (%) 58.21 39.83 31.31 42.81 NA


405.0

441.2

426.1 425.9

416.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2010Y 2011Y 2012Y 2013Y 2014Y



78.1

52.9

84.0

64.4

0500

1,0001,5002,0002,5003,0003,5004,000

2011Y 2012Y 2013Y 2014Y 2015L3




Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -739 -1,626 -563 -1,280 -238Occupied Properties 820 794 767 741 721 Net Premiums Written 2,628 1,824 2,966 2,312 3,239Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -41 32 35 -1 778Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,669 1,791 2,931 2,313 2,461

Total Real Estate 820 794 767 741 721 Net Adm Cash,Cash Equi, Short-Term Inv 1,717 5,734 4,178 4,112 4,021 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,452 15,048 13,876 12,726 12,276 Net Losses Paid - Commercial 228 162 -297 369 NAPremiums & Considerations Due 71 93 97 80 64 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 960 263 249 15 8 Net Losses Paid 228 162 -297 369 NAAll Other Admitted Assets 240 242 71 61 32 Net LAE Paid 1,013 1,678 1,494 690 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,724 15,646 14,293 12,882 12,379 Change in Loss Reserves - Commercial 26 -442 -216 524 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -269 -620 275 -647 NA

Unpaid Losses 2,580 2,138 1,922 2,445 2,662 Net Change in Loss and LAE Reserves -243 -1,062 59 -124 NAUnpaid Loss Adj Expenses 2,267 2,138 1,922 1,074 797 Losses and LAE Incurred 998 779 1,256 934 932

Loss & Loss Adj Exp Reserves 4,847 4,276 3,844 3,520 3,459 Other Underwriting Expense Incurred 1,696 1,635 1,605 1,677 1,698Unearned Premiums 1,100 1,133 1,168 1,167 1,230 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 918 1,717 986 387 473 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 405 431 443 460 423 Net Underwriting Gain (Loss) -25 -622 69 -299 -169Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 147 92 114 58 72 Total underwriting deductions 2,694 2,413 2,861 2,612 2,630


Income ($000)Total Capital and Surplus Net Investment Income 165 67 -31 48 36

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -26 -2 2 57 95Preferred 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 7,195 6,885 6,626 6,179 5,612 Income after cap gains (loss) before tax 114 -557 40 -194 -39Other Including Gross Contributed 1,111 1,111 1,111 1,111 1,111 Federal Income Tax 0 0 0 0 0

Capital & Surplus 8,306 7,996 7,738 7,290 6,723 Net Income 114 -557 40 -194 -39

Total Liabilities and C&S 15,724 15,646 14,293 12,882 12,379 Pre-tax Operating Income 140 -555 38 -251 -133


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 9,557 9,907 6,490 6,908 6,219Cash & Short Term Investments 0 0 0 0 0 Class 2 252 250 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 165 67 -31 48 36 Class 6 0 0 0 0 0Net Investment Income 165 67 31 48 36 Class 6 0 0 0 0 0Realized Capital Gains -26 -2 2 57 95Unrealized Capital Gains -253 249 -99 -216 -489Total Cash & Investments 14,452 15,048 13,876 12,726 12,276Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 10,158 6,490 6,908 6,219 6,197Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,758 2,030 2,023 1,654 1,336Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 820 794 767 741 721

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



RMBS ExposureTotal: LT Bond, Res MBS 844 160 659 856 2,117

Municipal SecuritiesIssued States & Territories ($000) 490 0 0 0 0Issued Political Subdivisions ($000) 348 0 0 0 0Issued State Rev Obligations ($000) 752 513 4,779 4,995 2,849Issued Industrial Development ($000) 770 766 1,031 1,042 506





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 3,534 1. Oth, Prod Liab Cmbnd 3,592 Cash/Invested Assets 11.88 38.10 30.11 32.31 32.762. Tennessee 58 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 9.87 9.93 9.92 10.17 10.733. 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 5.67 5.27 5.53 5.82 5.88



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 -2.81 -4.10 -3.91 -1.88 -0.87 All other admitted assets/Total Assets 1.53 1.55 0.50 0.48 0.26National DPW ($000) 3,502 3,367 3,450 3,529 3,592 Invested Assets/Total Assets 91.91 96.18 97.08 98.79 99.16Adjusted Loss Ratio -7.54 54.04 5.86 -26.19 62.98 Investment Income/Total Assets 1.05 0.43 -0.22 0.37 0.29





Other Invstmts - 38.1% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Alabama - 98.4% Tennessee - 1.6%

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) 2011Y 2012Y 2013Y 2014Y 2015L3

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 11,784 13,631 17,382 18,788 20,908Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,802 4,678 4,764 4,784 4,756Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 6,981 8,952 12,618 14,004 16,152

NAIC Ownership Structure: Risk Retention Group Net Income 535 87 27 51 122Tax Identification Number : 52-2395338 Total Revenue 1,249 3,094 6,750 7,744 8,247

Direct Premiums Written 4,802 6,186 7,517 8,966 9,431Net Premiums Written 960 5,084 6,944 7,925 8,296


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,323 5,570 8,526 9,735 10,542Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 631.45 159.94 106.20 125.85 122.97S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.70 2.72 0.16 1.00 3.87Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.20 1.09 1.46 1.66 1.74Fitch 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 35.26 37.90 64.76 49.33 14.17Cash, Common & Liquid Bonds / Liabilities 138.48 127.48 128.02 135.46 96.31Cash & Short-Term Investments / C&S 51.26 72.53 171.51 144.41 48.13Liabilities / Liquid Assets (IRIS Ratio) 72.00 78.00 85.00 99.00 102.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 598.23 314.63 186.38 139.56 106.29Cash From Underwriting ($000) 252 2,132 2,882 -728 206Net Cash From Operations ($000) 285 1,923 3,263 -481 614Underwriting Cash Flow Ratio 126.15 201.70 170.21 90.90 102.52Operating Cash Flow Ratio 138.45 218.69 164.90 91.16 102.34Unassigned Funds / Total Assets 20.30 16.64 13.54 12.63 11.22


GPW to Policyholders' Surplus3 900 --- 132 158 187NPW to Policyholders' Surplus 300 --- 109 146 166Change in Net Premiums Written 33 -33 429* 37* 14Surplus Aid to Policyholders' Surplus 15 --- 6 0 0Two-Year Overall Operating Ratio 100 --- 70 92 98


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

72.078.0

85.0

99.0 102.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3


46.1

87.6

100.5 100.6 100.4

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 24.91 39.46 21.82 36.84 28.26 Gross Change in Policyholders' Surplus 50 -10 -3 2 0Net Commission Ratio -73.45 1.38 16.37 12.48 NA Net Change in Adj Policyholders' Surplus 25 -10 -3 2 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 78 85 99Tax, License & Fees Ratio 2.92 0.42 0.14 0.12 NA Agents' Bal to Policyholders' Surplus 40 --- 10 15 23Admin & Other Expense Ratio 86.65 15.80 11.80 23.84 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -19 -23Gross Premiums Written ($000)3 4,802 6,186 7,521 8,969 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -34 -27Loss & Loss Adj Expense ($000) 337 2,070 4,776 4,808 5,090 Est Curr Resv Defi/Policyholders' Surplus 25 --- 546* 98* -1Other Underwriting Exp Incurred ($000) 155 894 1,966 2,888 2,968 *Indicates an unusual value.Net Underwriting Gains ($000) 630 -9 -122 -202 -179 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 82.18 92.32 88.36 NA complements of each ratio.Effective Tax Rate 29.57 30.96 -75.53 NM -3.79


Admitted Assets Growth -64.66 15.67 27.52 8.09 2.94


Reinsurance Recoverable ex US Aff 19,091 14,334 6,614 4,140 NA Net Premiums Written Growth -21.59 429.34 36.59 14.12 7.31Retention Ratio (NPW/GPW) (%)3 20.00 82.18 92.32 88.36 NA Pre-Tax Operating Income Growth 161.30 -82.83 -94.06 530.86 1,955.75Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 244.90 -83.82 -68.94 90.98 170.55Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.06 0.03 NA Loss & Loss Adj Exp Reserves Growth -81.80 28.84 53.06 14.18 3.19Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -21.59 28.82 21.53 19.27 8.06Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -25.42 -23.83 -17.61 -14.94 -12.95

Capital & Surplus Five-year CAGR 5.81 1.97 2.06 2.87 1.98Admitted Assets Five-year CAGR -19.04 -19.03 -14.27 -12.00 -10.60




Asbestos NA NA NA NA NA Capital and Surplus 4,802 4,678 4,764 4,784 4,756 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,802 4,678 4,764 4,784 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,089 933 989 1,584 NA



Change in Loss & LAE Resv / Reserves -81.80 28.84 53.06 14.18 3.19 Realized Capital Gains (Losses) 2 -5 8 -48 -711 Yr Loss Reserve Dev / 1Y Prior C&S -18.27 -9.02 -19.11 -22.81 NA Net Unrealized Capital Gains (Losses) -39 89 60 -32 -2482 Yr Loss Reserve Dev / 2Y Prior C&S -30.96 -25.58 -33.90 -26.59 NA Dividends to Stockholders 0 -300 0 0 0Loss and LAE Reserves / NPE 631.45 159.94 106.20 125.85 122.97 Dividend Payout Ratio (%) 0.00 346.76 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -70.20 -14.65 -13.50 -14.51 NA Net Premiums Written / Avg C&S (%) 21.18 106.17 147.12 163.45 170.17IBNR/ Total Reserves 29.78 37.86 23.91 30.11 NA Liabilities / Capital & Surplus (%) 145.38 191.37 264.83 292.74 339.63Reserves/ Equity 90.02 119.07 178.94 203.50 221.66 Total Reins Recov Excl US Aff / C&S (%) 397.54 306.41 138.82 86.54 NA


166.1

220.6250.7 240.9

151.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y



20.0

82.292.3 88.4

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2011Y 2012Y 2013Y 2014Y 2015L3




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 6,259 6,459 4,479 3,289 3,331 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,802 6,186 7,517 8,966 9,431Common Stocks 947 1,560 2,099 3,950 9,935 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,841 -1,102 -573 -1,041 -1,135Occupied Properties 0 0 0 0 0 Net Premiums Written 960 5,084 6,944 7,925 8,296Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -161 2,129 324 431 417Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,121 2,955 6,620 7,494 7,879

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,462 3,393 8,171 6,908 2,289 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,667 11,412 14,750 14,147 15,556 Net Losses Paid - Commercial 287 449 926 1,707 NAPremiums & Considerations Due 371 454 718 1,098 1,350 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 850 490 0 622 285 Net Losses Paid 287 449 926 1,707 NAAll Other Admitted Assets 895 1,274 1,914 2,921 3,717 Net LAE Paid 470 374 895 1,892 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 11,784 13,631 17,382 18,788 20,908 Change in Loss Reserves - Commercial -229 455 2,407 341 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -191 792 549 868 NA

Unpaid Losses 2,965 3,419 5,826 6,167 6,866 Net Change in Loss and LAE Reserves -420 1,247 2,956 1,209 NAUnpaid Loss Adj Expenses 1,359 2,151 2,700 3,568 3,675 Losses and LAE Incurred 337 2,070 4,776 4,808 5,090

Loss & Loss Adj Exp Reserves 4,323 5,570 8,526 9,735 10,542 Other Underwriting Expense Incurred 155 894 1,966 2,888 2,968Unearned Premiums 484 2,613 2,937 3,368 4,094 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,010 238 546 277 884 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 619 531 605 624 619 Net Underwriting Gain (Loss) 630 -9 -122 -202 -179Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 546 0 5 0 14 Total underwriting deductions 491 2,964 6,742 7,696 8,058



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains (Losses) 2 -5 8 -48 -71Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 -3Surplus Notes 0 0 0 0 0 All Other Income 0 0 -14 0 0Unassigned Surplus 2,392 2,268 2,354 2,373 2,345 Income after cap gains (loss) before tax 759 125 15 1 118Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal Income Tax 224 39 -12 -51 -4

Capital & Surplus 4,802 4,678 4,764 4,784 4,756 Net Income 535 87 27 51 122

Total Liabilities and C&S 11,784 13,631 17,382 18,788 20,908 Pre-tax Operating Income 757 130 8 49 189

Memo: Total Revenue 1,250 3,090 6,757 7,696 8,175Memo: Affiliated Investments ($000) Memo: Paid Expenses 87 1,125 3,024 4,821 NA

Bonds 0 0 0 0 0





Net Investment Income 128 139 144 251 371 Class 6 0 0 0 0 0Net Investment Income 128 139 144 251 371 Class 6 0 0 0 0 0Realized Capital Gains 2 -5 8 -48 -71Unrealized Capital Gains -39 89 60 -32 -248Total Cash & Investments 9,667 11,412 14,750 14,147 15,556Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 6,259 6,459 5,883 8,112 3,331Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 947 1,560 2,099 3,950 9,935Total 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 1,803 1,360 755 1,114






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 3,383 1. Med Prof Liab 8,966 Cash/Invested Assets 25.46 29.73 55.40 48.83 14.712. California 1,959 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,014 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 467 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 374 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 -13.99 -22.20 -16.27 -3.92 5.29 All other admitted assets/Total Assets 7.60 9.35 11.01 15.55 17.78National DPW ($000) 6,124 4,802 6,186 7,517 8,966 Invested Assets/Total Assets 82.04 83.73 84.85 75.30 74.40Adjusted Loss Ratio 35.09 4.82 -17.54 9.17 12.79 Investment Income/Total Assets 1.08 1.02 0.83 1.34 1.78





Other Invstmts - 48.8% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


New York - 37.7% California - 21.8%

Florida - 11.3% Kentucky - 5.2%




Aircraft - 0.0%



All Other - 0.0%


CareConcepts Ins Inc. A RRG (Greenwich, CT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Four Greenwich Office Park NAIC Company Code : 15089 Total Assets NA NA 2,092 3,364 4,183Second Floor Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA NA 811 978 1,095Greenwich, CT 06831-5153 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities NA NA 1,281 2,386 3,088

NAIC Ownership Structure: Stock Company Net Income NA NA -36 75 230Tax Identification Number : 46-2358912 Total Revenue NA NA 555 1,186 1,862

Direct Premiums Written NA NA 1,467 2,250 2,592Net Premiums Written NA NA 768 1,465 1,569

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA 555 1,175 1,836

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA 413 1,313 2,449Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA 69.64 102.33S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA 10.10 24.76Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 0.95 1.50 1.43Fitch Financial Strength Rating -- -- -- --


Name : Nancy Velasquez Auditor Saslow Lufkin & Buggy LLPPhone : (303) 469-8450 Actuary Oliver Wyman Actuarial CnsltgFax : (303) 469-8450 CEO --Email : [email protected] CFO --

President Michael J. Benenson


Net Yield on Invested Assets NA NA NA 0.69 1.02Net Investment Income/Earned Premiums NA NA 0.00 0.77 1.67Return on Average Equity (C&S) NA NA NA 8.23 20.19Return on Avg Assets NA NA NA 2.54 5.27Loss and LAE Ratio NA NA 45.78 52.10 36.18Expense Ratio NA NA 46.30 32.87 58.39Loss Ratio NA NA 22.89 26.65 26.34Combined Ratio NA NA 92.07 84.97 94.58Operating Ratio NA NA 92.07 84.02 93.15Investment ratio NA NA 0.00 0.95 1.43

Policyholder Dividend Ratio NA NA 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Cash, Short-Term Investments / Liabilities NA NA 108.87 20.49 1.51Cash, Common & Liquid Bonds / Liabilities NA NA 108.87 90.59 64.12Cash & Short-Term Investments / C&S NA NA 172.11 49.99 4.27Liabilities / Liquid Assets (IRIS Ratio) NA NA 92.00 107.00 150.00Affiliated Investments / Capital & Surplus NA NA 0.00 0.00 0.00Reserve coverage2 NA NA 143.05 133.61 67.87Cash From Underwriting ($000) NA NA 648 904 610Net Cash From Operations ($000) NA NA 648 823 633Underwriting Cash Flow Ratio NA NA 283.79 284.63 148.85Operating Cash Flow Ratio NA NA 283.79 303.36 148.85Unassigned Funds / Total Assets NA NA -1.73 1.87 2.34


GPW to Policyholders' Surplus3 900 --- NA 181 230NPW to Policyholders' Surplus 300 --- NA 95 150Change in Net Premiums Written 33 -33 NA NA 91*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 NA 87

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 I t t Yi ld 6 5 3 NA NA 0 6*

MSA: Bridgeport-Stamford-Norwalk, CT (Metro)


92.0

107.0

150.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2011Y 2012Y 2013Y 2014Y 2015L3


92.1

85.0

94.6

0.00

5.00

10.00

15.00

20.00

25.00

2011Y 2012Y 2013Y 2014Y 2015L3



UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Investment Yield 6.5 3 NA NA 0.6*

Loss Adjustment Expense Ratio NA NA 22.89 25.45 9.84 Gross Change in Policyholders' Surplus 50 -10 NA 999* 21Net Commission Ratio NA NA 0.41 5.53 NA Net Change in Adj Policyholders' Surplus 25 -10 NA 999* 12Salaries & Benefits Ratio NA NA 0.00 0.00 NA Liabilities to Liquid Assets 100 --- NA 92 107*Tax, License & Fees Ratio NA NA 3.69 3.92 NA Agents' Bal to Policyholders' Surplus 40 --- NA 0 0Admin & Other Expense Ratio NA NA 42.20 23.42 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA -3Gross Premiums Written ($000)3 NA NA 1,467 2,250 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA 254 612 664 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA 356 482 825 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA -55 81 255 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA 52.38 65.11 NA complements of each ratio.Effective Tax Rate NA NA NM 18.60 19.66

Pre-Tax Operating Margin NA NA -9.85 7.79 15.12 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth NA NA NA 60.80 38.95

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth NA NA NA 86.20 49.08

Reinsurance Recoverable ex US Aff NA NA 0 657 NA Net Premiums Written Growth NA NA NA 90.69 2.99Retention Ratio (NPW/GPW) (%)3 NA NA 52.38 65.11 NA Pre-Tax Operating Income Growth NA NA NA NM 104.40Unauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth NA NA NA NM 76.44Nonaffiliated Reins Assumed / GPW (%) NA NA 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA NA 217.93 125.18Reinsurance Payable on Losses, LAE NA NA 0 0 NA Direct Premiums Written Growth NA NA NA 53.40 20.61Reinsurance on Known Case Reserves NA NA 0 0 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 811 978 1,095 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 811 978 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 171 294 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 474.94 332.72 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 237.47 166.36 NA

Change in Loss & LAE Resv / Reserves NA NA NA 217.93 125.18 Realized Capital Gains (Losses) NA NA 0 0 41 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA -2.59 NA Net Unrealized Capital Gains (Losses) NA NA 0 17 -1572 Yr Loss Reserve Dev / 2Y Prior C&S NA NA 0.00 0.00 NA Dividends to Stockholders NA NA 0 0 0Loss and LAE Reserves / NPE NA NA NA 69.64 102.33 Dividend Payout Ratio (%) NA NA 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA NA 0.00 -1.79 NA Net Premiums Written / Avg C&S (%) NA NA NA 160.24 138.02IBNR/ Total Reserves NA NA 30.66 18.86 NA Liabilities / Capital & Surplus (%) NA NA 158.10 244.01 281.91Reserves/ Equity NA NA 50.94 134.23 223.54 Total Reins Recov Excl US Aff / C&S (%) NA NA 0.00 67.18 NA


237.5

166.4

0

200

400

600

800

1,000

1,200

2010Y 2011Y 2012Y 2013Y 2014Y



52.4

65.1

0

500

1,000

1,500

2,000

2,500

2011Y 2012Y 2013Y 2014Y 2015L3




CareConcepts Ins Inc. A RRG (Greenwich, CT)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds NA NA 0 205 102 Personal P&C Direct Premiums NA NA 0 0 0Preferred Stocks NA NA 0 62 70 Commercial P&C Direct Premiums NA NA 1,467 2,250 2,592Common Stocks NA NA 0 1,468 1,832 Accident & Health Direct Premiums NA NA 0 0 NA

First Lien Real Estate Loans NA NA 0 0 0 Direct Premiums Written NA NA 1,467 2,250 2,592Real Estate Loans Less First Liens NA NA 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 NA NA -698 -785 -1,023Occupied Properties NA NA 0 0 0 Net Premiums Written NA NA 768 1,465 1,569Income Generating Properties NA NA 0 0 0 Change in U/E Premiums Reserve NA NA 213 290 -267Properties for Sale NA NA 0 0 0 Net Premiums Earned NA NA 555 1,175 1,836

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA 1,395 489 47 Underwriting Deductions ($000)Other Investments NA NA 0 -7 -2 Net Losses Paid - Personal NA NA 0 0 NASubtotals, Cash & Invested Assets NA NA 1,395 2,216 2,048 Net Losses Paid - Commercial NA NA 0 0 NAPremiums & Considerations Due NA NA 0 0 0 Net Losses Paid - A&H NA NA 0 0 NAReinsurance Recoverable NA NA 508 817 0 Net Losses Paid NA NA 0 0 NAAll Other Admitted Assets NA NA 189 330 2,136 Net LAE Paid NA NA 0 37 NASeparate Account Assets NA NA 0 0 0 Change in Loss Reserves - Personal NA NA 0 0 NATotal Net Admitted Assets NA NA 2,092 3,364 4,183 Change in Loss Reserves - Commercial NA NA 127 313 NA

Change in Loss Reserves - A&H NA NA 0 0 NALiabilities Change in LAE Reserves NA NA 127 262 NA

Unpaid Losses NA NA 206 693 1,629 Net Change in Loss and LAE Reserves NA NA 254 576 NAUnpaid Loss Adj Expenses NA NA 206 620 819 Losses and LAE Incurred NA NA 254 612 664

Loss & Loss Adj Exp Reserves NA NA 413 1,313 2,449 Other Underwriting Expense Incurred NA NA 356 482 825Unearned Premiums NA NA 562 838 569 Other Underwriting Deductions NA NA 0 0 91Total Reinsurance Liabilities NA NA 233 161 0 Net Income Protected Cells NA NA 0 0 0Commissions, Other Exp & Taxes NA NA 46 74 52 Net Underwriting Gain (Loss) NA NA -55 81 255Payable to Parent, Subs & Affiliates NA NA 0 0 0 Policyholder Dividends (PHD) NA NA 0 0 0Other Liabilities NA NA 27 0 18 Total underwriting deductions NA NA 610 1,094 1,580

Total Liabilities NA NA 1,281 2,386 3,088

Income ($000)Total Capital and Surplus Net Investment Income NA NA 0 11 26

Common Capital Stock NA NA 147 215 297 Net Realized Capital Gains (Losses) NA NA 0 0 4Preferred Capital Stock NA NA 0 0 0 Finance Service Charges NA NA 0 0 0Surplus Notes NA NA 600 600 600 All Other Income NA NA 0 0 0Unassigned Surplus NA NA -36 63 98 Income after cap gains (loss) before tax NA NA -55 92 286Other Including Gross Contributed NA NA 100 100 100 Federal Income Tax NA NA -19 17 56

Capital & Surplus NA NA 811 978 1,095 Net Income NA NA -36 75 230

Total Liabilities and C&S NA NA 2,092 3,364 4,183 Pre-tax Operating Income NA NA -55 92 282

Memo: Total Revenue NA NA 555 1,186 1,866Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA 310 490 NA

Bonds NA NA 0 0 0

Preferred Stocks NA NA 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks NA NA 0 0 0 Investment GradeMortgage Loans NA NA 0 0 0 Class 1 NA NA NA 0 205Cash & Short Term Investments NA NA 0 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA 0 0 0 Non - Investment Grade

Total Affiliated Investments NA NA 0 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Class 5 NA NA NA 0 0

Net Investment Income NA NA 0 11 26 Class 6 NA NA NA 0 0Net Investment Income NA NA 0 11 26 Class 6 NA NA NA 0 0Realized Capital Gains NA NA 0 0 4Unrealized Capital Gains NA NA 0 17 -157Total Cash & Investments NA NA 1,395 2,216 2,048Affiliated Cash & Investments NA NA 0 0 0Total Bonds (incl Short-Term) NA NA 0 205 102Total Preferred Stock (incl Nonadmitted) NA NA 0 62 70Total Common Stock (incl Nonadmitted) NA NA 0 1,468 1,832Total Mortgage Loans (incl Nonadmitted) NA NA 0 0 0Total Real Estate (incl Nonadmitted) NA NA 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) NA NA 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 (%) NA NA 0.00 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 NA NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 NA NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0


LT Bond 205 198 205 0 607Common Stock 1,468 1,468 1,437 -- 4,374Preferred Stock 62 62 60 -- 183Total 1,734 1,727 1,702 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA NA 0.00 0.00 0.00Bonds/Invested Assets NA NA 0.00 9.23 4.97Common Stocks / C&S NA NA 0.00 150.13 167.20Unaff common stock/Invested Assets NA NA 0.00 66.25 89.43

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA 0.00 6.29 6.421. New York 2,250 1. Med Prof Liab 2,250 Cash/Invested Assets NA NA 100.00 22.06 2.282. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA 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 NA NA 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 0 All Other 0 Other Investments/Invested Assets NA NA 0.00 -0.31 -0.12Premiums & Cons due/Total Assets NA NA 0.00 0.00 0.00

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Reinsurance recoverable/Total Assets NA NA 24.28 24.30 0.00

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 9.04 9.82 51.05National DPW ($000) NA NA NA 1,467 2,250 Invested Assets/Total Assets NA NA 66.69 65.88 48.95Adjusted Loss Ratio NA NA NA 21.95 24.64 Investment Income/Total Assets NA NA 0.00 0.33 0.63





Other Invstmts - 21.7% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


New York - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

2700 North Third Street NAIC Company Code : 11976 Total Assets 14,707 15,755 16,228 19,841 22,099Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,096 8,402 8,289 10,082 10,752Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 8,611 7,353 7,940 9,759 11,347

NAIC Ownership Structure: Stock Company Net Income 816 2,924 575 1,672 805Tax Identification Number : 20-1145017 Total Revenue 4,055 4,043 3,627 3,373 3,998





Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Cas Actuarial Consultants Inc.Fax : (800) 963-7276 CEO Sean MintzEmail : [email protected] CFO --

President Vicente M. Juan


Net Yield on Invested Assets 2.56 2.07 1.85 1.94 1.42Net Investment Income/Earned Premiums 7.81 7.19 7.54 9.08 6.35Return on Average Equity (C&S) 13.83 44.01 6.69 18.17 7.80Return on Avg Assets 5.84 18.96 3.66 9.16 3.90Loss and LAE Ratio 53.23 -18.79 63.44 -0.68 43.58Expense Ratio 25.12 23.27 23.97 32.11 34.68Loss Ratio 42.52 -26.22 34.77 -16.87 36.22Combined Ratio 78.35 4.48 87.41 31.42 78.26Operating Ratio 71.04 -2.43 80.49 22.04 71.81Investment ratio 7.32 6.92 6.92 9.38 6.45


Cash, Short-Term Investments / Liabilities 18.56 71.68 9.66 9.10 11.46Cash, Common & Liquid Bonds / Liabilities 136.06 246.26 166.14 176.15 162.76Cash & Short-Term Investments / C&S 26.22 62.73 9.26 8.81 12.09Liabilities / Liquid Assets (IRIS Ratio) 73.00 56.00 61.00 58.00 62.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 148.69 219.82 230.53 367.35 359.30Cash From Underwriting ($000) 2,201 1,637 -791 1,049 983Net Cash From Operations ($000) 2,232 1,713 -1,757 1,502 690Underwriting Cash Flow Ratio 216.78 181.16 74.41 144.01 133.09Operating Cash Flow Ratio 228.98 192.35 113.77 141.10 157.47Unassigned Funds / Total Assets 23.77 36.83 35.05 37.71 36.89


GPW to Policyholders' Surplus3 900 --- 45 66 68NPW to Policyholders' Surplus 300 --- 43 38 32Change in Net Premiums Written 33 -33 3 -14 2Surplus Aid to Policyholders' Surplus 15 --- 0 2 0Two-Year Overall Operating Ratio 100 --- 34 37 53




73.0

56.061.0

58.062.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3


78.4

4.5

87.4

31.4

78.3

0.005.00

10.0015.0020.0025.0030.0035.0040.0045.0050.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 10.72 7.43 28.67 16.18 7.36 Gross Change in Policyholders' Surplus 50 -10 38 -1 22Net Commission Ratio 11.51 10.35 5.16 2.35 NA Net Change in Adj Policyholders' Surplus 25 -10 38* -1 22Salaries & Benefits Ratio 4.65 5.12 6.97 9.14 NA Liabilities to Liquid Assets 100 --- 56 61 58Tax, License & Fees Ratio 2.17 1.46 2.66 7.11 NA Agents' Bal to Policyholders' Surplus 40 --- 1 3 3Admin & Other Expense Ratio 6.78 6.33 9.19 13.50 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -10 -29Gross Premiums Written ($000)3 4,099 3,751 5,463 6,884 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -42 -47 -19Loss & Loss Adj Expense ($000) 2,011 -710 2,152 -21 1,637 Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 -15 -11Other Underwriting Exp Incurred ($000) 889 846 747 1,022 1,323 *Indicates an unusual value.Net Underwriting Gains ($000) 878 3,646 493 2,083 796 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 86.32 96.95 57.03 46.26 NA complements of each ratio.Effective Tax Rate 31.41 30.21 20.29 29.38 27.45



REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 17.55 -14.61 7.98 22.91 19.37

Reinsurance Recoverable ex US Aff 332 402 375 505 NA Net Premiums Written Growth -18.42 2.78 -14.32 2.20 239.18Retention Ratio (NPW/GPW) (%)3 86.32 96.95 57.03 46.26 NA Pre-Tax Operating Income Growth 75.07 238.43 -81.37 225.76 -57.70Unauthorized Net Recov. (ex US Aff) (%) 25.60 25.37 -0.53 5.74 NA Net Income Growth 61.44 258.49 -80.33 190.67 -53.75Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 19.40 -27.60 -3.02 -25.94 9.63Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -6.83 -8.49 45.64 26.01 18.85Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 18.91 11.58 9.44 11.85 11.38






Risk Based Capital Ratio (TAC/ACL RBC) 933.09 1,839.90 2,315.26 1,608.14 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 466.54 919.95 1,157.63 804.07 NA

Change in Loss & LAE Resv / Reserves 19.40 -27.60 -3.02 -25.94 9.63 Realized Capital Gains (Losses) 35 282 -6 -4 711 Yr Loss Reserve Dev / 1Y Prior C&S -11.18 -40.44 -10.50 -28.90 NA Net Unrealized Capital Gains (Losses) 47 -127 -89 121 -1382 Yr Loss Reserve Dev / 2Y Prior C&S -34.94 -41.82 -46.96 -18.85 NA Dividends to Stockholders -420 -490 -600 0 0Loss and LAE Reserves / NPE 162.36 176.20 143.04 132.75 90.22 Dividend Payout Ratio (%) 51.49 16.76 104.30 0.00 0.001 Yr Loss Reserve Development / NPE -16.73 -65.18 -26.02 -77.68 NA Net Premiums Written / Avg C&S (%) 60.01 54.74 36.21 34.60 36.93IBNR/ Total Reserves 25.24 31.19 34.85 33.63 NA Liabilities / Capital & Surplus (%) 141.27 87.51 95.79 96.80 105.53Reserves/ Equity 106.89 56.14 55.19 33.60 31.07 Total Reins Recov Excl US Aff / C&S (%) 5.45 4.78 4.52 5.01 NA


410.5 466.5

919.9

1,157.6

804.1

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y



86.396.9

57.046.3

01,0002,0003,0004,0005,0006,0007,0008,000

2011Y 2012Y 2013Y 2014Y 2015L3




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 7,997 7,866 10,679 10,261 12,888 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,099 3,751 5,463 6,884 8,025Common Stocks 2,120 0 1,411 5,440 4,103 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -561 -115 -2,347 -3,700 -4,210Occupied Properties 0 0 0 0 0 Net Premiums Written 3,538 3,636 3,116 3,184 3,814Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -240 -145 -276 100 58Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,778 3,782 3,392 3,084 3,756

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,598 5,271 767 888 1,300 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 11,716 13,136 12,857 16,589 18,291 Net Losses Paid - Commercial 396 487 1,520 513 NAPremiums & Considerations Due 183 84 272 281 348 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 45 0 0 Net Losses Paid 396 487 1,520 513 NAAll Other Admitted Assets 2,808 2,534 3,054 2,970 3,460 Net LAE Paid 556 601 774 653 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 14,707 15,755 16,228 19,841 22,099 Change in Loss Reserves - Commercial 1,210 -1,478 -341 -1,033 NA


Unpaid Losses 5,343 3,865 3,524 2,492 2,645 Net Change in Loss and LAE Reserves 1,059 -1,798 -143 -1,187 NAUnpaid Loss Adj Expenses 1,172 852 1,050 896 695 Losses and LAE Incurred 2,011 -710 2,152 -21 1,637

Loss & Loss Adj Exp Reserves 6,516 4,717 4,575 3,388 3,341 Other Underwriting Expense Incurred 889 846 747 1,022 1,323Unearned Premiums 1,587 1,442 1,165 1,266 1,750 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 259 154 1,638 3,935 5,271 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 214 165 290 361 306 Net Underwriting Gain (Loss) 878 3,646 493 2,083 796Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 35 875 271 810 679 Total underwriting deductions 2,900 136 2,899 1,001 2,960



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) 35 282 -6 -4 71Preferred 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 3,496 5,802 5,689 7,482 8,152 Income after cap gains (loss) before tax 1,189 4,190 722 2,368 1,110Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal Income Tax 374 1,266 146 696 305

Capital & Surplus 6,096 8,402 8,289 10,082 10,752 Net Income 816 2,924 575 1,672 805

Total Liabilities and C&S 14,707 15,755 16,228 19,841 22,099 Pre-tax Operating Income 1,155 3,908 728 2,372 1,039


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 6,492 7,997 12,837 9,672 10,862Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 1,340 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 276 262 235 289 242 Class 6 0 0 0 0 0Net Investment Income 276 262 235 289 242 Class 6 0 0 0 0 0Realized Capital Gains 35 282 -6 -4 71Unrealized Capital Gains 47 -127 -89 121 -138Total Cash & Investments 11,716 13,136 12,857 16,589 18,291Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 7,997 12,837 11,013 10,862 13,065Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,120 0 1,411 5,440 4,103Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 783 4,748 5,192Issued 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





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 2,555 1. Med Prof Liab 6,884 Cash/Invested Assets 13.64 40.12 5.97 5.35 7.112. Texas 1,984 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,893 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 231 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Georgia 220 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 18.13 10.26 10.60 11.48 12.47 All other admitted assets/Total Assets 19.09 16.09 18.82 14.97 15.66National DPW ($000) 4,399 4,099 3,751 5,463 6,884 Invested Assets/Total Assets 79.66 83.38 79.23 83.61 82.77Adjusted Loss Ratio 50.76 48.23 -25.22 28.29 18.47 Investment Income/Total Assets 1.88 1.66 1.45 1.46 1.10





Other Invstmts - 5.4% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Arizona - 37.1% Texas - 28.8% Florida - 27.5%

Michigan - 3.4% Georgia - 3.2% 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) 2011Y 2012Y 2013Y 2014Y 2015L3

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA 4,775 9,365 12,572 15,384Suite 210 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA 1,512 2,103 2,048 3,512Scottsdale, AZ 85255-6254 Geographic Focus: National Total Liabilities NA 3,263 7,262 10,524 11,872

NAIC Ownership Structure: Stock Company Net Income NA -133 672 -156 -127Tax Identification Number : 45-5591447 Total Revenue NA 937 4,490 2,722 3,545

Direct Premiums Written NA 3,964 5,433 4,365 4,650Net Premiums Written NA 2,806 4,240 3,438 3,723

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA 937 4,486 2,701 3,507

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA 710 4,185 6,457 6,064Demotech Financial Strength Rating A 11/18/15 Affirm Loss & LAE Reserves/ NPE (%) NA NA 52.36 210.47 182.78S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA 61.32 -4.59 -3.15Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA 1.86 2.02 1.68 1.06Fitch Financial Strength Rating -- -- -- --


Name : Temperance Wick Robins Auditor Saslow Lufkin & Buggy LLPPhone : (480) 320-2978 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 0.16 0.38 0.48Net Investment Income/Earned Premiums NA 0.02 0.11 0.62 1.02Return on Average Equity (C&S) NA NA 40.34 -7.22 -4.58Return on Avg Assets NA NA 10.36 -1.46 -1.00Loss and LAE Ratio NA 75.91 79.72 113.90 63.83Expense Ratio NA 7.66 -2.52 -7.41 37.42Loss Ratio NA 37.12 36.72 66.46 21.51Combined Ratio NA 83.57 77.20 106.50 101.25Operating Ratio NA 83.52 77.09 105.70 100.17Investment ratio NA 0.06 0.10 0.80 1.08

Policyholder Dividend Ratio NA 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Cash, Short-Term Investments / Liabilities NA 34.18 15.05 12.70 4.73Cash, Common & Liquid Bonds / Liabilities NA 79.93 69.16 74.76 74.05Cash & Short-Term Investments / C&S NA 73.78 51.97 65.26 15.99Liabilities / Liquid Assets (IRIS Ratio) NA 172.00 180.00 147.00 141.00Affiliated Investments / Capital & Surplus NA 0.00 0.00 0.00 0.00Reserve coverage2 NA 86.76 71.96 84.01 78.84Cash From Underwriting ($000) NA 691 2,570 3,405 1,485Net Cash From Operations ($000) NA 540 2,065 3,181 1,414Underwriting Cash Flow Ratio NA 880.13 2,022.43 652.64 138.13Operating Cash Flow Ratio NA 1,049.38 2,411.35 694.60 141.04Unassigned Funds / Total Assets NA 0.25 6.44 4.36 6.58


GPW to Policyholders' Surplus3 900 --- 262 258 213NPW to Policyholders' Surplus 300 --- 186 202 168Change in Net Premiums Written 33 -33 NA 51* -19Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- NA 80 87

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 I t t Yi ld 6 5 3 NA 0 2* 0 4*



172.0180.0

147.0 141.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015L3


83.677.2

106.5101.2

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2011Y 2012Y 2013Y 2014Y 2015L3



UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Investment Yield 6.5 3 NA 0.2* 0.4*

Loss Adjustment Expense Ratio NA 38.79 43.00 47.45 42.32 Gross Change in Policyholders' Surplus 50 -10 999* 50* -3Net Commission Ratio NA 0.83 1.69 1.82 NA Net Change in Adj Policyholders' Surplus 25 -10 999* 50* -3Salaries & Benefits Ratio NA 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 172* 180* 147*Tax, License & Fees Ratio NA 1.87 4.34 4.49 NA Agents' Bal to Policyholders' Surplus 40 --- 171* 145* 138*Admin & Other Expense Ratio NA 4.96 -8.56 -13.72 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 18 -60Gross Premiums Written ($000)3 NA 3,964 5,433 4,365 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA 0 4Loss & Loss Adj Expense ($000) NA 711 3,576 3,076 2,238 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA -219Other Underwriting Exp Incurred ($000) NA 215 493 508 449 *Indicates an unusual value.Net Underwriting Gains ($000) NA 11 1,017 -121 -125 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA 70.78 78.05 78.76 NA complements of each ratio.Effective Tax Rate NA NM 35.28 NM NM

Pre-Tax Operating Margin NA 1.19 22.75 -3.65 -2.45 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth NA NA 96.13 34.24 13.35

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth NA NA 122.54 44.93 8.26

Reinsurance Recoverable ex US Aff NA 345 674 856 NA Net Premiums Written Growth NA NA 51.13 -18.92 8.79Retention Ratio (NPW/GPW) (%)3 NA 70.78 78.05 78.76 NA Pre-Tax Operating Income Growth NA NA NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA 0.00 0.00 0.00 NA Net Income Growth NA NA NM NM NMNonaffiliated Reins Assumed / GPW (%) NA 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA 489.43 54.29 -3.93Reinsurance Payable on Losses, LAE NA 0 0 0 NA Direct Premiums Written Growth NA NA 37.05 -19.65 0.77Reinsurance on Known Case Reserves NA 0 0 0 NA Total Liabilities Five-year CAGR NA NA NA NA 31.79

Capital & Surplus Five-year CAGR NA NA NA NA 33.47Admitted Assets Five-year CAGR NA NA NA NA 32.16




Asbestos NA NA NA NA NA Capital and Surplus NA 1,512 2,103 2,048 3,512 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,512 2,103 2,048 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 157 570 567 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA 964.68 368.97 361.12 NA


Change in Loss & LAE Resv / Reserves NA NA 489.43 54.29 -3.93 Realized Capital Gains (Losses) NA 0 17 2 21 Yr Loss Reserve Dev / 1Y Prior C&S NA NA 16.54 -60.48 NA Net Unrealized Capital Gains (Losses) NA 0 24 24 -542 Yr Loss Reserve Dev / 2Y Prior C&S NA 0.00 0.00 3.91 NA Dividends to Stockholders NA 0 0 0 0Loss and LAE Reserves / NPE NA NA 52.36 210.47 182.78 Dividend Payout Ratio (%) NA 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA 0.00 5.57 -47.11 NA Net Premiums Written / Avg C&S (%) NA NA 254.59 158.66 134.88IBNR/ Total Reserves NA 36.24 41.74 26.96 NA Liabilities / Capital & Surplus (%) NA 215.83 345.25 513.95 338.08Reserves/ Equity NA 46.96 198.95 315.30 172.68 Total Reins Recov Excl US Aff / C&S (%) NA 22.82 32.04 41.80 NA


482.3

184.5 180.6

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y



70.8

78.178.8

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds NA 411 2,389 4,569 6,212 Personal P&C Direct Premiums NA 0 0 0 0Preferred Stocks NA 0 0 0 0 Commercial P&C Direct Premiums NA 3,964 5,433 4,365 4,650Common Stocks NA 366 555 1,270 1,630 Accident & Health Direct Premiums NA 0 0 0 NA

First Lien Real Estate Loans NA 0 0 0 0 Direct Premiums Written NA 3,964 5,433 4,365 4,650Real Estate Loans Less First Liens NA 0 0 0 0

Total Mortgage Loans NA 0 0 0 0 Net Reinsurance Premiums5 NA -1,158 -1,192 -927 -927Occupied Properties NA 0 0 0 0 Net Premiums Written NA 2,806 4,240 3,438 3,723Income Generating Properties NA 0 0 0 0 Change in U/E Premiums Reserve NA 1,869 -245 737 216Properties for Sale NA 0 0 0 0 Net Premiums Earned NA 937 4,486 2,701 3,507

Total Real Estate NA 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA 1,115 1,093 1,336 562 Underwriting Deductions ($000)Other Investments NA 0 -16 -23 -5 Net Losses Paid - Personal NA 0 0 0 NASubtotals, Cash & Invested Assets NA 1,893 4,020 7,153 8,398 Net Losses Paid - Commercial NA 0 25 56 NAPremiums & Considerations Due NA 2,582 3,586 2,820 4,901 Net Losses Paid - A&H NA 0 0 0 NAReinsurance Recoverable NA 0 1,281 1,784 1,317 Net Losses Paid NA 0 25 56 NAAll Other Admitted Assets NA 300 478 816 767 Net LAE Paid NA 363 1,929 1,281 NASeparate Account Assets NA 0 0 0 0 Change in Loss Reserves - Personal NA 0 0 0 NATotal Net Admitted Assets NA 4,775 9,365 12,572 15,384 Change in Loss Reserves - Commercial NA 348 1,622 1,739 NA

Change in Loss Reserves - A&H NA 0 0 0 NALiabilities Change in LAE Reserves NA 0 0 0 NA

Unpaid Losses NA 348 2,042 3,781 3,197 Net Change in Loss and LAE Reserves NA 348 1,622 1,739 NAUnpaid Loss Adj Expenses NA 362 2,143 2,676 2,867 Losses and LAE Incurred NA 711 3,576 3,076 2,238

Loss & Loss Adj Exp Reserves NA 710 4,185 6,457 6,064 Other Underwriting Expense Incurred NA 215 493 508 449Unearned Premiums NA 1,869 2,339 3,076 4,588 Other Underwriting Deductions NA 0 -600 -763 944Total Reinsurance Liabilities NA 557 607 927 996 Net Income Protected Cells NA 0 0 0 0Commissions, Other Exp & Taxes NA 128 131 65 92 Net Underwriting Gain (Loss) NA 11 1,017 -121 -125Payable to Parent, Subs & Affiliates NA 0 0 0 0 Policyholder Dividends (PHD) NA 0 0 0 0Other Liabilities NA 0 0 0 132 Total underwriting deductions NA 926 3,469 2,821 3,631

Total Liabilities NA 3,263 7,262 10,524 11,872

Income ($000)Total Capital and Surplus Net Investment Income NA 1 5 21 38

Common Capital Stock NA 1,500 1,500 1,500 2,500 Net Realized Capital Gains (Losses) NA 0 17 2 2Preferred Capital Stock NA 0 0 0 0 Finance Service Charges NA 0 0 0 0Surplus Notes NA 0 0 0 0 All Other Income NA 0 0 0 0Unassigned Surplus NA 12 603 548 1,012 Income after cap gains (loss) before tax NA 11 1,038 -98 -85Other Including Gross Contributed NA 0 0 0 0 Federal Income Tax NA 144 366 59 41

Capital & Surplus NA 1,512 2,103 2,048 3,512 Net Income NA -133 672 -156 -127

Total Liabilities and C&S NA 4,775 9,365 12,572 15,384 Pre-tax Operating Income NA 11 1,021 -99 -87

Memo: Total Revenue NA 937 4,507 2,724 3,546Memo: Affiliated Investments ($000) Memo: Paid Expenses NA 578 2,422 1,789 NA

Bonds NA 0 0 0 0

Preferred Stocks NA 0 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks NA 0 0 0 0 Investment GradeMortgage Loans NA 0 0 0 0 Class 1 NA NA 1,127 3,375 5,262Cash & Short Term Investments NA 0 0 0 0 Class 2 NA NA 0 0 0All Other Investments NA 0 0 0 0 Non - Investment Grade

Total Affiliated Investments NA 0 0 0 0 Class 3 NA NA 0 0 0Class 4 NA NA 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Class 5 NA NA 0 0 0

Net Investment Income NA 1 5 21 38 Class 6 NA NA 0 0 0Net Investment Income NA 1 5 21 38 Class 6 NA NA 0 0 0Realized Capital Gains NA 0 17 2 2Unrealized Capital Gains NA 0 24 24 -54Total Cash & Investments NA 1,893 4,020 7,153 8,398Affiliated Cash & Investments NA 0 0 0 0Total Bonds (incl Short-Term) NA 1,127 3,375 5,262 6,600Total Preferred Stock (incl Nonadmitted) NA 0 0 0 0Total Common Stock (incl Nonadmitted) NA 366 555 1,270 1,630Total Mortgage Loans (incl Nonadmitted) NA 0 0 0 0Total Real Estate (incl Nonadmitted) NA 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) NA 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 (%) NA 0.00 0.00 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 NA 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 NA 0 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA 0 0 0Issued Political Subdivisions ($000) NA NA 0 0 0Issued State Rev Obligations ($000) NA NA 0 0 0Issued Industrial Development ($000) NA NA 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA 0.00 0.00 0.00 0.00Bonds/Invested Assets NA 21.74 59.42 63.88 73.97Common Stocks / C&S NA 24.19 26.37 62.03 46.41Unaff common stock/Invested Assets NA 19.33 13.80 17.76 19.41

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA 0.00 0.00 0.00 0.001. Arizona 509 1. Med Prof Liab 4,365 Cash/Invested Assets NA 58.94 27.19 18.68 6.692. New Jersey 509 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA 0.00 0.00 0.00 0.003. Florida 359 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New Mexico 316 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA 0.00 0.00 0.00 0.005. Indiana 275 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA 0.00 0.00 0.00 0.00

All Other 2,397 All Other 0 Other Investments/Invested Assets NA 0.00 -0.41 -0.32 -0.06Premiums & Cons due/Total Assets NA 54.08 38.29 22.43 31.86

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Reinsurance recoverable/Total Assets NA 0.00 13.68 14.19 8.56

Market Share Ratio NA NA 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA 6.28 5.11 6.49 4.99National DPW ($000) NA NA 3,964 5,433 4,365 Invested Assets/Total Assets NA 39.63 42.93 56.89 54.59Adjusted Loss Ratio NA NA 31.39 33.36 40.69 Investment Income/Total Assets NA 0.01 0.05 0.17 0.25





Other Invstmts - 18.4% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Arizona - 11.7% New Jersey - 11.7%

Florida - 8.2% New Mexico - 7.2%

Indiana - 6.3% All other - 54.9%



Aircraft - 0.0%



All Other - 0.0%


Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

2386 Airport Road NAIC Company Code : 10075 Total Assets 5,674 5,365 5,369 5,275 5,040Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,405 3,373 3,305 3,237 3,082

Geographic Focus: Geography Minimum NPW Total Liabilities 2,269 1,992 2,063 2,039 1,959NAIC Ownership Structure: Risk Retention Group Net Income -64 15 -52 -61 -82Tax Identification Number : 03-0310577 Total Revenue 685 547 490 581 576

Direct Premiums Written 1,166 944 1,226 1,142 979Net Premiums Written 561 405 493 567 480


AM Best Financial Strength Rating -- 05/02/14 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 1,820 1,641 1,629 1,558 1,586Demotech Financial Strength Rating A 11/23/15 Affirm Loss & LAE Reserves/ NPE (%) 347.05 360.71 375.62 302.11 307.63S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -7.21 -3.90 -6.27 -4.53 -3.91Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.16 0.12 0.15 0.18 0.16Fitch 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 1.49 1.09 0.99 1.01 1.62Net Investment Income/Earned Premiums 14.80 12.53 9.54 8.35 15.44Return on Average Equity (C&S) -1.84 0.44 -1.58 -1.88 -2.59Return on Avg Assets -1.05 0.27 -0.96 -1.15 -1.58Loss and LAE Ratio 60.07 29.08 45.26 41.43 40.23Expense Ratio 102.30 131.91 100.88 89.41 103.72Loss Ratio -50.18 22.51 -31.81 60.14 38.69Combined Ratio 162.37 160.99 146.14 130.84 143.95Operating Ratio 148.58 150.78 135.52 121.99 129.18Investment ratio 13.79 10.22 10.62 8.85 14.77


Cash, Short-Term Investments / Liabilities 67.35 66.76 75.04 78.64 77.78Cash, Common & Liquid Bonds / Liabilities 277.99 272.92 282.01 245.15 231.16Cash & Short-Term Investments / C&S 44.87 39.43 46.84 49.53 49.44Liabilities / Liquid Assets (IRIS Ratio) 45.00 45.00 45.00 43.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 364.60 377.08 358.13 376.13 245.67Cash From Underwriting ($000) -833 -780 124 -5 -80Net Cash From Operations ($000) -696 -697 204 74 -5Underwriting Cash Flow Ratio 41.83 34.91 137.77 99.12 85.95Operating Cash Flow Ratio 41.83 34.91 137.10 99.12 85.95Unassigned Funds / Total Assets 52.93 55.90 54.85 54.70 54.26


GPW to Policyholders' Surplus3 900 --- 28 37 35NPW to Policyholders' Surplus 300 --- 12 15 18Change in Net Premiums Written 33 -33 -28 22 15Surplus Aid to Policyholders' Surplus 15 --- 2 2 1Two-Year Overall Operating Ratio 100 --- 149* 141* 128*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

45.0 45.0 45.0

43.0

45.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3


162.4 161.0146.1

130.8144.0

-3.00-2.50-2.00-1.50-1.00-0.500.000.501.001.502.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 110.25 6.58 77.07 -18.71 1.54 Gross Change in Policyholders' Surplus 50 -10 -1 -2 -2Net Commission Ratio 18.16 20.15 14.04 18.08 NA Net Change in Adj Policyholders' Surplus 25 -10 0 -2 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 45 45 43Tax, License & Fees Ratio 14.18 10.65 6.45 5.46 NA Agents' Bal to Policyholders' Surplus 40 --- 2 4 2Admin & Other Expense Ratio 69.96 101.11 80.40 65.87 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -3 -5Gross Premiums Written ($000)3 1,166 944 1,226 1,142 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -7 -6Loss & Loss Adj Expense ($000) 362 144 201 221 202 Est Curr Resv Defi/Policyholders' Surplus 25 --- -10 -11 3Other Underwriting Exp Incurred ($000) 574 534 498 507 498 *Indicates an unusual value.Net Underwriting Gains ($000) -334 -182 -255 -194 -198 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 48.13 42.87 40.24 49.62 NA complements of each ratio.Effective Tax Rate NM -3.79 NM NM NM

Pre-Tax Operating Margin -36.59 -23.99 -42.44 -25.18 -21.51 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth -9.25 -5.45 0.07 -1.74 -2.13

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth -14.83 -12.19 3.57 -1.20 -0.63

Reinsurance Recoverable ex US Aff 2,734 2,604 2,212 2,218 NA Net Premiums Written Growth -8.86 -27.89 21.91 14.87 -11.34Retention Ratio (NPW/GPW) (%)3 48.13 42.87 40.24 49.62 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 -11.86 -9.87 -0.68 -4.37 -3.04Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -12.11 -19.05 29.87 -6.83 -20.24Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -6.24 -8.93 -9.54 -8.21 -8.88

Capital & Surplus Five-year CAGR -2.83 -3.81 -1.58 -2.34 -2.81Admitted Assets Five-year CAGR -4.28 -5.91 -5.13 -4.87 -5.45







Change in Loss & LAE Resv / Reserves -11.86 -9.87 -0.68 -4.37 -3.04 Realized Capital Gains (Losses) 119 146 81 56 -321 Yr Loss Reserve Dev / 1Y Prior C&S -11.93 -4.79 -3.08 -4.90 NA Net Unrealized Capital Gains (Losses) 6 -42 -3 -6 -372 Yr Loss Reserve Dev / 2Y Prior C&S -18.99 -10.14 -7.21 -5.84 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 347.05 360.71 375.62 302.11 307.63 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -71.11 -32.86 -23.47 -30.33 NA Net Premiums Written / Avg C&S (%) 16.13 12.02 14.88 17.52 15.16IBNR/ Total Reserves 19.52 23.29 9.41 25.10 NA Liabilities / Capital & Surplus (%) 66.62 59.07 62.42 62.99 63.57Reserves/ Equity 53.46 48.65 49.30 48.15 51.47 Total Reins Recov Excl US Aff / C&S (%) 80.29 77.21 66.92 68.53 NA


456.1

438.7

464.3

496.9486.4

0500

1,0001,5002,0002,5003,0003,5004,000

2010Y 2011Y 2012Y 2013Y 2014Y



48.142.9 40.2

49.6

0

200

400

600

800

1,000

1,200

1,400

2011Y 2012Y 2013Y 2014Y 2015L3




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 2,608 2,497 2,320 2,256 2,085 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,166 944 1,226 1,142 979Common Stocks 884 567 705 903 696 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,166 944 1,226 1,142 979Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -605 -539 -732 -575 -499Occupied Properties 0 0 0 0 0 Net Premiums Written 561 405 493 567 480Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -41 -92 50 32 -22Properties for Sale 0 0 0 0 0 Net Premiums Earned 602 496 443 534 502

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,528 1,330 1,548 1,603 1,524 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,020 4,393 4,573 4,762 4,305 Net Losses Paid - Commercial 255 260 38 101 NAPremiums & Considerations Due 76 51 131 75 44 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 299 646 258 102 55 Net Losses Paid 255 260 38 101 NAAll Other Admitted Assets 278 275 406 337 636 Net LAE Paid 352 64 174 192 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 5,674 5,365 5,369 5,275 5,040 Change in Loss Reserves - Commercial -557 -148 -179 220 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 312 -31 168 -291 NA

Unpaid Losses 555 407 228 449 475 Net Change in Loss and LAE Reserves -245 -180 -11 -71 NAUnpaid Loss Adj Expenses 1,265 1,234 1,401 1,110 1,111 Losses and LAE Incurred 362 144 201 221 202

Loss & Loss Adj Exp Reserves 1,820 1,641 1,629 1,558 1,586 Other Underwriting Expense Incurred 574 534 498 507 498Unearned Premiums 306 215 265 297 166 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 36 25 63 33 19 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 111 105 150 187 Net Underwriting Gain (Loss) -334 -182 -255 -194 -198Payable 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 936 678 698 728 700



Common Capital Stock 38 36 36 35 32 Net Realized Capital Gains (Losses) 119 146 81 56 -32Preferred 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 3,003 2,999 2,945 2,885 2,735 Income after cap gains (loss) before tax -132 14 -127 -90 -156Other Including Gross Contributed 364 338 325 316 314 Federal Income Tax -68 -1 -74 -29 -74

Capital & Surplus 3,405 3,373 3,305 3,237 3,082 Net Income -64 15 -52 -61 -82

Total Liabilities and C&S 5,674 5,365 5,369 5,275 5,040 Pre-tax Operating Income -251 -131 -208 -146 -124

Memo: Total Revenue 804 692 571 638 544Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,063 603 683 694 NA

Bonds 0 0 0 0 0





Net Investment Income 83 51 47 47 74 Class 6 0 0 0 0 0Net Investment Income 83 51 47 47 74 Class 6 0 0 0 0 0Realized Capital Gains 119 146 81 56 -32Unrealized Capital Gains 6 -42 -3 -6 -37Total Cash & Investments 5,020 4,393 4,573 4,762 4,305Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,894 3,541 3,566 2,492 2,309Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 884 567 705 903 696Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0







LT Bond 2,256 2,256 2,289 2,191 8,993Common Stock 903 903 736 -- 2,541Preferred Stock 0 0 0 -- 0Total 3,159 3,159 3,025 2,191 --



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 356 1. Oth, Prod Liab Cmbnd 1,142 Cash/Invested Assets 30.44 30.27 33.86 33.67 35.392. Illinois 125 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Wisconsin 107 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. California 98 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. West Virginia 58 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 -7.86 -14.45 -17.25 -10.13 -5.58 All other admitted assets/Total Assets 4.91 5.12 7.57 6.38 12.63National DPW ($000) 1,326 1,166 944 1,226 1,142 Invested Assets/Total Assets 88.48 81.89 85.18 90.27 85.41Adjusted Loss Ratio 3.04 -53.59 -103.26 -31.30 58.92 Investment Income/Total Assets 1.46 0.94 0.88 0.90 1.47





Other Invstmts - 33.7% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Colorado - 31.2% Illinois - 10.9%

Wisconsin - 9.3% California - 8.5%

West Virginia - 5.1% All other - 34.9%



Aircraft - 0.0%



All Other - 0.0%


Continuing Care RRG Inc. (Charleston, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

126 Seven Farms Drive NAIC Company Code : 11798 Total Assets 4,595 3,695 4,383 4,664 5,030First Citizens Plaza, Suite One Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,365 2,937 2,855 2,158 2,385Charleston, SC 29492-8142 Geographic Focus: Regional - Western Quadrant Total Liabilities 1,230 758 1,528 2,507 2,646

NAIC Ownership Structure: Risk Retention Group Net Income 787 -451 -217 -987 -46Tax Identification Number : 20-0221911 Total Revenue 3,890 2,733 3,226 3,452 3,883



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 535 98 13 1,383 2,011Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 39.99 37.20 21.73 33.29 51.24S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 23.31 -18.47 -7.10 -56.46 -3.04Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.16 0.93 1.13 1.60 1.67Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 0.03 -0.08 -0.08 -0.02 -0.02Net Investment Income/Earned Premiums 0.02 -0.05 -0.02 -0.01 -0.01Return on Average Equity (C&S) 26.80 -14.71 -7.28 -37.34 -2.02Return on Avg Assets 14.20 -8.78 -4.26 -16.65 -0.77Loss and LAE Ratio 39.25 55.43 77.24 103.75 66.85Expense Ratio 43.19 65.35 29.30 39.49 34.01Loss Ratio 21.20 45.78 47.53 70.11 37.09Combined Ratio 82.44 120.77 106.54 143.24 100.85Operating Ratio 82.42 120.83 106.56 143.25 100.87Investment ratio 0.02 -0.05 -0.02 -0.01 -0.01


Cash, Short-Term Investments / Liabilities 205.07 68.20 116.41 79.49 49.63Cash, Common & Liquid Bonds / Liabilities 205.07 68.20 116.41 79.49 49.63Cash & Short-Term Investments / C&S 74.96 17.60 62.33 92.36 55.06Liabilities / Liquid Assets (IRIS Ratio) 49.00 147.00 86.00 126.00 201.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 468.43 536.75 5,693.07 86.43 53.67Cash From Underwriting ($000) 489 -2,178 1,129 -77 -876Net Cash From Operations ($000) 491 -2,177 1,128 -77 -876Underwriting Cash Flow Ratio 115.57 55.68 136.27 97.69 74.82Operating Cash Flow Ratio 115.57 55.68 136.27 97.69 74.82Unassigned Funds / Total Assets -33.87 -58.36 -54.15 -72.05 -64.08


GPW to Policyholders' Surplus3 900 --- 109 119 234NPW to Policyholders' Surplus 300 --- 93 113 160Change in Net Premiums Written 33 -33 -30 18 7Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 98 113* 126*


MSA: Charleston-North Charleston, SC (Metro)


49.0

147.0

86.0

126.0

201.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3


82.4

120.8106.5

143.2

100.9

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 18.06 9.64 29.71 33.65 29.76 Gross Change in Policyholders' Surplus 50 -10 -13* -3 -24*Net Commission Ratio 9.24 9.78 8.72 14.53 NA Net Change in Adj Policyholders' Surplus 25 -10 -18* -7 -35*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 147* 86 126*Tax, License & Fees Ratio 4.51 5.25 1.75 1.39 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 29.44 50.31 18.83 23.57 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -3 0Gross Premiums Written ($000)3 4,276 3,209 3,383 5,059 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -15 -3Loss & Loss Adj Expense ($000) 1,526 1,514 2,492 3,582 2,596 Est Curr Resv Defi/Policyholders' Surplus 25 --- -1 0 -64Other Underwriting Exp Incurred ($000) 1,679 1,785 945 1,363 1,357 *Indicates an unusual value.Net Underwriting Gains ($000) 683 -568 -211 -1,493 -69 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.92 85.13 95.36 68.24 NA complements of each ratio.Effective Tax Rate -14.96 NM NM NM NM

Pre-Tax Operating Margin 17.61 -20.72 -6.56 -43.24 -1.78 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 26.43 -19.59 18.61 6.42 -5.89

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 14.55 -38.36 101.60 64.01 -17.04

Reinsurance Recoverable ex US Aff -15 10 -1,012 -797 NA Net Premiums Written Growth -25.47 -29.72 18.10 6.99 17.77Retention Ratio (NPW/GPW) (%)3 90.92 85.13 95.36 68.24 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 29.93 -81.66 -86.27 NM 32.87Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -26.53 -24.94 5.42 49.52 -15.16Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -12.10 -21.07 -1.89 1.20 -1.60






Risk Based Capital Ratio (TAC/ACL RBC) 577.88 426.80 1,032.78 293.93 NA


Change in Loss & LAE Resv / Reserves 29.93 -81.66 -86.27 NM 32.87 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 3.44 -12.15 -3.20 -0.46 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -11.87 -14.94 -3.20 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 39.99 37.20 21.73 33.29 51.24 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 2.26 -14.97 -2.91 -0.38 NA Net Premiums Written / Avg C&S (%) 132.28 89.11 108.31 130.56 175.14IBNR/ Total Reserves 40.21 23.13 0.66 24.86 NA Liabilities / Capital & Surplus (%) 36.55 25.81 53.54 116.19 110.93Reserves/ Equity 15.91 3.34 0.47 64.12 84.31 Total Reins Recov Excl US Aff / C&S (%) -0.45 0.34 -35.45 -36.94 NA


185.2

288.9

213.4

516.4

147.0

0500

1,0001,5002,0002,5003,0003,5004,000

2010Y 2011Y 2012Y 2013Y 2014Y



90.985.1

95.4

68.2

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3




Continuing Care RRG Inc. (Charleston, SC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

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 4,276 3,209 3,383 5,059 4,234Common 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 -388 -477 -157 -1,607 -245Occupied Properties 0 0 0 0 0 Net Premiums Written 3,887 2,732 3,227 3,452 3,989Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 105Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,887 2,732 3,227 3,452 3,883

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,523 517 1,779 1,993 1,313 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,523 517 1,779 1,993 1,313 Net Losses Paid - Commercial 892 1,447 1,609 1,454 NAPremiums & Considerations Due 0 -18 -13 -41 76 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 892 1,447 1,609 1,454 NAAll Other Admitted Assets 2,073 3,196 2,617 2,712 3,641 Net LAE Paid 510 516 968 758 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 4,595 3,695 4,383 4,664 5,030 Change in Loss Reserves - Commercial -68 -197 -76 966 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 192 -252 -9 404 NA

Unpaid Losses 285 89 13 979 1,295 Net Change in Loss and LAE Reserves 123 -449 -85 1,370 NAUnpaid Loss Adj Expenses 250 9 0 404 715 Losses and LAE Incurred 1,526 1,514 2,492 3,582 2,596

Loss & Loss Adj Exp Reserves 535 98 13 1,383 2,011 Other Underwriting Expense Incurred 1,679 1,785 945 1,363 1,357Unearned Premiums 0 0 0 0 436 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 15 -10 1,012 797 11 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 680 658 494 327 187 Net Underwriting Gain (Loss) 683 -568 -211 -1,493 -69Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 12 9 0 0 Total underwriting deductions 3,205 3,300 3,437 4,945 3,953

Total Liabilities 1,230 758 1,528 2,507 2,646

Income ($000)Total Capital and Surplus Net Investment Income 1 -1 -1 0 0

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 1 3 0 0 0Surplus Notes 0 0 0 175 175 All Other Income 0 0 0 0 0Unassigned Surplus -1,557 -2,157 -2,373 -3,361 -3,223 Income after cap gains (loss) before tax 685 -566 -212 -1,493 -69Other Including Gross Contributed 4,922 5,094 5,228 5,343 5,433 Federal Income Tax -102 -115 5 -505 -23

Capital & Surplus 3,365 2,937 2,855 2,158 2,385 Net Income 787 -451 -217 -987 -46

Total Liabilities and C&S 4,595 3,695 4,383 4,664 5,030 Pre-tax Operating Income 685 -566 -212 -1,493 -69


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 0 0Cash & 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 1 -1 -1 0 0 Class 6 0 0 0 0 0Net Investment Income 1 1 1 0 0 Class 6 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 2,523 517 1,779 1,993 1,313Affiliated 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 3,734 1. Med Prof Liab 3,794 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 1,130 2. Oth, Prod Liab Cmbnd 1,265 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Maryland 95 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New Mexico 50 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Vermont 35 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 14 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 -0.48 -0.30 -0.87 1.51


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 7.91 -3.19 -10.35 -9.07 -1.49 All other admitted assets/Total Assets 45.11 86.49 59.70 58.15 72.39National DPW ($000) 5,820 4,276 3,209 3,383 5,059 Invested Assets/Total Assets 54.89 13.99 40.60 42.72 26.10Adjusted Loss Ratio 61.89 19.27 38.98 45.33 82.32 Investment Income/Total Assets 0.02 -0.04 -0.02 -0.01 -0.01





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


California - 73.8% Arizona - 22.3%

Maryland - 1.9% New Mexico - 1.0%

Vermont - 0.7% All other - 0.3%




Aircraft - 0.0%


All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA 2,743 3,316 4,164 4,808Suite Six Business Focus : P&C Minimum NPW Policyholder Surplus NA 1,802 1,900 2,043 1,985Washington, DC 20009-1013 Geographic Focus: Geography Minimum NPW Total Liabilities NA 941 1,416 2,121 2,823

NAIC Ownership Structure: Risk Retention Group Net Income NA -11 25 148 121Tax Identification Number : 45-4057491 Total Revenue NA 1,012 678 880 996

Direct Premiums Written NA 3,023 3,200 3,286 3,698Net Premiums Written NA 1,004 669 852 993

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA 1,004 669 852 958

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA 769 1,311 1,918 2,311Demotech Financial Strength Rating A 11/18/15 Affirm Loss & LAE Reserves/ NPE (%) NA NA 155.09 184.93 212.63S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA 3.17 8.24 3.03Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA 0.56 0.35 0.42 0.50Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : (202) 802-1439 CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA 0.27 0.67 0.81Net Investment Income/Earned Premiums NA 0.81 1.37 3.32 3.84Return on Average Equity (C&S) NA NA 1.34 7.35 5.81Return on Avg Assets NA NA 0.70 3.34 2.44Loss and LAE Ratio NA 76.57 81.64 71.37 82.31Expense Ratio NA 18.88 10.85 12.49 14.57Loss Ratio NA 38.77 22.34 133.26 130.46Combined Ratio NA 95.45 92.49 83.85 96.88Operating Ratio NA 94.63 91.11 80.54 92.90Investment ratio NA 0.81 1.37 3.32 3.98

Policyholder Dividend Ratio NA 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Cash, Short-Term Investments / Liabilities NA 114.64 94.51 11.91 3.32Cash, Common & Liquid Bonds / Liabilities NA 250.64 232.78 188.69 161.16Cash & Short-Term Investments / C&S NA 59.88 70.45 12.36 4.72Liabilities / Liquid Assets (IRIS Ratio) NA 40.00 45.00 53.00 62.00Affiliated Investments / Capital & Surplus NA 0.00 0.00 0.00 0.00Reserve coverage2 NA 526.49 496.10 459.95 177.74Cash From Underwriting ($000) NA 632 816 770 744Net Cash From Operations ($000) NA 596 787 901 749Underwriting Cash Flow Ratio NA 2,034.89 522.86 1,080.48 396.73Operating Cash Flow Ratio NA 2,237.00 557.83 1,001.74 433.90Unassigned Funds / Total Assets NA 0.97 3.77 6.45 6.38


GPW to Policyholders' Surplus3 900 --- 168 168 161NPW to Policyholders' Surplus 300 --- 56 35 42Change in Net Premiums Written 33 -33 NA -33* 27Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- NA 93 85

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 I t t Yi ld 6 5 3 NA 0 3* 0 8*



40.045.0

53.0

62.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3


95.4

92.5

83.9

96.9

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2011Y 2012Y 2013Y 2014Y 2015L3



UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Investment Yield 6.5 3 NA 0.3* 0.8*

Loss Adjustment Expense Ratio NA 37.79 59.30 -61.89 -48.15 Gross Change in Policyholders' Surplus 50 -10 3 5 8Net Commission Ratio NA -13.29 -28.71 -22.86 NA Net Change in Adj Policyholders' Surplus 25 -10 2 5 8Salaries & Benefits Ratio NA 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 40 45 53Tax, License & Fees Ratio NA 9.57 12.85 10.63 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio NA 22.61 26.70 24.72 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -7 1Gross Premiums Written ($000)3 NA 3,023 3,200 3,286 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA 0 -9Loss & Loss Adj Expense ($000) NA 769 546 608 788 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA -40Other Underwriting Exp Incurred ($000) NA 190 73 106 145 *Indicates an unusual value.Net Underwriting Gains ($000) NA 46 50 138 25 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA 33.22 20.91 25.92 NA complements of each ratio.Effective Tax Rate NA 118.29 52.60 10.87 -47.64

Pre-Tax Operating Margin NA 5.32 8.77 18.84 6.30 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth NA NA 20.91 25.57 13.24

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth NA NA 50.49 49.74 28.66

Reinsurance Recoverable ex US Aff NA 1,689 3,356 4,818 NA Net Premiums Written Growth NA NA -33.40 27.33 17.73Retention Ratio (NPW/GPW) (%)3 NA 33.22 20.91 25.92 NA Pre-Tax Operating Income Growth NA NA 10.29 178.93 -66.55Unauthorized Net Recov. (ex US Aff) (%) NA 0.00 0.00 0.00 NA Net Income Growth NA NA NM 488.75 19.49Nonaffiliated Reins Assumed / GPW (%) NA 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA NA 70.47 46.31 36.29Reinsurance Payable on Losses, LAE NA 0 0 0 NA Direct Premiums Written Growth NA NA 5.83 2.69 13.05Reinsurance on Known Case Reserves NA 0 0 0 NA Total Liabilities Five-year CAGR NA NA NA NA 11.56

Capital & Surplus Five-year CAGR NA NA NA NA 4.24Admitted Assets Five-year CAGR NA NA NA NA 8.29




Asbestos NA NA NA NA NA Capital and Surplus NA 1,802 1,900 2,043 1,985 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,802 1,900 2,043 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 377 390 475 NA



Change in Loss & LAE Resv / Reserves NA NA 70.47 46.31 36.29 Realized Capital Gains (Losses) NA 6 -6 0 191 Yr Loss Reserve Dev / 1Y Prior C&S NA NA -7.27 1.11 NA Net Unrealized Capital Gains (Losses) NA 9 28 22 -522 Yr Loss Reserve Dev / 2Y Prior C&S NA 0.00 0.00 -8.54 NA Dividends to Stockholders NA 0 0 0 0Loss and LAE Reserves / NPE NA NA 155.09 184.93 212.63 Dividend Payout Ratio (%) NA 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA 0.00 -19.59 2.47 NA Net Premiums Written / Avg C&S (%) NA NA 35.66 42.32 47.89IBNR/ Total Reserves NA 44.14 10.97 43.47 NA Liabilities / Capital & Surplus (%) NA 52.23 74.54 103.78 142.23Reserves/ Equity NA 42.68 68.99 93.86 116.41 Total Reins Recov Excl US Aff / C&S (%) NA 93.75 176.63 235.79 NA


239.0243.4

215.1

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))33.2

20.9

25.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011Y 2012Y 2013Y 2014Y 2015L3




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds NA 1,050 1,352 2,715 3,452 Personal P&C Direct Premiums NA 0 0 0 0Preferred Stocks NA 0 0 0 0 Commercial P&C Direct Premiums NA 3,023 3,200 3,286 3,698Common Stocks NA 229 456 1,034 1,004 Accident & Health Direct Premiums NA 0 0 0 NA

First Lien Real Estate Loans NA 0 0 0 0 Direct Premiums Written NA 3,023 3,200 3,286 3,698Real Estate Loans Less First Liens NA 0 0 0 0

Total Mortgage Loans NA 0 0 0 0 Net Reinsurance Premiums5 NA -2,019 -2,531 -2,434 -2,705Occupied Properties NA 0 0 0 0 Net Premiums Written NA 1,004 669 852 993Income Generating Properties NA 0 0 0 0 Change in U/E Premiums Reserve NA 0 0 0 36Properties for Sale NA 0 0 0 0 Net Premiums Earned NA 1,004 669 852 958

Total Real Estate NA 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA 1,079 1,338 253 94 Underwriting Deductions ($000)Other Investments NA 1 1 2 3 Net Losses Paid - Personal NA 0 0 0 NASubtotals, Cash & Invested Assets NA 2,359 3,147 4,003 4,554 Net Losses Paid - Commercial NA 0 0 0 NAPremiums & Considerations Due NA 0 0 6 2 Net Losses Paid - A&H NA 0 0 0 NAReinsurance Recoverable NA 350 61 81 114 Net Losses Paid NA 0 0 0 NAAll Other Admitted Assets NA 33 108 74 137 Net LAE Paid NA 0 4 1 NASeparate Account Assets NA 0 0 0 0 Change in Loss Reserves - Personal NA 0 0 0 NATotal Net Admitted Assets NA 2,743 3,316 4,164 4,808 Change in Loss Reserves - Commercial NA 389 149 1,135 NA

Change in Loss Reserves - A&H NA 0 0 0 NALiabilities Change in LAE Reserves NA 380 392 -528 NA

Unpaid Losses NA 389 539 1,674 1,875 Net Change in Loss and LAE Reserves NA 769 542 607 NAUnpaid Loss Adj Expenses NA 380 772 244 436 Losses and LAE Incurred NA 769 546 608 788

Loss & Loss Adj Exp Reserves NA 769 1,311 1,918 2,311 Other Underwriting Expense Incurred NA 190 73 106 145Unearned Premiums NA 0 0 0 251 Other Underwriting Deductions NA 0 0 0 0Total Reinsurance Liabilities NA 0 1 3 1 Net Income Protected Cells NA 0 0 0 0Commissions, Other Exp & Taxes NA 167 102 136 244 Net Underwriting Gain (Loss) NA 46 50 138 25Payable to Parent, Subs & Affiliates NA 2 0 0 0 Policyholder Dividends (PHD) NA 0 0 0 0Other Liabilities NA 3 3 63 16 Total underwriting deductions NA 959 619 714 933

Total Liabilities NA 941 1,416 2,121 2,823

Income ($000)Total Capital and Surplus Net Investment Income NA 8 9 28 38

Common Capital Stock NA 0 0 0 0 Net Realized Capital Gains (Losses) NA 6 -6 0 19Preferred Capital Stock NA 0 0 0 0 Finance Service Charges NA 0 0 0 0Surplus Notes NA 0 0 0 0 All Other Income NA 0 0 0 0Unassigned Surplus NA 27 125 268 307 Income after cap gains (loss) before tax NA 60 53 166 82Other Including Gross Contributed NA 1,775 1,775 1,775 1,678 Federal Income Tax NA 70 28 18 -39

Capital & Surplus NA 1,802 1,900 2,043 1,985 Net Income NA -11 25 148 121

Total Liabilities and C&S NA 2,743 3,316 4,164 4,808 Pre-tax Operating Income NA 54 59 166 63

Memo: Total Revenue NA 1,018 672 880 1,015Memo: Affiliated Investments ($000) Memo: Paid Expenses NA 64 -146 365 NA

Bonds NA 0 0 0 0

Preferred Stocks NA 0 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks NA 0 0 0 0 Investment GradeMortgage Loans NA 0 0 0 0 Class 1 NA NA 1,050 1,502 2,715Cash & Short Term Investments NA 0 0 0 0 Class 2 NA NA 0 0 0All Other Investments NA 0 0 0 0 Non - Investment Grade

Total Affiliated Investments NA 0 0 0 0 Class 3 NA NA 0 0 0Class 4 NA NA 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Class 5 NA NA 0 0 0

Net Investment Income NA 8 9 28 38 Class 6 NA NA 0 0 0Net Investment Income NA 8 9 28 38 Class 6 NA NA 0 0 0Realized Capital Gains NA 6 -6 0 19Unrealized Capital Gains NA 9 28 22 -52Total Cash & Investments NA 2,359 3,147 4,003 4,554Affiliated Cash & Investments NA 0 0 0 0Total Bonds (incl Short-Term) NA 1,050 1,502 2,715 3,452Total Preferred Stock (incl Nonadmitted) NA 0 0 0 0Total Common Stock (incl Nonadmitted) NA 229 456 1,034 1,004Total Mortgage Loans (incl Nonadmitted) NA 0 0 0 0Total Real Estate (incl Nonadmitted) NA 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) NA 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 (%) NA 0.00 0.00 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 NA 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 NA 0 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA 0 0 0Issued Political Subdivisions ($000) NA NA 0 0 0Issued State Rev Obligations ($000) NA NA 0 0 0Issued Industrial Development ($000) NA NA 0 0 0


LT Bond 2,715 2,715 2,780 2,550 10,760Common Stock 1,034 1,034 948 -- 3,015Preferred Stock 0 0 0 -- 0Total 3,749 3,749 3,728 2,550 --


Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA 0.00 0.00 0.00 0.00Bonds/Invested Assets NA 44.52 42.96 67.82 75.82Common Stocks / C&S NA 12.73 24.00 50.59 50.58Unaff common stock/Invested Assets NA 9.72 14.49 25.82 22.05

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA 0.00 0.00 0.00 0.001. Illinois 1,088 1. Med Prof Liab 3,286 Cash/Invested Assets NA 45.72 42.53 6.31 2.062. Ohio 675 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA 0.00 0.00 0.00 0.003. Indiana 657 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 380 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA 0.00 0.00 0.00 0.005. Delaware 300 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA 0.00 0.00 0.00 0.00

All Other 185 All Other 0 Other Investments/Invested Assets NA 0.04 0.02 0.05 0.08Premiums & Cons due/Total Assets NA 0.00 0.00 0.14 0.04

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Reinsurance recoverable/Total Assets NA 12.75 1.85 1.94 2.37

Market Share Ratio NA NA 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA 0.00 0.00 0.00 0.05DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA 1.22 3.25 1.78 2.84National DPW ($000) NA NA 3,023 3,200 3,286 Invested Assets/Total Assets NA 86.03 94.90 96.14 94.70Adjusted Loss Ratio NA NA 46.59 49.39 48.74 Investment Income/Total Assets NA 0.30 0.28 0.68 0.79





Other Invstmts - 6.4% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Illinois - 33.1% Ohio - 20.5%

Indiana - 20.0% Michigan - 11.6%

Delaware - 9.1% All other - 5.6%



Aircraft - 0.0%



All Other - 0.0%


Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 22,902 21,100 22,605 23,524 23,303Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,324 6,002 6,759 7,550 7,225Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 16,578 15,098 15,846 15,974 16,078

NAIC Ownership Structure: Risk Retention Group Net Income 635 -301 816 494 234Tax Identification Number : 20-1141933 Total Revenue 6,147 4,273 4,093 5,467 5,930



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 7,770 7,739 6,949 7,508 8,233Demotech Financial Strength Rating A 11/18/15 Affirm Loss & LAE Reserves/ NPE (%) 121.30 198.92 203.94 136.55 137.82S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.51 -11.54 17.50 2.08 -3.58Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.01 0.62 0.68 0.71 0.82Fitch Financial Strength Rating -- -- -- --


Name : Andrew Carlton Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1113 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.14 1.62 1.93 1.44 1.43Net Investment Income/Earned Premiums 3.54 6.12 5.57 4.34 4.02Return on Average Equity (C&S) 11.42 -4.74 12.69 6.69 3.07Return on Avg Assets 3.80 -1.32 3.72 2.17 1.02Loss and LAE Ratio 45.01 56.42 0.92 59.46 64.90Expense Ratio 43.57 52.50 56.39 41.11 38.55Loss Ratio 16.66 21.08 -8.46 37.47 30.81Combined Ratio 88.58 128.33 66.37 100.58 107.47Operating Ratio 84.76 122.74 59.72 96.14 103.29Investment ratio 3.82 5.59 6.65 4.44 4.18


Cash, Short-Term Investments / Liabilities 24.09 22.29 21.26 28.44 26.23Cash, Common & Liquid Bonds / Liabilities 70.02 74.08 91.05 99.91 99.26Cash & Short-Term Investments / C&S 63.15 56.06 49.84 60.17 58.37Liabilities / Liquid Assets (IRIS Ratio) 142.00 130.00 105.00 96.00 96.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 181.35 156.62 171.86 168.05 146.71Cash From Underwriting ($000) 1,961 -2,119 3,537 800 -534Net Cash From Operations ($000) 2,226 -2,533 3,476 960 -457Underwriting Cash Flow Ratio 141.26 62.97 277.95 115.80 92.23Operating Cash Flow Ratio 141.26 55.92 236.58 115.90 95.34Unassigned Funds / Total Assets 2.24 1.13 5.10 6.32 5.40


GPW to Policyholders' Surplus3 900 --- 74 87 84NPW to Policyholders' Surplus 300 --- 62 68 71Change in Net Premiums Written 33 -33 -42* 24 17Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 100 92 81


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


142.0130.0

105.096.0 96.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3


88.6

128.3

66.4

100.6107.5

-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 28.35 35.33 9.38 21.99 34.09 Gross Change in Policyholders' Surplus 50 -10 -5 13 12Net Commission Ratio 9.82 9.57 2.90 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 -4 15 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 130* 105* 96Tax, License & Fees Ratio 5.55 5.66 5.31 4.86 NA Agents' Bal to Policyholders' Surplus 40 --- 5 8 6Admin & Other Expense Ratio 28.20 37.27 48.18 36.26 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -46 -7Gross Premiums Written ($000)3 8,724 4,452 5,904 6,361 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -47 -53Loss & Loss Adj Expense ($000) 2,665 2,283 35 3,113 3,694 Est Curr Resv Defi/Policyholders' Surplus 25 --- -56 -45 -2Other Underwriting Exp Incurred ($000) 2,787 1,938 2,585 2,201 2,280 *Indicates an unusual value.Net Underwriting Gains ($000) 469 -174 1,217 -79 -282 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 73.32 82.93 77.64 84.16 NA complements of each ratio.Effective Tax Rate 32.10 NM 28.65 -5.76 -148.61

Pre-Tax Operating Margin 11.31 -17.17 27.49 2.81 -4.61 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 66.82 -7.87 7.13 4.07 -2.64

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 86.15 -8.93 4.96 0.81 -1.95

Reinsurance Recoverable ex US Aff 5,980 2,988 889 83 NA Net Premiums Written Growth 16.77 -42.28 24.16 16.78 15.47Retention Ratio (NPW/GPW) (%)3 73.32 82.93 77.64 84.16 NA Pre-Tax Operating Income Growth 239.05 NM NM -86.37 NMUnauthorized Net Recov. (ex US Aff) (%) 78.08 55.02 74.02 67.47 NA Net Income Growth 58.69 NM NM -39.45 -76.39Nonaffiliated Reins Assumed / GPW (%) 3.44 0.47 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 18.98 -0.40 -10.20 8.04 8.85Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 9.18 -47.40 33.23 7.74 15.77Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 22.89 16.53 14.72 12.47 11.51





Asbestos NA NA NA NA NA Capital and Surplus 6,324 6,002 6,759 7,550 7,225 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 6,324 6,002 6,759 7,550 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,494 1,160 1,352 964 NA



Change in Loss & LAE Resv / Reserves 18.98 -0.40 -10.20 8.04 8.85 Realized Capital Gains (Losses) 240 120 19 314 3681 Yr Loss Reserve Dev / 1Y Prior C&S -9.56 -9.44 -46.30 -7.00 NA Net Unrealized Capital Gains (Losses) -67 26 98 -161 -7082 Yr Loss Reserve Dev / 2Y Prior C&S 12.11 -22.22 -47.29 -53.01 NA Dividends to Stockholders 0 0 0 0 -97Loss and LAE Reserves / NPE 121.30 198.92 203.94 136.55 137.82 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 41.331 Yr Loss Reserve Development / NPE -7.79 -14.75 -72.41 -9.04 NA Net Premiums Written / Avg C&S (%) 115.09 58.08 71.31 72.43 77.46IBNR/ Total Reserves 21.62 25.86 23.27 23.19 NA Liabilities / Capital & Surplus (%) 262.16 251.55 234.45 211.57 222.52Reserves/ Equity 122.88 128.95 102.82 99.44 113.95 Total Reins Recov Excl US Aff / C&S (%) 94.57 49.78 13.15 1.10 NA


165.7211.6

258.8 250.0

391.7

01,0002,0003,0004,0005,0006,0007,0008,000

2010Y 2011Y 2012Y 2013Y 2014Y



73.3

82.9

77.6

84.2

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2011Y 2012Y 2013Y 2014Y 2015L3




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,028 -739 -1,320 -1,008 -929Occupied Properties 0 0 0 0 0 Net Premiums Written 6,396 3,692 4,584 5,353 5,916Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 475 -356 746 118 224Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,921 4,047 3,838 5,235 5,692

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,993 3,365 3,368 4,543 4,217 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 11,609 11,597 15,040 16,630 16,615 Net Losses Paid - Commercial 560 1,308 442 1,447 NAPremiums & Considerations Due 357 322 545 440 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 754 611 367 307 654 Net Losses Paid 560 1,308 442 1,447 NAAll Other Admitted Assets 10,182 8,571 6,653 6,148 6,033 Net LAE Paid 866 1,006 384 1,107 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 22,902 21,100 22,605 23,524 23,303 Change in Loss Reserves - Commercial 427 -455 -766 514 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 812 424 -24 44 NA

Unpaid Losses 4,991 4,536 3,770 4,284 4,796 Net Change in Loss and LAE Reserves 1,239 -31 -790 559 NAUnpaid Loss Adj Expenses 2,779 3,203 3,180 3,224 3,437 Losses and LAE Incurred 2,665 2,283 35 3,113 3,694

Loss & Loss Adj Exp Reserves 7,770 7,739 6,949 7,508 8,233 Other Underwriting Expense Incurred 2,787 1,938 2,585 2,201 2,280Unearned Premiums 1,929 1,573 2,319 2,437 3,092 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 27 2,670 2,058 2,192 2,141 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 943 170 322 160 -682 Net Underwriting Gain (Loss) 469 -174 1,217 -79 -282Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 786 348 0 229Other Liabilities 5,910 2,945 4,198 3,677 3,294 Total underwriting deductions 5,452 4,221 2,620 5,314 5,974



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 240 120 19 314 368Preferred 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 514 239 1,153 1,487 1,258 Income after cap gains (loss) before tax 935 -613 1,144 467 94Other Including Gross Contributed 5,810 5,763 5,606 6,064 5,967 Federal Income Tax 300 -312 328 -27 -140

Capital & Surplus 6,324 6,002 6,759 7,550 7,225 Net Income 635 -301 816 494 234

Total Liabilities and C&S 22,902 21,100 22,605 23,524 23,303 Pre-tax Operating Income 695 -734 1,125 153 -273


Bonds 0 0 0 0 0





Net Investment Income 226 226 255 232 238 Class 6 0 0 0 0 0Net Investment Income 226 226 255 232 238 Class 6 0 0 0 0 0Realized Capital Gains 240 120 19 314 368Unrealized Capital Gains -67 26 98 -161 -708Total Cash & Investments 11,609 11,597 15,040 16,630 16,615Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 6,106 4,711 6,754 6,550 6,838Total Preferred Stock (incl Nonadmitted) 0 412 626 670 656Total Common Stock (incl Nonadmitted) 1,510 3,109 4,306 4,866 4,904Total 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 1,237 1,169

Municipal SecuritiesIssued States & Territories ($000) 2,264 3,574 2,598 2,484 2,639Issued 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 6,550 6,550 6,660 6,295 26,054Common Stock 4,866 4,866 4,591 -- 14,324Preferred Stock 670 670 657 -- 1,998Total 12,087 12,087 11,909 6,295 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 6.87 9.26 8.88 9.081. Washington 1,512 1. Med Prof Liab 6,361 Cash/Invested Assets 34.40 29.01 22.40 27.32 25.382. Indiana 972 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. California 936 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Florida 843 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 817 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 12.35 4.79 -9.05 -3.46 -2.73 All other admitted assets/Total Assets 44.46 40.62 29.43 26.13 25.89National DPW ($000) 7,715 8,424 4,431 5,904 6,361 Invested Assets/Total Assets 50.69 54.96 66.53 70.69 71.30Adjusted Loss Ratio 36.14 12.12 28.24 -5.99 29.45 Investment Income/Total Assets 0.99 1.07 1.13 0.99 1.02





Other Invstmts - 27.3% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Washington - 23.8% Indiana - 15.3%

California - 14.7% Florida - 13.2%

Ohio - 12.9% All other - 20.1%



Aircraft - 0.0%



All Other - 0.0%


Emergency Physicians Insurance (Auburn, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

13620 Lincoln Way NAIC Company Code : 11714 Total Assets 40,255 41,501 39,493 33,739 31,689Suite 230 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,778 8,890 9,978 10,715 10,473Auburn, CA 95603-3263 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 32,478 32,611 29,515 23,023 21,216

NAIC Ownership Structure: Risk Retention Group Net Income 353 994 1,542 459 179Tax Identification Number : 56-2317340 Total Revenue 14,913 13,473 9,096 5,621 4,844





Name : Michael Andrew Kollath Auditor Johnson Lambert LLPPhone : (916) 772-2080 Actuary Milliman Inc.Fax : (916) 772-7071 CEO Edward David BoudreauEmail : [email protected] CFO Michael Andrew Kollath

President Edward David Boudreau




Cash, Short-Term Investments / Liabilities 27.57 33.08 38.39 25.70 28.86Cash, Common & Liquid Bonds / Liabilities 107.06 119.77 135.99 142.57 132.76Cash & Short-Term Investments / C&S 115.12 121.34 113.57 55.22 58.46Liabilities / Liquid Assets (IRIS Ratio) 89.00 89.00 80.00 71.00 69.00Affiliated Investments / Capital & Surplus 0.06 0.00 0.00 0.00 0.00Reserve coverage2 131.30 131.23 148.43 164.28 146.66Cash From Underwriting ($000) 6,664 -603 -2,392 -5,688 -3,553Net Cash From Operations ($000) 7,679 71 632 -4,933 -2,698Underwriting Cash Flow Ratio 163.64 93.70 77.43 38.74 50.43Operating Cash Flow Ratio 163.64 97.58 82.61 33.46 43.09Unassigned Funds / Total Assets -4.51 -1.85 0.72 3.03 2.46


GPW to Policyholders' Surplus3 900 --- 127 85 54NPW to Policyholders' Surplus 300 --- 114 51 39Change in Net Premiums Written 33 -33 -27 -50* -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 98 89 77


MSA: Sacramento--Roseville--Arden-Arcade, CA (Metro)


89.0 89.0

80.0

71.0 69.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2011Y 2012Y 2013Y 2014Y 2015L3


102.0108.1

130.0

108.7115.1

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 50.45 34.15 53.14 24.23 30.40 Gross Change in Policyholders' Surplus 50 -10 14 12 7Net Commission Ratio 8.03 9.17 11.36 -0.22 NA Net Change in Adj Policyholders' Surplus 25 -10 13 12 7Salaries & Benefits Ratio 7.75 7.95 17.50 16.34 NA Liabilities to Liquid Assets 100 --- 89 80 71Tax, License & Fees Ratio 4.34 4.93 6.40 4.92 NA Agents' Bal to Policyholders' Surplus 40 --- 3 0 0Admin & Other Expense Ratio 13.81 18.16 29.14 28.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 7 -36 -6Gross Premiums Written ($000)3 13,817 11,332 8,482 5,755 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 -25 -19Loss & Loss Adj Expense ($000) 9,529 8,538 3,220 2,863 2,674 Est Curr Resv Defi/Policyholders' Surplus 25 --- -65 -131 -42Other Underwriting Exp Incurred ($000) 4,689 4,073 3,289 2,066 1,683 *Indicates an unusual value.Net Underwriting Gains ($000) -214 -34 -838 -112 -166 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.03 89.40 60.20 72.81 NA complements of each ratio.Effective Tax Rate 42.58 13.68 31.37 40.33 29.92


Admitted Assets Growth 13.01 3.10 -4.84 -14.57 -9.52

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 12.84 0.41 -9.49 -22.00 -12.95

Reinsurance Recoverable ex US Aff 4,381 4,191 2,124 2,847 NA Net Premiums Written Growth 22.60 -26.70 -49.60 -17.94 15.53Retention Ratio (NPW/GPW) (%)3 100.03 89.40 60.20 72.81 NA Pre-Tax Operating Income Growth 10.65 24.02 142.17 -66.84 NMUnauthorized Net Recov. (ex US Aff) (%) 2.69 2.20 0.75 6.39 NA Net Income Growth 234.96 182.04 55.08 -70.27 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 17.16 11.04 -16.07 -17.68 -12.33Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 0.06 -17.99 -25.15 -32.16 -12.14Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 14.83 7.61 5.40 -3.31 -5.21

Capital & Surplus Five-year CAGR 0.24 8.13 8.26 8.39 7.86Admitted Assets Five-year CAGR 10.94 7.72 6.08 -0.39 -1.91







Change in Loss & LAE Resv / Reserves 17.16 11.04 -16.07 -17.68 -12.33 Realized Capital Gains (Losses) -81 290 160 76 681 Yr Loss Reserve Dev / 1Y Prior C&S 24.88 7.19 -36.15 -5.56 NA Net Unrealized Capital Gains (Losses) 392 52 -489 279 -3572 Yr Loss Reserve Dev / 2Y Prior C&S 32.43 12.04 -24.57 -18.84 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 160.84 204.69 458.95 444.08 448.29 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 12.15 4.44 -56.68 -11.52 NA Net Premiums Written / Avg C&S (%) 189.97 121.04 52.25 39.83 35.49IBNR/ Total Reserves 15.28 11.64 8.44 7.77 NA Liabilities / Capital & Surplus (%) 417.56 366.83 295.81 214.86 202.59Reserves/ Equity 319.70 310.58 232.23 178.01 170.98 Total Reins Recov Excl US Aff / C&S (%) 56.33 47.14 21.29 26.57 NA


114.7144.3

163.0

212.6

297.9

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y



100.089.4

60.272.8

02,0004,0006,0008,000

10,00012,00014,00016,000

2011Y 2012Y 2013Y 2014Y 2015L3




Emergency Physicians Insurance (Auburn, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 26,670 24,071 23,155 24,058 20,787 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 104 92 84 42 41 Commercial P&C Direct Premiums 13,817 11,332 8,482 5,755 5,391Common Stocks 4 1,341 1,670 1,837 2,270 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 4 -1,201 -3,376 -1,564 -1,576Occupied Properties 0 0 0 0 0 Net Premiums Written 13,821 10,131 5,106 4,190 3,815Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -183 -2,446 -564 -626 -377Properties for Sale 0 0 0 0 0 Net Premiums Earned 14,004 12,577 5,670 4,816 4,192

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 8,954 10,787 11,332 5,917 6,122 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 35,732 36,291 36,241 31,854 29,220 Net Losses Paid - Commercial 2,042 1,839 4,103 3,562 NAPremiums & Considerations Due 944 425 215 271 1,028 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 100 1,829 489 7 18 Net Losses Paid 2,042 1,839 4,103 3,562 NAAll Other Admitted Assets 3,479 2,956 2,548 1,607 1,423 Net LAE Paid 3,846 2,844 4,665 3,398 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 40,255 41,501 39,493 33,739 31,689 Change in Loss Reserves - Commercial 422 2,404 -3,896 -1,867 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 3,219 1,451 -1,652 -2,231 NA

Unpaid Losses 16,279 18,683 14,786 12,920 12,315 Net Change in Loss and LAE Reserves 3,641 3,854 -5,548 -4,098 NAUnpaid Loss Adj Expenses 8,587 8,928 8,386 6,155 5,592 Losses and LAE Incurred 9,529 8,538 3,220 2,863 2,674

Loss & Loss Adj Exp Reserves 24,866 27,610 23,172 19,075 17,907 Other Underwriting Expense Incurred 4,689 4,073 3,289 2,066 1,683Unearned Premiums 5,685 3,239 2,675 2,048 2,017 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 1,744 879 1,095 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 794 861 956 223 193 Net Underwriting Gain (Loss) -214 -34 -838 -112 -166Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 500 0 300Other Liabilities 1,132 901 969 798 5 Total underwriting deductions 14,218 12,611 6,508 4,929 4,357



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -81 290 160 76 68Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 15 12 0 0 1Surplus Notes 0 0 0 0 0 All Other Income 83 77 2,674 6 -13Unassigned Surplus -1,814 -768 286 1,023 780 Income after cap gains (loss) before tax 614 1,152 2,247 768 255Other Including Gross Contributed 9,592 9,658 9,692 9,692 9,692 Federal Income Tax 262 158 705 310 76

Capital & Surplus 7,778 8,890 9,978 10,715 10,473 Net Income 353 994 1,542 459 179

Total Liabilities and C&S 40,255 41,501 39,493 33,739 31,689 Pre-tax Operating Income 695 862 2,087 692 186


Bonds 0 0 0 0 0





Net Investment Income 811 807 752 799 665 Class 6 0 0 0 0 23Net Investment Income 811 807 752 799 665 Class 6 0 0 0 0 23Realized Capital Gains -81 290 160 76 68Unrealized Capital Gains 392 52 -489 279 -357Total Cash & Investments 35,732 36,291 36,241 31,854 29,220Affiliated Cash & Investments 4 0 0 0 0Total Bonds (incl Short-Term) 26,035 27,156 27,137 26,048 20,787Total Preferred Stock (incl Nonadmitted) 104 92 84 42 41Total Common Stock (incl Nonadmitted) 4 1,341 1,670 1,837 2,270Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 5,480 11,276 7,282 9,149 10,261

Municipal SecuritiesIssued States & Territories ($000) 1,508 1,423 1,276 1,029 0Issued Political Subdivisions ($000) 0 0 0 0 1,337Issued State Rev Obligations ($000) 1,076 753 712 1,162 568Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 1.33 1.04 0.84 0.39 0.391. Illinois 1,647 1. Med Prof Liab 5,706 Cash/Invested Assets 25.06 29.72 31.27 18.58 20.952. Ohio 843 2. Oth, Prod Liab Cmbnd 49 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 684 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Dakota 553 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Washington 425 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 2.23 -1.73 -7.33 -13.42 -20.25 All other admitted assets/Total Assets 8.64 7.12 6.45 4.76 4.49National DPW ($000) 13,810 13,817 11,332 8,482 5,755 Invested Assets/Total Assets 88.76 87.45 91.76 94.41 92.21Adjusted Loss Ratio 43.82 5.33 26.75 31.74 44.02 Investment Income/Total Assets 2.02 1.94 1.90 2.37 2.10





Other Invstmts - 18.6% 0.00 2.00 4.00 6.00

2011Y2012Y

2013Y

2014Y

2015L3


Illinois - 28.6% Ohio - 14.6%

Georgia - 11.9% North Dakota - 9.6%

Washington - 7.4% All other - 27.8%




Aircraft - 0.0%


All Other - 0.0%


HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

201 South Main Street NAIC Company Code : 11832 Total Assets 158,899 42,070 47,791 48,638 47,267Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,688 9,127 15,262 15,805 16,692Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 150,211 32,944 32,528 32,832 30,574

NAIC Ownership Structure: Risk Retention Group Net Income 1,162 375 882 406 939Tax Identification Number : 43-2032415 Total Revenue 4,153 4,016 3,900 3,585 4,180



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 107,924 9,198 9,286 9,181 9,099Demotech Financial Strength Rating A 11/13/15 Affirm Loss & LAE Reserves/ NPE (%) 2,843.53 574.35 259.35 264.84 227.45S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.01 5.12 8.68 4.74 7.58Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.43 0.41 0.22 0.24 0.25Fitch 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 2.54 1.90 1.28 0.37 0.49Net Investment Income/Earned Premiums 11.90 9.50 9.17 2.59 3.14Return on Average Equity (C&S) 14.30 4.11 6.23 2.61 5.85Return on Avg Assets 0.76 0.73 2.09 0.91 2.03Loss and LAE Ratio 79.79 110.12 75.43 78.78 71.19Expense Ratio -15.93 -12.84 -1.00 2.68 1.93Loss Ratio 57.91 69.13 50.43 55.15 49.83Combined Ratio 63.86 97.28 74.43 81.46 73.11Operating Ratio 51.87 87.56 65.70 78.68 69.85Investment ratio 11.99 9.72 8.72 2.77 3.26


Cash, Short-Term Investments / Liabilities 2.09 10.38 9.16 8.59 7.19Cash, Common & Liquid Bonds / Liabilities 12.47 59.53 80.66 82.34 89.06Cash & Short-Term Investments / C&S 36.17 37.48 19.52 17.84 13.17Liabilities / Liquid Assets (IRIS Ratio) 721.00 101.00 72.00 76.00 68.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 96.57 1,084.97 1,175.59 1,168.57 251.47Cash From Underwriting ($000) 2,537 824 1,680 627 960Net Cash From Operations ($000) 2,373 1,101 1,334 887 1,277Underwriting Cash Flow Ratio 959.49 132.15 278.45 129.74 159.24Operating Cash Flow Ratio 1,213.55 138.00 299.69 141.63 172.54Unassigned Funds / Total Assets 4.78 19.08 18.13 18.93 21.35


GPW to Policyholders' Surplus3 900 --- 469 263 268NPW to Policyholders' Surplus 300 --- 41 22 24Change in Net Premiums Written 33 -33 0 -9 10Surplus Aid to Policyholders' Surplus 15 --- 75* 44* 42*Two-Year Overall Operating Ratio 100 --- 70 77 72


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

721.0

101.0 72.0 76.0 68.00

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2011Y 2012Y 2013Y 2014Y 2015L3


63.9

97.3

74.481.5

73.1

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 21.88 40.99 25.00 23.63 21.36 Gross Change in Policyholders' Surplus 50 -10 5 67* 4Net Commission Ratio -19.70 -17.24 -12.85 -1.83 NA Net Change in Adj Policyholders' Surplus 25 -10 5 7 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 101* 72 76Tax, License & Fees Ratio 0.52 0.76 0.73 0.52 NA Agents' Bal to Policyholders' Surplus 40 --- 34 12 20Admin & Other Expense Ratio 3.26 3.64 11.13 3.98 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 10 -3 0Gross Premiums Written ($000)3 42,568 42,796 40,091 42,316 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 5 -2Loss & Loss Adj Expense ($000) 2,959 4,031 2,705 2,748 2,881 Est Curr Resv Defi/Policyholders' Surplus 25 --- 1,146* 311* -2Other Underwriting Exp Incurred ($000) -595 -481 -34 100 -441 *Indicates an unusual value.Net Underwriting Gains ($000) 1,345 110 915 640 1,085 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.78 8.75 8.52 8.84 NA complements of each ratio.Effective Tax Rate 37.77 16.16 22.86 42.64 22.21


Admitted Assets Growth 2.98 -73.52 13.60 1.77 6.09

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 2.31 -78.07 -1.26 0.93 5.73

Reinsurance Recoverable ex US Aff 106,689 101,581 104,478 104,410 NA Net Premiums Written Growth 4.78 0.25 -8.84 9.51 15.82Retention Ratio (NPW/GPW) (%)3 8.78 8.75 8.52 8.84 NA Pre-Tax Operating Income Growth 10.25 -73.93 163.40 -40.01 28.00Unauthorized Net Recov. (ex US Aff) (%) 87.88 86.02 87.72 0.00 NA Net Income Growth 1.34 -67.76 135.47 -54.03 43.30Nonaffiliated Reins Assumed / GPW (%) 1.02 1.03 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 4.65 -91.48 0.95 -1.12 -0.93Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 4.38 0.52 -5.35 5.55 7.32Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 13.07 -20.95 -22.71 -24.05 -25.64

Capital & Surplus Five-year CAGR 21.81 15.78 22.57 20.48 17.64Admitted Assets Five-year CAGR 13.46 -17.65 -17.29 -18.61 -19.73




Asbestos NA NA NA NA NA Capital and Surplus 8,688 9,127 15,262 15,805 16,692 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 9,127 15,262 15,805 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 6,017 6,139 6,118 NA



Change in Loss & LAE Resv / Reserves 4.65 -91.48 0.95 -1.12 -0.93 Realized Capital Gains (Losses) 78 -20 -85 -30 -101 Yr Loss Reserve Dev / 1Y Prior C&S 3.98 10.34 -3.45 0.38 NA Net Unrealized Capital Gains (Losses) 42 64 -246 137 1172 Yr Loss Reserve Dev / 2Y Prior C&S 2.70 12.50 4.65 -1.63 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 2,843.53 574.35 259.35 264.84 227.45 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 8.04 24.53 -8.78 1.66 NA Net Premiums Written / Avg C&S (%) 45.97 41.09 24.13 24.04 26.18IBNR/ Total Reserves 3.16 40.37 40.53 35.67 NA Liabilities / Capital & Surplus (%) 1,728.88 360.97 213.13 207.73 183.16Reserves/ Equity 1,242.17 100.78 60.84 58.09 54.51 Total Reins Recov Excl US Aff / C&S (%) NM NM 684.55 660.60 NA


75.8

124.3 129.2

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2010Y 2011Y 2012Y 2013Y 2014Y



8.8 8.8

8.5

8.8

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2011Y 2012Y 2013Y 2014Y 2015L3




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 15,822 16,510 23,209 24,369 25,313 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 42,136 42,354 40,091 42,316 45,613Common 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 -38,400 -38,609 -36,676 -38,577 -41,409Occupied Properties 0 0 0 0 0 Net Premiums Written 3,736 3,745 3,414 3,739 4,204Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 28 85 -172 251 156Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,708 3,660 3,587 3,488 4,048

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,142 3,421 2,978 2,820 2,198 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 18,965 19,931 26,187 27,189 27,511 Net Losses Paid - Commercial 1,458 2,436 1,785 1,926 NAPremiums & Considerations Due 14,501 15,756 15,533 15,201 14,270 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 99,623 289 237 503 206 Net Losses Paid 1,458 2,436 1,785 1,926 NAAll Other Admitted Assets 25,810 6,094 5,833 5,745 5,280 Net LAE Paid 1,264 1,625 206 929 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 158,899 42,070 47,791 48,638 47,267 Change in Loss Reserves - Commercial 689 95 24 0 NA


Unpaid Losses 84,019 7,084 7,108 7,108 7,113 Net Change in Loss and LAE Reserves 237 -30 714 -107 NAUnpaid Loss Adj Expenses 23,904 2,114 2,178 2,073 1,985 Losses and LAE Incurred 2,959 4,031 2,705 2,748 2,881

Loss & Loss Adj Exp Reserves 107,924 9,198 9,286 9,181 9,099 Other Underwriting Expense Incurred -595 -481 -34 100 -441Unearned Premiums 22,197 2,002 1,829 2,080 1,841 Other Underwriting Deductions 0 0 0 0 522Total Reinsurance Liabilities 13,217 14,367 14,151 13,813 12,982 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 5,948 6,410 6,472 6,651 5,499 Net Underwriting Gain (Loss) 1,345 110 915 640 1,085Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 926 967 790 1,107 1,154 Total underwriting deductions 2,364 3,550 2,671 2,848 2,962



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 78 -20 -85 -30 -10Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 5,500 5,500 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 7,588 8,027 8,662 9,205 10,092 Income after cap gains (loss) before tax 1,867 447 1,143 707 1,207Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal Income Tax 705 72 261 302 268

Capital & Surplus 8,688 9,127 15,262 15,805 16,692 Net Income 1,162 375 882 406 939

Total Liabilities and C&S 158,899 42,070 47,791 48,638 47,267 Pre-tax Operating Income 1,789 466 1,228 737 1,217

Memo: Total Revenue 4,231 3,997 3,815 3,555 4,169Memo: Affiliated Investments ($000) Memo: Paid Expenses 175 714 156 1,135 NA

Bonds 0 0 0 0 0





Net Investment Income 445 356 313 97 132 Class 6 0 0 0 0 0Net Investment Income 445 356 313 97 132 Class 6 0 0 0 0 0Realized Capital Gains 78 -20 -85 -30 -10Unrealized Capital Gains 42 64 -246 137 117Total Cash & Investments 18,965 19,931 26,187 27,189 27,511Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 15,594 16,191 23,259 24,214 25,031Total 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 4,486 2,000 1,043 1,760 1,454

RMBS ExposureTotal: LT Bond, Res MBS 694 2,449 3,264 2,218 1,663

Municipal SecuritiesIssued States & Territories ($000) 0 2,709 3,836 5,480 5,397Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 1,533 0 0Issued 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 6,237 Cash/Invested Assets 16.57 17.16 11.37 10.37 7.992. Illinois 4,881 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 2,569 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 2,355 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Colorado 2,133 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 24,142 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 9.13 37.45 32.50 31.25 30.19







Other Invstmts - 10.4% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Michigan - 14.7% Illinois - 11.5%

North Carolina - 6.1% Ohio - 5.6%

Colorado - 5.0% All other - 57.1%


Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 12,880 16,579 17,951 19,072 19,834Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,774 3,728 4,517 4,769 6,139Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 10,106 12,851 13,434 14,303 13,694

NAIC Ownership Structure: Risk Retention Group Net Income 86 -451 -1,397 -677 204Tax Identification Number : 26-1479165 Total Revenue 6,278 9,217 9,059 6,860 10,296



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,057 7,020 7,622 8,041 9,291Demotech Financial Strength Rating A 08/25/15 Affirm Loss & LAE Reserves/ NPE (%) 48.25 60.49 82.54 115.34 99.53S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.36 -20.84 -49.27 -19.49 -11.82Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.33 2.45 1.93 1.35 1.32Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Alan Joseph Iezzi


Net Yield on Invested Assets 0.49 0.85 0.72 0.87 0.81Net Investment Income/Earned Premiums 0.48 0.86 1.12 1.84 1.30Return on Average Equity (C&S) 3.46 -13.88 -32.18 -13.13 3.23Return on Avg Assets 0.88 -3.31 -7.84 -3.54 1.02Loss and LAE Ratio 58.89 74.58 85.13 60.76 89.43Expense Ratio 38.72 34.96 42.16 59.79 47.67Loss Ratio 21.49 22.12 42.06 17.49 59.79Combined Ratio 97.61 109.54 127.29 120.56 137.10Operating Ratio 97.11 108.67 126.19 118.77 135.79Investment ratio 0.50 0.87 1.10 1.79 1.31


Cash, Short-Term Investments / Liabilities 75.73 81.33 90.68 75.27 76.40Cash, Common & Liquid Bonds / Liabilities 78.96 89.00 105.14 82.90 85.59Cash & Short-Term Investments / C&S 275.91 280.35 269.71 225.73 170.42Liabilities / Liquid Assets (IRIS Ratio) 132.00 118.00 102.00 116.00 113.00Affiliated Investments / Capital & Surplus 11.77 14.93 20.70 -10.50 -6.34Reserve coverage2 124.07 129.25 144.47 123.95 88.87Cash From Underwriting ($000) 2,842 1,768 -79 -2,833 -5,283Net Cash From Operations ($000) 2,563 2,173 354 -2,549 -2,997Underwriting Cash Flow Ratio 168.73 124.81 99.30 68.28 53.48Operating Cash Flow Ratio 177.80 122.38 97.38 67.82 53.18Unassigned Funds / Total Assets 4.88 1.99 -4.34 -12.47 -11.62


GPW to Policyholders' Surplus3 900 --- 304 277 262NPW to Policyholders' Surplus 300 --- 245 193 135Change in Net Premiums Written 33 -33 41* -5 -26Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 103* 116* 121*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


132.0

118.0

102.0

116.0 113.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015L3


97.6109.5

127.3120.6

137.1

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 37.39 52.46 43.07 43.27 29.63 Gross Change in Policyholders' Surplus 50 -10 34 21 6Net Commission Ratio 16.04 10.55 17.86 30.88 NA Net Change in Adj Policyholders' Surplus 25 -10 -11* -30* -35*Salaries & Benefits Ratio 0.00 0.00 2.14 6.51 NA Liabilities to Liquid Assets 100 --- 118* 102* 116*Tax, License & Fees Ratio 0.83 0.24 0.53 0.79 NA Agents' Bal to Policyholders' Surplus 40 --- 82* 26 48*Admin & Other Expense Ratio 21.85 24.17 21.63 21.62 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 40* 33* -38Gross Premiums Written ($000)3 8,826 11,327 12,501 12,516 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 39* 79* -22Loss & Loss Adj Expense ($000) 3,640 6,697 7,532 4,021 7,194 Est Curr Resv Defi/Policyholders' Surplus 25 --- -17 20 -75Other Underwriting Exp Incurred ($000) 2,504 3,197 3,667 3,843 3,851 *Indicates an unusual value.Net Underwriting Gains ($000) 37 -914 -2,351 -1,247 -3,000 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 73.27 80.73 69.57 51.35 NA complements of each ratio.Effective Tax Rate 35.43 NM NM NM NM

Pre-Tax Operating Margin 2.12 -7.35 -23.62 -14.64 -7.27 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 61.12 28.72 8.27 6.25 -1.11

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 68.79 27.16 4.54 6.47 -5.19

Reinsurance Recoverable ex US Aff 2,250 3,061 2,758 2,715 NA Net Premiums Written Growth 19.63 41.40 -4.89 -26.10 30.61Retention Ratio (NPW/GPW) (%)3 73.27 80.73 69.57 51.35 NA Pre-Tax Operating Income Growth -73.94 NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -74.46 NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 91.98 73.01 8.58 5.50 11.51Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 52.03 28.34 10.36 0.13 -4.59Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 143.70 107.12 80.65 22.36 22.78








Change in Loss & LAE Resv / Reserves 91.98 73.01 8.58 5.50 11.51 Realized Capital Gains (Losses) 0 0 0 -1 01 Yr Loss Reserve Dev / 1Y Prior C&S 9.27 39.61 32.66 -38.49 NA Net Unrealized Capital Gains (Losses) 17 153 289 -924 -1,1852 Yr Loss Reserve Dev / 2Y Prior C&S 7.18 39.24 78.68 -22.05 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 48.25 60.49 82.54 115.34 99.53 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 3.01 12.24 13.76 -26.27 NA Net Premiums Written / Avg C&S (%) 260.24 281.36 200.27 124.74 127.58IBNR/ Total Reserves 28.04 32.94 30.76 15.63 NA Liabilities / Capital & Surplus (%) 364.33 344.70 297.43 299.91 223.07Reserves/ Equity 146.27 188.29 168.75 168.62 151.33 Total Reins Recov Excl US Aff / C&S (%) 81.11 82.11 61.06 56.93 NA


125.7

115.7

119.0

116.1

122.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y



73.380.7

69.6

51.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011Y 2012Y 2013Y 2014Y 2015L3




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 0 0 71 69 68 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 8,826 11,327 12,501 12,516 11,663Common Stocks 326 985 1,871 1,023 1,192 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,359 -2,183 -3,803 -6,089 -3,586Occupied Properties 0 0 0 0 0 Net Premiums Written 6,467 9,145 8,697 6,428 8,077Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 285 165 -150 -190 32Properties for Sale 0 0 0 0 0 Net Premiums Earned 6,182 8,980 8,848 6,618 8,045

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,653 10,452 12,182 10,765 10,462 Underwriting Deductions ($000)Other Investments 0 200 200 368 539 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,980 11,637 14,324 12,225 12,261 Net Losses Paid - Commercial 483 869 3,264 1,218 NAPremiums & Considerations Due 2,834 3,048 1,184 2,312 2,937 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 394 1,882 1,170 Net Losses Paid 483 869 3,264 1,218 NAAll Other Admitted Assets 2,066 1,894 2,049 2,654 3,466 Net LAE Paid 1,214 2,866 3,666 2,384 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,880 16,579 17,951 19,072 19,834 Change in Loss Reserves - Commercial 846 1,117 457 -61 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,098 1,845 145 480 NA

Unpaid Losses 2,098 3,215 3,673 3,612 5,497 Net Change in Loss and LAE Reserves 1,944 2,962 603 419 NAUnpaid Loss Adj Expenses 1,960 3,804 3,950 4,430 3,794 Losses and LAE Incurred 3,640 6,697 7,532 4,021 7,194

Loss & Loss Adj Exp Reserves 4,057 7,020 7,622 8,041 9,291 Other Underwriting Expense Incurred 2,504 3,197 3,667 3,843 3,851Unearned Premiums 4,188 4,352 4,202 4,012 4,506 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -35 -127 489 1,710 -634 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 1,046 894 352 273 293 Net Underwriting Gain (Loss) 37 -914 -2,351 -1,247 -3,000Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 851 712 770 268 238 Total underwriting deductions 6,144 9,894 11,199 7,864 11,045



Common Capital Stock 27 28 30 32 34 Net Realized Capital Gains (Losses) 0 0 0 -1 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 65 159 114 124 2,146Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 628 330 -779 -2,379 -2,306 Income after cap gains (loss) before tax 133 -677 -2,140 -1,005 -748Other Including Gross Contributed 2,044 3,295 5,190 7,041 8,336 Federal Income Tax 47 -226 -742 -328 -953

Capital & Surplus 2,774 3,728 4,517 4,769 6,139 Net Income 86 -451 -1,397 -677 204

Total Liabilities and C&S 12,880 16,579 17,951 19,072 19,834 Pre-tax Operating Income 133 -677 -2,140 -1,004 -749


Bonds 0 0 0 0 0


Common Stocks 326 557 935 -501 -389 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 71 69Cash & 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 326 557 935 -501 -389 Class 3 0 0 0 0 0Class 4 0 0 0 0 0


Net Investment Income 31 78 97 118 105 Class 6 0 0 0 0 0Net Investment Income 31 78 97 118 105 Class 6 0 0 0 0 0Realized Capital Gains 0 0 0 -1 0Unrealized Capital Gains 17 153 289 -924 -1,185Total Cash & Investments 7,980 11,637 14,324 12,225 12,261Affiliated Cash & Investments 326 557 935 -501 -389Total Bonds (incl Short-Term) 0 0 71 69 68Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 326 985 1,871 1,023 1,192Total 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








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 0.00 0.50 0.57 0.55Common Stocks / C&S 11.77 26.42 41.42 21.44 19.41Unaff common stock/Invested Assets 0.00 3.68 6.53 12.46 12.90

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 6,431 1. Med Prof Liab 12,516 Cash/Invested Assets 95.91 89.82 85.05 88.06 85.332. California 1,969 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 1,047 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 810 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 714 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 80.81 17.88 All other admitted assets/Total Assets 16.04 11.42 11.41 13.91 17.48National DPW ($000) 5,805 8,826 11,327 12,501 12,516 Invested Assets/Total Assets 61.96 70.19 79.80 64.10 61.82Adjusted Loss Ratio 36.90 22.13 26.35 35.62 49.37 Investment Income/Total Assets 0.24 0.47 0.54 0.62 0.53





Other Invstmts - 87.5% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Florida - 51.4% California - 15.7%

Michigan - 8.4% Georgia - 6.5%




Aircraft - 0.0%



All Other - 0.0%


National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,955 7,604 8,158 8,534 8,167Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 3,088 3,493 3,868 4,146 3,783Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,868 4,111 4,291 4,388 4,384






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 12.99 13.12 4.68 4.96 7.12Cash, Common & Liquid Bonds / Liabilities 174.08 177.80 184.02 187.06 175.60Cash & Short-Term Investments / C&S 16.27 15.44 5.20 5.25 8.25Liabilities / Liquid Assets (IRIS Ratio) 59.00 56.00 55.00 54.00 56.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 193.10 201.72 201.34 210.98 192.35Cash From Underwriting ($000) -48 344 536 282 -99Net Cash From Operations ($000) -4 457 621 324 -109Underwriting Cash Flow Ratio 96.90 130.52 145.15 117.42 94.93Operating Cash Flow Ratio 104.13 135.80 150.49 125.37 103.61Unassigned Funds / Total Assets 15.27 19.37 22.32 25.93 23.03


GPW to Policyholders' Surplus3 900 --- 42 45 46NPW to Policyholders' Surplus 300 --- 42 45 46Change in Net Premiums Written 33 -33 -5 18 11Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 86 73 71


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt

59.0

56.0

55.0

54.0

56.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2011Y 2012Y 2013Y 2014Y 2015L3


99.191.1

75.883.8 87.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 20.80 15.77 13.48 24.38 9.97 Gross Change in Policyholders' Surplus 50 -10 13 11 7Net Commission Ratio 10.90 9.76 8.79 10.55 NA Net Change in Adj Policyholders' Surplus 25 -10 12 10 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 56 55 54Tax, License & Fees Ratio 6.74 6.20 5.29 6.01 NA Agents' Bal to Policyholders' Surplus 40 --- 2 2 2Admin & Other Expense Ratio 36.78 31.15 30.64 32.33 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -20 -33Gross Premiums Written ($000)3 1,540 1,462 1,724 1,916 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -21 -35 -49Loss & Loss Adj Expense ($000) 782 633 467 660 711 Est Curr Resv Defi/Policyholders' Surplus 25 --- -35 -28 -26Other Underwriting Exp Incurred ($000) 838 689 771 937 970 *Indicates an unusual value.Net Underwriting Gains ($000) 130 118 262 297 297 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 22.45 15.94 20.42 25.51 39.30


Admitted Assets Growth -0.04 9.33 7.29 4.61 -5.87

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth -2.76 6.28 4.37 2.27 -9.43

Reinsurance Recoverable ex US Aff 0 0 0 0 NA Net Premiums Written Growth -17.80 -5.03 17.86 11.16 -4.77Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 16.43 19.72 34.98 17.74 2.66Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth 55.98 10.20 15.02 38.85 -51.63Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 4.79 7.16 1.23 -1.39 -7.65Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -17.80 -5.03 17.86 11.16 -4.77Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 13.70 6.96 4.20 5.58 1.62








Change in Loss & LAE Resv / Reserves 4.79 7.16 1.23 -1.39 -7.65 Realized Capital Gains (Losses) 93 50 21 152 -451 Yr Loss Reserve Dev / 1Y Prior C&S -15.37 -12.24 -20.01 -33.04 NA Net Unrealized Capital Gains (Losses) -161 195 22 -108 -2902 Yr Loss Reserve Dev / 2Y Prior C&S -26.02 -20.69 -34.75 -49.13 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 158.53 203.92 209.93 167.39 154.33 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -26.17 -26.24 -46.60 -67.48 NA Net Premiums Written / Avg C&S (%) 52.49 44.48 49.60 48.39 46.13IBNR/ Total Reserves 68.54 74.87 68.33 62.42 NA Liabilities / Capital & Surplus (%) 125.27 117.67 110.93 105.83 115.87Reserves/ Equity 88.13 83.47 76.33 70.21 83.18 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


202.5187.9 195.0

261.0278.5

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2010Y 2011Y 2012Y 2013Y 2014Y



100.0 100.0

100.0

100.0

0

500

1,000

1,500

2,000

2,500

2011Y 2012Y 2013Y 2014Y 2015L3




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 1,015 899 1,453 1,832 2,097 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,540 1,462 1,724 1,916 1,876Common Stocks 5,061 5,870 6,164 6,103 5,339 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 1,540 1,462 1,724 1,916 1,876Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -210 22 224 22 -102Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,750 1,440 1,500 1,894 1,978

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 502 539 201 217 312 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 6,578 7,309 7,818 8,152 7,748 Net Losses Paid - Commercial 367 248 167 325 NAPremiums & Considerations Due 90 76 86 97 82 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 367 248 167 325 NAAll Other Admitted Assets 288 219 254 285 337 Net LAE Paid 291 190 264 377 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,955 7,604 8,158 8,534 8,167 Change in Loss Reserves - Commercial 51 158 97 -126 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 73 37 -61 85 NA

Unpaid Losses 2,085 2,243 2,341 2,215 2,543 Net Change in Loss and LAE Reserves 124 195 36 -41 NAUnpaid Loss Adj Expenses 636 673 611 696 604 Losses and LAE Incurred 782 633 467 660 711

Loss & Loss Adj Exp Reserves 2,721 2,916 2,952 2,911 3,147 Other Underwriting Expense Incurred 838 689 771 937 970Unearned Premiums 685 707 931 953 881 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 118 120 134 155 72 Net Underwriting Gain (Loss) 130 118 262 297 297Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 343 368 273 369 284 Total underwriting deductions 1,620 1,322 1,238 1,597 1,681



Common Capital Stock 2,454 2,502 2,528 2,528 2,528 Net Realized Capital Gains (Losses) 93 50 21 152 -45Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income -35 0 0 0 0Unassigned Surplus 1,062 1,473 1,821 2,213 1,881 Income after cap gains (loss) before tax 339 345 419 622 404Other Including Gross Contributed -458 -511 -511 -625 -656 Federal Income Tax 76 55 86 159 159



Memo: Total Revenue 1,959 1,667 1,657 2,219 2,085Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,254 986 1,153 1,428 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 1,641 1,170 899 1,530 1,888Cash & 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 152 177 136 173 152 Class 6 0 0 0 0 0Net Investment Income 152 177 136 173 152 Class 6 0 0 0 0 0Realized Capital Gains 93 50 21 152 -45Unrealized Capital Gains -161 195 22 -108 -290Total Cash & Investments 6,578 7,309 7,818 8,152 7,748Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,170 899 1,530 1,938 2,097Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 5,061 5,870 6,164 6,103 5,339Total 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. Florida 1,411 1. Oth, Prod Liab Cmbnd 1,916 Cash/Invested Assets 7.64 7.38 2.57 2.67 4.032. North Carolina 395 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. South Carolina 43 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 35 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 29 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 2.7% 0.00 1.00 2.00 3.00

2011Y2012Y

2013Y

2014Y

2015L3


Florida - 73.6% North Carolina - 20.6%

South Carolina - 2.2% Georgia - 1.8%

Virginia - 1.5% All other - 0.2%



Aircraft - 0.0%



All Other - 0.0%


National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 15,823 16,314 16,356 15,840 12,166Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 5,529 5,980 5,983 6,486 6,549

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 10,294 10,334 10,373 9,355 5,617NAIC Ownership Structure: Risk Retention Group Net Income 890 516 25 507 200Tax Identification Number : 38-2848487 Total Revenue 2,672 2,744 2,135 2,617 -2,584


Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 2,527 2,585 1,999 2,493 -2,694

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 9,295 8,820 8,947 8,847 4,168Demotech Financial Strength Rating A 11/13/15 Affirm Loss & LAE Reserves/ NPE (%) 392.75 348.77 450.33 363.11 NMS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 24.30 12.87 0.03 12.32 2.19Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.46 0.42 0.33 0.38 0.26Fitch Financial Strength Rating -- -- -- --


Name : Mark Alan Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik Kent KingEmail : [email protected] CFO --

President Mark Alan Burnheimer


Net Yield on Invested Assets 1.21 1.39 1.33 1.42 1.13Net Investment Income/Earned Premiums 5.66 6.33 6.78 4.94 6.49Return on Average Equity (C&S) 18.12 9.24 0.42 8.10 3.11Return on Avg Assets 5.25 3.04 0.15 2.89 1.21Loss and LAE Ratio 43.48 70.82 99.06 50.22 NMExpense Ratio 14.82 7.74 7.64 23.75 61.22Loss Ratio 14.60 34.88 59.87 24.25 NMCombined Ratio 58.30 78.56 106.70 73.97 NMOperating Ratio 52.58 72.42 99.92 69.02 NMInvestment ratio 5.72 6.14 6.78 4.94 NA


Cash, Short-Term Investments / Liabilities 29.18 39.07 11.00 28.45 10.44Cash, Common & Liquid Bonds / Liabilities 130.90 141.86 88.85 102.67 128.57Cash & Short-Term Investments / C&S 54.33 67.51 19.07 41.03 8.95Liabilities / Liquid Assets (IRIS Ratio) 85.00 70.00 105.00 91.00 60.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 125.34 139.84 93.59 103.18 162.47Cash From Underwriting ($000) -1,282 652 -3,818 161 -2,361Net Cash From Operations ($000) -1,638 737 -3,766 130 -2,206Underwriting Cash Flow Ratio 63.12 157.87 -79.81 107.37 17.68Operating Cash Flow Ratio 82.17 180.52 -69.33 118.07 19.33Unassigned Funds / Total Assets 25.46 27.46 27.41 31.47 41.50


GPW to Policyholders' Surplus3 900 --- 222 223 196NPW to Policyholders' Surplus 300 --- 42 33 38Change in Net Premiums Written 33 -33 -2 -20 25Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 84 83


MSA: Traverse City, MI (Micro)


85.0

70.0

105.0

91.0

60.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015L3


58.3

78.6

106.7

74.0

0.00.002.004.006.008.00

10.0012.0014.0016.0018.0020.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 28.88 35.94 39.20 25.97 NM Gross Change in Policyholders' Surplus 50 -10 8 0 8Net Commission Ratio -21.06 -35.49 -38.41 -12.57 NA Net Change in Adj Policyholders' Surplus 25 -10 8 0 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 70 105* 91Tax, License & Fees Ratio 12.54 13.28 15.78 14.07 NA Agents' Bal to Policyholders' Surplus 40 --- 0 44* 43*Admin & Other Expense Ratio 23.35 29.94 30.26 22.26 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -9 -17Gross Premiums Written ($000)3 12,348 13,259 13,362 12,723 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -30 -16 -22Loss & Loss Adj Expense ($000) 1,099 1,831 1,980 1,252 -3,763 Est Curr Resv Defi/Policyholders' Surplus 25 --- 6 -41 -5Other Underwriting Exp Incurred ($000) 379 194 153 592 1,039 *Indicates an unusual value.Net Underwriting Gains ($000) 1,050 560 -134 649 30 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.69 18.91 14.96 19.60 NA complements of each ratio.Effective Tax Rate 30.35 27.93 NM 34.31 -44.93

Pre-Tax Operating Margin 44.70 26.20 0.08 29.52 NM GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth -3.76 3.10 0.26 -3.16 -33.66

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth -12.88 0.38 0.38 -9.82 -53.06

Reinsurance Recoverable ex US Aff -142 -125 -199 0 NA Net Premiums Written Growth 21.55 -1.88 -20.27 24.72 -7.86Retention Ratio (NPW/GPW) (%)3 20.69 18.91 14.96 19.60 NA Pre-Tax Operating Income Growth 2.91 -39.79 -99.77 NM -66.35Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 NA NA Net Income Growth 0.17 -42.04 -95.15 1,926.68 -7.22Nonaffiliated Reins Assumed / GPW (%) 1.69 0.82 -4.30 0.00 NA Loss & Loss Adj Exp Reserves Growth -6.86 -5.11 1.44 -1.12 -54.29Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.56 8.32 5.99 -8.71 -12.81Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -3.29 -5.57 -6.80 -5.25 -15.63

Capital & Surplus Five-year CAGR 12.18 14.39 11.42 12.11 10.39Admitted Assets Five-year CAGR 0.70 -0.60 -2.15 -0.09 -6.62







Change in Loss & LAE Resv / Reserves -6.86 -5.11 1.44 -1.12 -54.29 Realized Capital Gains (Losses) 84 -3 -2 0 -21 Yr Loss Reserve Dev / 1Y Prior C&S -25.94 -6.89 -9.10 -17.42 NA Net Unrealized Capital Gains (Losses) 13 0 0 0 32 Yr Loss Reserve Dev / 2Y Prior C&S -70.70 -30.30 -16.40 -21.90 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 392.75 348.77 450.33 363.11 NM Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -47.48 -14.74 -27.21 -41.79 NA Net Premiums Written / Avg C&S (%) 51.98 44.89 33.16 39.79 26.42IBNR/ Total Reserves 39.65 38.22 40.02 38.20 NA Liabilities / Capital & Surplus (%) 186.19 172.80 173.37 144.24 85.78Reserves/ Equity 168.12 147.49 149.54 136.41 63.65 Total Reins Recov Excl US Aff / C&S (%) -2.57 -2.09 -3.33 0.00 NA


168.1

210.2236.5 242.6 235.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y



20.718.9

15.0

19.6

02,0004,0006,0008,000

10,00012,00014,00016,000

2011Y 2012Y 2013Y 2014Y 2015L3




National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -9,584 -10,643 -11,938 -10,230 -9,554Occupied Properties 0 0 0 0 0 Net Premiums Written 2,555 2,507 1,999 2,493 1,697Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 28 -78 0 0 4,391Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,527 2,585 1,999 2,493 -2,694

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,004 4,037 1,141 2,661 586 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 11,891 12,459 8,573 9,128 7,158 Net Losses Paid - Commercial 903 1,175 1,157 707 NAPremiums & Considerations Due 83 1,535 3,953 3,859 2,942 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 3,109 1,661 3,121 2,684 1,957 Net Losses Paid 903 1,175 1,157 707 NAAll Other Admitted Assets 741 660 709 169 109 Net LAE Paid 880 1,131 697 645 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 15,823 16,314 16,356 15,840 12,166 Change in Loss Reserves - Commercial -534 -273 40 -103 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -150 -202 87 3 NA

Unpaid Losses 5,899 5,625 5,666 5,563 2,502 Net Change in Loss and LAE Reserves -684 -475 127 -100 NAUnpaid Loss Adj Expenses 3,396 3,195 3,281 3,284 1,666 Losses and LAE Incurred 1,099 1,831 1,980 1,252 -3,763

Loss & Loss Adj Exp Reserves 9,295 8,820 8,947 8,847 4,168 Other Underwriting Expense Incurred 379 194 153 592 1,039Unearned Premiums 78 0 0 0 238 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 142 125 199 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 232 184 207 253 217 Net Underwriting Gain (Loss) 1,050 560 -134 649 30Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 548 1,204 1,020 255 994 Total underwriting deductions 1,478 2,025 2,133 1,844 -2,724



Common Capital Stock 600 600 600 300 300 Net Realized Capital Gains (Losses) 84 -3 -2 0 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 1,000 1,000 All Other Income 0 0 0 0 0Unassigned Surplus 4,029 4,480 4,483 4,986 5,049 Income after cap gains (loss) before tax 1,278 716 0 772 138Other Including Gross Contributed 400 400 400 200 200 Federal Income Tax 388 200 -25 265 -62


Total Liabilities and C&S 15,823 16,314 16,356 15,840 12,166 Pre-tax Operating Income 1,194 719 2 772 140

Memo: Total Revenue 2,756 2,741 2,133 2,617 -2,586Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,287 1,420 874 1,230 NA

Bonds 0 0 0 0 0





Net Investment Income 145 159 136 123 110 Class 6 0 0 0 0 0Net Investment Income 145 159 136 123 110 Class 6 0 0 0 0 0Realized Capital Gains 84 -3 -2 0 -2Unrealized Capital Gains 13 0 0 0 3Total Cash & Investments 11,891 12,459 8,573 9,128 7,158Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 10,471 10,622 8,076 6,943 6,636Total 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




RMBS ExposureTotal: LT Bond, Res MBS 0 1,065 895 606 461

Municipal SecuritiesIssued States & Territories ($000) 288 304 279 275 270Issued Political Subdivisions ($000) 216 664 2,428 2,289 832Issued State Rev Obligations ($000) 21 271 518 3,329 0Issued 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. Missouri 2,436 1. Med Prof Liab 12,723 Cash/Invested Assets 25.26 32.41 13.31 29.15 8.192. Illinois 2,323 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 1,701 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Delaware 1,017 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Michigan 996 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 -2.25 -4.52 -0.30 4.19 2.34 All other admitted assets/Total Assets 4.68 4.04 4.34 1.07 0.89National DPW ($000) 11,953 12,140 13,150 13,937 12,723 Invested Assets/Total Assets 75.15 76.37 52.41 57.62 58.84Adjusted Loss Ratio 30.29 23.36 36.87 46.24 24.35 Investment Income/Total Assets 0.91 0.97 0.83 0.78 0.91





Other Invstmts - 29.2% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Missouri - 19.1% Illinois - 18.3% Ohio - 13.4%

Delaware - 8.0% Michigan - 7.8% All other - 33.4%



Aircraft - 0.0%



All Other - 0.0%


Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 9,363 12,554 12,361 12,851 13,734Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 7,654 10,807 10,584 10,982 11,788Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 1,709 1,747 1,778 1,869 1,946

NAIC Ownership Structure: Risk Retention Group Net Income 28 28 67 219 1,025Tax Identification Number : 99-0319305 Total Revenue 1,016 816 837 823 904

Direct Premiums Written 501 953 875 904 840Net Premiums Written 390 843 765 794 647


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 20 20 0 0 0Demotech Financial Strength Rating A 11/23/15 Affirm Loss & LAE Reserves/ NPE (%) 2.60 2.87 1.25 0.05 0.01S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.33 -0.40 0.55 1.76 3.18Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.05 0.08 0.07 0.07 0.05Fitch 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 1.48 1.17 1.23 1.31 1.82Net Investment Income/Earned Premiums 44.85 14.20 18.70 18.73 33.41Return on Average Equity (C&S) 0.29 0.32 0.63 2.04 9.22Return on Avg Assets 0.23 0.26 0.54 1.74 7.89Loss and LAE Ratio 29.30 13.03 0.94 -0.06 -0.06Expense Ratio 230.06 90.21 100.87 79.89 85.20Loss Ratio 29.30 13.03 0.94 -0.06 -0.06Combined Ratio 259.37 103.24 101.81 79.83 85.14Operating Ratio 238.58 86.03 81.20 57.79 53.70Investment ratio 20.79 17.20 20.61 22.04 31.44


Cash, Short-Term Investments / Liabilities 389.41 392.82 379.73 180.19 256.57Cash, Common & Liquid Bonds / Liabilities 538.25 686.31 640.28 608.49 659.32Cash & Short-Term Investments / C&S 86.96 63.50 63.79 30.67 42.37Liabilities / Liquid Assets (IRIS Ratio) 19.00 15.00 16.00 16.00 15.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 635.96 753.87 694.14 646.74 707.08Cash From Underwriting ($000) -603 -118 -458 -368 67Net Cash From Operations ($000) -346 -4 -287 -183 302Underwriting Cash Flow Ratio 43.85 87.49 62.15 68.33 110.12Operating Cash Flow Ratio 41.76 87.49 62.15 68.33 110.12Unassigned Funds / Total Assets 37.39 28.82 27.46 29.51 33.48


GPW to Policyholders' Surplus3 900 --- 9 8 8NPW to Policyholders' Surplus 300 --- 8 7 7Change in Net Premiums Written 33 -33 116* -9 4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 137* 83 69




19.0

15.016.0 16.0

15.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2011Y 2012Y 2013Y 2014Y 2015L3


259.4

103.2 101.879.8 85.1

0.001.002.003.004.005.006.007.008.009.00

10.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 41 -2 4Net Commission Ratio 4.93 0.77 0.19 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 2 -2 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 15 16 16Tax, License & Fees Ratio 11.72 6.51 18.49 7.08 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 213.41 82.92 82.19 72.81 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Gross Premiums Written ($000)3 500 953 875 904 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Loss & Loss Adj Expense ($000) 246 91 7 0 0 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 864 761 772 634 552 *Indicates an unusual value.Net Underwriting Gains ($000) -302 -155 -84 41 137 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 77.99 88.46 87.43 87.83 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 -189.21

Pre-Tax Operating Margin -12.54 -4.35 7.05 23.02 39.05 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth -35.44 34.08 -1.53 3.96 8.74


Reinsurance Recoverable ex US Aff -32 -13 0 0 NA Net Premiums Written Growth -22.76 116.39 -9.28 3.73 -24.82Retention Ratio (NPW/GPW) (%)3 77.99 88.46 87.43 87.83 NA Pre-Tax Operating Income Growth NM NM NM 221.00 397.86Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 NA NA NA Net Income Growth -64.06 0.56 139.42 226.92 934.79Nonaffiliated Reins Assumed / GPW (%) -0.20 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -20.00 0.00 -98.00 NM NMReinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -19.45 90.39 -8.21 3.26 -5.48Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -22.41 -16.43 -4.97 6.38 12.78






Risk Based Capital Ratio (TAC/ACL RBC) 1,888.08 3,376.24 3,188.42 4,131.89 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 944.04 1,688.12 1,594.21 2,065.94 NA

Change in Loss & LAE Resv / Reserves -20.00 0.00 -98.00 NM NM Realized Capital Gains (Losses) 155 63 8 29 11 Yr Loss Reserve Dev / 1Y Prior C&S -0.04 0.00 -0.19 0.00 NA Net Unrealized Capital Gains (Losses) 214 51 -290 179 92 Yr Loss Reserve Dev / 2Y Prior C&S -2.29 -0.04 -0.26 -0.18 NA Dividends to Stockholders -5,000 0 0 0 0Loss and LAE Reserves / NPE 2.60 2.87 1.25 0.05 0.01 Dividend Payout Ratio (%) NM 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -0.59 0.00 -2.88 0.00 NA Net Premiums Written / Avg C&S (%) 4.08 9.60 7.17 7.38 5.83IBNR/ Total Reserves 100.00 100.00 100.00 NA NA Liabilities / Capital & Surplus (%) 22.33 16.17 16.80 17.02 16.51Reserves/ Equity 0.26 0.19 0.00 0.00 0.00 Total Reins Recov Excl US Aff / C&S (%) -0.42 -0.12 0.00 0.00 NA


1,838.4

944.0

1,688.1 1,594.2

2,065.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y



78.0

88.587.4 87.8

0

200

400

600

800

1,000

1,200

2011Y 2012Y 2013Y 2014Y 2015L3




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 2,318 4,944 4,437 7,794 7,636 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 501 953 875 904 840Common Stocks 226 183 195 212 203 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 501 953 875 904 840Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -111 -110 -110 -110 -193Occupied Properties 0 0 0 0 0 Net Premiums Written 390 843 765 794 647Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -451 147 71 119 -41Properties for Sale 0 0 0 0 0 Net Premiums Earned 841 696 694 674 688

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,656 6,862 6,751 3,368 4,994 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,200 11,989 11,383 11,374 12,833 Net Losses Paid - Commercial 251 91 26 0 NAPremiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 88 88 88 88 89 Net Losses Paid 251 91 26 0 NAAll Other Admitted Assets 40 45 80 64 710 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 9,363 12,554 12,361 12,851 13,734 Change in Loss Reserves - Commercial -5 0 -20 0 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 0 0 0 0 NA

Unpaid Losses 20 20 0 0 0 Net Change in Loss and LAE Reserves -5 0 -20 0 NAUnpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 246 91 7 0 0

Loss & Loss Adj Exp Reserves 20 20 0 0 0 Other Underwriting Expense Incurred 864 761 772 634 552Unearned Premiums 1,422 1,569 1,640 1,759 1,815 Other Underwriting Deductions 32 0 0 0 0Total Reinsurance Liabilities 33 13 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 235 146 138 111 131 Net Underwriting Gain (Loss) -302 -155 -84 41 137Payable 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 1,143 851 778 634 551



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains (Losses) 155 63 8 29 1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,501 3,618 3,394 3,792 4,598 Income after cap gains (loss) before tax 28 28 67 219 354Other Including Gross Contributed 4,122 7,159 7,159 7,159 7,159 Federal Income Tax 0 0 0 0 -670

Capital & Surplus 7,654 10,807 10,584 10,982 11,788 Net Income 28 28 67 219 1,025

Total Liabilities and C&S 9,363 12,554 12,361 12,851 13,734 Pre-tax Operating Income -127 -35 59 189 353

Memo: Total Revenue 1,171 879 845 853 905Memo: Affiliated Investments ($000) Memo: Paid Expenses 819 874 794 674 NA

Bonds 0 0 0 0 0





Net Investment Income 175 120 143 149 216 Class 6 0 0 0 0 0Net Investment Income 175 120 143 149 216 Class 6 0 0 0 0 0Realized Capital Gains 155 63 8 29 1Unrealized Capital Gains 214 51 -290 179 9Total Cash & Investments 9,200 11,989 11,383 11,374 12,833Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 2,318 4,944 4,437 7,794 7,636Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 226 183 195 212 203Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 1,802 2,946 2,710 2,670Issued Political Subdivisions ($000) 5,341 67 1,163 1,108 838Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 448 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 188 1. Oth, Prod Liab Cmbnd 904 Cash/Invested Assets 72.35 57.24 59.31 29.61 38.912. Arizona 154 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 41 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Pennsylvania 38 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 33 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 0.38 3.44 6.55 10.31 0.75DPW 5 Yr CAGR -13.34 -18.68 -9.75 6.54 3.84 All other admitted assets/Total Assets 0.43 0.36 0.65 0.49 5.17National DPW ($000) 622 501 953 875 904 Invested Assets/Total Assets 98.26 95.50 92.09 88.51 93.44Adjusted Loss Ratio NM 0.00 0.00 0.00 0.00 Investment Income/Total Assets 1.87 0.95 1.16 1.16 1.57





Other Invstmts - 29.6% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Texas - 20.8% Arizona - 17.1%

North Carolina - 4.5% Pennsylvania - 4.2%

Virginia - 3.7% All other - 49.7%



Aircraft - 0.0%



All Other - 0.0%


Onyx Insurance Co. Inc. A RRG (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Q3

575 South Saliman Road NAIC Company Code : 15208 Total Assets NA NA 5,682 17,975 21,921Carson City, NV 89701-5000 Business Focus : Commercial Property Focus Policyholder Surplus NA NA 2,638 3,676 4,376

Geographic Focus: Regional - Western Quadrant Total Liabilities NA NA 3,044 14,299 17,545NAIC Ownership Structure: Stock Company Net Income NA NA -153 -548 -649Tax Identification Number : 46-2878950 Revenue NA NA 545 5,391 2,655

Direct Premiums Written NA NA 2,555 13,279 5,725Net Premiums Written NA NA 2,416 11,604 5,725

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA 595 5,335 2,647

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA 375 2,753 6,188Demotech Financial Strength Rating S 12/16/15 -- -- Loss & LAE Reserves/ NPE (%) NA NA NA 21.84 48.69S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA -25.96 -80.01Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 0.92 3.16 1.31Fitch Financial Strength Rating -- -- -- --


Name : Renea Louie Auditor Saslow Lufkin & Buggy LLPPhone : (775) 887-2480 Actuary Financial Risk Analysts LLCFax : (775) 887-2481 CEO Louis Burt RovensEmail : [email protected] CFO --

President Peter Hinman Foley

PROFITABILITY RATIOS (%) 2011Y 2012Y 2013Y 2014Y 2015Q3

Net Yield on Invested Assets NA NA NA 1.03 0.29Net Investment Income/Earned Premiums NA NA -8.37 1.05 0.32Return on Average Equity (C&S) NA NA NA -16.79 -60.26Return on Avg Assets NA NA NA -5.14 -12.24Loss and LAE Ratio NA NA 68.61 87.37 87.28Expense Ratio NA NA 15.26 13.59 21.09Loss Ratio NA NA 61.65 56.64 72.62Combined Ratio NA NA 83.87 100.96 108.37Operating Ratio NA NA 92.24 99.91 108.05Investment ratio NA NA -8.37 1.05 0.32

Policyholder Dividend Ratio NA NA 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Q3

Cash, Short-Term Investments / Liabilities NA NA 105.49 52.80 63.46Bonds: Liquid Investments/ Liabilities (%) NA NA 105.49 52.80 63.46Cash & Short-Term Investments / C&S NA NA 121.72 205.40 254.42Liabilities/ Invested Assets NA NA 95.00 189.00 158.00Affiliated Investments / Capital & Surplus NA NA 0.00 0.00 0.00Reserve coverage2 NA NA 136.27 63.18 72.99Cash From Underwriting ($000) NA NA 1,366 2,827 -1,716Net Cash From Operations ($000) NA NA 1,316 2,753 -1,708Underwriting Cash Flow Ratio NA NA -975.41 149.97 21.47Operating Cash Flow Ratio NA NA -975.41 152.26 21.47Unassigned Funds / Total Assets NA NA -2.70 -3.90 -9.02


GPW to Policyholders' Surplus3 900 --- NA 97 361NPW to Policyholders' Surplus 300 --- NA 92 316*Change in Net Premiums Written 33 -33 NA NM* 380*Surplus Aid to Policyholders' Surplus 15 --- NA 0 0Two-Year Overall Operating Ratio 100 --- NA 92 99

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Q3 Investment Yield 6.5 3 NA 0.0* 1.0*

MSA: Carson City, NV (Metro)


95.0

189.0

158.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Q3

Liquidity ($000) Total Assets Total Liabilities Liabilities/ Invested Assets

83.9

101.0108.4

-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

2011Y 2012Y 2013Y 2014Y 2015Q3



Loss Adjustment Expense Ratio NA NA 6.96 30.73 14.66 Gross Change in Policyholders' Surplus 50 -10 NA NM* 39Net Commission Ratio NA NA 1.17 6.60 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NM* -21*Salaries & Benefits Ratio NA NA 0.01 0.00 NA Liabilities to Liquid Assets 100 --- NA 95 189*Tax, License & Fees Ratio NA NA 1.51 1.87 NA Agents' Bal to Policyholders' Surplus 40 --- NA 57* 137*Admin & Other Expense Ratio NA NA 12.57 5.13 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NM* 9Gross Premiums Written ($000)3 NA NA 2,555 13,279 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NM* NM*Loss & Loss Adj Expense ($000) NA NA 408 4,661 2,310 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA 0 74*Other Underwriting Exp Incurred ($000) NA NA 369 1,577 1,207 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA -182 -904 -871 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA 94.57 87.38 NA complements of each ratio.Effective Tax Rate NA NA NM NM NM

Pre-Tax Operating Margin NA NA -42.48 -15.72 -32.47 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Q3

Admitted Assets Growth NA NA NA 216.36 27.43

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth NA NA NA 369.80 31.36

Reinsurance Recoverable ex US Aff NA NA NA -219 -699 Net Premiums Written Growth NA NA NA 380.32 -9.61Retention Ratio (NPW/GPW) (%)3 NA NA NA 94.57 87.38 Pre-Tax Operating Income Growth NA NA NA NM NMReinsurance Recoverable/Total Excl US Aff NA NA NA 0.00 0.00 Net Income Growth NA NA NA NM NMNonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA 634.49 200.42Reinsurance Payable on Losses, LAE NA NA NA 0 0 Direct Premiums Written Growth NA NA NA 419.82 -12.79Reinsurance on Known Case Reserves NA NA NA 0 0 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/ENVIRONMENTAL RESV 2010Y 2011Y 2012Y 2013Y 2014Y


Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Q3

Asbestos NA NA NA NA NA Capital and Surplus NA NA 2,638 3,676 4,376 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 2,638 3,676 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 133 630 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA NA 1,980.95 582.99 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA NA 990.47 291.49 NA

Loss & Loss Adj Exp Reserves Growth NA NA NA 634.49 200.42 Net Realized Capital Gains Less Taxes NA NA 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA 8.95 NA Net Chg in Unrlzd Cap Gains Less Taxes NA NA 0 0 0Two Yr Loss Reserve Dev Total/ PHS NA NA 0.00 0.00 NA Dividends to Stockholders NA NA 0 0 0Loss and LAE Reserves / NPE NA NA NA 21.84 48.69 Stockholder Dividends/ Net Income (%) NA NA 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA NA 0.00 4.42 NA Net Premiums Written / Avg C&S (%) NA NA NA 355.36 531.30IBNR/ Total Reserves NA NA 30.68 39.95 NA Liabilities / Capital & Surplus (%) NA NA 115.38 389.01 400.94Reserves/ Equity NA NA 14.21 74.91 NA Total Reins Recov Excl US Aff / C&S (%) NA NA -8.30 4.66 NA

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.


990.5

291.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y

Capital ($000) & Capital Ratios (%)

ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))

94.6

87.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y


when an inter company pooling arrangement exists.

Onyx Insurance Co. Inc. A RRG (Carson City, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Q3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Q3

Assets RevenueBonds NA NA 0 0 0 Personal P&C Direct Premiums NA NA 0 0 0Preferred Stocks NA NA 0 0 0 Commercial P&C Direct Premiums NA NA 2,555 13,279 5,725Common Stocks NA NA 0 0 0 Accident & Health Direct Premiums NA NA 0 0 NA

First Lien Real Estate Loans NA NA 0 0 0 Direct Premiums Written NA NA 2,555 13,279 5,725Real Estate Loans Less First Liens NA NA 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 NA NA -139 -1,675 0Occupied Properties NA NA 0 0 0 Net Premiums Written NA NA 2,416 11,604 5,725Income Generating Properties NA NA 0 0 0 Calculated Change in Unearned Premiums NA NA 1,821 6,269 3,078Properties for Sale NA NA 0 0 0 Net Premiums Earned NA NA 595 5,335 2,647

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA 3,211 7,550 11,133 Underwriting Deductions ($000)Other Investments NA NA 0 0 0 Personal: Losses Paid Less Salvage NA NA 0 0 NASubtotals, Cash & Invested Assets NA NA 3,211 7,550 11,133 Comm'l: Losses Paid Less Salvage NA NA 11 624 NAPremiums & Considerations Due NA NA 1,496 5,026 4,670 Cmbnd A&H: Losses Paid Less Salvage NA NA 0 0 NAReinsurance Recoverable NA NA 0 1,309 1,751 Losses Paid Less Salvage NA NA 11 624 NAAll Other Admitted Assets NA NA 975 4,090 4,367 Loss Adj Expenses Paid NA NA 41 1,658 NASeparate & Seg Accts NA NA 0 0 0 Personal: Chg in Unpaid Net Losses NA NA 0 0 NATotal Net Admitted Assets NA NA 5,682 17,975 21,921 Comm'l: Chg in Unpaid Net Losses NA NA 356 2,398 NA

Cmbnd A&H: Chg in Unpaid Net Losses NA NA 0 0 NALiabilities Chg in Loss Adj Exp Reserves NA NA 0 -19 NA

Unpaid Losses NA NA 356 2,753 5,766 Total Chg in Loss & LAE Reserves NA NA 356 2,378 NAUnpaid Loss Adj Expenses NA NA 19 0 423 Losses and LAE Incurred NA NA 408 4,661 2,310

Loss & Loss Adj Exp Reserves NA NA 375 2,753 6,188 Other Underwriting Expense Incurred NA NA 369 1,577 1,207Unearned Premiums NA NA 1,821 8,090 9,064 Other Underwriting Deductions NA NA 0 0 0Total Reinsurance Liabilities NA NA 319 2,038 565 Net Income Protected Cells NA NA 0 0 0Commissions, Other Exp & Taxes NA NA 529 1,418 1,727 Net Underwriting Gain (Loss) NA NA -182 -904 -871Payable to Parent, Subs & Affiliates NA NA 0 0 0 Dividends To Policyholders NA NA 0 0 0Other Liabilities NA NA 0 0 0 Total underwriting deductions NA NA 777 6,238 3,517

Total Liabilities NA NA 3,044 14,299 17,545

Income ($000)Total Capital and Surplus Net Investment Income NA NA -50 56 8

Common Capital Stock NA NA 291 1,877 3,854 Net Realized Capital Gains Less Taxes NA NA 0 0 0Preferred Capital Stock NA NA 0 0 0 Finance Service Charges NA NA 0 0 0Surplus Notes NA NA 2,500 2,500 2,500 All Other Income NA NA 0 0 0Unassigned Surplus NA NA -153 -701 -1,978 Income after cap gains (loss) before tax NA NA -232 -848 -862Other Including Gross Contributed NA NA 0 0 0 Federal & Foreign Income Taxes NA NA -78 -299 -213

Capital & Surplus NA NA 2,638 3,676 4,376 Net Income NA NA -153 -548 -649

Total Liabilities and C&S NA NA 5,682 17,975 21,921 Pre-tax Operating Income NA NA -232 -848 -862

Revenue NA NA 545 5,391 2,655Memo: Affiliated Investments ($000) Expenses Paid NA NA 410 1,818 NA

Bonds NA NA 0 0 0

Preferred Stocks NA NA 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks NA NA 0 0 0 Investment GradeMortgage Loans NA NA 0 0 0 Class 1 NA NA NA 0 0Cash & Short Term Investments NA NA 0 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA 0 0 0 Non - Investment Grade

Total Affiliated Investments NA NA 0 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Class 5 NA NA NA 0 0

Net Investment Income NA NA NA -50 56 Class 6 NA NA NA 0 0Realized Capital Gains NA NA NA 0 0N t Ch i U l d C G i L T NA NA NA 0 0 Investment Portfolio (%) 2014 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA 0 0Net Adm Cash & Invested Assets NA NA NA 3,211 7,550Affiliated Cash & Investments NA NA NA 0 0Carrying Value NA NA NA 0 0Preferred Stock NA NA NA 0 0Common Stock NA NA NA 0 0Mortgage Loans Book Value NA NA NA 0 0Real Estate Book Value NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA 0.00 0.00Bonds 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 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 NA NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 NA NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0


LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --

ASSET QUALITY (%) 2011Y 2012Y 2013Y 2014Y 2015Q3

Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA 0.00 0.00 NAClass 5 and 6 Bonds / C&S NA NA 0.00 0.00 0.00Bonds/Invested Assets NA NA 0.00 0.00 0.00Common Stocks / C&S NA NA 0.00 0.00 0.00Unaff common stock/Invested Assets NA NA 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA 0.00 0.00 0.001. California 7,515 1. Comm'l Auto St 13,279 Cash/Invested Assets NA NA 100.00 100.00 100.002. New Jersey 2,443 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA 0.00 0.00 0.003. Pennsylvania 953 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Virginia 634 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. Tennessee 554 5. Fidelity & Surety 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 1,179 All Other 0 Other Investments/Invested Assets NA NA 0.00 0.00 0.00Premiums & Cons due/Total Assets NA NA 26.33 27.96 21.30

MARKET POSITION ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets NA NA 0.00 7.28 7.99

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 17.15 22.76 19.92National DPW ($000) NA NA NA 2,555 13,279 Invested Assets/Total Assets NA NA 56.51 42.00 50.79Adjusted Loss Ratio NA NA NA 61.82 62.20 Investment Income/Total Assets NA NA -0.88 0.31 0.04

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 valuewhen an inter-company pooling arrangement exists.




Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y

Bonds Rated 3-6 / Total Bonds (%)

California - 56.6% New Jersey - 18.4% Pennsylvania - 7.2%

Virginia - 4.8% Tennessee - 4.2% All other - 8.9%

Comm'l Auto St - 100.0% Acc & Health - 0.0%

Aircraft - 0.0% Comm'l Multi Prl - 0.0%

Fidelity & Surety - 0.0% All Other - 0.0%

Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 23,250 23,274 23,468 23,870 23,214Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 9,170 10,580 11,800 12,351 12,195Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 14,080 12,694 11,668 11,518 11,019

NAIC Ownership Structure: Mutual Company Net Income 604 1,093 374 298 296Tax Identification Number : 36-3584321 Total Revenue 3,546 3,498 3,625 3,932 4,107



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,200 8,100 7,400 7,200 7,893Demotech Financial Strength Rating A' 11/25/15 Affirm Loss & LAE Reserves/ NPE (%) 366.83 344.52 253.38 223.38 209.69S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 8.44 13.97 -0.65 0.84 0.23Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.33 0.28 0.28 0.29 0.30Fitch 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 IV


Net Yield on Invested Assets 3.02 2.68 2.28 2.09 2.19Net Investment Income/Earned Premiums 20.37 19.18 14.38 12.43 12.91Return on Average Equity (C&S) 6.80 11.06 3.31 2.47 2.37Return on Avg Assets 2.70 4.69 1.61 1.25 1.24Loss and LAE Ratio 22.09 -17.37 49.01 54.11 54.98Expense Ratio 29.73 29.62 26.88 26.25 29.47Loss Ratio 17.46 -22.75 32.09 40.39 57.76Combined Ratio 94.58 71.92 115.43 109.12 112.01Operating Ratio 73.48 52.56 100.20 96.17 98.94Investment ratio 21.10 19.37 15.24 12.94 13.07


Cash, Short-Term Investments / Liabilities 15.22 12.16 22.77 18.17 19.78Cash, Common & Liquid Bonds / Liabilities 153.19 171.35 188.44 195.44 197.99Cash & Short-Term Investments / C&S 23.37 14.58 22.51 16.95 17.87Liabilities / Liquid Assets (IRIS Ratio) 58.00 52.00 46.00 44.00 43.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 223.87 294.09 285.48 292.32 219.92Cash From Underwriting ($000) 983 650 -335 124 -475Net Cash From Operations ($000) 390 -357 -1,320 -396 -624Underwriting Cash Flow Ratio 164.39 124.31 90.05 103.92 86.29Operating Cash Flow Ratio 111.33 95.52 55.93 70.53 60.13Unassigned Funds / Total Assets 21.39 26.75 30.96 32.03 31.68


GPW to Policyholders' Surplus3 900 --- 44 44 45NPW to Policyholders' Surplus 300 --- 28 28 29Change in Net Premiums Written 33 -33 -2 13 8Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 78 98


MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt, Independent Agency

58.052.0

46.0 44.0 43.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2011Y 2012Y 2013Y 2014Y 2015L3


94.6

71.9

115.4109.1 112.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 4.63 5.38 16.91 13.72 -2.77 Gross Change in Policyholders' Surplus 50 -10 15 12 5Net Commission Ratio 1.77 1.72 1.85 2.11 NA Net Change in Adj Policyholders' Surplus 25 -10 14 10 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 52 46 44Tax, License & Fees Ratio 6.30 6.03 6.35 5.11 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 21.65 21.87 18.68 19.03 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -36 -10 4Gross Premiums Written ($000)3 4,570 4,665 5,201 5,579 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -61 -40 -9Loss & Loss Adj Expense ($000) 646 -509 1,549 1,881 1,995 Est Curr Resv Defi/Policyholders' Surplus 25 --- -18 0 11Other Underwriting Exp Incurred ($000) 900 877 900 950 1,083 *Indicates an unusual value.Net Underwriting Gains ($000) 1,377 2,565 711 645 551 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 66.26 63.47 64.40 64.90 NA complements of each ratio.Effective Tax Rate 29.77 30.93 -10.67 12.26 4.60

Pre-Tax Operating Margin 21.14 39.46 -2.04 2.57 0.71 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 5.25 0.10 0.84 1.71 -3.63

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 3.99 -9.85 -8.08 -1.29 -7.53

Reinsurance Recoverable ex US Aff 5,444 7,453 5,105 5,513 NA Net Premiums Written Growth 10.69 -2.24 13.14 8.10 4.74Retention Ratio (NPW/GPW) (%)3 66.26 63.47 64.40 64.90 NA Pre-Tax Operating Income Growth 114.14 84.09 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 36.59 80.85 -65.78 -20.31 89.40Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 0.00 -20.59 -8.64 -2.70 -5.83Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 9.82 2.06 11.51 7.27 3.20Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 1.33 -1.35 -2.15 -2.75 -3.00






Risk Based Capital Ratio (TAC/ACL RBC) 1,259.89 1,522.36 2,205.99 1,779.28 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 629.95 761.18 1,102.99 889.64 NA

Change in Loss & LAE Resv / Reserves 0.00 -20.59 -8.64 -2.70 -5.83 Realized Capital Gains (Losses) 111 202 412 239 2811 Yr Loss Reserve Dev / 1Y Prior C&S -21.54 -35.76 -9.56 3.53 NA Net Unrealized Capital Gains (Losses) -32 151 428 131 -3872 Yr Loss Reserve Dev / 2Y Prior C&S -39.77 -60.60 -39.72 -9.35 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 366.83 344.52 253.38 223.38 209.69 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -63.01 -111.81 -31.99 11.99 NA Net Premiums Written / Avg C&S (%) 34.09 29.97 29.64 30.06 29.47IBNR/ Total Reserves 63.56 56.41 48.66 43.98 NA Liabilities / Capital & Surplus (%) 153.54 119.98 98.89 93.26 90.36Reserves/ Equity 111.23 76.56 62.71 58.29 64.72 Total Reins Recov Excl US Aff / C&S (%) 59.37 70.44 43.26 44.63 NA


643.5 629.9761.2

1,103.0

889.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))66.3

63.5

64.464.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015L3




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,542 -1,704 -1,852 -1,958 -2,003Occupied Properties 0 0 0 0 0 Net Premiums Written 3,028 2,961 3,350 3,621 3,675Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 105 28 189 144 46Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,923 2,933 3,161 3,477 3,629

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,143 1,543 2,656 2,093 2,179 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 20,857 21,004 21,061 21,117 21,193 Net Losses Paid - Commercial 550 1,335 1,952 1,863 NAPremiums & Considerations Due 1,871 1,699 1,967 2,250 1,912 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 19 238 109 279 0 Net Losses Paid 550 1,335 1,952 1,863 NAAll Other Admitted Assets 504 333 332 224 109 Net LAE Paid 96 256 297 218 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 23,250 23,274 23,468 23,870 23,214 Change in Loss Reserves - Commercial -40 -2,002 -937 -459 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 40 -98 237 259 NA

Unpaid Losses 9,989 7,987 7,049 6,590 7,554 Net Change in Loss and LAE Reserves 0 -2,100 -700 -200 NAUnpaid Loss Adj Expenses 211 113 351 610 338 Losses and LAE Incurred 646 -509 1,549 1,881 1,995

Loss & Loss Adj Exp Reserves 10,200 8,100 7,400 7,200 7,893 Other Underwriting Expense Incurred 900 877 900 950 1,083Unearned Premiums 1,548 1,576 1,765 1,910 1,744 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 319 456 183 160 89 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 213 227 181 210 218 Net Underwriting Gain (Loss) 1,377 2,565 711 645 551Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 1,250 1,750 1,250 1,000 1,000Other Liabilities 1,800 2,334 2,139 2,039 1,075 Total underwriting deductions 1,546 368 2,449 2,831 3,078



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 111 202 412 239 281Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 -2Surplus Notes 0 0 0 0 0 All Other Income 6 -3 -17 6 6Unassigned Surplus 4,974 6,226 7,267 7,646 7,355 Income after cap gains (loss) before tax 860 1,582 338 340 310Other Including Gross Contributed 4,196 4,354 4,533 4,706 4,840 Federal Income Tax 256 489 -36 42 14

Capital & Surplus 9,170 10,580 11,800 12,351 12,195 Net Income 604 1,093 374 298 296

Total Liabilities and C&S 23,250 23,274 23,468 23,870 23,214 Pre-tax Operating Income 750 1,380 -74 101 29


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 15,193 14,903 14,565 13,157 13,533Cash & Short Term Investments 0 0 0 0 0 Class 2 0 670 1,119 883 935All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 617 568 482 450 474 Class 6 0 0 0 0 0Net Investment Income 617 568 482 450 474 Class 6 0 0 0 0 0Realized Capital Gains 111 202 412 239 281Unrealized Capital Gains -32 151 428 131 -387Total Cash & Investments 20,857 21,004 21,061 21,117 21,193Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 15,573 15,685 14,040 14,468 14,177Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,853 4,523 5,292 5,950 5,461Total 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 1,247 472 300 1,365







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 932 1. Comm'l Auto St 5,579 Cash/Invested Assets 10.27 7.35 12.61 9.91 10.282. Utah 622 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Kentucky 502 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 499 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 417 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 9.9% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Virginia - 16.7% Utah - 11.1% Kentucky - 9.0%

Ohio - 8.9% Nebraska - 7.5% All other - 46.7%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

1605 Main Street NAIC Company Code : 11973 Total Assets 8,566 8,169 9,174 9,717 7,350Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,538 3,383 3,067 2,614 2,521Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 6,028 4,786 6,107 7,102 4,829

NAIC Ownership Structure: Mutual Company Net Income 32 609 -509 -584 -526Tax Identification Number : 20-1065673 Total Revenue 2,360 2,676 1,301 1,533 1,701

Direct Premiums Written 3,009 3,167 3,061 3,199 3,199Net Premiums Written 2,280 2,505 980 1,185 1,980


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,187 3,123 2,642 2,981 2,583Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 215.71 145.72 258.53 173.44 168.28S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.15 29.41 -29.36 -30.85 -33.07Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.90 0.74 0.32 0.45 0.79Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 373-1162 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 0.67 0.94 0.83 0.71 0.79Net Investment Income/Earned Premiums 2.28 2.78 6.21 4.87 3.03Return on Average Equity (C&S) 1.26 20.28 -15.34 -19.24 -19.78Return on Avg Assets 0.36 7.35 -5.73 -6.22 -6.02Loss and LAE Ratio 57.27 12.75 101.70 81.93 79.78Expense Ratio 46.82 45.54 113.85 109.01 64.18Loss Ratio 42.97 22.39 97.74 67.92 60.04Combined Ratio 104.10 70.57 215.54 188.80 143.95Operating Ratio 101.85 67.90 210.21 184.89 140.30Investment ratio 2.25 2.67 5.33 3.91 3.66

Policyholder Dividend Ratio 0.00 12.28 0.00 -2.15 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Cash, Short-Term Investments / Liabilities 32.49 24.61 28.26 43.54 45.09Cash, Common & Liquid Bonds / Liabilities 137.38 167.53 131.56 138.23 156.90Cash & Short-Term Investments / C&S 77.17 34.81 56.27 118.29 86.35Liabilities / Liquid Assets (IRIS Ratio) 81.00 64.00 87.00 81.00 82.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 155.75 212.74 215.49 238.70 157.46Cash From Underwriting ($000) -862 -211 -553 940 -2,968Net Cash From Operations ($000) -903 -295 -860 1,508 -2,570Underwriting Cash Flow Ratio 76.14 90.38 84.91 172.68 1.62Operating Cash Flow Ratio 78.85 98.05 86.08 125.05 -9.19Unassigned Funds / Total Assets 0.77 10.22 4.63 -1.40 -4.51


GPW to Policyholders' Surplus3 900 --- 94 100 122NPW to Policyholders' Surplus 300 --- 74 32 45Change in Net Premiums Written 33 -33 10 -61* 21Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 107* 191*


MSA: North Port-Sarasota-Bradenton, FL (Metro)


81.0

64.0

87.081.0 82.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2011Y 2012Y 2013Y 2014Y 2015L3


104.1

70.6

215.5

188.8

144.0

-25.00-20.00-15.00-10.00-5.000.005.00

10.0015.0020.0025.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 14.30 -9.64 3.95 14.01 19.74 Gross Change in Policyholders' Surplus 50 -10 33 -9 -15*Net Commission Ratio 20.34 19.02 47.19 40.02 NA Net Change in Adj Policyholders' Surplus 25 -10 30* -12* -18*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 64 87 81Tax, License & Fees Ratio 4.56 4.44 9.94 8.76 NA Agents' Bal to Policyholders' Surplus 40 --- 6 8 9Admin & Other Expense Ratio 21.92 22.08 56.72 60.23 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -20 -34Gross Premiums Written ($000)3 3,009 3,167 3,061 3,199 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -46 -59 -37Loss & Loss Adj Expense ($000) 1,322 332 1,160 1,208 1,309 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -47 -54Other Underwriting Exp Incurred ($000) 1,067 1,141 1,115 1,292 1,271 *Indicates an unusual value.Net Underwriting Gains ($000) -81 1,134 -1,135 -1,025 -939 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 75.77 79.07 32.00 37.04 NA complements of each ratio.Effective Tax Rate -715.67 31.85 NM NM NM

Pre-Tax Operating Margin -1.24 33.00 -74.84 -61.06 -51.67 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth -17.42 -4.63 12.31 5.91 -24.60

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth -23.24 -20.61 27.62 16.29 -28.01

Reinsurance Recoverable ex US Aff 1,121 1,744 907 163 NA Net Premiums Written Growth -6.82 9.86 -60.88 20.93 129.44Retention Ratio (NPW/GPW) (%)3 75.77 79.07 32.00 37.04 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 20.61 16.34 13.12 12.88 NA Net Income Growth -94.03 1,799.28 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -31.57 -25.43 -15.40 12.83 -1.67Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -15.51 5.27 -3.35 4.49 -0.42Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 15.94 -2.84 -2.07 -5.66 -13.08

Capital & Surplus Five-year CAGR 13.67 6.06 0.28 8.74 4.64Admitted Assets Five-year CAGR 15.24 0.30 -1.32 -2.84 -8.94







Change in Loss & LAE Resv / Reserves -31.57 -25.43 -15.40 12.83 -1.67 Realized Capital Gains (Losses) 33 10 132 48 481 Yr Loss Reserve Dev / 1Y Prior C&S -6.79 -52.74 -19.96 -34.18 NA Net Unrealized Capital Gains (Losses) -67 160 99 23 -1322 Yr Loss Reserve Dev / 2Y Prior C&S -53.11 -46.39 -59.10 -36.95 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 215.71 145.72 258.53 173.44 168.28 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -7.41 -51.35 -59.21 -71.07 NA Net Premiums Written / Avg C&S (%) 89.46 83.41 29.54 39.06 74.50IBNR/ Total Reserves 25.96 47.76 38.27 22.39 NA Liabilities / Capital & Surplus (%) 237.51 141.45 199.14 271.68 191.53Reserves/ Equity 164.99 92.30 86.13 114.02 102.44 Total Reins Recov Excl US Aff / C&S (%) 44.17 51.55 29.57 6.23 NA


140.1163.5

238.1215.3

162.7

0500

1,0001,5002,0002,5003,0003,5004,000

2010Y 2011Y 2012Y 2013Y 2014Y



75.8 79.1

32.037.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011Y 2012Y 2013Y 2014Y 2015L3




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -729 -663 -2,082 -2,014 -1,219Occupied Properties 0 0 0 0 0 Net Premiums Written 2,280 2,505 980 1,185 1,980Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -28 -102 -161 -290 339Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,308 2,607 1,141 1,475 1,641

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,958 1,178 1,726 3,093 2,177 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,425 7,448 7,021 8,736 5,908 Net Losses Paid - Commercial 1,768 857 1,370 621 NAPremiums & Considerations Due 181 208 243 240 335 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 326 0 930 28 268 Net Losses Paid 1,768 857 1,370 621 NAAll Other Admitted Assets 634 513 981 713 840 Net LAE Paid 450 540 271 248 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 8,566 8,169 9,174 9,717 7,350 Change in Loss Reserves - Commercial -776 -273 -255 381 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -120 -792 -226 -42 NA

Unpaid Losses 2,409 2,136 1,881 2,262 1,866 Net Change in Loss and LAE Reserves -896 -1,065 -481 339 NAUnpaid Loss Adj Expenses 1,778 986 761 719 717 Losses and LAE Incurred 1,322 332 1,160 1,208 1,309

Loss & Loss Adj Exp Reserves 4,187 3,123 2,642 2,981 2,583 Other Underwriting Expense Incurred 1,067 1,141 1,115 1,292 1,271Unearned Premiums 1,300 1,198 1,037 747 1,169 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 278 -17 1,949 2,996 884 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 263 270 273 269 194 Net Underwriting Gain (Loss) -81 1,134 -1,135 -1,025 -939Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 320 0 -32 0Other Liabilities 0 212 206 110 0 Total underwriting deductions 2,389 1,473 2,275 2,500 2,580



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 33 10 132 48 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 0 100 0 0Unassigned Surplus 66 835 425 -136 -332 Income after cap gains (loss) before tax 4 894 -842 -888 -831Other Including Gross Contributed 2,472 2,548 2,642 2,750 2,853 Federal Income Tax -28 285 -333 -304 -306

Capital & Surplus 2,538 3,383 3,067 2,614 2,521 Net Income 32 609 -509 -584 -526

Total Liabilities and C&S 8,566 8,169 9,174 9,717 7,350 Pre-tax Operating Income -29 883 -974 -936 -879


Bonds 0 0 0 0 0





Net Investment Income 52 70 61 58 60 Class 6 0 0 0 0 0Net Investment Income 52 70 61 58 60 Class 6 0 0 0 0 0Realized Capital Gains 33 10 132 48 48Unrealized Capital Gains -67 160 99 23 -132Total Cash & Investments 7,425 7,448 7,021 8,736 5,908Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,531 4,420 4,278 4,625 3,700Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,792 2,420 2,030 2,100 1,700Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 407 396 316 306 300Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 508 3,160 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. Washington 719 1. Oth, Prod Liab Cmbnd 3,199 Cash/Invested Assets 26.37 15.81 24.58 35.40 36.862. Pennsylvania 534 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 282 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 262 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 224 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 35.4% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Washington - 22.5% Pennsylvania - 16.7%

Georgia - 8.8% Michigan - 8.2%

Maryland - 7.0% All other - 36.8%



Aircraft - 0.0%



All Other - 0.0%


Ponce De Leon LTC RRG Inc. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

1100 West Town & Country Road NAIC Company Code : 11809 Total Assets 16,789 14,352 12,209 9,916 9,405Suite 1400 Business Focus : P&C Minimum NPW Policyholder Surplus 8,194 7,831 5,133 4,899 4,497Orange, CA 92868-4655 Geographic Focus: Geography Minimum NPW Total Liabilities 8,595 6,521 7,076 5,018 4,907

NAIC Ownership Structure: Risk Retention Group Net Income -527 -471 -3,289 879 660Tax Identification Number : 02-0650614 Total Revenue 5,249 3,841 2,509 1,524 1,095

Direct Premiums Written 4,524 2,754 2,578 882 1,032Net Premiums Written 4,165 2,476 1,884 623 933

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 4,918 3,502 2,283 1,255 831

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,249 4,801 5,795 4,306 4,390Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 118.50 144.64 223.24 410.94 519.25S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -11.41 -6.32 -47.29 -5.38 -8.24Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.51 0.32 0.37 0.13 0.21Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Mark M. Harnden CPA PCPhone : (714) 571-1864 Actuary Milliman Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.14 1.77 1.75 2.49 2.85Net Investment Income/Earned Premiums 7.85 10.05 12.00 43.16 28.34Return on Average Equity (C&S) -6.50 -5.77 -46.42 16.47 13.93Return on Avg Assets -3.04 -3.05 -23.70 7.72 6.71Loss and LAE Ratio 83.17 74.83 194.30 87.89 152.20Expense Ratio 50.03 70.15 75.61 113.57 23.71Loss Ratio 38.13 30.30 105.91 2.06 36.69Combined Ratio 133.20 144.98 269.91 201.46 175.92Operating Ratio 126.55 137.88 260.01 180.03 144.10Investment ratio 6.64 7.10 9.90 21.43 31.82


Cash, Short-Term Investments / Liabilities 6.17 19.28 18.27 24.97 33.08Cash, Common & Liquid Bonds / Liabilities 167.06 203.17 165.41 187.19 179.10Cash & Short-Term Investments / C&S 6.47 16.05 25.19 25.58 36.09Liabilities / Liquid Assets (IRIS Ratio) 59.00 49.00 60.00 53.00 55.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 190.35 219.09 176.84 206.51 181.17Cash From Underwriting ($000) -2,352 -2,031 -2,598 -2,620 -1,760Net Cash From Operations ($000) -1,746 -1,198 -2,279 -2,304 -340Underwriting Cash Flow Ratio 65.82 58.28 47.23 19.79 32.81Operating Cash Flow Ratio 62.55 49.31 47.23 19.79 -5.01Unassigned Funds / Total Assets 5.12 5.80 -15.37 -21.29 -26.71


GPW to Policyholders' Surplus3 900 --- 35 50 18NPW to Policyholders' Surplus 300 --- 32 37 13Change in Net Premiums Written 33 -33 -41* -24 -67*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 129* 184* 228*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)


59.0

49.0

60.0

53.0 55.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015L3


133.2 145.0

269.9

201.5175.9

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 45.04 44.53 88.39 85.83 115.52 Gross Change in Policyholders' Surplus 50 -10 -4 -34* -5Net Commission Ratio 5.69 3.63 1.89 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 0 -35* -5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 49 60 53Tax, License & Fees Ratio 2.68 2.84 3.41 2.10 NA Agents' Bal to Policyholders' Surplus 40 --- 1 0 0Admin & Other Expense Ratio 41.67 63.68 70.31 111.47 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -4 6 -8Gross Premiums Written ($000)3 4,524 2,754 2,578 882 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 0 7Loss & Loss Adj Expense ($000) 4,091 2,621 4,436 1,103 1,264 Est Curr Resv Defi/Policyholders' Surplus 25 --- -13 -56 -38Other Underwriting Exp Incurred ($000) 2,084 1,737 1,424 708 221 *Indicates an unusual value.Net Underwriting Gains ($000) -1,256 -855 -3,577 -556 -655 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 92.07 89.89 73.07 70.66 NA complements of each ratio.Effective Tax Rate NM 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin -17.63 -13.43 -133.56 -18.82 -35.66 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth -10.35 -14.51 -14.93 -18.78 -14.92


Reinsurance Recoverable ex US Aff 50 105 127 42 NA Net Premiums Written Growth -22.86 -40.55 -23.93 -66.91 218.10Retention Ratio (NPW/GPW) (%)3 92.07 89.89 73.07 70.66 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 -11.31 -8.54 20.71 -25.71 -14.08Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -19.18 -39.11 -6.42 -65.78 10.40Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -3.57 -10.43 -7.67 -11.73 -11.09

Capital & Surplus Five-year CAGR 1.27 -0.24 -8.05 -11.78 -12.91Admitted Assets Five-year CAGR -1.39 -5.69 -7.83 -11.75 -11.99







Change in Loss & LAE Resv / Reserves -11.31 -8.54 20.71 -25.71 -14.08 Realized Capital Gains (Losses) 171 45 62 1,166 1,0511 Yr Loss Reserve Dev / 1Y Prior C&S 2.37 -3.78 5.68 -8.34 NA Net Unrealized Capital Gains (Losses) 4 150 221 -1,113 -1,2962 Yr Loss Reserve Dev / 2Y Prior C&S 17.16 -3.70 -0.31 6.90 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 118.50 144.64 223.24 410.94 519.25 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 4.16 -8.84 19.49 -34.10 NA Net Premiums Written / Avg C&S (%) 51.37 30.30 26.58 11.68 19.69IBNR/ Total Reserves 53.56 54.82 42.43 52.31 NA Liabilities / Capital & Surplus (%) 104.90 83.27 137.84 102.43 109.12Reserves/ Equity 64.06 61.31 112.90 87.90 97.63 Total Reins Recov Excl US Aff / C&S (%) 0.61 1.34 2.47 0.86 NA


476.0 453.2 481.4

286.7

454.0

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2010Y 2011Y 2012Y 2013Y 2014Y



92.1 89.9

73.1 70.7

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2011Y 2012Y 2013Y 2014Y 2015L3




Ponce De Leon LTC RRG Inc. (Orange, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 11,668 9,579 7,203 7,088 6,236 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,524 2,754 2,578 882 1,032Common Stocks 2,161 2,413 3,208 1,051 930 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 4,524 2,754 2,578 882 1,032Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -359 -278 -694 -259 -99Occupied Properties 0 0 0 0 0 Net Premiums Written 4,165 2,476 1,884 623 933Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -753 -1,026 -400 -632 102Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,918 3,502 2,283 1,255 831

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 530 1,257 1,293 1,253 1,623 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,359 13,249 11,704 9,393 8,789 Net Losses Paid - Commercial 2,652 1,507 1,752 1,268 NAPremiums & Considerations Due 782 105 8 14 50 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 537 316 0 0 18 Net Losses Paid 2,652 1,507 1,752 1,268 NAAll Other Admitted Assets 1,111 682 497 510 547 Net LAE Paid 2,108 1,562 1,690 1,325 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 16,789 14,352 12,209 9,916 9,405 Change in Loss Reserves - Commercial -776 -445 666 -1,242 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 107 -3 329 -248 NA

Unpaid Losses 4,441 3,996 4,662 3,420 3,495 Net Change in Loss and LAE Reserves -669 -448 994 -1,490 NAUnpaid Loss Adj Expenses 808 805 1,133 885 896 Losses and LAE Incurred 4,091 2,621 4,436 1,103 1,264

Loss & Loss Adj Exp Reserves 5,249 4,801 5,795 4,306 4,390 Other Underwriting Expense Incurred 2,084 1,737 1,424 708 221Unearned Premiums 2,321 1,295 895 263 461 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 317 0 29 58 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 708 426 357 391 56 Net Underwriting Gain (Loss) -1,256 -855 -3,577 -556 -655Payable 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 6,174 4,358 5,861 1,811 1,486



Common Capital Stock 20 20 20 20 20 Net Realized Capital Gains (Losses) 171 45 62 1,166 1,051Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,350 4,980 4,976 4,976 4,976 All Other Income 4 91 0 0 0Unassigned Surplus 859 832 -1,876 -2,111 -2,512 Income after cap gains (loss) before tax -754 -471 -3,289 879 660Other Including Gross Contributed 1,965 1,999 2,013 2,013 2,013 Federal Income Tax -227 0 0 0 0

Capital & Surplus 8,194 7,831 5,133 4,899 4,497 Net Income -527 -471 -3,289 879 660

Total Liabilities and C&S 16,789 14,352 12,209 9,916 9,405 Pre-tax Operating Income -925 -516 -3,351 -287 -391


Bonds 0 0 0 0 0





Net Investment Income 327 249 226 269 264 Class 6 0 0 0 0 0Net Investment Income 327 249 226 269 264 Class 6 0 0 0 0 0Realized Capital Gains 171 45 62 1,166 1,051Unrealized Capital Gains 4 150 221 -1,113 -1,296Total Cash & Investments 14,359 13,249 11,704 9,393 8,789Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 11,668 9,579 7,203 7,088 6,236Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,161 2,413 3,208 1,051 930Total 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 1,384 653 0


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 2,412 1,941 1,787 1,137 355Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,088 6,982 7,380 6,602 28,052Common Stock 1,051 1,051 995 -- 3,098Preferred Stock 0 0 0 -- 0Total 8,139 8,034 8,375 6,602 --



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 882 1. Med Prof Liab 617 Cash/Invested Assets 3.69 9.49 11.05 13.34 18.472. Alaska 0 2. Oth, Prod Liab Cmbnd 264 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 0.08 -7.23 -15.50 -14.39 -29.85 All other admitted assets/Total Assets 6.61 4.75 4.07 5.14 5.82National DPW ($000) 5,597 4,524 2,754 2,578 882 Invested Assets/Total Assets 85.53 92.32 95.86 94.72 93.46Adjusted Loss Ratio 45.72 38.57 23.12 82.70 1.65 Investment Income/Total Assets 1.95 1.73 1.85 2.71 2.81





Other Invstmts - 13.3% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


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) 2011Y 2012Y 2013Y 2014Y 2015L3

575 South Saliman Road NAIC Company Code : 12613 Total Assets 12,457 14,318 13,916 13,300 11,420Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,056 3,533 3,531 3,668 2,561

Geographic Focus: Regional - Western Quadrant Total Liabilities 9,401 10,785 10,385 9,631 8,859NAIC Ownership Structure: Risk Retention Group Net Income 238 393 -15 326 -446Tax Identification Number : 20-3831358 Total Revenue 5,663 4,631 5,127 4,836 4,787



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,952 3,574 3,592 3,653 4,365Demotech Financial Strength Rating A 08/25/15 Affirm Loss & LAE Reserves/ NPE (%) 64.23 89.45 76.12 77.10 82.50S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 14.26 18.24 -4.16 11.59 -11.19Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.99 1.39 1.21 1.18 1.73Fitch Financial Strength Rating -- -- -- --


Name : Renea Louie Auditor Grant Bennett Assoc.Phone : (775) 887-2480 Actuary --Fax : (775) 887-2481 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 1.02 0.96 1.16 2.07 2.14Net Investment Income/Earned Premiums 1.46 1.98 2.82 4.69 4.70Return on Average Equity (C&S) 8.75 12.17 -0.43 9.52 -12.76Return on Avg Assets 2.08 3.06 -0.11 2.53 -3.57Loss and LAE Ratio 53.10 36.45 54.66 49.77 65.55Expense Ratio 38.14 48.75 59.36 49.28 49.14Loss Ratio 15.09 1.67 14.38 14.33 22.13Combined Ratio 91.24 85.20 114.01 99.05 114.69Operating Ratio 89.64 83.06 111.60 94.66 110.15Investment ratio 1.59 2.14 2.41 4.39 4.54


Cash, Short-Term Investments / Liabilities 25.83 39.26 28.53 30.07 16.63Cash, Common & Liquid Bonds / Liabilities 101.51 101.77 98.82 110.55 92.19Cash & Short-Term Investments / C&S 79.45 119.88 83.91 78.94 57.52Liabilities / Liquid Assets (IRIS Ratio) 98.00 98.00 101.00 90.00 108.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 105.74 111.15 102.94 121.89 120.81Cash From Underwriting ($000) 477 1,626 -1,341 344 -1,210Net Cash From Operations ($000) 670 1,538 -1,057 601 -978Underwriting Cash Flow Ratio 111.19 135.08 74.05 108.61 78.07Operating Cash Flow Ratio 111.31 140.83 71.93 108.27 78.65Unassigned Funds / Total Assets 2.19 5.18 5.78 7.99 -1.02


GPW to Policyholders' Surplus3 900 --- 196 154 142NPW to Policyholders' Surplus 300 --- 139 121 118Change in Net Premiums Written 33 -33 -19 -13 1Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 97 103*


MSA: Carson City, NV (Metro)


98.0 98.0

101.0

90.0

108.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2011Y 2012Y 2013Y 2014Y 2015L3


91.285.2

114.0

99.0

114.7

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 38.01 34.78 40.28 35.45 43.42 Gross Change in Policyholders' Surplus 50 -10 16 0 4Net Commission Ratio 6.73 7.76 12.11 10.09 NA Net Change in Adj Policyholders' Surplus 25 -10 10 -2 1Salaries & Benefits Ratio 13.45 16.26 16.42 15.46 NA Liabilities to Liquid Assets 100 --- 98 101* 90Tax, License & Fees Ratio 0.86 1.02 2.34 1.20 NA Agents' Bal to Policyholders' Surplus 40 --- 1 10 14Admin & Other Expense Ratio 17.09 23.71 28.49 22.53 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -41 14 13Gross Premiums Written ($000)3 7,217 6,929 5,446 5,204 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -25 21*Loss & Loss Adj Expense ($000) 2,960 1,652 2,736 2,306 3,002 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 2 12Other Underwriting Exp Incurred ($000) 2,315 2,389 2,539 2,133 2,177 *Indicates an unusual value.Net Underwriting Gains ($000) 300 492 -269 194 -599 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 84.10 70.73 78.55 83.18 NA complements of each ratio.Effective Tax Rate 40.93 34.03 NM 20.69 NM

Pre-Tax Operating Margin 6.86 12.72 -2.89 8.21 -8.17 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015L3

Admitted Assets Growth 8.64 14.94 -2.81 -4.43 -3.31

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 Total Liabilities Growth 8.50 14.73 -3.71 -7.26 3.85

Reinsurance Recoverable ex US Aff -1,589 -2,628 -3,263 -2,655 NA Net Premiums Written Growth 48.14 -19.25 -12.72 1.19 -6.75Retention Ratio (NPW/GPW) (%)3 84.10 70.73 78.55 83.18 NA Pre-Tax Operating Income Growth NM 51.63 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM 64.92 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 34.70 -9.58 0.51 1.72 14.47Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 14.60 -3.99 -21.41 -4.44 -10.37Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 33.15 21.44 10.36 7.63 3.34

Capital & Surplus Five-year CAGR 4.73 0.72 2.07 1.89 -5.26Admitted Assets Five-year CAGR 21.67 13.83 7.86 5.85 0.99




Asbestos NA NA NA NA NA Capital and Surplus 3,056 3,533 3,531 3,668 2,561 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 3,056 3,533 3,531 3,668 NA Combined NA NA NA NA NA ACL Risk Based Capital 925 1,016 1,144 961 NA



Change in Loss & LAE Resv / Reserves 34.70 -9.58 0.51 1.72 14.47 Realized Capital Gains (Losses) 15 7 127 15 301 Yr Loss Reserve Dev / 1Y Prior C&S -16.70 -40.87 13.84 12.92 NA Net Unrealized Capital Gains (Losses) -49 76 79 -68 -2562 Yr Loss Reserve Dev / 2Y Prior C&S -43.14 -8.74 -24.87 20.95 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 64.23 89.45 76.12 77.10 82.50 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.40 -27.55 9.77 9.84 NA Net Premiums Written / Avg C&S (%) 222.81 151.84 119.94 126.34 126.77IBNR/ Total Reserves 0.00 0.00 0.00 0.00 NA Liabilities / Capital & Surplus (%) 307.61 305.31 294.14 262.56 345.90Reserves/ Equity 129.33 101.16 101.73 99.59 170.43 Total Reins Recov Excl US Aff / C&S (%) -51.99 -74.39 -92.42 -71.42 NA


165.2 173.8154.3

190.8

0500

1,0001,5002,0002,5003,0003,5004,000

2010Y 2011Y 2012Y 2013Y 2014Y



84.1

70.7

78.6

83.2

01,0002,0003,0004,0005,0006,0007,0008,000

2011Y 2012Y 2013Y 2014Y 2015L3




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,148 -2,028 -1,168 -875 -875Occupied Properties 0 0 0 0 0 Net Premiums Written 6,069 4,901 4,278 4,329 4,430Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 495 367 -729 -304 -150Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,574 4,533 5,007 4,633 4,579

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,428 4,235 2,962 2,896 1,473 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,542 10,976 10,263 10,648 8,167 Net Losses Paid - Commercial 77 238 680 675 NAPremiums & Considerations Due 30 21 352 515 894 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 463 1,550 2,115 1,090 1,428 Net Losses Paid 77 238 680 675 NAAll Other Admitted Assets 2,421 1,770 1,186 1,047 932 Net LAE Paid 1,864 1,793 2,038 1,569 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 12,457 14,318 13,916 13,300 11,420 Change in Loss Reserves - Commercial 764 -163 40 -11 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 254 -216 -22 73 NA

Unpaid Losses 2,761 2,598 2,638 2,627 2,897 Net Change in Loss and LAE Reserves 1,018 -379 18 62 NAUnpaid Loss Adj Expenses 1,192 976 954 1,027 1,468 Losses and LAE Incurred 2,960 1,652 2,736 2,306 3,002

Loss & Loss Adj Exp Reserves 3,952 3,574 3,592 3,653 4,365 Other Underwriting Expense Incurred 2,315 2,389 2,539 2,133 2,177Unearned Premiums 3,569 3,937 3,208 2,904 2,395 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,589 2,912 3,453 2,712 1,950 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 37 106 101 220 50 Net Underwriting Gain (Loss) 300 492 -269 194 -599Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 252 257 32 142 99 Total underwriting deductions 5,274 4,042 5,276 4,439 5,179



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 15 7 127 15 30Preferred 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 273 741 805 1,063 -116 Income after cap gains (loss) before tax 403 596 -21 411 -361Other Including Gross Contributed 2,783 2,791 2,726 2,605 2,677 Federal Income Tax 165 203 -6 85 85

Capital & Surplus 3,056 3,533 3,531 3,668 2,561 Net Income 238 393 -15 326 -446

Total Liabilities and C&S 12,457 14,318 13,916 13,300 11,420 Pre-tax Operating Income 388 589 -148 397 -391


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 5,924 5,030 3,671 3,931Cash & 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 89 97 121 203 208 Class 6 0 0 0 0 0Net Investment Income 89 97 121 203 208 Class 6 0 0 0 0 0Realized Capital Gains 15 7 127 15 30Unrealized Capital Gains -49 76 79 -68 -256Total Cash & Investments 9,542 10,976 10,263 10,648 8,167Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,924 5,030 3,671 3,931 3,035Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,190 1,711 3,629 3,821 3,659Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 114 392 381 701Issued State Rev Obligations ($000) 0 1,266 968 516 606Issued 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. Nevada 4,937 1. Med Prof Liab 5,204 Cash/Invested Assets 25.44 38.58 28.87 27.20 18.042. California 191 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 76 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 17.24 6.66 -1.23 -4.23 All other admitted assets/Total Assets 19.44 12.36 8.52 7.87 8.16National DPW ($000) 6,297 7,217 6,929 5,446 5,204 Invested Assets/Total Assets 76.60 76.66 73.75 80.06 71.52Adjusted Loss Ratio 26.16 11.99 7.38 20.36 18.86 Investment Income/Total Assets 0.71 0.68 0.87 1.53 1.82





Other Invstmts - 27.2% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Nevada - 94.9% California - 3.7% Arizona - 1.5%

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) 2011Y 2012Y 2013Y 2014Y 2015L3

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 10,992 13,162 14,650 16,195 15,2191120 20th Street, NW Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,592 5,461 5,642 6,461 6,280Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 6,400 7,701 9,007 9,734 8,939






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 -0.12 0.91 1.55 2.42 -1.18Net Investment Income/Earned Premiums -0.37 3.69 6.84 11.60 -6.12Return on Average Equity (C&S) 17.07 10.80 5.71 10.18 3.33Return on Avg Assets 6.90 4.75 2.44 4.17 1.36Loss and LAE Ratio 48.61 58.93 74.06 67.28 76.01Expense Ratio 11.88 10.88 12.09 10.03 10.61Loss Ratio 37.58 37.05 41.74 27.39 43.53Combined Ratio 60.49 69.81 86.15 77.31 86.62Operating Ratio 60.84 66.13 78.76 65.08 92.81Investment ratio -0.35 3.68 7.39 12.23 -6.19




GPW to Policyholders' Surplus3 900 --- 43 45 42NPW to Policyholders' Surplus 300 --- 43 45 42Change in Net Premiums Written 33 -33 0 9 6Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 72 72




76.0 74.0

59.0 57.063.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015L3


60.569.8

86.277.3

86.6

-5.00

0.00

5.00

10.00

15.00

20.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio 11.03 21.88 32.32 39.89 32.49 Gross Change in Policyholders' Surplus 50 -10 19 3 14Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 12 6 11Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 74 59 57Tax, License & Fees Ratio 2.90 2.69 4.00 2.60 NA Agents' Bal to Policyholders' Surplus 40 --- 43* 0 0Admin & Other Expense Ratio 8.98 8.18 8.09 7.43 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -10 -5Gross Premiums Written ($000)3 2,351 2,344 2,545 2,697 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -38 -17 -6Loss & Loss Adj Expense ($000) 1,234 1,384 1,744 1,721 2,027 Est Curr Resv Defi/Policyholders' Surplus 25 --- -45 -46 -14Other Underwriting Exp Incurred ($000) 279 255 308 270 286 *Indicates an unusual value.Net Underwriting Gains ($000) 1,025 709 303 567 354 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 35.30 33.68 34.00 33.79 33.84




Reinsurance Recoverable ex US Aff 0 0 0 0 NA Net Premiums Written Growth -17.49 -0.28 8.57 5.96 5.70Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth 23.74 -21.65 -40.03 84.24 -63.74Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth 23.21 -18.87 -40.44 94.53 -39.24Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 17.72 28.51 24.05 7.13 8.58Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -17.49 -0.28 8.57 5.96 5.70Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 13.32 15.03 15.42 12.48 14.84






Risk Based Capital Ratio (TAC/ACL RBC) 779.62 720.28 1,077.70 938.38 NA


Change in Loss & LAE Resv / Reserves 17.72 28.51 24.05 7.13 8.58 Realized Capital Gains (Losses) -4 5 2 50 1321 Yr Loss Reserve Dev / 1Y Prior C&S -23.21 -13.37 -9.83 -5.19 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -6.47 -38.27 -17.46 -6.04 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 161.72 205.51 253.38 278.74 283.78 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -32.31 -26.14 -22.80 -11.45 NA Net Premiums Written / Avg C&S (%) 61.30 47.64 45.93 44.62 42.18IBNR/ Total Reserves 52.16 48.49 45.85 49.95 NA Liabilities / Capital & Surplus (%) 139.37 141.01 159.63 150.67 142.32Reserves/ Equity 88.45 95.58 114.75 107.37 132.87 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


355.9389.8

360.1

538.9469.2

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y



100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2011Y 2012Y 2013Y 2014Y 2015L3




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

Assets RevenueBonds 283 133 124 77 53 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 53 Commercial P&C Direct Premiums 2,351 2,344 2,545 2,697 2,694Common Stocks 514 751 7,223 4,161 3,942 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 648 633 622 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,351 2,344 2,545 2,697 2,694Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -187 -4 190 139 27Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,538 2,349 2,355 2,558 2,667

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,638 9,530 3,884 8,488 9,686 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 8,436 10,414 11,879 13,359 14,355 Net Losses Paid - Commercial 343 50 86 629 NAPremiums & Considerations Due 2,192 2,345 2,385 2,523 348 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 343 50 86 629 NAAll Other Admitted Assets 364 403 386 312 516 Net LAE Paid 279 176 462 631 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 10,992 13,162 14,650 16,195 15,219 Change in Loss Reserves - Commercial 611 820 897 72 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1 338 299 390 NA

Unpaid Losses 2,861 3,681 4,578 4,651 5,763 Net Change in Loss and LAE Reserves 611 1,158 1,196 462 NAUnpaid Loss Adj Expenses 1,201 1,538 1,896 2,286 2,582 Losses and LAE Incurred 1,234 1,384 1,744 1,721 2,027

Loss & Loss Adj Exp Reserves 4,062 5,220 6,475 6,937 8,345 Other Underwriting Expense Incurred 279 255 308 270 286Unearned Premiums 2,192 2,188 2,378 2,517 502 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 137 118 82 77 92 Net Underwriting Gain (Loss) 1,025 709 303 567 354Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 9 175 72 205 0 Total underwriting deductions 1,513 1,639 2,052 1,992 2,313


Income ($000)Total Capital and Surplus Net Investment Income -9 87 174 313 -165

Common Capital Stock 3,308 3,645 3,510 3,713 3,780 Net Realized Capital Gains (Losses) -4 5 2 50 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 0Unassigned Surplus 1,285 1,816 2,132 2,748 2,500 Income after cap gains (loss) before tax 1,012 801 479 930 321Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 357 270 163 314 109


Total Liabilities and C&S 10,992 13,162 14,650 16,195 15,219 Pre-tax Operating Income 1,016 796 477 879 189

Memo: Total Revenue 2,525 2,440 2,532 2,921 2,634Memo: Affiliated Investments ($000) Memo: Paid Expenses 565 579 699 947 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 555 283 133 1,911 6,513Cash & 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 -9 87 174 313 -165 Class 6 0 0 0 0 0Net Investment Income 9 87 174 313 165 Class 6 0 0 0 0 0Realized Capital Gains -4 5 2 50 132Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 8,436 10,414 11,879 13,359 14,355Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 283 133 1,911 6,513 53Total Preferred Stock (incl Nonadmitted) 0 0 0 0 53Total Common Stock (incl Nonadmitted) 514 751 7,223 4,161 3,942Total Mortgage Loans (incl Nonadmitted) 0 0 648 633 622Total 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 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA 0.00 0.00 NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA 100.00 100.00 NAReal Estate Occupied / Total (%) NA NA NA NA NA









Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.851. Pennsylvania 2,697 1. Med Prof Liab 2,697 Cash/Invested Assets 90.55 91.51 32.69 63.54 67.472. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 11.48 9.80 9.903. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA 0.00 0.00 NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 5.45 4.74 4.335. 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 -8.08 4.93 All other admitted assets/Total Assets 3.31 3.06 2.63 1.93 3.39National DPW ($000) 2,849 2,351 2,344 2,545 2,697 Invested Assets/Total Assets 76.74 79.12 81.09 82.49 94.32Adjusted Loss Ratio 44.79 37.58 37.05 41.74 27.39 Investment Income/Total Assets -0.08 0.66 1.19 1.93 -1.08





Other Invstmts - 63.5% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


Pennsylvania - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


Spirit Mountain Ins Co RRG Inc (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015L3

2233 Wisconsin Avenue, NW NAIC Company Code : 10754 Total Assets 6,200 5,697 6,463 6,457 6,871Suite 310 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,843 2,885 3,242 3,335 3,377Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 3,357 2,812 3,221 3,122 3,494






Name : Charles Halstead-Johnson Auditor Saslow Lufkin & Buggy LLPPhone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Roberta Renzi


Net Yield on Invested Assets 0.50 0.31 0.26 0.23 0.21Net Investment Income/Earned Premiums 1.49 0.77 0.70 0.63 0.63Return on Average Equity (C&S) 1.48 1.98 13.03 2.87 6.27Return on Avg Assets 0.68 0.94 6.32 1.47 3.31Loss and LAE Ratio -3.39 6.83 -12.36 -0.05 -4.77Expense Ratio 65.55 66.24 58.73 52.59 57.02Loss Ratio -2.48 4.84 -10.64 -0.16 -4.11Combined Ratio 100.42 100.33 74.32 86.51 85.11Operating Ratio 98.98 99.58 73.62 85.89 84.49Investment ratio 1.44 0.76 0.70 0.62 0.62


Cash, Short-Term Investments / Liabilities 126.10 124.04 145.81 140.50 144.51Cash, Common & Liquid Bonds / Liabilities 180.38 193.99 195.07 206.30 194.29Cash & Short-Term Investments / C&S 148.86 120.92 144.85 131.55 149.49Liabilities / Liquid Assets (IRIS Ratio) 58.00 52.00 52.00 50.00 54.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 258.39 250.13 296.91 306.59 260.78Cash From Underwriting ($000) 838 145 1,514 957 958Net Cash From Operations ($000) 269 -371 893 -23 294Underwriting Cash Flow Ratio 165.29 108.76 232.38 189.80 177.51Operating Cash Flow Ratio 144.79 73.42 147.12 136.10 116.43Unassigned Funds / Total Assets 39.41 43.62 43.98 45.45 43.33


GPW to Policyholders' Surplus3 900 --- 87 77 76NPW to Policyholders' Surplus 300 --- 75 66 67Change in Net Premiums Written 33 -33 14 -1 3Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 99 87 80




58.0

52.0 52.0

50.0

54.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2011Y 2012Y 2013Y 2014Y 2015L3


100.4 100.3

74.3

86.5 85.1

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015L3




Loss Adjustment Expense Ratio -0.91 1.99 -1.72 0.11 -0.66 Gross Change in Policyholders' Surplus 50 -10 1 12 3Net Commission Ratio 46.22 37.92 46.62 40.15 NA Net Change in Adj Policyholders' Surplus 25 -10 1 12 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 52 52 50Tax, License & Fees Ratio 6.05 5.49 4.56 4.24 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 1Admin & Other Expense Ratio 13.28 22.84 7.54 8.20 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -33 -43 -30Gross Premiums Written ($000)3 2,717 2,501 2,503 2,529 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -50 -51 -55Loss & Loss Adj Expense ($000) -66 150 -265 -1 -99 Est Curr Resv Defi/Policyholders' Surplus 25 --- -35 -33 -33Other Underwriting Exp Incurred ($000) 1,246 1,430 1,261 1,167 1,169 *Indicates an unusual value.Net Underwriting Gains ($000) 780 621 1,151 1,072 999 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 70.00 86.29 85.77 87.70 NA complements of each ratio.Effective Tax Rate 30.77 20.49 28.09 70.53 35.55


Admitted Assets Growth -2.20 -8.11 13.44 -0.09 2.20


Reinsurance Recoverable ex US Aff 295 624 47 208 NA Net Premiums Written Growth -8.80 13.51 -0.55 3.33 8.27Retention Ratio (NPW/GPW) (%)3 70.00 86.29 85.77 87.70 NA Pre-Tax Operating Income Growth -93.32 -35.73 1,406.86 -42.48 -45.52Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -92.79 33.98 593.39 -75.54 -36.10Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -16.63 5.65 -15.62 -0.36 -5.76Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -8.80 -7.92 0.05 1.06 -3.91Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 5.91 -5.15 -0.53 -0.32 -5.50

Capital & Surplus Five-year CAGR 21.39 17.78 13.01 8.91 6.33Admitted Assets Five-year CAGR 11.50 2.91 4.99 3.84 -0.71







Change in Loss & LAE Resv / Reserves -16.63 5.65 -15.62 -0.36 -5.76 Realized Capital Gains (Losses) 2 33 -23 -2 01 Yr Loss Reserve Dev / 1Y Prior C&S -44.16 -32.71 -42.98 -30.07 NA Net Unrealized Capital Gains (Losses) 18 -15 -8 -3 -82 Yr Loss Reserve Dev / 2Y Prior C&S -75.82 -49.79 -50.50 -55.39 NA Dividends to Stockholders 0 0 -25 0 -45Loss and LAE Reserves / NPE 96.73 82.35 87.34 74.61 77.78 Dividend Payout Ratio (%) 0.00 0.00 6.41 0.00 21.181 Yr Loss Reserve Development / NPE -62.70 -42.25 -57.77 -43.58 NA Net Premiums Written / Avg C&S (%) 66.80 76.06 71.68 66.66 60.09IBNR/ Total Reserves 78.78 79.89 79.78 80.00 NA Liabilities / Capital & Surplus (%) 118.05 97.48 99.34 93.63 103.45Reserves/ Equity 63.44 66.06 49.60 48.05 47.82 Total Reins Recov Excl US Aff / C&S (%) 10.37 21.63 1.45 6.24 NA


259.0 256.0231.7

305.3344.0

0500

1,0001,5002,0002,5003,0003,5004,000

2010Y 2011Y 2012Y 2013Y 2014Y



70.0

86.3 85.8 87.7

0

500

1,000

1,500

2,000

2,500

3,000

2011Y 2012Y 2013Y 2014Y 2015L3




Spirit Mountain Ins Co RRG Inc (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015L3 INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -815 -343 -356 -311 -391Occupied Properties 0 0 0 0 0 Net Premiums Written 1,902 2,158 2,147 2,218 2,050Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -59 -43 0 -19 -19Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,960 2,201 2,146 2,237 2,069

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,233 3,488 4,696 4,387 5,049 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,789 5,414 6,237 6,206 6,462 Net Losses Paid - Commercial 15 30 9 0 NAPremiums & Considerations Due 6 1 9 24 31 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 15 30 9 0 NAAll Other Admitted Assets 405 282 216 227 378 Net LAE Paid 7 18 23 5 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,200 5,697 6,463 6,457 6,871 Change in Loss Reserves - Commercial -64 77 -237 -4 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -25 25 -60 -2 NA

Unpaid Losses 1,446 1,523 1,285 1,282 1,286 Net Change in Loss and LAE Reserves -88 102 -298 -6 NAUnpaid Loss Adj Expenses 358 383 323 320 329 Losses and LAE Incurred -66 150 -265 -1 -99

Loss & Loss Adj Exp Reserves 1,804 1,906 1,608 1,602 1,615 Other Underwriting Expense Incurred 1,246 1,430 1,261 1,167 1,169Unearned Premiums 551 508 509 490 863 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 235 -124 394 212 322 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 372 181 324 429 253 Net Underwriting Gain (Loss) 780 621 1,151 1,072 999Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 750 600 600 760 680Other Liabilities 396 342 386 389 441 Total underwriting deductions 1,180 1,580 995 1,165 1,070



Common Capital Stock 100 100 100 100 100 Net Realized Capital Gains (Losses) 2 33 -23 -2 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 2,443 2,485 2,842 2,935 2,977 Income after cap gains (loss) before tax 61 71 543 324 332Other Including Gross Contributed 300 300 300 300 300 Federal Income Tax 19 15 152 228 118




Bonds 0 0 0 0 0





Net Investment Income 28 17 15 14 13 Class 6 0 0 0 0 0Net Investment Income 28 17 15 14 13 Class 6 0 0 0 0 0Realized Capital Gains 2 33 -23 -2 0Unrealized Capital Gains 18 -15 -8 -3 -8Total Cash & Investments 5,789 5,414 6,237 6,206 6,462Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,822 1,967 1,587 2,054 1,739Total 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










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 274 1. Oth, Prod Liab Cmbnd 2,529 Cash/Invested Assets 73.12 64.43 75.29 70.69 78.122. Texas 179 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 157 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Pennsylvania 111 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 107 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 13.71 -0.72 -2.46 -3.68 -3.20 All other admitted assets/Total Assets 6.53 4.95 3.35 3.52 5.49National DPW ($000) 2,979 2,717 2,501 2,503 2,529 Invested Assets/Total Assets 93.37 95.03 96.51 96.11 94.05Adjusted Loss Ratio 3.77 -1.26 5.08 -14.91 -0.27 Investment Income/Total Assets 0.46 0.29 0.23 0.22 0.19





Other Invstmts - 70.7% 0.00 0.20 0.40 0.60 0.80 1.00

2011Y2012Y

2013Y

2014Y

2015L3


California - 10.8% Texas - 7.1%

Florida - 6.2% Pennsylvania - 4.4%

Ohio - 4.2% All other - 67.3%



Aircraft - 0.0%



All Other - 0.0%


®

®

1985Founded by Joseph L. Petrelli and Sharon M. Romano Petrelli to serve the financial analysis and actuarial services needs of regional and specialty insurers.1986First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).1987First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.1989First to review and rate independent regional and specialty insurance companies.First to have Property & 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.1990First to have Property & Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property & Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Responded to the National Association of Insurance Commissioners requirements for Property & Casualty insurers to submit Statements of Actuarial Opinion related to loss and loss adjustment expense reserves concurrent with the 1990 Property & Casualty annual statement.1992First to analyze the financial position of each Title underwriter in the industry.1993First to have Property & Casualty insurance company rating process formally reviewed and accepted by HUD.1994Fannie Mae issued Title underwriter acceptance guidelines, naming Demotech as an approved Title underwriter rating service.1995First to promulgate Commercial Real Estate Recommendations to provide financial due diligence of Title underwriters involved in larger real estate transactions.1996Contacted by the Florida Office of Insurance Regulation when the property insurance market required newly established insurers to obtain ratings. 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 underwriters on behalf of the Conference of Consulting Actuaries.1999Co-authored the Commerce Clearing House publication describing the evolution of the Canadian Title insurance industry.2001Completed the initial loss and loss adjustment expense review of the Iowa Finance Authority – Title Guaranty Division.2002Revitalized the Ohio Title Insurance Rating Bureau, Inc. (OTIRB).2003Auto-Owners Insurance Group made umbrella insurance available to insurers earning an FSR of A or better.Assisted the North Carolina Title Insurance Rating Bureau with the development and filing of Closing Services coverage.Assisted OTIRB with its first rate revision since 1980.2004Published Serious about Solvency – Financial Stability Rating® Survival Rates 1989 through 2004.

Introduced Demotech Performance of Title Insurance Companies and Quarterly Updates, presenting consolidated statutory financial information for the Title insurance industry.2005HUD approved Demotech’s rating process for general and professional liability insurance under Notice H04-15, Professional Liability Insurance for Section 232 and 223(f) Programs.2006Joseph L. Petrelli, ACAS, MAAA, FCA, authored What We’ve Got Here Is a Failure to Communicate – How Traditional Financial Reporting Contributes to Misunderstanding of Title Insurance Loss Activity.2007Demotech introduced its Company Classification System.Demotech designated as the Official Research Partner of Insurance Journal. Expanded operations into a larger facility reflecting our increased capacity to serve our clients.2008Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.2009Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.2010Celebrated 25th Anniversary.2011The Florida State University published “A Comprehensive Examination of Insurer Financial Strength Ratings” comparing and contrasting Demotech to A.M. Best, Moody’s, Standard & Poor’s and Fitch.2012Financial Stability Ratings® added to SNL Financial’s products, www.snl.com. 2013A leading insurance agents’ errors and omissions insurance carrier retained Demotech to perform a financial due diligence on the carriers that request an extension of insolvency coverage.Introduced Stakeholder Team Accomplishment Recognition™ Award to identify Property & Casualty insurers that successfully addressed the diverse needs of all corporate stakeholders.2014Achieved the milestone of more than 400 insurance entities being actively reviewed, rated and monitored.Fannie Mae MultiFamily accepted captive insurers and risk retention groups rated A or better by Demotech as regards professional and general liability insurance coverage for senior housing facilities.Nominated for Intelligent Insurer Global Award – Best Rating Agency.ACQ Global Award – Niche Insurer Rating Service – US.ACQ Law Award – Niche Lawyer of the Year – US to W. Burke Coleman, Esquire, Demotech’s Legal Counsel and Compliance Manager.2015Celebrated 30th Anniversary.ACQ Global Award – Niche Insurer Rating Service – US.Financial Monthly – Innovation and Excellence Award for Financial Analysis.ACQ Global Award – US – Gamechanger of the Year (Financial Analysis).On behalf of Demotech, Inc., Joseph Petrelli and Sharon Romano received the Founder’s Award from the Florida Association for Insurance Reform.Nominated as Rating Agency of the Year – Reactions North America Awards Banquet.Published inaugural issue of The Demotech Difference. Corporate Vision – Corporate Excellence Awards 2015 – Best Evaluator of US Regional & Specialty Insurers and Sustained Excellence in Insurer Financial Analysis.

Demotech Milestones

®

Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

demotech, inc.ratio was 216.7 percent. these results indicate that rrgs remain conservative in terms...

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